8/8...ANEN (+28 to $107)..Reports Record Fiscal 2000 Fourth Quarter and Year End Results
SYRACUSE, N.Y., Aug. 8 /PRNewswire/ -- Anaren Microwave, Inc. (Nasdaq: ANEN - news) today reported record results for the fourth quarter and fiscal year ended June 30, 2000. Net sales for the quarter were $18,817,666, up 52% from net sales of $12,370,977 for the same quarter of the prior fiscal year. Pre-tax income for the fourth quarter was $5,564,704, up 122% from the fourth quarter of the prior fiscal year. Net income for the fourth quarter was $3,751,704, an increase of 43%, over net income of $2,628,366 for the fourth quarter of the prior fiscal year. Diluted earnings per share for the fourth quarter were $0.32. During the fourth quarter of fiscal 1999 the Company reported diluted earnings per share of $0.30 which included a one time tax benefit of $1,000,000 or $0.11 per share.
``This was another outstanding quarter and year for the company,'' said Lawrence A. Sala, Anaren President and CEO. ``In addition to continued strong revenue growth and improved profitability, new orders for the year were a record $79,616,935.'' Demand for wireless infrastructure products continued to accelerate during the fourth quarter. Wireless Group net sales were $14.3 million for the fourth quarter ended June 30, 2000, representing real growth of 63% from the fourth quarter of the prior fiscal year.
Other highlights for the quarter and year include:
-- Robust development activity across all wireless product areas during
the fourth quarter. In addition to increased development of new custom
assembly, Adrenaline and backplane products for several OEMs, the
Wireless Group introduced several new Xinger® surface mount
components addressing 3G, MMDS, Hyper Lan, DBS and other applications.
These new Xinger products enable microwave designers to reduce both the
size and cost of microwave assemblies.
-- Record gross margins of 43.4% for the fourth quarter. The capital
improvements made during fiscal 2000 have increased production yields
and manufacturing efficiency.
-- Improved customer diversity as a result of strong growth with several
OEMs. For the fourth quarter, sales to four customers each exceeded
10% of total net sales with no customer exceeding 20% of total net
sales.
-- Successful integration and strong growth at RF Power subsidiary. The
Sales organization has been integrated to leverage joint-selling of the
Company's power products and RF Power's manufacturing facility is being
expanded by 30%.
For the fiscal year ended June 30, 2000, net sales were a record $60,171,836, up 32% from net sales of $45,738,992 for the fiscal year ended June 30, 1999. Pre-tax income for fiscal 2000 was $14,703,799, up 61% from fiscal 1999, while net income grew to $9,640,799, up 39% from fiscal 1999. Diluted earnings per share for the year were $1.00 compared to $0.80 for the prior fiscal year.
On August 1, the company announced that it acquired substantially all of the assets of Ocean Microwave Corporation, a privately held New Jersey based manufacturer of ferrite isolators and circulators. ``Consistent with our acquisition of RF Power Components, the acquisition of Ocean Microwave, Inc. will enable joint-selling of our entire power product offering. In addition, it is our intent to integrate Ocean's technology with our multi-layer stripline to develop new custom assemblies addressing both receive and transmit wireless applications,'' said Sala. Anaren will operate the acquired Ocean Microwave business through the Company's newly formed subsidiary, Anaren Power Products, Inc.
Statements contained in this news release which are not historical information are ``Forward-looking'' statements pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties that are described in more detail in Anaren's Annual Report and in Anaren's Form 10-K and 10-Q Reports and exhibits to those Reports filed with the Securities and Exchange Commission.
Anaren designs, develops, manufactures and sells highly integrated microwave component assemblies and subsystems for the wireless communications, satellite communications and defense electronics markets.
Anaren Microwave, Inc.
Consolidated Statements of Income
(Unaudited)
Three Months Ended Year Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Net sales $18,817,666 $12,370,977 $60,171,836 $45,738,992
Cost of sales 10,645,372 7,530,089 35,074,116 27,710,807
Gross profit 8,172,294 4,840,888 25,097,720 18,028,185
Operating expenses:
Marketing 1,821,003 1,123,389 5,433,627 4,176,762
Research and
development 1,215,315 752,686 3,815,862 2,834,697
General and
administrative 1,488,942 829,246 4,394,099 3,220,238
Total operating
expenses 4,525,260 2,705,321 13,643,588 10,231,697
Operating income 3,647,034 2,135,567 11,454,132 7,796,488
Other income (expense):
Interest expense (24,815) (9,679) (65,999) (38,537)
Other, primarily
interest income 1,942,485 378,478 3,315,666 1,395,874
Total other
income
(expense) 1,917,670 368,799 3,249,667 1,357,337
Income before
income taxes 5,564,704 2,504,366 14,703,799 9,153,825
Income taxes 1,813,000 (124,000) 5,063,000 2,204,000
Net income $3,751,704 $2,628,366 $9,640,799 $6,949,825
Net income per common
and common equivalent share:
Basic $0.35 $0.32 $1.07 $0.84
Diluted $0.32 $0.30 $1.00 $0.80
Shares used in computing
net income per common and
common equivalent share:
Basic 10,848,325 8,307,432 8,988,891 8,283,084
Diluted 11,701,487 8,684,214 9,649,730 8,654,549
Note: All share amounts and net income per common share amounts for
previous periods have been adjusted to reflect the three for two
stock split paid on June 9, 2000.
Anaren Microwave, Inc. and Subsidiaries
Consolidated Statements of Income
Three Months Ended Year Ended
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
Net Sales 100.0% 100.0% 100.0% 100.0%
Cost of sales 56.6% 60.9% 58.3% 60.6%
Gross profit 43.4% 39.1% 41.7% 39.4%
Operating expenses:
Marketing 9.7% 9.1% 9.0% 9.1%
Research and
development 6.5% 6.1% 6.3% 6.2%
General and
administrative 7.9% 6.7% 7.3% 7.0%
Total operating
expenses 24.1% 21.9% 22.6% 22.3%
Operating income 19.3% 17.2% 19.1% 17.1%
Other income (expense):
Interest expense -0.1% -0.1% -0.1% -0.1%
Other, primarily
interest income 10.3% 3.1% 5.5% 3.0%
Total other
income(expense) 10.2% 3.0% 5.4% 2.9%
Income before
income taxes 29.5% 20.2% 24.5% 20.0%
Income taxes 9.6% -1.0% 8.5% 4.8%
Net income 19.9% 21.2% 16.0% 15.2%
Anaren Microwave, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2000 June 30, 1999
(Unaudited)
Current assets:
Cash, cash equivalents and short-term
investments $ 86,105,846 $ 28,486,705
Accounts receivable, net 10,992,693 5,749,729
Accrued interest receivable 2,121,050 583,367
Inventories 12,385,125 8,384,922
Other current assets 2,157,362 802,892
Total current assets 113,762,076 44,007,615
Net property, plant and equipment 13,336,593 8,603,784
Marketable debt securities 53,874,918 4,976,275
Goodwill 7,647,108 0
Other assets 1,074,956 879,025
Total assets $189,695,651 $ 58,466,699
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $3,830,807 $2,360,226
Accrued expenses 2,244,241 1,773,762
Income taxes payable 623,431 472,190
Customer advance payments 601,957 348,454
Other liabilities 190,814 0
Total current liabilities 7,491,250 4,954,632
Other non-current liabilities 2,632,766 1,666,569
Total liabilities 10,124,016 6,621,201
Retained earnings 27,429,519 17,791,467
Common stock and additional
paid-in capital 155,623,099 37,535,014
Less cost of treasury stock (3,480,983) (3,480,983)
Total stockholders'equity 179,571,635 51,845,498
Total liabilities and
stockholders' equity $ 189,695,651 $ 58,466,699
SOURCE: Anaren Microwave, Inc.
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