Full report... 20% revenue rise, which hopefully will cause a multiple expansion:
American Technical Ceramics Announces Fiscal 1998
First Quarter Earnings
Business Editors
HUNTINGTON STATION, NY--(BUSINESS WIRE)--Nov. 5, 1997--American Technical Ceramics Corp. (AMEX
Symbol:AMK), today announced sales and earnings for the first quarter ended Sept. 30, 1997.
Net Sales for the quarter ended Sept. 30, 1997 increased 20 percent to $9,958,000, from $8,289,000 in the comparable
quarter of fiscal 1997. Net income amounted to $1,044,000 for the quarter ended Sept. 30, 1997, or approximately $.27 per
common and common equivalent share, compared with net income of $335,000, or approximately $.09 per common and
common equivalent share, for the comparable quarter ended Sept. 30, 1996. Management reported that these sales and earnings
results are both records for the first quarter of the Company's fiscal year.
Management stated that the increase in sales for the quarter ended Sept. 30, 1997 was the result of a significant increase in
demand for commercial capacitors in both domestic and international markets. Management stated further that the higher net
income for the quarter ended Sept. 30, 1997 was primarily the result of the increase in sales and a return to more historical
manufacturing margins compared to the comparable period in the prior fiscal year when the Company reported it was
experiencing process difficulties, which negatively affected profit margins. The Company corrected most of these process
difficulties in the second quarter of the prior fiscal year.
In a separate development, the Company announced that, on Oct. 29, 1997 its principal manufacturing facility in Huntington
Station, New York, achieved registration to the ISO-9002 international quality standard.
American Technical Ceramics Corp. designs, develops, manufactures, and markets RF/Microwave/Millimeter-Wave ceramic
and porcelain capacitors and Thin Film Products. The Company's products are focused primarily in the high reliability market for
UHF and microwave applications.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward looking statements that are subject to risks and uncertainties, including, but not limited to, the
impact of competitive products, product demand and market acceptance risks, fluctuations in operating results, delays in
development of highly-complex products and other risks including, without limitation, those set forth in the Company's Annual
Report on Form 10-K for the fiscal year ended June 30, 1997 under the caption "Cautionary Statements Regarding
Forward-Looking Statements" and in American Technical Ceramics Corp.'s other filings with the Securities and Exchange
Commission. These risks could cause American Technical Ceramics Corp.'s actual results for future periods to differ materially
from those expressed in any forward looking statements made by, or on behalf of, American Technical Ceramics Corp.
American Technical Ceramics Corp. and Subsidiaries
Condensed Consolidated Statements of Earnings
Three Months Ended
Sept. 30,
(Unaudited)
1997 1996
Net sales $ 9,958,000 $ 8,289,000
Income from operations 1,665,000 575,000
Net income 1,044,000 335,000
Net income per share $ .27 $ .09
Weighted average common
and common equivalent
shares outstanding 3,893,000 3,884,000
CONTACT: American Technical Ceramics Corp.
Kathleen M. Kelly
Vice President
516/547-5710 |
