Message #4 From:
Stock News Bot Date: August 18, 2005 02:00:00 AM
AMLJ News AML Communications Reports First Quarter Results
CAMARILLO, Calif.--(BUSINESS WIRE)--Aug. 18, 2005--AML Communications, Inc. (OTCBB:AMLJ) today announced results for the first quarter ended June 30, 2005.
Net sales for the quarter were $2.48 million, compared with $2.17 million for the same period a year earlier. The Company reported net earnings for the quarter of $249,000, or $0.02 per share, compared with net earnings of $326,000, or $0.04 per share, for the same period a year ago.
Jacob Inbar, president and chief executive officer, said, "I am pleased that while continuing to invest in our infrastructure, we have been able to maintain a consistent level of profitability. We intend to continue building a strong foundation for AML by adding new customers and expanding our product line."
AML Communications is a designer, manufacturer and marketer of amplifiers and related products that address the Defense microwave and Wireless communications markets. The Company's Web site is located at http://www.amlj.com.
This press release contains forward-looking statements made in reliance upon the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, the Company's views on future profitability, commercial revenues, market growth, capital requirements and new product introductions, and are generally identified by words such as "thinks," "anticipates," "believes," "estimates," "expects," "intends," "plans," and similar words. Forward-looking statements are not guarantees of future performance and are inherently subject to uncertainties and other factors which could cause actual results to differ materially from the forward-looking statements. These factors and uncertainties include: reductions or cancellations in orders from new or existing customers; success in the design of new products; the opportunity for future orders from domestic and international customers, including, in particular, defense customers; general economic conditions; the limited number of potential customers; variability in gross margins on new products; inability to deliver products as forecast; failure to acquire new customers; continued or new deterioration of business and economic conditions in the wireless communications industry; and intensely competitive industry conditions with increasing price competition. The Company refers interested persons to its most recent Annual Report on Form 10-KSB and its other SEC filings for a description of additional uncertainties and factors that may affect forward-looking statements. Forward-looking statements are based on information presently available to senior management, and the Company has not assumed any duty to update its forward-looking statements.
AML COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(unaudited)
Three Month Periods Ended
-------------------------------
June 30, June 30,
2005 2004
--------------- --------------
Net sales $2,486,000 $2,174,000
Cost of goods sold 1,346,000 1,240,000
--------------- --------------
Gross profit 1,140,000 934 ,000
Operating expenses:
Selling, general & administrative 603,000 409,000
Research and development 283,000 183,000
--------------- --------------
886,000 592,000
--------------- --------------
Income from operations 254,000 342,000
Other income (expense), net 3,000 (16,000)
--------------- --------------
Income before provision for income
taxes 257,000 326,000
Provision for income taxes 8,000 ---
--------------- --------------
Net income $249,000 $326,000
=============== ==============
Basic earnings per common share
$0.02 $0.04
=============== ==============
Basic weighted average number of
shares of common stock outstanding 10,066,000 8,143,000
=============== ==============
Diluted earning per common share $0.02 $0.03
=============== ==============
Diluted weighted average number of
shares of common stock outstanding 12,009,000 9,709,000
=============== ==============
AML COMMUNICATIONS, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited)
June 30, 2005
------------------------------
ASSETS
----------------------------------------
Current Assets:
Cash and cash equivalents $2,007,000
Accounts receivable, net of
allowance for doubtful accounts of
$55,000 1,197,000
Inventories, net 1,739,000
Other current assets 101,000
------------------------------
Total current assets 5,044,000
Property and Equipment, at cost 4,174,000
Less: Accumulated depreciation and
amortization (3,207,000)
------------------------------
Property and Equipment, net 967,000
Intangible Assets:
Technologies, net 871,000
Patents 163,000
Customer lists, net 216,000
Trademarks 181,000
Other Assets 21,000
------------------------------
Total Assets $7,463,000
==============================
LIABILITIES AND STOCKHOLDERS' EQUITY
----------------------------------------
Current Liabilities:
Line of Credit $75,000
Accounts payable 555,000
Current portion of capital lease
obligations 25,000
Accrued expenses:
Accrued payroll and payroll-related
expenses 338,000
Accrued income taxes (1,000)
Other accrued liabilities 280,000
------------------------------
Total current liabilities 1,272,000
------------------------------
Stockholders' Equity:
Common stock, $0.01 par value;
15,000,000 shares authorized;
10,067,116 shares issued and
outstanding at June 30, 2005. 101,000
Capital in excess of par value 13,389,000
Accumulated deficit (7,299,000)
------------------------------
Total stockholders' equity 6,090,000
------------------------------
Total liabilities and stockholder's
equity $7,463,000
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