Message #6 From:
Stock News Bot Date: November 2, 2005 03:00:00 AM
AMLJ News AML Communications Reports Second Quarter Results
CAMARILLO, Calif.--(BUSINESS WIRE)--Nov. 2, 2005--AML Communications, Inc. (OTCBB:AMLJ) today announced results for the second quarter ended September 30, 2005.
Net sales for the quarter were $2.5 million, compared with $1.9 million for the same period a year earlier. The Company reported net earnings for the quarter of $258,000, or $0.03 per share, compared with net earnings of $18,000, or $0.00 per share, for the same period a year ago.
Jacob Inbar, president and chief executive officer, said, "The quarter reflects our plan for the year. We are pleased with both the top and bottom lines while we continue to invest in research and development. In this regard, we recently announced the introduction of Microwave Monolithic Ceramic Circuits ("MMCC") technology as a new and exciting vehicle for capacity increase and cost savings."
AML Communications is a designer, manufacturer and marketer of amplifiers, subsystems and related products that address the Defense Microwave 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 Six Month Periods Ended
------------------------- -------------------------
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net sales $ 2,542,000 $ 1,882,000 $ 5,028,000 $ 4,057,000
Cost of goods sold 1,420,000 1,097,000 2,766,000 2,337,000
----------- ----------- ----------- -----------
Gross profit 1,122,000 785,000 2,262,000 1,720,000
Operating
expenses:
Selling, general
& administrative 545,000 537,000 1,148,000 947,000
Research and
development 316,000 199,000 599,000 382,000
----------- ----------- ----------- -----------
SAE 861,000 736,000 1,747,000 1,329,000
Income from
operations 261,000 49,000 515,000 391,000
Other income
(expense), net 5,000 (31,000) 8,000 (48,000)
----------- ----------- ----------- -----------
Income (loss)
before provision
for income taxes 266,000 18,000 523,000 343,000
Provision for
income taxes 8,000 --- 16,000 ---
----------- ----------- ----------- -----------
Net income $ 258,000 $ 18,000 $ 507,000 $ 343,000
========== ========== ========== ==========
Basic earnings
(loss) per common
share $ 0.03 $ 0.00 $ 0.05 $ 0.04
Basic weighted
average number of
shares of common
stock outstanding 10,082,000 9,976,000 10,074,000 9,064,000
Diluted earnings
(loss) per common
share $ 0.02 $ 0.00 $ 0.04 $ 0.03
Diluted weighted
average number of
shares of common
stock outstanding 12,016,000 11,840,000 12,008,000 10,928,000
AML COMMUNICATIONS, INC.
CONSOLIDATED CONDENSED BALANCE SHEET
(unaudited)
September 30,
2005
---------------------------
ASSETS
-------------------------------------------
Current Assets:
Cash and cash equivalents $ 2,111,000
Accounts receivable, net of allowance
for doubtful accounts of $60,000
(Includes the 75K reclassification of
MPI prepaid Receivable) 1,325,000
Inventories, net 1,655,000
Other current assets 133,000
-----------
Total current assets 5,224,000
Property and Equipment, at cost 4,197,000
Less: Accumulated depreciation and
amortization (3,263,000)
-----------
Property and Equipment, net 934,000
Intangible Assets:
Technologies, net 850,000
Patents 158,000
Customer lists, net 188,000
Trademarks 181,000
Other Assets 19,000
-----------
Total Assets $ 7,554,000
===========
LIABILITIES AND STOCKHOLDERS' EQUITY
-------------------------------------------
Current Liabilities:
Line of Credit $ 334,000
Accounts payable 320,000
Current portion of capital lease
obligations 12,000
Accrued expenses:
Accrued payroll and payroll related
expenses 306,000
Accrued income taxes (3,000)
Other accrued liabilities 120,000
-----------
Total current liabilities $ 1,089,000
-----------
Stockholders' Equity:
Common stock, $0.01 par value:
15,000,000 shares authorized;
10,096,116 shares issued and
outstanding at September 30, 2005. 101,000
Capital in excess of par value 13,403,000
Accumulated deficit (7,039,000)
-----------
Total stockholders' equity 6,465,000
-----------
Total liabilities and stockholder's equity $ 7,554,000
===========
