Message #2 From:
Stock News Bot Date: June 29, 2005 11:46:56 AM
AMLJ News Research AML Communications Reports Fourth Quarter and Year End Results
AML Communications Reports Fourth Quarter and Year End Results
CAMARILLO, Calif.
AML Communications, Inc.
Jacob Inbar, 805-388-1345, Ext. 201
AML Communications, Inc. (OTCBB: AMLJ) today announced results for its fourth quarter and the fiscal year ended March 31, 2005.
Net sales for the fourth quarter were $2.3 million, compared with $1.7 million for the same period a year earlier. Net profit for the fourth quarter was $213,000 or $0.02 per share, compared with a net profit of $103,000 or $0.01 per share, for the same period a year ago.
Net sales for the twelve months ended March 31, 2005 were $8.6 million, compared with $7.0 million for the same period last year. The net profit for the twelve months ended March 31, 2005 was $935,000, or $0.10 per share, compared with a net profit of $1.0 million, or $0.13 per share, for the same period last year.
Jacob Inbar, president and chief executive officer of AML, said, "The year was characterized by revenues growth from the defense sector and the MPI acquisition, as well as continued investments in infrastructure and new product development. Looking forward, we intend to build on these achievements with an aggressive approach to our markets, leveraging AML's low cost manufacturing and our technical performance advantages."
As of March 31, 2005, AML had approximately $1,588,000 cash and cash equivalents, and long-term debt obligation of $80,000.
AML Communications is a designer, manufacturer and marketer of amplifiers and related products that address the Defense microwave market. 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, 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.
STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED MARCH 31, 2004 AND 2005
For the Year Ended
March 31, March 31,
2004 2005
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Net sales $6,976,000 $8,650,000
Cost of goods sold 3,571,000 4,766,000
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Gross profit 3,405,000 3,884,000
Operating Expenses:
Selling, general and administrative 1,376,000 2,068,000
Research and development 723,000 913,000
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Total operating expenses 2,099,000 2,981,000
Profit from operations 1,306,000 902,000
Other income (expense):
Interest income 1,000 30,000
Interest expense (124,000) (96,000)
Other 48,000 27,000
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Total other (expense) (75,000) (39,000)
Profit before provision for income taxes 1,231,000 863,000
Provision for income taxes 98,000 (72,000)
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Net profit before change in method of
inventory overhead allocation $1,133,000 $935,000
Loss from change in method of inventory
overhead allocation 120,000 ---
----------- -----------
Net profit $1,013,000 $935,000
Basic earnings per common share before change
in method of inventory overhead allocation $0.14 $0.10
Loss per common share from change in method of
inventory overhead allocation $(0.01) ---
Net earnings available to common shareholders $0.13 $0.10
Basic weighted average number of shares of
common stock outstanding 7,838,000 9,130,000
Diluted earnings per common share before
change in method of
inventory overhead allocation $0.12 $0.08
Loss per common share from change in method of
inventory overhead allocation $(0.01) ---
Diluted earnings per common share $0.11 $0.08
Diluted weighted average number of shares of
common stock outstanding 9,362,000 11,028,000
AML COMMUNICATIONS, INC.
BALANCE SHEET
AS OF MARCH 31, 2005
ASSETS
Current Assets:
Cash and cash equivalents $1,588,000
Accounts receivable, net of allowance for doubtful
accounts of $50,000 1,275,000
Inventories, net 1,730,000
Advances paid to suppliers 16,000
Other current assets 142,000
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Total current assets 4,751,000
Property and Equipment:
Property and Equipment, at cost 3,780,000
Less--Accumulated depreciation and amortization (3,134,000)
-----------
Property and Equipment, net 646,000
Other assets 1,511,000
-----------
Total Assets $6,908,000
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts payable $196,000
Advances received from customers 52,000
Line of credit, net 80,000
Current portion of capital lease obligations 52,000
Accrued expenses:
Accrued payroll and payroll related expenses 377,000
Accrued federal income taxes 18,000
Other accrued expenses 192,000
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Total current liabilities 967,000
Capital lease obligations, net of current portion 1,000
Stockholders' Equity:
Common stock, $.01 par value: 15,000,000 shares
authorized; shares issued and outstanding 10,057,116 101,000
Capital in excess of par value 13,386,000
Accumulated deficit (7,547,000)
-----------
Total stockholders' equity 5,940,000
Total Liabilities and equity $6,908,000
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