Message #8 From:
Stock News Bot Date: November 6, 2006 06:00:00 AM
AMLJ News AML Communications Reports Second Quarter Results
CAMARILLO, Calif.--(BUSINESS WIRE)--AML Communications, Inc. (OTCBB:AMLJ) today announced results for the
second quarter ended September 30, 2006.
Net sales for the quarter were $2.2 million, compared with $2.5 million
for the same period a year earlier. The Company reported a net loss for
the quarter of $32,000, or $0.00 per share, compared with net earnings
of $258,000, or $0.03 per share, for the same period a year ago.
Results analysis, comparison to past
performance
Revenues for the quarter were lower than the same period a year earlier
due to a reduction in spot market orders. During the last two fiscal
years, the Company has invested significant resources in diversifying
the composition of orders by developing products that target long-term,
large-program contracts. These investments and associated strategy have,
in management’s opinion, reached maturity. The
Company stands to benefit from the investments made as the programs
enter their production phases.
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,
2006
2005
2006
2005
Net sales
$
2,150,000
$
2,542,000
$
4,452,000
$
5,028,000
Cost of goods sold
1,240,000
1,420,000
2,563,000
2,766,000
Gross profit
910,000
1,122,000
1,889,000
2,262,000
Operating expenses:
Selling, general & administrative
604,000
545,000
1,222,000
1,148,000
Research and development
325,000
316,000
645,000
599,000
Total operating expenses
929,000
861,000
1,867,000
1,747,000
Income (loss) from operations
(19,000)
261,000
22,000
515,000
Other income (expense), net
(5,000)
5,000
(13,000)
8,000
Income (loss) before provision for income taxes
(24,000)
266,000
9,000
523,000
Provision for income taxes
8,000
8,000
15,000
16,000
Net income (loss)
$
(32,000)
$
258,000
$
(6,000)
$
507,000
Basic earnings/(loss) per common share
$
( 0.00)
$
0.03
$
(0.00)
$
0.05
Basic weighted average number of shares of common stock outstanding
10,234,000
10,082,000
10,234,000
10,074,000
Diluted earnings/(loss) per common share
$
(0.00)
$
0.02
$
(0.00)
$
0.04
Diluted weighted average number of shares of common stock outstanding
10,628,000
12,016,000
10,703,000
12,008,000
AML COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEET
(unaudited)
September 30,
2006
ASSETS
Current Assets:
Cash and cash equivalents
$
1,891,000
Accounts receivable, net of allowance for doubtful accounts of
$33,000
1,316,000
Inventories, net
1,717,000
Other current assets
116,000
Total current assets
5,040,000
Property and Equipment, at cost
5,674,000
Less: Accumulated depreciation
(3,621,000)
Property and Equipment, net
2,053,000
Deferred Tax Asset
1,662,000
Intangible Assets:
Technologies, net
771,000
Patents, net
134,000
Customer lists, net
75,000
Trademarks
181,000
Other Assets
17,000
$
9,933,000
LIABILITIES AND STOCKHOLDERS’
EQUITY
Current Liabilities:
Line of Credit
$
310,000
Accounts payable
232,000
Current portion of long-term debt
11,000
Accrued expenses:
Accrued payroll and payroll-related expenses
281,000
Accrued income taxes
15,000
Other accrued liabilities
117,000
Total current liabilities
966,000
Notes Payable, net
624,000
Stockholders’ Equity:
Common stock, $0.01 par value:15,000,000 shares authorized;
10,234,166 shares issued and outstanding at September 30, 2006.
