AMLJ News AML Communications Reports Second Quarter Results

Joined Today: 0

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.		102,000

Capital in excess of par value		13,549,000
Accumulated deficit		(5,308,000)
Total stockholders’ equity		8,343,000
	$	9,933,000

« Previous | Next » | All Messages | AMLJ Message Board Home | Ignore Poster