Exhibit 99.1
¨ News ¨
FOR IMMEDIATE RELEASE: April 28, 2004
CONTACT: | ||
Hytek Microsystems, Inc. | Financial Relations Board | |
John F. Cole | Laurie Berman | |
President & CEO | (310) 407-6546 | |
(775) 883-0820 |
HYTEK MICROSYSTEMS REPORTS FISCAL 2004 FIRST QUARTER RESULTS
Carson City, NV – April 28, 2004 - Hytek Microsystems, Inc. (OTC Bulletin Board: HTEK.OB) today announced fiscal 2004 first quarter financial results.
Net revenues for the first quarter ended April 3, 2004 increased approximately 4% to $2,466,000 from $2,363,000 for the first quarter ended March 29, 2003. Net income for the first quarter ended April 3, 2004 was $60,000, or $0.02 per diluted share, compared to a net loss of $167,000, or $0.05 per diluted share, for the first quarter ended March 29, 2003. Contributing to net income during the first quarter ended April 3, 2004 was a reduction in cost of sales for scrap recovery totaling approximately $119,000.
“Our plan for the first quarter of fiscal year 2004 was to breakeven and we essentially did that,” stated John F. Cole, President and CEO. “Although we are not satisfied, we are starting to see incremental improvements in many aspects of our business. We continue to invest modestly in new business initiatives designed to improve our opportunities for success in the long term.”
The auditors’ report on Hytek’s 2003 annual financial statements included a “going concern” qualification and significant doubt about the Company’s ability to continue as a “going concern” may continue to exist throughout fiscal 2004.
Founded in 1974 and headquartered in Carson City, Nevada, Hytek specializes in hybrid microelectronic circuits that are used in military applications, geophysical exploration, medical instrumentation, satellite systems, industrial electronics, opto-electronics and other OEM applications.
This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and uncertainties due to certain factors, including, but not limited to, customer rescheduling or cancellation of orders, manufacturing yield problems, changes in the nature of or demand in the Company’s markets, inability to develop new products or increase market share in new or existing markets, downturns in general economic conditions and shortages of raw materials.
Note: News releases and other information regarding Hytek Microsystems can be accessed on
the Internet at http://www.hytek.com, or at http://www.frbinc.com.
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Hytek Reports Fiscal 2004 First Quarter Results
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HYTEK MICROSYSTEMS
CONDENSED FINANCIAL SUMMARY
(Unaudited)
(In thousands, except share and per share amounts)
CONDENSED STATEMENT OF OPERATIONS
Quarter Ended | |||||||
4/3/04 | 3/29/03 | ||||||
Net revenues | $ | 2,466 | $ | 2,363 | |||
Net income (loss) | $ | 60 | $ | (167 | ) | ||
Basic net income (loss) per share | $ | 0.02 | $ | (0.05 | ) | ||
Diluted net income (loss) per share | $ | 0.02 | $ | (0.05 | ) | ||
Shares used in the calculation of net income (loss) per share | |||||||
Basic | 3,256,008 | 3,256,008 | |||||
Diluted | 3,276,535 | 3,256,008 | |||||
CONDENSED BALANCE SHEET DATA | |||||||
4/3/04 | 1/3/04 | ||||||
Assets | |||||||
Current assets | $ | 4,692 | $ | 4,640 | |||
Net property, plant and equipment | $ | 842 | $ | 843 | |||
Other assets | $ | 15 | $ | 0 | |||
Total assets | $ | 5,549 | $ | 5,483 | |||
Liabilities and equity | |||||||
Current liabilities | $ | 2,158 | $ | 2,151 | |||
Long-term debt obligations | $ | 0 | $ | 0 | |||
Shareholders’ equity | $ | 3,391 | $ | 3,332 | |||
Total liabilities and equity | $ | 5,549 | $ | 5,483 |
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