Exhibit 99.1
American Technical Ceramics Corp.
Announces Third Quarter Financial Results
HUNTINGTON STATION, N.Y.--(BUSINESS WIRE)--May 5, 2005--AMERICAN
TECHNICAL CERAMICS CORP. (AMEX Symbol:AMK), a leading manufacturer of
high-performance electronic components, including capacitors and thin
film circuits for a broad range of commercial and military
applications, today announced financial results for the third fiscal
quarter and the nine months ended March 31, 2005.
Net sales for the quarter ended March 31, 2005, increased 18% to
$18,991,000 from $16,109,000 in the comparable quarter in fiscal year
2004. Net income amounted to $1,380,000, or approximately $0.16 per
common share and common share assuming dilution, for the quarter ended
March 31, 2005, compared with net income of $315,000 or approximately
$0.04 per common share and common share assuming dilution, for the
comparable quarter ended March 31, 2004.
Net sales for the nine months ended March 31, 2005, increased 24%
to $52,148,000 from $42,174,000 in the comparable period in fiscal
year 2004. Net income amounted to $2,746,000 for the nine months ended
March 31, 2005, or approximately $0.33 per common share ($0.32 per
common share assuming dilution), compared with a net loss of $914,000,
or approximately ($0.11) per common share and common share assuming
dilution, for the comparable period ended March 31, 2004.
Management stated that the increases in sales for the three and
nine month periods as compared to the comparable periods of the prior
fiscal year were a result of higher sales volumes in most of the
Company's product lines primarily due to strong shipments to customers
in the wireless infrastructure and military markets.
Net income increased for the three and nine months ended March 31,
2005 compared to the comparable period of the prior fiscal year
primarily due to the increased revenues and increased precious metal
recovery. These increases were partially offset by increased expenses
associated with the growth in sales and the rise in profitability,
such as commissions and bonus.
Bookings for the three months ended March 31, 2005 were
approximately $19.3 million, an increase over the levels achieved in
both the comparable period in the prior fiscal year and the sequential
quarter of the current fiscal year. These increases are primarily due
to strong demand from customers in the wireless infrastructure and
medical markets.
Victor Insetta, President and Chief Executive Officer of the
Company, stated, "Bookings, net sales and net profit have increased
each quarter of the current fiscal year compared to the comparable
quarter in the prior fiscal year. This improvement has come mostly
from market share gains and expanding sales of our newer products. We
continue to grow our business through the introduction of new products
and by lowering the cost of manufacturing existing products, making us
even more competitive. We are very proud of our success and of the
recognition we have received recently in several industry
publications."
The Company invites you to participate in its upcoming quarterly
investors' conference call with management. The details are as
follows:
Friday, May 6, 2005
11:00 A.M. Eastern Time
TOLL FREE CALL IN NUMBERS:
800-299-6183 and 617-801-9713 (International)
Passcode 40268054
A replay of the call will be available for approximately one week
beginning shortly after the call ends. The numbers to call to hear the
replay are 888-286-8010 (USA) and 617-801-6888 (International). The
access code is 40168523.
A live webcast of the call will begin at 11:00 a.m., Eastern Time,
on Friday, May 6, 2005. To access the webcast, go to the Company's
website, www.atceramics.com, and click on the webcast icon in the
Investor Relations section. This webcast will be available for two
weeks.
American Technical Ceramics Corp. designs, develops, manufactures
and markets electronic components, including ceramic multilayer
capacitors and custom thin film circuits. The Company's products are
utilized in a broad range of commercial and military applications,
including wireless infrastructure, fiber optics, medical electronics,
semiconductor manufacturing equipment and satellite equipment.
"Safe Harbor" statement under the Private Securities Litigation
Reform Act of 1995:
This release may contain forward-looking statements that are
subject to risks and uncertainties, including, but not limited to,
economic and political conditions, the impact of competitive products,
product demand and market acceptance risks, changes in product mix,
costs and availability of raw materials, fluctuations in operating
results, delays in development of highly-complex products, risks
associated with international sales and sales to the U.S. military,
risk of customer contract or sales order cancellation and other risks
detailed from time to time in American Technical Ceramics Corp.'s
filings with the Securities and Exchange Commission, including,
without limitation, those contained under the caption "Item 1.
BUSINESS - CAUTIONARY STATEMENTS REGARDING FORWARD - LOOKING
STATEMENTS" in the Company's Annual Report on Form 10-K. These risks
could cause the Company's actual results for future periods to differ
materially from those expressed in any forward-looking statements made
by, or on behalf of, the Company. Any forward-looking statements
represent the Company's expectations or forecasts only as of the date
they were made and should not be relied upon as representing its
expectations or forecasts as of any subsequent date. The Company
undertakes no obligation to correct or update any forward-looking
statement, whether as a result of new information, future events or
otherwise, even if its expectations or forecasts change.
American Technical Ceramics Corp. and Subsidiaries
(in thousands, except per share data)
Condensed Consolidated Balance Sheet Data
-----------------------------------------
March 31, 2005 June 30, 2004
(unaudited)
-------------- -------------
Cash and Investments $ 8,025 $ 7,042
Accounts Receivable 10,238 10,563
Inventories 26,257 22,268
Current Assets 48,424 43,515
Total Assets 77,790 69,853
Current Liabilities 11,461 8,615
Total Liabilities 19,114 15,026
Total Stockholders' Equity 58,676 54,827
Condensed Consolidated Statement of Operations Data
---------------------------------------------------
Three Months Ended
(unaudited)
------------------------------
March 31, 2005 March 31, 2004
-------------- ---------------
Net Sales $ 18,991 $ 16,109
Gross Profit 6,667 5,313
Operating Income 2,083 493
Net Income 1,380 315
Earnings Per Share:
Basic $ 0.16 $ 0.04
Diluted $ 0.16 $ 0.04
Weighted Average Common Shares
Outstanding:
Basic 8,470 8,136
Diluted 8,775 8,670
Condensed Consolidated Statement of Operations Data
---------------------------------------------------
Nine Months Ended
(unaudited)
------------------------------
March 31, 2005 March 31, 2004
-------------- ---------------
Net Sales $ 52,148 $ 42,174
Gross Profit 17,629 11,832
Operating Income/(Loss) 4,189 (1,027)
Net Income/(Loss) 2,746 (914)
Earnings/(Loss) Per Share:
Basic $ 0.33 $ (0.11)
Diluted $ 0.32 $ (0.11)
Weighted Average Common Shares
Outstanding:
Basic 8,374 8,116
Diluted 8,717 8,116
CONTACT: American Technical Ceramics Corp.
Kathleen M. Kelly, 631-622-4710
invest@atceramics.com
or
The Global Consulting Group
Allan Jordan, 646-284-9400
ajordan@hfgcg.com