Exhibit 99.1
American Technical Ceramics Corp. Announces Full Year and Fourth
Quarter Financial Results
HUNTINGTON STATION, N.Y.--(BUSINESS WIRE)--Sept. 7, 2006--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 fourth quarter
and the fiscal year ended June 30, 2006.
Net sales for the fiscal year ended June 30, 2006 increased 15% to
$84,131,000 from $72,965,000 in fiscal year 2005. Net income amounted
to $5,988,000 for the fiscal year ended June 30, 2006, or $0.67 per
common share assuming dilution, compared with net income of
$4,268,000, or $0.49 per common share assuming dilution, for the
fiscal year ended June 30, 2005.
Net sales for the quarter ended June 30, 2006 increased 17% to
$24,261,000 from $20,817,000 in the comparable quarter in fiscal year
2005. Net income amounted to $2,661,000, or $0.30 per common share
assuming dilution, for the quarter ended June 30, 2006, compared with
net income of $1,522,000, or $0.17 per common share assuming dilution,
for the comparable quarter ended June 30, 2005.
Management stated that the increases in sales for the twelve and
three 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, military, semiconductor equipment and
fiber optic markets.
Net income increased for the fiscal year ended June 30, 2006
compared to the prior fiscal year primarily due to the increased
revenues. Net income increased for the quarter ended June 30, 2006
compared to the comparable period in the prior fiscal year primarily
due to increased revenues and a more favorable effective tax rate.
Bookings for the three months ended June 30, 2006 were
approximately $24.9 million, an increase of 18% over the levels
achieved in the comparable period in the prior fiscal year. The
increase is primarily due to strong demand from customers in the
wireless infrastructure and fiber optic markets.
Victor Insetta, President and Chief Executive Officer of the
Company, stated, "We have just concluded a record year. Net bookings
for the year were an all time high and net sales were just under our
all time high. In the near term, we expect that business will continue
to be strong, moderated somewhat by the typical seasonality of our
business; we expect the year over year comparisons to be favorable for
the balance of the calendar year."
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.
The Company invites you to participate in its upcoming quarterly
investors' conference call with management. The details are as
follows:
Friday, September 8, 2006
11:00 A.M. Eastern Time
TOLL FREE CALL IN NUMBERS:
800-798-2796 (USA) and 617-614-6204 (International)
Passcode 91192225
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 89758878.
A live webcast of the call will begin at 11:00 a.m., Eastern Time,
on Friday, September 8, 2006. 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.
"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
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(in thousands, except per share data)
Condensed Consolidated Balance Sheet Data
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June 30, 2006 June 30, 2005
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Cash and Investments $8,324 $6,950
Accounts Receivable 12,719 10,008
Inventories 33,255 27,540
Current Assets 58,805 48,173
Total Assets 90,543 77,872
Current Liabilities 12,156 9,141
Total Liabilities 22,476 17,725
Total Stockholders' Equity 68,067 60,147
Condensed Consolidated Statement of Operations Data
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Three Months Ended
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June 30, 2006 June 30, 2005
------------- -------------
Net Sales $24,261 $20,817
Gross Profit 8,687 6,953
Operating Income 3,310 2,278
Net Income 2,661 1,522
Earnings Per Share:
Basic $0.31 $0.18
Diluted $0.30 $0.17
Weighted Average Common Shares Outstanding:
Basic 8,658 8,485
Diluted 8,991 8,800
Condensed Consolidated Statement of Operations Data
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Fiscal Year Ended
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June 30, 2006 June 30, 2005
------------- -------------
Net Sales $84,131 $72,965
Gross Profit 29,097 24,582
Operating Income 8,953 6,467
Net Income 5,988 4,268
Earnings Per Share:
Basic $0.70 $$0.51
Diluted $0.67 $$0.49
Weighted Average Common Shares Outstanding:
Basic 8,573 8,402
Diluted 8,891 8,738
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