Exhibit 99.1
American Technical Ceramics Corp. Announces Full Year and
Fourth Quarter Financial Results
HUNTINGTON STATION, N.Y.--(BUSINESS WIRE)--Aug. 24, 2007--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, 2007.
Net sales for the fiscal year ended June 30, 2007 increased 11.4% to
$93,763,000 from $84,131,000 in fiscal year 2006. Net income amounted to
$9,725,000 for the fiscal year ended June 30, 2007, or $1.07 per common share
assuming dilution, compared with net income of $5,988,000, or $0.67 per common
share assuming dilution, for the fiscal year ended June 30, 2006.
Net sales for the quarter ended June 30, 2007 increased 8% to $26,200,000
from $24,261,000 in the comparable quarter in fiscal year 2006. Net income
amounted to $3,528,000, or $0.38 per common share assuming dilution, for the
quarter ended June 30, 2007, compared with net income of $2,661,000, or $0.30
per common share assuming dilution, for the comparable quarter ended June 30,
2006.
The increases in sales for the twelve and three month periods as compared
to the comparable periods of the prior fiscal year were primarily as a result of
higher sales volumes in the Company's core capacitor and Thin Film product
lines. Net income increased for the twelve and three month periods as compared
to the comparable periods of the prior fiscal year primarily due to the
increased revenues and a more favorable effective tax rate.
Bookings for the three months ended June 30, 2007 were approximately $26
million, an increase of 4.4% over the levels achieved in the comparable period
in the prior fiscal year. The increase is primarily due to strong demand for the
Company's core capacitor product lines.
As previously announced, on June 15, 2007, the Company entered into an
Agreement and Plan of Merger with AVX Corporation and a wholly-owned subsidiary
of AVX, pursuant to which AVX will acquire the Company through a merger and the
Company will become a wholly-owned subsidiary of AVX. The consummation of the
merger is subject to a number of customary conditions, including the approval of
the Agreement and Plan of Merger by the Company's stockholders. A Special
Meeting of Stockholders to consider a proposal to approve the Agreement and Plan
of Merger has been scheduled for Friday, September 21, 2007.
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, risk
attendant to the pending merger transaction, 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.
A proxy statement containing important information concerning the merger
has been filed with the Securities and Exchange Commission and was mailed on or
about August 22, 2007 to stockholders of record as of August 16, 2007, the
record date for determining stockholders entitled to notice of and to vote at
the Special Meeting of Stockholders. The proxy statement is available for free
at the SEC's website at www.sec.gov. Stockholders of American Technical Ceramics
Corp. can also obtain a free copy of the proxy statement by directing a request
to American Technical Ceramics Corp., One Norden Lane, Huntington Station, New
York 11746, Attention: Corporate Secretary.
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, 2007 June 30, 2006
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Cash and Investments $ 12,581 $ 8,324
Accounts Receivable 13,948 12,719
Inventories 39,025 33,255
Current Assets 72,450 58,805
Total Assets 101,826 90,543
Current Liabilities 12,155 12,156
Total Liabilities 20,548 22,476
Total Stockholders' Equity 81,278 68,067
Condensed Consolidated Statement of Operations Data
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Three Months Ended
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June 30, 2007 June 30, 2006
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Net Sales $ 26,200 $ 24,261
Gross Profit 9,704 8,687
Operating Income 3,760 3,310
Net Income 3,528 2,661
Earnings Per Share:
Basic $ 0.39 $ 0.31
Diluted $ 0.38 $ 0.30
Weighted Average Common Shares Outstanding:
Basic 9,013 8,658
Diluted 9,212 8,991
Condensed Consolidated Statement of Operations Data
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Fiscal Year Ended
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June 30, 2007 June 30, 2006
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Net Sales $ 93,763 $ 84,131
Gross Profit 34,644 29,097
Operating Income 13,264 8,953
Net Income 9,725 5,988
Earnings Per Share:
Basic $ 1.10 $ 0.70
Diluted $ 1.07 $ 0.67
Weighted Average Common Shares Outstanding:
Basic 8,859 8,573
Diluted 9,103 8,891
CONTACT: American Technical Ceramics Corp.
Kathleen M. Kelly
Vice President
631-622-4710
invest@atceramics.com