Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise
timing solutions, today reported results for the third quarter
ended October 3, 2010.
For the third quarter of 2010, the Company reported an operating
profit of $270,000 and net earnings of $174,000 or $.04 per share
on sales of $3,803,000, compared to an operating loss of $264,000
and a net loss of $138,000 on sales of $2,502,000 for the same
period last year.
Michael Ferrantino Jr., the Company’s President and Chief
Executive Officer, commented, ”We are pleased to report 2010 third
quarter results that include a 52% increase in revenue and a
$534,000 increase in operating profit over the same period of 2009.
This increase in operating profit is after the negative impact of
our $204,000 investment in marketing and development expenses
incurred by our Microwave Product line that was formed in the
fourth quarter of 2009. New customer orders were up $1,043,000 or
38% from the third quarter of last year. Our backlog amounted to
$2,201,000 at October 3, 2010 compared to $1,765,000 at the end of
the third quarter of 2009.”
“Our products continued to gain traction during the third
quarter. We again saw sales increases across all of our product
lines with our High Precision Product line increasing by 114% over
the prior year. Our customer base is clearly recognizing the value
of these industry leading oscillators, timing modules and
integrated subsystems. Valpey Fisher recently received “Preferred
Vendor” status by a major telecom OEM,” added Ferrantino.
About Valpey Fisher:
Valpey Fisher is a pioneer in the design of high-accuracy
subsystems used in digital and optical telecommunications systems
in use throughout the world for digital, voice, data and military
communications. The Company’s products enable communications
systems vendors to increase network data capacity and improve voice
and video quality. Valpey Fisher manufactures precision low-noise
timing modules used in Point-to-Point Radio, Satellite, Base
Station, Test & Measurement, Microwave Communications and
Synthesizers. The Company’s major OEM customers include
Alcatel-Lucent, Blade Networks, Juniper Networks, Harris, Raytheon,
BAE Systems and L-3 Communications.
For more information on Valpey Fisher’s innovative products
including the Microwave Product line, please visit
www.valpeyfisher.com.
Forward Looking Statements
Certain statements made herein contain forward-looking
statements that involve risks and uncertainties that could cause
actual results to differ materially from those in the
forward-looking statements. Words such as “expects”, “believes”,
“estimates”, “plans” or similar expressions are intended to
identify such forward-looking statements. The forward-looking
statements are based on our current views and assumptions and
involve risks and uncertainties that include, but not limited to:
our results for 2010 may be negatively impacted by the current
global economic conditions and uncertainties, our ability to
develop, market and manufacture new innovative products
competitively, the fluctuations in product demand of the
telecommunications industry, our ability, including that of our
suppliers to produce and deliver materials and products
competitively, a significant portion of our revenues is derived
from sales to a few customers and the loss of one or more of our
significant customers could have an adverse impact on our operating
results and financial condition, a significant portion of our
revenue is derived from products manufactured by one supplier and a
significant change in the supplier’s manufacturing capability or in
our relationship with this supplier could have an adverse impact on
our operating results and financial condition, our operating
results and financial condition could be negatively affected if
after receiving design wins from OEMs, which in turn outsource the
manufacture of their products to electronics manufacturing services
("EMS") companies, we fail to negotiate terms and successfully
obtain orders from the EMS companies directly, and compliance with
changing corporate governance and public disclosure regulations may
result in additional expenses.
Valpey-Fisher
CorporationConsolidated Statements of Operations(Unaudited)(In
thousands, except per share data)
Three Months Ended Nine Months Ended
10/3/2010 9/27/2009
10/3/2010 9/27/2009
Net sales $ 3,803 $ 2,502 $ 11,170 $ 7,580 Cost of sales
2,310 1,621
6,879 5,035 Gross profit 1,493
881 4,291 2,545 Operating expenses: Selling and advertising
542 410 1,601 1,238 General and administrative 356 332 1,079 1,005
Retirement agreement - 265 - 265 Research and development
325 138
964 423 1,223 1,145 3,644 2,931
Operating profit (loss) 270 (264 ) 647 (386 ) Interest
income 4 7
13 27 Earnings (loss) before
income taxes 274 (257 ) 660 (359 ) Income tax expense (benefit)
100 (119 )
255 (122 ) Net earnings (loss) $
174 $ (138 ) $ 405 $ (237 )
Basic and diluted earnings (loss) per share
$ .04 $ (.03 ) $ .09
$ ( .06 ) Basic weighted average shares 4,306
4,298 4,302 4,298 Diluted weighted average shares 4,496 4,298 4,450
4,298
Valpey-Fisher Corporation and
SubsidiariesConsolidated Condensed Balance Sheets(In thousands,
except share data)
10/3/2010 12/31/2009
(Unaudited)
(Audited)
ASSETS Current assets: Cash and cash equivalents $
4,315 $ 4,053 Restricted cash 201 - Receivables, net 2,618 1,744
Inventories, net 1,361 1,105 Deferred income taxes 837 848 Other
current assets 28 111 Total current assets 9,360
7,861 Property, plant and equipment, at cost 11,961 11,613
Less accumulated depreciation 10,456 10,128 1,505
1,485 Other assets 214 203 Total assets
$11,079 $9,549
LIABILITIES AND
STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $
1,307 $ 949 Accrued liabilities 1,563 861 Total
current liabilities 2,870 1,810 Deferred income taxes 195
175 Stockholders’ equity: Preferred stock, $1.00 par value-
Authorized 1,000,000 shares; issued none - -
Common stock, $.05 par value- Authorized
10,000,000 shares; Issued and outstanding: 4,306,638 and
4,297,898 shares
215 215 Capital surplus 5,712 5,667 Retained earnings 2,087
1,682 Total stockholders’ equity 8,014 7,564
Total liabilities and stockholders’ equity $11,079
$9,549
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