Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise
timing solutions, today reported results for the fourth quarter and
year ended December 31, 2010.
For the fourth quarter of 2010, the Company reported an
operating profit of $239,000 and net earnings of $218,000 or $.05
per share on sales of $3,547,000, compared to an operating profit
of $54,000 and net earnings of $23,000 on sales of $2,798,000 for
the same period last year.
For 2010, the Company reported an operating profit of $885,000
and net earnings of $623,000 or $.14 per share on sales of
$14,716,000. In 2009, the Company reported an operating loss of
$332,000 and a net loss of $213,000 on sales of $10,378,000 for
2009.
Michael Ferrantino Jr., the Company’s President and Chief
Executive Officer, commented,” We are pleased to report your
management team successfully executed its plan to increase revenue
in 2010. We also continued to execute our strategic plan in the
area of new product development during 2010. In the past year we
brought to market a series of new products in both our precision
products and microwave products areas. New product development has
been focused on high-growth markets including synchronous Ethernet,
IEEE 1588, and wireless infrastructure.”
Mr. Ferrantino added, “We saw improvement in virtually all of
our financial metrics compared to 2009. For 2010, our sales
increased 42% over 2009. All product lines reported sales increases
over 2009, with our precision products seeing the largest increase
at 74%. The increased sales had a positive effect on our gross
margin which increased to 38% from 33% in 2009. During 2010 we did
a great job of managing our expenses while at the same time
continuing to invest in our business, increasing our investment in
research and development by 99% compared to 2009 levels. We
continue to be committed to developing the cutting-edge products
required by our customers’ future products. Our operating profit
for 2010 was $885,000 compared to an operating loss of $332,000 in
2009.”
“Our precision products group continued to gain print position
as reference designs at several major semiconductor companies.
These reference designs have lead to some significant opportunities
at major OEM’s whom we have had difficulty penetrating in the past.
In addition, several of our timing modules have been modified for
use in harsh environments allowing us to bring these products to
the military markets, Mr. Ferrantino stated.”
Mr. Ferrantino said, “2010 marked the first full year of our
microwave products group. The group’s primary focus has been to
design, develop and bring to market a new line of microwave
components and multichip modules utilizing semiconductor
manufacturing techniques. This capability, a first for Valpey
Fisher, enables the improvement of electrical performance
while maintaining a competitive cost advantage. The addition
of the microwave products will also allow us to provide our
customers with a broader portfolio of high-performing solutions to
address their existing and next generation needs.”
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.
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 2011 may be negatively impacted by the current
global economic conditions and uncertainties, 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, in order to eliminate the effects of
currency fluctuations, we currently and historically have purchased
products from our foreign suppliers in U.S. dollars, as exchange
rates fluctuate, our cost for these products may become more
expensive, thus we are less competitive, than our competitors that
have taken measures to protect against exchange rate fluctuations,
our ability to develop, market and manufacture new innovative
products competitively, the fluctuations in product demand of the
telecommunications industry, and our ability, including that of our
suppliers to produce and deliver materials and products
competitively.
Valpey-Fisher Corporation Condensed Consolidated Statements
of Operations ( in thousands, except per share data)
Unaudited Audited Quarter Ended Year Ended
12/31/10 12/31/09 12/31/10 12/31/09 Net
sales $ 3,547 $ 2,798 $ 14,716 $ 10,378 Cost of sales 2,186
1,890 9,065
6,926 Gross profit 1,361 908 5,651 3,452 Selling and
advertising expenses 475 375 2,076 1,613 General and administrative
expenses 361 275 1,440 1,279 Research and development expenses 286
204 1,250 627 Retirement agreement - -
- 265 1,122
854 4,766 3,784
Operating profit (loss) 239 54 885 (332 ) Interest
income 3 5 16
32 Earnings (loss) before income taxes 242 59
901 (300 ) Income tax (expense) benefit (1) (24 )
(36 ) (278 ) 87 Net earnings
(loss) $ 218 $ 23 $ 623 $ (213 )
Basic and diluted earnings (loss) per share $ 0.05
$ (0.02 ) $ 0.14 $ (0.05 ) Basic
weighted average shares 4,323 4,298 4,307 4,298 Diluted weighted
average shares 4,588 4,298 4,495 4,298
(1) The 2010 quarter includes the full
year 2010 net tax benefit of $65,000 for the extension of the U.S.
Research and Development tax credit, which became law in December
2010.
Valpey-Fisher Corporation Condensed
Consolidated Balance Sheets
(in thousands)
(Audited) 12/31/10 12/31/09 ASSETS
Current assets: Cash and cash equivalents $ 4,451 $ 4,053
Receivables, net 2,413 1,744 Inventories, net 1,458 1,105 Deferred
income taxes and other current assets 866 959
Total current assets 9,188 7,861 Property,
plant and equipment, at cost 12,201 11,613 Less accumulated
depreciation 10,530 10,127 1,671
1,486 Other assets 216 202 Total assets
$ 11,075 $ 9,549 LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 2,558 $ 1,810 Deferred income taxes 253 175
Stockholders' equity 8,264 7,564 Total
liabilities and stockholders' equity $ 11,075 $ 9,549
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