Valpey Fisher Corporation Reports First Quarter Profit
12 Maio 2011 - 10:26AM
Business Wire
Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise
timing and frequency control, RF/Microwave and ultrasound
transducer solutions, today reported results for the first quarter
ended April 3, 2011.
For the first quarter of 2011, the Company reported an operating
profit of $70,000 and net earnings of $50,000 or $.01 per share on
sales of $3,519,000, compared to an operating profit of $182,000
and a net profit of $95,000 or $.02 per share on sales of
$3,567,000 for the same period last year.
Michael Ferrantino Jr., the Company’s President and Chief
Executive Officer, commented, “These results were in line with our
expectations as we entered the current quarter with a firm backlog
that was $261,000 lower than the prior year due to softness in our
2010 fourth quarter bookings. In addition, our 2011 personnel and
depreciation expenses have increased over 2010 due to the strategic
investments we have made in additional personnel in sales,
engineering and operations and from our capital equipment additions
of $1,030,000 in the last 15 months. “
During the first quarter we saw our new orders strengthen to the
highest level we have seen since 2000. Our high reliability and
precision product lines were particularly strong accounting for
over 51% of our new orders. Our backlog at April 3, 2011 amounted
to $2,136,000 compared to $1,762,000 at December 31, 2010 and
$2,218,000 at April 4, 2010,” added Mr. 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.
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 are not limited
to: our results for 2011 may be negatively impacted by the current
global economic conditions and uncertainties; a significant portion
of our revenue 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 Unaudited ( in thousands, except per share
data) Quarter Ended 4/3/11 4/4/10 Net
sales $ 3,519 $ 3,567 Cost of sales 2,276
2,186 Gross profit 1,243 1,381 Selling and
advertising expenses 558 513 General and administrative expenses
321 358 Research and development expenses 294
328 1,173 1,199 Operating profit
70 182 Interest income 3 4
Earnings before income taxes 73 186 Income tax (expense) (23
) (91 ) Net earnings $ 50 $ 95
Basic and diluted earnings per share $ 0.01 $ 0.02
Basic weighted average shares 4,335 4,298 Diluted weighted
average shares 4,641 4,343
Valpey-Fisher Corporation
Condensed Consolidated Balance Sheets ( in thousands)
(Unaudited) (Audited) 4/3/11 12/31/10 ASSETS Current
assets: Cash and cash equivalents $ 3,712 $ 4,451 Receivables, net
2,398 2,413 Inventories, net 1,596 1,458 Deferred income taxes and
other current assets 875 866 Total current
assets 8,581 9,188 Property, plant and
equipment, at cost 12,643 12,201 Less accumulated depreciation
10,667 10,530 1,976 1,671
Other assets 225 216 Total assets $ 10,782
$ 11,075 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities $ 2,149 $ 2,558 Deferred income taxes 285 253
Stockholders' equity 8,348 8,264 Total
liabilities and stockholders' equity $ 10,782 $ 11,075
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