| |
ski properties for sale in flaine
News and Information Article
SYRACUSE, N.Y., Aug. 3 /-FirstCall/ -- Anaren, Inc. (Nasdaq:
ANEN) today reported record net sales for the fourth quarter ended June 30,
2006 of $29.1 million, up 21% from the fourth quarter of fiscal year 2005.
(Logo: http://www.newscom.com/cgi-bin/prnh/20021022/NYTU197LOGO )
Net income for the fourth quarter was $3.7 million, or $0.20 per
diluted share including $0.8 million, or $0.04 per diluted share in equity
based compensation expense. This compares to net income of $2.6 million, or
$0.14 per diluted share for the fourth quarter of fiscal 2005. Excluding
equity based compensation expense, net income for the fourth quarter was
$4.4 million, or $0.24 per diluted share, an increase of 68% from the
fourth quarter of last year.
The effective tax rate for the fourth quarter of fiscal 2006 was 18.3%,
compared to 15.2% for the fourth quarter of fiscal 2005.
Operating income for the fourth quarter of fiscal 2006 was $3.8
million, or 12.9% of net sales, including $0.8 million in equity based
compensation expense. This compares to operating income of $2.6 million, or
10.6% of net sales, for the fourth quarter of fiscal 2005. Excluding equity
based compensation expense, operating income for the fourth quarter was
$4.5 million, or 15.5% of net sales, an increase of 77% from the fourth
quarter of last year.
Lawrence A. Sala, Anarens President and CEO said, "The growth in net
sales for the quarter was driven by both the Wireless and Space & Defense
business groups. We continue to pursue numerous new Space & Defense
opportunities and net sales for the group grew 28% for the fiscal year. In
our Wireless business, demand for the quarter increased across all product
lines." Mr. Sala added, "We are pleased with our organic growth
opportunities, and we are confident that the recently announced expansion
of our Syracuse, NY and Suzhou, China facilities will support our business
growth."
For the fiscal year ended June 30, 2006, net sales were a record $105.5
million, up 11.6% from $94.5 million for fiscal 2005. Operating income for
the year was $12.1 million, or 11.5% of net sales, including $3.3 million,
or 3.1% of net sales, in equity based compensation expense. Operating
income before equity based compensation expense for fiscal 2006 was 14.6%
of net sales. Income from continuing operations for fiscal 2006 was $11.3
million, or $0.64 per diluted share, including $3.0 million, or $0.17 per
diluted share in equity based compensation expense, net of tax. This
compares to income from continuing operations for fiscal 2005 of $7.4
million, or $0.37 per diluted share.
Net income for the fiscal year ended June 30, 2006 was $12.2 million,
or $0.69 per diluted share, including income from discontinued operations
of $0.8 million, or $0.05 per diluted share, compared to net income of $7.4
million, or $0.37 per diluted share for fiscal 2005.
Balance Sheet
Cash, cash equivalents and marketable debt securities at June 30, 2006
were $88.6 million. During the quarter, the Company generated $5.8 million
in cash from operations, bringing the total for fiscal 2006 to $16.6
million. The Company expended $3.2 million on capital additions during the
quarter.
Wireless Group
Wireless Group net sales for the quarter were $18.8 million, up 16%
from the fourth quarter of fiscal 2005. The increase in net sales from the
fourth quarter of last year was driven by increased demand across all
wireless product lines. Sales of consumer component products were $1.1
million for the quarter, up 113% from the fourth quarter of fiscal 2005,
driven by continued robust demand for satellite television applications.
Wireless Group research and development spending remains focused on
consumer and ferrite component development activity. In addition, progress
continued during the quarter establishing volume ferrite based custom
product manufacturing and test capability in our Suzhou, China operation.
Customers that were 10% of Wireless Group net sales or greater for the
quarter included Motorola, Inc., Nokia Corp. and Richardson Electronics
Ltd.
Space & Defense Group
Space & Defense Group net sales for the quarter were $10.3 million, up
31% from the fourth quarter of fiscal 2005. New orders for the quarter
totaled $11.4 million and included contracts for Passive Ranging Subsystems
and radar antenna subassemblies. For the fiscal year, net sales were a
record $38.7 million, up 28% from fiscal 2005. New orders for the year were
$39.2 million resulting in Space & Defense backlog at June 30, 2006 of
$47.8 million.
Outlook
We expect continued market demand volatility for wireless
infrastructure products, a seasonally driven increase in demand for the
consumer component product line and consistency from the backlog-driven
Space & Defense segment. As a result, we expect net sales to be in the
range of $27.5 - $29.5 million for the first quarter of fiscal 2007. With
an anticipated tax rate of approximately 24% and an expected equity based
compensation expense of approximately $0.04 per diluted share, we expect
net earnings per diluted share to be in the range of $0.16 - $0.20 for the
first quarter.
Forward-Looking Statements
The statements contained in this news release which are not historical
information are "forward-looking statements." These, and other forward-
looking statements, are subject to business and economic risks and
uncertainties that could cause actual results to differ materially from
those discussed. The risks and uncertainties described below are not the
only risks and uncertainties facing our Company. Additional risks and
uncertainties not presently known to us or that are currently deemed
immaterial may also impair our business operations. If any of the following
risks actually occur, our business could be adversely affected, and the
trading price of our common stock could decline, and you may lose all or
part of your investment. Such known factors include, but are not limited
to: the Companys ability to timely ramp up to meet some of our customers
increased demands; unanticipated delays and/or difficulties associated with
ramping up the Companys Suzhou China facility to meet existing and
anticipated demand for Wireless products; unanticipated delays in
successfully completing customer orders within contractually required
timeframes; increased pricing pressure from our customers; decreased
capital expenditures by wireless service providers; the possibility that
the Company may be unable to successfully execute its business strategies
or achieve its operating objectives, generate revenue growth or achieve
profitability expectations; successfully securing new design wins from our
OEM customers, reliance on a limited number of key component suppliers,
unpredictable difficulties or delays in the development of new products;
order cancellations or extended postponements; the risks associated with
any technological shifts away from the Companys technologies and core
competencies; unanticipated impairments of assets including investment
values and goodwill; diversion of defense spending away from the Companys
products and or technologies due to on-going military operations; and
litigation involving antitrust, intellectual property, environmental,
product warranty, product liability, and other issues. You are encouraged
to review Anarens 2005 Annual Report, Anarens Form 10-K for the fiscal
year ended June 30, 2005 and Anarens Form 10-Q for the three months ended
March 31, 2006 and exhibits to those Reports filed with the Securities and
Exchange Commission to learn more about the various risks and uncertainties
facing Anarens business and their potential impact on Anarens revenue,
earnings and stock price. Unless required by law, Anaren disclaims any
obligation to update or revise any forward-looking statement.
Conference Call
Anaren will host a live teleconference, open to the public, on the
Anaren Investor Info, Live Webcast Web Site (http://www.anaren.com) and
ccbn.com at http://www.streetevents.com on Thursday, August 3, 2006 at 5:00
p.m. EDT. A replay of the conference call will be available at 8:00 p.m.
(EDT) beginning August 3, 2006 through midnight August 7, 2006. To listen
to the replay, interested parties may dial in the U.S. at 1-888-203-1112
and international at 1-719-457-0820. The access code is 3954920. If you are
unable to access the Live Webcast, the dial in number for the U.S. is
1-800-967-7184 and International is 1-719-457-2633.
Company Background
Anaren designs, manufactures and sells complex microwave signal
distribution networks and components for the wireless communications,
satellite communications and defense electronics markets. For more
information on Anarens products, visit our Web site at
http://www.anaren.com.
Consolidated Condensed Statements of Income
(Unaudited)
Three Months Ended Twelve Months Ended
June 30, June 30, June 30, June 30,
2006 2005 2006 2005
Net Sales $29,129,782 $24,120,268 $105,464,236 $94,461,065
Cost of sales 18,788,050 16,054,707 67,188,568 64,590,866
Gross profit 10,341,732 8,065,561 38,275,668 29,870,199
35.5% 33.4% 36.3% 31.6%
Operating expenses:
Marketing 1,745,913 1,707,082 7,036,240 6,857,974
Research and
development 2,256,418 1,620,284 8,747,463 6,287,514
General and
administrative 2,573,686 2,184,577 10,345,398 8,685,332
Restructuring -- -- -- 458,335
Total operating
expenses 6,576,017 5,511,943 26,129,101 22,289,155
Operating income 3,765,715 2,553,618 12,146,567 7,581,044
12.9% 10.6% 11.5% 8.0%
Other income (expense):
Other, primarily
interest income 708,176 507,977 2,452,914 1,598,914
Interest expense (6,774) (7,637) (25,203) (29,422)
Total other income
(expense), net 701,402 500,340 2,427,711 1,569,492
Income from continuing
operations before
income taxes 4,467,117 3,053,958 14,574,278 9,150,536
Income taxes 816,000 464,000 3,225,000 1,738,000
Income from continuing
operations 3,651,117 2,589,958 11,349,278 7,412,536
12.5% 10.7% 10.8% 7.8%
Discontinued operations:
Income from discontinued
operations -- -- 817,177 --
Income tax benefit -- -- -- --
Net income from
discontinued operations -- -- 817,177 --
Net income $3,651,117 $2,589,958 $12,166,455 $7,412,536
12.5% 10.7% 11.5% 7.8%
Basic earnings per share:
Income from continuing
operations $0.21 $0.14 $0.66 $0.38
Income from discontinued
operations 0.00 0.00 0.05 0.00
Net income $0.21 $0.14 $0.71 $0.38
Diluted earnings per share:
Income from continuing
operations $0.20 $0.14 $0.64 $0.37
Income from discontinued
operations 0.00 0.00 0.05 0.00
Net income $0.20 $0.14 $0.69 $0.37
Shares used in computing
net earnings
Per share:
Basic 17,253,753 18,315,130 17,156,720 19,346,491
Diluted 17,859,192 18,669,847 17,682,231 19,831,710
Anaren, Inc.
Consolidated Condensed Balance Sheets
(Unaudited)
June 30, June 30, Mar. 31,
2006 2005 2006
Assets:
Cash, cash equivalents
and short-term investments $ 82,492,947 $ 58,408,721 $75,464,470
Accounts receivable, net 16,362,011 14,780,146 15,611,714
Other receivables 1,176,009 1,144,680 958,174
Inventories 22,132,680 19,403,348 22,127,577
Other current assets 2,312,471 1,771,658 1,894,413
Total current assets 124,476,118 95,508,553 116,056,348
Net property, plant and
equipment 27,635,161 24,983,653 25,689,775
Securities available for sale -- 3,500,000 --
Securities held to maturity 6,131,425 20,100,547 5,502,468
Goodwill 30,715,861 30,715,861 30,715,861
Other assets 373,273 673,241 423,588
Total assets $189,331,838 $175,481,855 $178,388,040
Liabilities and stockholders equity
Liabilities:
Accounts payable $6,798,793 $6,077,313 $5,167,651
Accrued expenses 3,254,816 2,331,885 2,475,492
Customer advance payments 483,722 -- 483,722
Other liabilities 1,446,011 2,545,847 1,906,643
Total current liabilities 11,983,342 10,955,045 10,033,508
Other non-current liabilities 4,897,687 5,448,247 6,500,242
Total liabilities 16,881,029 16,403,292 16,533,750
Stockholders equity:
Retained earnings 70,826,262 58,659,807 67,175,145
Common stock and additional
paid-in capital 182,049,235 171,346,105 176,098,404
Accumulated comprehensive loss (441,397) (747,539) (1,435,968)
Less: cost of treasury stock (79,983,291) (70,179,810) (79,983,291)
Total stockholders equity 172,450,809 159,078,563 161,854,290
Total liabilities and
stockholders equity $189,331,838 $175,481,855 $178,388,040
Anaren, Inc. and Subsidiaries
Consolidated Condensed Statements of Income
(Unaudited)
Three Months Ended
GAAP Results SFAS 123R EXP W/O SFAS 123R
June 30, June 30, June 30,
2006 2006 2006
Net sales $29,129,782 $-- $29,129,782
Cost of sales 18,788,050 137,627 18,650,423
Gross profit 10,341,732 137,627 10,479,359
35.5% 36.0%
Operating expenses:
Marketing 1,745,913 69,274 1,676,639
Research and development 2,256,418 108,785 2,147,633
General and administrative 2,573,686 448,000 2,125,686
Restructuring -- -- --
Total operating expenses 6,576,017 626,059 5,949,958
Operating income 3,765,715 763,686 4,529,401
12.9% 15.5%
Other income (expense):
Other, primarily interest
income 708,176 -- 708,176
Interest expense (6,774) -- (6,774)
Total other income 701,402 -- 701,402
Income from continuing
operations before income tax 4,467,117 763,686 5,230,803
Income taxes 816,000 (56,000) 872,000
Income from continuing
operations $3,651,117 $707,686 $4,358,803
12.5% 15.0%
Discontinued operations
Income from discontinued
operations -- -- --
Income tax benefit -- -- --
Net income from discontinued
operations -- -- --
Net income $ 3,651,117 $707,686 $4,358,803
12.5% 15.0%
Basic earnings per share
Income from continuing
operations $0.21 $0.04 $0.25
Income from discontinued
operations $0.00 $-- $0.00
Net income $0.21 $0.04 $0.25
Diluted earnings per share
Income from continuing
operations $0.20 $0.04 $0.24
Income from discontinued
operations $0.00 $-- $0.00
Net income $0.20 $0.04 $0.24
Shares used in computing net income
per share:
Basic 17,253,753 17,253,753 17,253,753
Diluted 17,859,192 17,859,192 17,859,192
Anaren, Inc. and Subsidiaries
Consolidated Condensed Statements of Income
(Unaudited)
Twelve Months Ended
GAAP Results SFAS 123R EXP W/O SFAS 123R
June 30, June 30, June 30,
2006 2006 2006
Net sales $105,464,236 $-- $105,464,236
Cost of sales 67,188,568 875,258 66,313,310
Gross profit 38,275,668 875,258 39,150,926
36.3% 37.1%
Operating expenses:
Marketing 7,036,240 274,631 6,761,609
Research and development 8,747,463 346,167 8,401,296
General and administrative 10,345,398 1,771,221 8,574,177
Total operating expenses 26,129,101 2,392,019 23,737,082
Operating income 12,146,567 3,267,277 15,413,844
11.5% 14.6%
Other income (expense):
Other, primarily interest
income 2,452,914 -- 2,452,914
Interest expense (25,203) -- (25,203)
Total other income, net 2,427,711 -- 2,427,711
Income from continuing operations
before income tax 14,574,278 3,267,277 17,841,555
Income taxes 3,225,000 (227,000) 3,452,000
Income from continuing
operations $11,349,278 $3,040,277 $ 14,389,555
10.8% 13.6%
Discontinued operations
Income from discontinued
operations 817,177 -- 817,177
Net income $12,166,455 $3,040,277 $ 15,206,732
11.5% 14.4%
Basic earnings per share
Income from continuing
operations $0.66 $0.18 $0.84
Income (loss) from discontinued
operations $0.05 $-- $0.05
Net income $0.71 $0.18 $0.89
Diluted earnings per share
Income from continuing
operations $0.64 $0.17 $0.81
Income (loss) from discontinued
operations $0.05 $-- $0.05
Net income $0.69 $0.17 $0.86
Shares used in computing net income
per share:
Basic 17,156,720 17,156,720 17,156,720
Diluted 17,682,231 17,682,231 17,682,231
Anaren, Inc. and Subsidiaries
Consolidated Condensed Statements of Cash Flows
(Unaudited)
Fiscal Year Three Months
Ended Ended
June 30, 2006 June 30, 2006
Cash flows from operating activities:
Net income $12,166,455 $3,651,117
Net income gain/(loss) from discontinued
operations 817,177 --
Net income from continuing operations 11,349,278 3,651,117
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization of plant
and equipment 4,875,335 1,281,709
Loss on sale of equipment 15,875 --
Amortization of intangibles 332,870 83,217
Provision for doubtful accounts (40,948) (28,335)
Deferred income taxes 121,873 (125,532)
Equity based compensation 3,474,761 884,270
Receivables (1,540,917) (721,962)
Inventories (2,729,332) (5,103)
Accounts payable 755,007 1,631,142
Other assets and liabilities 113,365 (888,527)
Net cash provided by continuing operations 16,727,167 5,761,996
Net cash used for discontinued operations (97,241) --
Net cash provided by operating activities 16,629,926 5,761,996
Cash flows from investing activities:
Capital expenditures (7,543,718) (3,227,095)
Proceeds from sale of equipment 1,000 --
Net maturities (purchases) of marketable
debt and equity securities 3,217,269 313,485
Net cash (used in) provided by investing
activities (4,325,449) (2,913,610)
Cash flows from financing activities:
Stock options exercised 5,549,220 3,765,729
Tax benefit from exercise of stock options 1,679,149 1,300,831
Purchase of treasury stock (9,803,481) --
Net cash (used in) provided by financing
activities (2,575,112) 5,066,560
Effect of exchange rates 103,008 55,973
Net increase (decrease) in cash and cash
equivalents 9,832,373 7,970,919
Cash and cash equivalents at beginning of
period 5,900,841 7,762,295
Cash and cash equivalents at end of period $15,733,214 $15,733,214
| |
|
|
 |
ski properties for sale in flaine |
|
|
|
|
|
|
|
|
|
Locations
