10 bagger
14 years ago
VPF.. $4.25..
Hits it out of the park.. hank
Company Symbols: NASDAQ-SMALL:VPF
HOPKINTON, Mass.--(BUSINESS WIRE)-- 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 Unaudited Audited
share data)
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 475 375 2,076 1,613
expenses
General and administrative 361 275 1,440 1,279
expenses
Research and development 286 204 1,250 627
expenses
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 242 59 901 (300 )
taxes
Income tax (expense) benefit (24 ) (36 ) (278 ) 87
(1)
Net earnings (loss) $ 218 $ 23 $ 623 $ (213 )
Basic and diluted earnings $ 0.05 $ (0.02 ) $ 0.14 $ (0.05 )
(loss) per share
Basic weighted average shares 4,323 4,298 4,307 4,298
Diluted weighted average 4,588 4,298 4,495 4,298
shares
(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
CONTACT: Valpey Fisher Corporation
Michael J. Kroll, 508-435-6831 X600
Vice President, Treasurer and CFO
Source: Valpey Fisher Corporation
Copyright Business Wire 2011
Acquire Media Codes:
LC/US LS/US.MA LS/US LB/nam LC/us LR/am LR/nam LS/us.ma LU/us.ma.hopton LU/us.ma LU/us NT/Corp.Financing NT/Corp NT/Earn.Release NT/Earn NT/Internet NT/Science+Tech XC/NASDAQ-SMALL XC/any.NASDAQ XC/any.US.equity XC/any.US.major XC/any.US XC/any.company XC/any.private XC/any.public MC/HOT#6 MC/HOT NT/Analyst_Ratings NT/Corporate_Action NT/Earnings XC/any NI/Computer_Systems NI/Finance NI/Services NI/Telecom NI/Broadcasting NI/E-Commerce NI/Electronics NI/Industrial NI/Info_Services
Vendor Codes:
SU/earnings
CONTACT: Valpey Fisher Corporation
Michael J. Kroll, 508-435-6831 X600
Vice President, Treasurer and CFO
Source: Valpey Fisher Corporation
10 bagger
14 years ago
VPF.. $3.41.. Ships First Production Orders
Valpey Fisher's Microwave Products Group Ships First Production Orders.....
Valpey Fisher Corporation's (NASDAQ: VPF) Microwave Products Group announced that it has begun production shipments to a major microwave radio manufacturer. The order, for a new, soon-to-debut series of high performance voltage variable attenuators, will enable the customer to take advantage of advances in microwave technology developed at Valpey Fisher.
The company's Microwave Products Group, announced in March 2010, continues the company's leadership on the design, manufacture and marketing of high performance RF/Microwave components and integrated modules for a broad range of end markets, including Microwave Point to Point, Wireless Infrastructure and Military communications. The company's voltage-variable attenuators are fully integrated and suited for a variety of applications, such as wireless base stations, remote radio heads, tower mounted amplifiers, and general-purpose attenuation.
"These first production shipments mark a key milestone for our Microwave Products Group and demonstrate our commitment to developing innovative solutions for our customers," said Michael Ferrantino, Jr., President and Chief Executive Officer for Valpey Fisher. "I am very excited about the execution of our team and look forward to releasing more new products over the coming months."
For 80 years, Valpey Fisher has cultivated longstanding and trusting relationships with a diverse customer base ranging from the world's major OEMs to small and emerging businesses by providing innovative high performance frequency control solutions.
Commenting on the news, Thomas Arthur, Director of Valpey Fisher's Microwave Products Group, said, "The addition of these microwave products will allow us to provide our customers with a broader portfolio of high performing devices and integrated solutions for their existing and next generation product platforms."
About Valpey Fisher:
Valpey Fisher Corporation 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.
CONTACT: Valpey Fisher Corporation
Thomas Arthur, 508-435-6831 x608
SOURCE: Valpey Fisher Corporation Copyright Business Wire 2011
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(END) Dow Jones Newswires
02-01-11 0800ET
10 bagger
14 years ago
VPF.. $3.14 Earnings..
HOPKINTON, Mass.--(BUSINESS WIRE)--October 29, 2010--
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
Corporation
Consolidated
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 Subsidiaries
Consolidated 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
--------------------------------------------------- ------------- ----------
CONTACT: Valpey Fisher Corporation
Michael J. Kroll, 508-435-6831 X600
Vice
President, Treasurer and CFO
SOURCE: Valpey Fisher Corporation Copyright Business Wire 2010
10 bagger
14 years ago
VPF.. $2.31 New board members..
Valpey Fisher Corporation Elects Two New Board Members
HOPKINTON, MA – August 20, 2009 – Valpey Fisher Corporation (NASDAQ: VPF), a leader in low noise timing solutions, announces that on July 23, 2009 the Board of Directors elected Gary Ambrosino and Steven Schaefer to its Board of Directors as well as the appointing of Mario Alosco as Secretary of the Corporation.
"The addition of Gary and Steven to Valpey Fisher's Board of Directors ensures the company will continue to benefit from a diversity of knowledge and opinions," said Ted Valpey, Chairman of the Board of Directors.
Ambrosino is the Managing Director of clearValue strategies, a highly sought after consulting firm based in Boston, Massachusetts, that specializes in strategic development and tactical execution of new product programs. He has twenty five years of experience in general management, developing, executing and measuring strategic/operating plans, and demonstrates strong leadership skills with roles including CEO and all VP positions in venture backed startups. Ambrosino has held positions with Hewlett Packard, Xionics (acquired by Zoran), and Cognio (acquired by Cisco). He was also co-founder and Executive Vice president of Secure Media.
Schaefer is the President of Cobham Sensor Systems Strategic Business Unit. He has over thirty years of experience in the Aerospace and Defense Industry and an extensive background in engineering, business development, program management and finance. Schaefer has successfully integrated diverse companies to develop new products and technologies. He takes pride in building smaller companies into more capable and competitive companies as opposed to joining large organizations. He has held leadership positions with EMS Technologies, Kaydon, Loral IDS, Kaiser Electronics and Harris Corporation.
Alosco, a Director of Valpey-Fisher since 2004, was named Secretary of the Corporation. From September 2005 he has been an executive search consultant and Partner at Mainstay Partners. Prior to Mainstay, Mr. Alosco was responsible for executive staffing and leadership training at Acterna Corporation.
"Valpey Fisher is please to have Gary and Steve on the Board of Directors," said Mr. Valpey. "Their impressive leadership skills and broad management experience in established companies will benefit Valpey Fisher greatly."
About Valpey Fisher Corporation: Valpey Fisher specializes in designing, manufacturing and marketing a broad range of quartz crystals, oscillator timing devices and ultrasonic transducers. Major markets for the company’s quartz crystal and oscillator products include computer, networking, telecommunications, wireless, military and medical.
Contact:
Valpey Fisher Corporation
Michael Ferrantino Jr., 508-435-6831
Executive Vice President and Chief Operating Officer
10 bagger
14 years ago
Valpey Fisher Corporation Reports Second Quarter Profit
VPF.. $2.32 second quarter of 2010
HOPKINTON, Mass.--(BUSINESS WIRE)-- Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise timing solutions, today reported results for the 2nd quarter ended July 4, 2010.
For the second quarter of 2010, the Company reported an operating profit of $195,000 and net earnings of $136,000 or $.03 per share on sales of $3,799,000, compared to an operating loss of $67,000 and a net loss of $82,000 on sales of $2,496,000 for the same period last year.
Michael Ferrantino Jr., the Company's President and Chief Executive Officer, commented, "We are pleased to report 2010 second quarter results that include a 52% increase in revenue and a $262,000 increase in operating profit over the same period of 2009. This increase in operating profit is after the negative impact of our $177,000 investment in marketing and development expenses incurred by our Microwave Product line that was formed in the 4th quarter of 2009. New customer orders were up $1,342,000 or 55% from the second quarter of last year. Our backlog amounts to $2,207,000 at July 4, 2010 compared to $1,532,000 at the end of the second quarter of 2009."
"During the second quarter we again saw sales increases across all of our product lines with our High-Precision Product line increasing 79% over the prior year. Our customer base is clearly recognizing the value of these industry leading oscillators, timing modules and integrated subsystems. In addition, we continue to perform according to plan with our Microwave Product line which will be shipping its first production order in the 3rd quarter," 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 Corporation
Condensed Consolidated Statements of Operations
Unaudited
(in thousands, except per share data) Quarter Ended Six Months Ended
7/4/10 6/28/09 7/4/10 6/28/09
Net sales $ 3,799 $ 2,496 $ 7,367 $ 5,078
Cost of sales 2,383 1,681 4,570 3,415
Gross profit 1,416 815 2,797 1,663
Selling and advertising expenses 545 416 1,058 828
General and administrative expenses 366 328 723 673
Research and development expenses 310 138 639 284
1,221 882 2,420 1,785
Operating profit (loss) 195 (67) 377 (122)
Interest income 4 10 9 20
Earnings (loss) before income taxes 199 (57) 386 (102)
Income tax (expense) benefit (63) (25) (154) 3
Net earnings (loss) $ 136 $ (82) $ 232 $ (99)
Basic and diluted earnings (loss) per $ 0.03 $ (0.02) $ 0.05 $ (0.02)
share
Basic weighted average shares 4,301 4,298 4,300 4,298
Diluted weighted average shares 4,450 4,298 4,416 4,298
Valpey-Fisher Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited) (Audited)
7/4/10 12/31/09
ASSETS
Current assets:
Cash and cash equivalents $ 4,266 $ 4,053
Receivables, net 2,231 1,744
Inventories, net 1,381 1,105
Deferred income taxes and other current assets 853 959
Total current assets 8,731 7,861
Property, plant and equipment, at cost 11,811 11,613
Less accumulated depreciation 10,357 10,128
1,454 1,485
Other assets 213 203
Total assets $ 10,398 $ 9,549
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 2,399 $ 1,810
Deferred income taxes 167 175
Stockholders' equity 7,832 7,564
Total liabilities and stockholders' equity $ 10,398 $ 9,549
Source: Valpey Fisher Corporation
10 bagger
14 years ago
VPF.. $2.32 first quarter of 2010
Valpey Fisher Corporation (NASDAQ: VPF), a leader in low-noise timing solutions, today reported results for the first quarter ended April 4, 2010.
For the first quarter of 2010, the Company reported an operating profit of $ 182,000 and net earnings of $95,000 or $.02 per share on sales of $3 567,000, compared to an operating loss of $54,000 and a net loss of $16 000 on sales of $ 2,582,000 for the same period last year.
Michael Ferrantino Jr., the Company's President and Chief Executive Officer, commented, "We are pleased to report 2010 first quarter results that include a 38% increase in revenue and a 63% increase in gross profit over the same period of 2009. The $236,000 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 4th quarter of 2009. New customer orders were up $1,291,000 or 52% from the first quarter of last year. Our backlog amounts to $2,218,000 at April 4, 2010 compared to $2,023,000 at December 31, 2009 and $1,601,000 at the end of the first quarter of 2009."
"During the first quarter we saw sales increases across all of our product lines and we are gaining significant market acceptance of our Synchronous Ethernet product offering registering several design wins at major telecommunication OEMs. We have also begun sampling the first products from our Microwave Product Line," 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 Broadcom Corporation.
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 Corporation
Condensed Consolidated Statements of Operations
Unaudited
(in thousands, except per share data) Quarter Ended
------------------------
4/4/10 3/29/09
--------- --------
Net sales $ 3,567 $ 2,582
Cost of sales 2,186 1,733
--------- --------
Gross profit 1,381 849
Selling and advertising expenses 513 412
General and administrative expenses 358 344
Research and development expenses 328 147
--------- --------
1,199 903
--------- --------
Operating profit (loss) 182 (54)
Interest income 4 10
--------- --------
Earnings (loss) before income taxes 186 (44)
Income tax (expense) benefit (91) 28
--------- --------
Net earnings (loss) $ 95 $ (16)
========= ========
Basic and diluted earnings (loss) per share $ 0.02 $ -
========= ========
Basic weighted average shares 4,298 4,298
Diluted weighted average shares 4,343 4,298
Valpey-Fisher Corporation
Condensed Consolidated Balance Sheets
(in thousands)
(Unaudited) (Audited)
4/4/10 12/31/09
--------- --------
ASSETS
Current assets:
Cash and cash equivalents $ 3,793 $ 4,053
Receivables, net 2,115 1,744
Inventories, net 1,391 1,105
Deferred income taxes and other current
assets 951 959
--------- --------
Total current assets 8,250 7,861
--------- --------
Property, plant and equipment, at cost 11,785 11,613
Less accumulated depreciation 10,244 10,127
--------- --------
1,541 1,486
--------- --------
Other assets 211 202
--------- --------
Total assets $ 10,002 $ 9,549
========= ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $ 2,157 $ 1,810
Deferred income taxes 171 175
Stockholders' equity 7,674 7,564
--------- --------
Total liabilities and stockholders' equity $ 10,002 $ 9,549
========= ========
CONTACT: Valpey Fisher Corporation
Michael J. Kroll, 508-435-6831 X600
Vice
President, Treasurer and CFO
10 bagger
14 years ago
Valpey-Fisher Corporation
Consolidated Balance Sheets
December 31, 2009 2008
Assets
Current assets:
Cash and cash equivalents $ 4,052,721 $ 4,514,985
Receivables, net 1,743,494 1,631,041
Inventories, net 1,105,417 1,376,350
Deferred income taxes 848,021 825,523
Other current assets 110,932 40,038
Total current assets 7,860,585 8,387,937
Property, plant and equipment, at cost:
Land and improvements 226,505 226,505
Buildings and improvements 2,058,873 2,058,873
Machinery and equipment 9,328,008 8,971,689
11,613,386 11,257,067
Less accumulated depreciation 10,127,624 9,748,875
1,485,762 1,508,192
Other assets 202,502 190,132
$ 9,548,849 $ 10,086,261
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable $ 948,799 $ 605,851
Accrued liabilities 861,145 1,610,802
Total current liabilities 1,809,944 2,216,653
Deferred income taxes 175,171 149,722
Commitments and contingencies - -
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: 4,297,898 and 4,297,898 shares, respectively 214,895 214,895
Capital surplus 5,666,925 5,609,608
Retained earnings 1,681,914 1,895,383
Total stockholders’ equity 7,563,734 7,719,886
$ 9,548,849 $ 10,086,261
See notes to consolidated financial statements.
20
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Valpey-Fisher Corporation
Consolidated Statements of Operations
For the Years Ended December 31, 2009 2008
Net sales $ 10,378,206 $ 13,020,834
Cost of sales 6,925,823 7,960,198
Gross profit 3,452,383 5,060,636
Selling and advertising expenses 1,612,622 1,653,977
General and administrative expenses 1,279,301 1,659,760
Retirement agreement 265,225 -
Research and development expenses 627,100 611,321
3,784,248 3,925,058
Operating profit (loss) (331,865 ) 1,135,578
Interest income 31,796 192,226
Earnings (loss) before income taxes (300,069 ) 1,327,804
Income tax (expense) benefit 86,600 (592,000 )
Net earnings (loss) $ (213,469 ) $ 735,804
Basic and diluted earnings (loss) per share $ ( .05 ) $ .17
Cash dividend per share $ - $ 1.50
See notes to consolidated financial statements.
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