Valpey Fisher Corporation (NASDAQ:VPF), a leader in low-noise
timing solutions, today reported results for the second quarter
ended July 3, 2011.
For the second quarter of 2011, the Company reported an
operating profit of $280,000 and net earnings of $191,000 or $.04
per share on sales of $3,885,000, compared to an operating profit
of $195,000 and net earnings of $136,000 or $.03 per share on sales
of $3,799,000 for the same period last year.
Michael Ferrantino Jr., the Company’s President and Chief
Executive Officer, commented, ”We are pleased to report 2011 second
quarter results that include a 44% increase in operating profit
over the same period of 2010. New customer orders were up $384,000
or 10% from the second quarter of last year. Our backlog amounts to
$2,403,000 at July 3, 2011 compared to $2,207,000 at the end of the
second quarter of 2010.”
“During the second quarter, we saw sales increases across most
of our product lines with our high reliability product line and our
timing modules being particularly strong with increases of 43% and
85%, respectively, over the prior year. Our high reliability and
precision product lines now account for 55% of our revenue. Our
customers continue to recognize the value of our industry leading
oscillators, timing modules and integrated subsystems,” added
Ferrantino.
Valpey Fisher Corporation (NASDAQ:VPF) is a global leader
in the design, development, and manufacture
of high-accuracy subsystems integrated into digital and
optical telecommunications systems in use throughout the world for
voice, data and military communications. For more than 80 years,
customers have chosen Valpey Fisher as their preferred supplier of
the electronic components and subsystems that drive their business.
Companies pick Valpey Fisher for its long history of technology
innovation, its high-quality precision products, and its
top-to-bottom commitment to customers to provide and support custom
solutions that meet their evolving needs. The Company’s products
enable communications system vendors to increase network data
capacity and improve voice and video quality. Through its broad
range of timing, control and measurement solutions that deliver
high performance, uncompromised precision, and consistent
reliability. Valpey Fisher partners with customers to help them
succeed in the markets they compete in including wireless and
wireline infrastructure, microwave radio, military communications,
instrumentation, imaging and industrial applications. Valpey
Fisher’s global customer base of original equipment manufacturers
(including Alcatel-Lucent, BAE Systems, Google, IBM, Juniper
Networks, and Raytheon) and electronics manufacturing services
companies are served by direct sales personnel, independent
manufacturers’ representatives, and distributors worldwide.
For more information on Valpey Fisher's innovative products
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 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 Six Months Ended 7/3/11 7/4/10
7/3/11 7/4/10 Net sales $ 3,885 $ 3,799 $
7,404 $ 7,367 Cost of sales 2,382 2,383
4,658 4,570 Gross profit 1,503 1,416 2,746 2,797
Selling and advertising expenses 579 545 1,137 1,058 General
and administrative expenses 335 366 656 723 Research and
development expenses 309 310 603
639 1,223 1,221 2,396
2,420 Operating profit 280 195 350 377 Interest
income 2 4 5 9 Earnings
before income taxes 282 199 355 386 Income tax expense 91
63 114 154 Net earnings $ 191
$ 136 $ 241 $ 232 Basic earnings per share $
0.04 $ 0.03 $ 0.06 $ 0.05 Diluted earnings per share $ 0.04 $ 0.03
$ 0.05 $ 0.05 Basic weighted average shares 4,348 4,301
4,342 4,300 Diluted weighted average shares 4,613 4,450 4,628 4,416
Valpey-Fisher Corporation Condensed Consolidated Balance
Sheets ( in thousands) (Unaudited) (Audited) 7/3/11
12/31/10 ASSETS Current assets: Cash and cash equivalents $ 3,115 $
4,451 Receivables, net 2,961 2,413 Inventories, net 1,860 1,458
Deferred income taxes and other current assets 886
866 Total current assets 8,822 9,188
Property, plant and equipment, at cost 12,960 12,201 Less
accumulated depreciation 10,804 10,530
2,156 1,671 Other assets 227 216
Total assets $ 11,205 $ 11,075 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities $ 2,267 $ 2,558 Deferred
income taxes 387 253 Stockholders' equity 8,551
8,264 Total liabilities and stockholders' equity $ 11,205
$ 11,075
Valpey Fisher Corp. (MM) (NASDAQ:VPF)
과거 데이터 주식 차트
부터 5월(5) 2024 으로 6월(6) 2024
Valpey Fisher Corp. (MM) (NASDAQ:VPF)
과거 데이터 주식 차트
부터 6월(6) 2023 으로 6월(6) 2024