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VPF $2.96.. New High..
I sold about 20% of my position into today's high.. While I think VPF will go much higher I do believe that it's almost constant move from $2.00 should/could have a pull back to the $2.50 - $2.60 level.. hank$
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Valpey Fisher (NASDAQ:VPF) based in Hopkinton, MA is a world-leading technology company specializing in low noise timing solutions. From discrete high precision crystal oscillators to highly integrated, low noise timing modules, Valpey Fisher offers its customers a broad array of frequency control products to meet their precision timing needs.
HOPKINTON, Mass.--(BUSINESS WIRE)--October 29, 2010--Valpey Fisher’s products provide the essential timing signals needed in advanced applications including cellular base stations, broadband datacom infrastructure, avionics instrumentation, homeland security equipment and military defense systems.
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
| 10/3/2010 | 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 | ||||
| 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 | ||||||||||||
| Nine Months Ended | ||||||||
| | 10/3/2010 | 9/27/2009 | ||||||
| Cash flows from operating activities: | ||||||||
| Net earnings (loss) | $ | 405 | $ | (237 | ) | |||
| Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities of continuing operations: | ||||||||
| Depreciation | 328 | 291 | ||||||
| Provisions for inventory | 50 | 167 | ||||||
| Deferred income taxes | 31 | 71 | ||||||
| Stock-based compensation | 34 | 42 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables, net | (874 | ) | (70 | ) | ||||
| Inventories | (306 | ) | 60 | |||||
| Other current assets | 83 | 10 | ||||||
| Accounts payable and accrued liabilities | 1,081 | (227 | ) | |||||
| Net cash provided by operating activities of continuing operations | 832 | 107 | ||||||
| Cash flows from operating activities: - Discontinued Operations | ||||||||
| Change in accrued expenses | (21 | ) | (133 | ) | ||||
| Net cash (used) by operating activities of discontinued operations | (21 | ) | (133 | ) | ||||
| Net cash provided (used) by operating activities | 811 | (26 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (348 | ) | (190 | ) | ||||
| Other, net | (11 | ) | (11 | ) | ||||
| Net cash (used) by investing activities | (359 | ) | (201 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Change in restricted cash | (201 | ) | - | |||||
| Stock options exercised | 11 | - | ||||||
| Net cash provided (used) by financing activities | (190 | ) | - | |||||
| Net increase (decrease) in cash and cash equivalents | 262 | (227 | ) | |||||
| Cash and cash equivalents: | ||||||||
| Beginning of period | 4,053 | 4,515 | ||||||
| End of period | $ | 4,315 | $ | 4,288 | ||||
| Supplemental Cash Flow Information | ||||||||
| Cash paid during the period by continuing operations for income taxes | $ | 177 | $ | 87 | ||||
| 7/4/10 | 12/31/09 | |||||||
| (Unaudited) | (Audited) | |||||||
| | | |||||||
| | ||||||||
| 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 | 833 | 848 | ||||||
| Other current assets | 20 | 111 | ||||||
| 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: | ||||||||
| Accounts payable | $ | 1,038 | $ | 949 | ||||
| Accrued liabilities | 1,361 | 861 | ||||||
| Total current liabilities | 2,399 | 1,810 | ||||||
| | ||||||||
| Deferred income taxes | 167 | 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 | 5,703 | 5,667 | ||||||
| Retained earnings | 1,914 | 1,682 | ||||||
| Total stockholders’ equity | 7,832 | 7,564 | ||||||
| Total liabilities and stockholders’ equity | $ | 10,398 | $ | 9,549 | ||||
| Three Months 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 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Selling and advertising | 545 | 416 | 1,058 | 828 | ||||||||||||
| General and administrative | 366 | 328 | 723 | 673 | ||||||||||||
| Research and development | 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 earnings (loss) per share | $ | .03 | $ | (.02 | ) | $ | .05 | $ | ( .02 | ) | ||||||
| Diluted earnings (loss) per share | $ | .03 | $ | (.02 | ) | $ | .05 | $ | ( .02 | ) | ||||||
| Basic weighted average shares | 4,301 | 4,298 | 4,300 | 4,298 | ||||||||||||
| Diluted weighted average shares | 4,450 | 4,298 | 4,416 | 4,298 | ||||||||||||
| Six Months Ended | ||||||||
| | 7/4/10 | 6/28/09 | ||||||
| Cash flows from operating activities: | ||||||||
| Net earnings (loss) | $ | 232 | $ | (99 | ) | |||
| Adjustments to reconcile net earnings (loss) to net cash provided (used) by operating activities of continuing operations: | ||||||||
| Depreciation | 229 | 197 | ||||||
| Provisions for inventory | 50 | 75 | ||||||
| Deferred income taxes | 7 | 67 | ||||||
| Stock-based compensation | 26 | 30 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Receivables, net | (487 | ) | 19 | |||||
| Inventories | (326 | ) | 200 | |||||
| Other current assets | 91 | 9 | ||||||
| Accounts payable and accrued liabilities | 604 | (534 | ) | |||||
| Net cash provided (used) by operating activities of continuing operations | 426 | (36 | ) | |||||
| Cash flows from operating activities: - Discontinued Operations | ||||||||
| Change in accrued expenses | (15 | ) | (45 | ) | ||||
| Net cash (used) by operating activities of discontinued operations | (15 | ) | (45 | ) | ||||
| Net cash provided (used) by operating activities | 411 | (81 | ) | |||||
| Cash flows from investing activities: | ||||||||
| Capital expenditures | (198 | ) | (190 | ) | ||||
| Other, net | (10 | ) | (10 | ) | ||||
| Net cash (used) by investing activities | (208 | ) | (200 | ) | ||||
| Cash flows from financing activities: | ||||||||
| Stock options exercised | 10 | - | ||||||
| Net cash provided by financing activities | 10 | - | ||||||
| Net increase (decrease) in cash and cash equivalents | 213 | (281 | ) | |||||
| Cash and cash equivalents: | ||||||||
| Beginning of period | 4,053 | 4,515 | ||||||
| End of period | $ | 4,266 | $ | 4,234 | ||||
| Supplemental Cash Flow Information | ||||||||
| Cash paid during the period by continuing operations for income taxes | $ | - | $ | 87 | ||||
| 1. | Financial Presentation: |
| 3 Months Ended | 6 Months Ended | |||||||||||||||
| 7/4/10 | 6/28/09 | 7/4/10 | 6/28/09 | |||||||||||||
| | ||||||||||||||||
| Cost of sales | $ | 3 | $ | 4 | $ | 6 | $ | 8 | ||||||||
| Selling and advertising | 1 | 4 | 3 | 8 | ||||||||||||
| General and administrative | 5 | 4 | 12 | 9 | ||||||||||||
| Research and development | 2 | 2 | 5 | 5 | ||||||||||||
| Pre-tax stock-based compensation expense | 11 | 14 | 26 | 30 | ||||||||||||
| Income tax (benefit) | - | (1 | ) | (1 | ) | (2 | ) | |||||||||
| Net stock-based compensation expense | $ | 11 | $ | 13 | $ | 25 | $ | 28 | ||||||||
| 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 | |||||
| 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 | ||||
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
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