Earnings and Sales Decline a AML Communications

AML Communications in Camarillo reported a loss for the fourth quarter of $2.2 million or 35 cents per diluted share, compared with net income of $189,000 or 3 cents per diluted share for the same period a year earlier.

Sales for the fourth quarter ended March 31 were $1.1 million, compared with $3.9 million one year ago.

For the fiscal year, sales were $7.8 million, compared with $12.8 million in the prior year. Net loss for the same period was $3.1 million or 50 cents per diluted share, compared with a net income of $686,000 or 11 cents per diluted share in fiscal 1998.

Included in the fourth-quarter results were nonrecurring charges of approximately $518,000. The charges include $306,000 in inventory write-offs related to the termination of some of the company’s current engineering projects and product lines and $212,000 in severance compensation and outplacement costs associated with the company’s layoff and senior management changes.

“Although we are disappointed with the results of the quarter and the year, we believe the fourth quarter represents the beginning of a turning point and we have confidence the changes currently being implemented under AML’s new management team will allow us to better position the company for potential opportunities,” said Kirk A. Waldron, president and chief executive.

AML designs amplifiers and amplifier-based subsystems for the cellular, PCS, paging and satellite communication markets.