AML Enters Downturn After Strong Year

AML Communications in Camarillo more than doubled revenues and saw a sharp gain in net income for the fiscal year ending March 31, despite a weaker-than-expected fourth quarter.

Revenues for the year were $14.1 million, compared to $7 million for the previous fiscal year. Net income increased to $2.1 million or 33 cents per share, compared to $1.2 million or 23 cents per share for the previous year.

For the fourth quarter, the company reported revenues of $2.5 million, down slightly from the $2.6 million for the same three-month period last year. Net income saw a bigger drop to $52,000 or 1 cent per share, compared to $458,000 or 7 cents per share for the three months ending March 31, 1996.

“Although we are very satisfied with our year-over-year performance both in revenue levels and net income results, we realize that the fourth quarter fell below expectations,” said Jacob Inbar, chairman and chief executive. “AML witnessed a change in the cellular market during the latter half of the year and specifically in the fourth quarter. As a result, we believe the company can expect its cellular revenue to continue to trend downward through most of the upcoming year.”

Inbar said the company hopes to develop business opportunities in related markets.

“The satellite communications market, which we successfully penetrated in the fourth quarter, and growth in overseas wireless markets may provide further opportunities,” he said.

AML designs products for various communications markets, including the cellular and paging industries.