SUNNYVALE, Calif.-California Microwave Inc. reported a 50 percent increase in net income for fiscal year 1994, ended June 30 for a record $15.1 million, or $1.20 per share.
Fiscal 1994 results include eight months of operating results for California Microwave-Telecom Transmission Systems, which the company acquired in October 1993.
“With the acquisition of TTS, we doubled our wireless sales and gained critical market share around the world,” said Philip Otto, the company’s chairman and chief executive officer.
“Although we continued to make progress in gross margin improvement throughout the rest of the company, TTS, which was impacted by low margin projects in its opening backlog, offset this gross margin growth and consequently, total company margins remained even for the year.
Net income for fiscal 1993 was $10 million, on sales of $267 million, compared with income of $15.1 million this year on sales of $369 million, the company said.
Fourth quarter results included a net income of $4.3 million, or 35 cents per share, on record sales of $119 million, compared to fourth quarter 1993 net income of $3.1 million, or 26 cents per share, on sales of $72 million.
The company said its international increased 40 percent in dollar volume of sales due to expanding wireless communications. Growth was strongest in Asia, Europe and Latin America.
Founded in 1968, California Microwave is an equipment supplier of satellite earth stations and microwave radios used in wireless communications. The company operates facilities in seven states and sells products and services in 75 countries.
Century Communications reports $41 million loss
NEW CANAAN, Conn.-Century Communications Corp. reported a net loss of $41.9 million, or 53 cents per share, compared to a net loss of nearly $39.8 million, or 49 cents per share for the prior fiscal year.
However, the company noted its total revenues for the year were $374.6 million, an 8.5 percent increase compared with the previous year. Operating income before depreciation and amortization expense was equal to 55.8 percent of revenues, or $209 million, an increase of 8.1 percent over the $193.4 million reported in 1993.
For fourth quarter 1994, ended May 31, the company reported revenues of $95.9 million, a 7.4 percent increase in revenues from the same quarter the previous year. Net loss for the quarter was nearly $15.9 million, or 19 cents per share, compared to a loss of $9.4 million, or 12 cents per share, for the same quarter in 1993.
Associated boasts gains in earnings and revenue
PITTSBURGH-Associated Communications Corp. announced increases in both earnings and revenue during the second quarter of 1994, ended June 30.
The company reported net income of $652,000, or 2 cents per share, during the second quarter of 1994, compared with income of $558,000, or 1 cent per share, recorded during the same quarter of 1993.
Net income for the second quarter of 1994 included a $2.8 million gain from the sale of Republic Pictures Corp. stock, noted the company.
Revenue grew during the recent second quarter as well. Associated reported revenues of $28.8 million during the second quarter of 1994. Revenues during the previous year’s same quarter were $24 million, according to Associated.
For the first six months of the year, Associated posted net income of $66,000 and revenue of $54.4 million. Net income and revenue during the first six months of 1993 were $3.8 million and $45.3 million, respectively.
Income for the first six months of 1993 was boosted by a $3.3 million cumulative tax benefit, noted the company.
Lowered service prices resulted in loss for Mtel
JACKSON, Miss.-Reduced pricing of service from its nationwide paging subsidiary has resulted in increased losses for Mobile Telecommunication Technologies Corp. during the second quarter of 1994, ended June 30.
Mtel reported a net loss of nearly $3.7 million, or 17 cents per share, during the second quarter of 1994. The figure is down from more than $3.1 million in profit during the same quarter of 1993. Income per share that quarter was 9 cents.
While the losses were expected, according to Mtel, reducing pricing of its SkyTel subsidiary has boosted subscribers.
Revenue during the recent second quarter jumped to $34.3 million from $31.2 million in the second quarter of 1993.
For the six month period of 1994, Mtel posted income of $854,000. The company had a loss of 10 cents per share during the half from payment of dividends on preferred stock. Revenue during the first six months of 1994 was more than $70.8 million.
Income and revenue during the first half of 1993 were nearly $5.2 million and $59.5 million, respectively.
As of June 30, the company had 403,500 paging units in service, a 39 percent increase from the previous year. Most of the units, 333,700, are in domestic operations, according to the company.
