AML Communications in Camarillo reported gains in the fourth quarter ended March 31 but a decline for the year compared with the year before.
Net sales for the fourth quarter climbed 57% to $3.9 million, compared with $2.5 million a year ago. Net income more than tripled to $189,000 or 3 cents per diluted share, compared with $52,000 or 1 cent per diluted share for the same period a year earlier.
Included in the results for the fourth quarter was a $150,000 reserve or about 2 cents per diluted share, to cover contingency legal expenses with respect to a shareholder lawsuit filed against the company in March.
Net sales for fiscal 1998 were $12.8 million, compared with $14.1 million in the prior year. Net income for the same period was $686,000 or 11 cents per diluted share, compared with $2.1 million or 34 cents per diluted share in fiscal 1997.
"Fiscal 1998 was a period of transition for AML Communications, as the company focused greater attention on marketing to original equipment manufacturers and diversifying its overall customer base," said Jacob Inbar, president and chief executive officer.
Inbar highlighted the company's introduction of its M30 multicarrier amplifier, orders worth more than $5 million from an original equipment manufacturer serving the Brazilian wireless communications market and a $2.2-million order for paging amplifiers received during the fourth quarter from PageMart Wireless.