AML’s Profit Plunges as It Seeks to Diversify

Net income for AML Communications in Camarillo plunged to $113,000 or 2 cents per share in the first quarter ended June 30, compared with $628,000 or 10 cents per share for the same period a year earlier.

Revenues for the quarter were $2.51 million, compared with $3.67 million for the comparable period in the prior fiscal year.

Jacob Inbar, chairman and chief executive officer, said AML is trying to diversify its revenue base and decrease dependency on cellular business. In the most recent quarter, cellular business contributed 57% to company revenue, a drop from earlier quarters.

“We are pleased with the fact that our revenue and earnings are in line with internal expectations for the quarter,” Inbar said. “During the transition period that began in the fourth quarter of fiscal 1997, AML has made aggressive attempts to penetrate other amplifier markets. We are pleased with the initial results as we have added new customers, received our first wireless contract from overseas and have made further progress.”

The company will hold its annual stockholders meeting at 10 a.m. Aug. 27 at the Courtyard by Marriott Hotel, 4994 Verdugo Way in Camarillo. The company expects that the election of directors will be the sole matter on the agenda.

AML designs and manufactures amplifiers and other products for communications markets.