RF Monolithics Reports Q4 and Fiscal 2002 Results
RF Monolithics Inc. (Dallas, TX) reported that net income for the fourth quarter ended August 31, 2002, was $42.0 thousand, or a profit of $0.01 per diluted share, compared to a net loss of $9.8 million, or $1.40 per diluted share, for the fourth quarter of the prior year.
The loss in the prior fourth quarter included approximately $2.6 million of restructuring and special charges associated with the transitioning of the company's high-volume assembly offshore and $5.6 million in non-cash valuation allowance against deferred tax benefits. The net loss for the year ended August 31, 2002, was $442.0 thousand or $0.06 per diluted share, compared to the net loss of $13.2 million, or $1.97 per diluted share, for the prior year.
RF Monolithics President and CEO David Kirk commented, "Our performance this quarter was slightly better than we had anticipated. Due to a favorable mix within our product lines this quarter, both sales and gross margin were up a couple of percentage points over guidance we provided last quarter. We feel this quarter's results validate the business model we developed, which we had projected would result in profitability on sales in the $11.0 to $11.5 million range. Our return to profitability has also generated strong cash flow. We generated more than $1.0 million in cash flow from operations and paid down more than $2.0 million in liabilities in the quarter. Our model also puts us in position to capitalize on any recovery in the economy as we enter our fiscal year 2003."