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Exhibit 1
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RFM News Release
Contacts: RF Monolithics, Inc.
David M. Kirk
President and CEO
972-233-2903
Carol Bivings
972-448-3767
RF MONOLITHICS REPORTS FOURTH QUARTER AND FISCAL 2000 RESULTS
DALLAS, TEXAS, (October 18, 2000) RF Monolithics, Inc. [NASDAQ:RFMI] today
reported sales for the fourth quarter ended August 31, 2000, were $13.0 million
compared with sales of $12.3 million in the fourth quarter of the prior year.
Sales for the year ended August 31, 2000, were $47.3 million compared with sales
of $51.3 for the year ended August 31, 1999.
Net loss for the fourth quarter ended August 31, 2000, was $1.2 million, or a
loss of $.20 per diluted share, compared to a net loss of $1.7 million, or $0.29
per diluted share, for the fourth quarter of the prior year. The loss in the
current quarter included approximately $.03 per share of litigation and unusual
legal expenses. Without these unusual expenses the loss for the quarter would
have been $.17 per diluted share, compared to $.18 in the prior quarter. Net
loss for the year ended August 31, 2000, was $7.6 million or $1.26 per diluted
share, compared to net income of $729,000 or $0.12 per diluted share for the
prior year.
President and CEO of RF Monolithics, Inc., David Kirk commented, "We are glad to
report strong bookings of approximately $15 million for the quarter which
provides opportunity for increased sales in our first quarter. We believe these
bookings will allow us to break the cyclical pattern of reporting significantly
lower sales revenue in the first quarter than in prior fourth quarter. The most
encouraging aspect of our booking rate was our success in obtaining orders for
our new products, specifically the oscillator products for the optical
networking market, 2nd Generation Virtual Wire Radio Systems products, and
filter products for a new major telecommunications customer. We incurred
significant litigation and unusual legal expense in the quarter; but can now
report all the legal issues involved have been settled and we can return our
full focus to our recovery plan." Mr. Kirk further commented, "We are confident
that our recovery plan is on track and we should experience long-term margin
improvements through our offshore initiatives, the shift to our new higher
margin products, and our focused efforts for
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manufacturing process improvements. If we realize these long-term margin
improvements, we should experience significantly improved operating results in
fiscal year 2001."
Quarter Highlights:
. Reported the strongest backlog in Company history at $17 million compared to
$7 million in backlog at the end of the prior year.
. Significant bookings for Frequency Control Modules which include our Optical
Products. The bookings include orders from a leading high speed router
supplier for a DIP style oscillator and an NRE to fund development of a
surface mount version of this patented technology. We also received an NRE
order from a major telecommunication equipment supplier, for an optical
timing product for use in an OC768 backbone system.
. A new customer, who is a major international GSM base station supplier,
represented 25% of filter bookings for the quarter.
. Booked our first production orders for three different applications for our
2nd Generation Virtual Wire Radio Systems products, which include RFID
tagging, wireless internet meter reading and a consumer sports application.
. The Company incurred a significant amount of litigation and unusual legal
expense in the quarter, primarily related to the settlement of two unrelated
issues. These matters are now settled and the net result will be significant
inflow of cash in the first quarter of fiscal year 2001.
. Signed contracts with two partners for offshore manufacturing of our TO39
component and filter products. We anticipate production starting in the Month
of October and expect the transition to offshore manufacturing for these
product lines to be completed by Q3 fiscal year 2001.
RFM, headquartered in Dallas, Texas is a leading developer, manufacturer and
supplier of a broad range of radio frequency components and modules based on
surface acoustic wave technology for the automotive, computer, consumer,
industrial and telecommunications markets worldwide.
This news release contains forward-looking statements that involve risks and
uncertainties; these statements are made pursuant to the Safe Harbor provisions
of the Private Securities Litigation Act of 1995. These risk and uncertainties
include, but are not limited to, timely development, acceptance and pricing of
new products, timely implementation of manufacturing processes and transition to
offshore manufacturing, difficulty in obtaining production material and labor,
the potential transition to value added products, the impact of competitive
products and pricing, general economic conditions as they affect the Company's
customers, as well as the other risks detailed from time to time in the
Company's SEC reports, including the report on Form 10-K for the year ended
August 31, 1999.
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RFM Financial News Release
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RF Monolithics, Inc.
Condensed Statements of Income
(In Thousands, Except Per Share Amounts)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
August 31, August 31,
2000 1999 2000 1999
-------------- -------------- -------------- --------------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Sales $13,044 $12,348 $ 47,256 $51,297
Cost of sales 11,025 10,833 43,250 35,950
-------------- -------------- -------------- --------------
Gross profit 2,019 1,515 4,006 15,347
-------------- -------------- -------------- --------------
Research and development 1,180 1,889 4,700 5,697
Sales and marketing 1,557 1,419 6,047 5,415
General and administrative 830 917 3,546 3,092
Litigation and unusual legal 301 0 301 0
-------------- -------------- -------------- --------------
Operating expenses 3,868 4,225 14,594 14,204
-------------- -------------- -------------- --------------
Income (loss) from operations (1,849) (2,710) (10,588) 1,143
Other income (expense), net (206) (59) (634) (145)
-------------- -------------- -------------- --------------
Income (loss) before income
taxes (2,055) (2,769) (11,222) 998
Income tax (benefit) expense (818) (1,068) (3,614) 269
-------------- -------------- -------------- --------------
Net (loss) income $(1,237) $(1,701) $ (7,608) $ 729
============== ============== ============== ==============
Earnings (loss) per share:
Basic $ (.20) $ (.29) $ (1.26) $ .13
============== ============== ============== ==============
Diluted $ (.20) $ (.29) $ (1.26) $ .12
============== ============== ============== ==============
Weighted average common
shares outstanding:
Basic 6,191 5,864 6,046 5,783
============== ============== ============== ==============
Diluted 6,191 5,864 6,046 5,932
============== ============== ============== ==============
</TABLE>
More
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RFM Financial News Release
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RF Monolithics, Inc.
Condensed Balance Sheets
(In Thousands)
August 31, August 31,
2000 1999
---- ----
(Unaudited)
ASSETS
Cash, cash equivalents and short-term investments $ 4,085 $ 5,188
Accounts receivable, net 9,868 10,840
Inventories 11,176 11,593
Other current assets 3,209 2,706
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Total current assets 28,338 30,327
Net property and equipment 14,063 17,645
Other assets 3,366 536
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Total $45,767 $48,508
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $15,313 $12,941
Long-term debt 68 68
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Total liabilities 15,381 13,009
Stockholders' equity 30,386 35,499
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Total $45,767 $48,508
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