EX-99.1 3 dex991.htm PRESS RELEASE DATED 11/10/2003 Press Release Dated 11/10/2003

[CTA PUBLIC RELATIONS LOGO]

 

FOR IMMEDIATE RELEASE: November 10, 2003

 

CONTACT:

   John Cole    Bevo Beaven, Vice-President
     President and CEO    Shirley Thompson—Principal
     Hytek Microsystems, Inc.    CTA Public Relations
     (775) 883-0820    (303) 665-4200

 

HYTEK REPORTS THIRD QUARTER RESULTS

 

Carson City, NV – November 10, 2003 – Hytek Microsystems, Inc. (OTC Bulletin Board: HTEK) announced today unaudited results for the three and nine month periods ended September 27, 2003.

 

The Company incurred a net loss of $182,887, or ($0.06) per share, for the three months ended September 27, 2003, as compared to a net loss of $377,684, or ($0.12) per share, for the same period last year. Net revenues were $2.5 million for the third quarter of 2003, compared to prior year third quarter net revenues of $2.7 million.

 

For the first nine months of fiscal 2003, the Company had a net loss of $389,428, or ($0.12) per share, as compared to a net loss of $59,427, or ($0.02) per share, for the first nine months of fiscal 2002. Net revenues for the nine-month period in 2003 were $7.6 million, a 19% decrease from net revenues of $9.4 million for the same period in 2002.

 

At September 27, 2003, current backlog was approximately $5.7 million as compared to $6.5 million at June 28, 2003.

 

Although Hytek incurred a net loss of $182,887 for the third quarter of 2003, on a 6% decrease in revenues during that quarter, operating results were improved over the comparable period last year.

 

“We are continuing our internal efforts to improve operational efficiencies, add management expertise, attract new customers and expand business opportunities with existing customers,” stated John Cole, Hytek’s chief executive officer. “These are ongoing programs that generate results as changes are implemented over time. Consequently, we do not expect to see significant improvements in operating results this fiscal year.”

 

Founded in 1974, Hytek, headquartered in Carson City, Nevada, specializes in custom microelectronic packaging solutions for use in oil exploration, military applications, satellite systems, industrial electronics, opto-electronics and other OEM applications.

 

(more)

 


This release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially. Investors are warned that forward-looking statements involve risks and uncertainties due to certain factors, including, but not limited to, customer rescheduling or cancellation of orders, changes in the nature of or demand in the Company’s markets, inability to develop new products or increase market share in new or existing markets, downturns in general economic conditions and shortages of raw materials.

 

Hytek Microsystems, Inc.

Financial Summary

(unaudited)

 

Income Statement Data


   Three-Months Ended

    Nine-Months Ended

 
     9/27/2003

    9/28/2002

    9/27/2003

    9/28/2002

 

Net revenues

   $ 2,501,312     $ 2,657,049     $ 7,615,130     $ 9,437,039  

Net loss

     (182,887 )     (377,684 )     (389,428 )     (59,427 )

Basic and diluted loss per share

   $ (0.06 )   $ (0.12 )   $ (0.12 )   $ (0.02 )

Balance Sheet Data


   9/27/2003

    12/28/2002

             

Assets

                                

Current assets

   $ 5,115,496     $ 5,078,328                  

Net property, plant and Equipment

     865,045       1,012,365                  
    


 


               

Total Assets

   $ 5,980,541     $ 6,090,693                  

Liabilities and equity

                                

Current liabilities

   $ 2,068,336     $ 1,789,060                  

Shareholder’s equity

     3,912,205       4,301,633                  
    


 


               

Total liabilities and equity

   $ 5,980,541     $ 6,090,693                  

 

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