Applied Signal Technology (NASDAQ: APSG) released the following financial statement:
“[The firm] today announced operating results for the fourth quarter and fiscal year ended Oct. 31, 2010. Revenues for the fourth quarter increased 15 percent to $62, 576, 000 compared to the year-ago period’s revenues of $54, 231, 000. This increase resulted from growth generated in several business areas, including network intelligence, tactical SIGINT and sensor surveillance, offset by slightly lower revenues in broadband communications.
“The company’s operating results for the quarter reflect the inclusion of certain nonrecurring acquisition-related expenses, both cash and non-cash. While operating income for the fourth quarter decreased by 9 percent to $5, 395, 000; non-GAAP operating income, which excludes these expenses from the current and prior year periods, increased 12 percent to $7, 047, 000. This increase was achieved despite growth in legal costs associated with the company’s protection of its intellectual property.
“Similarly, earnings per share in the quarter decreased to $0.23 per share versus $0.27 per share during the year-ago period. However, on a non-GAAP basis, excluding expenses related to acquisitions, earnings per share for the fourth quarter were $0.30.
“We are excited by continued strong demand and a good funding environment for a wide range of our products and services, ” CEO William Van Vleet said. “In particular, we are capturing significant increases in orders for our tactical SIGINT programs, where we are providing our customers with a range of game-changing new technology and capabilities.”
