Microelectronic assemblies manufacturer AML Communications Inc. is being acquired by a defense contractor based in New York State in a deal worth $29 million.
Camarillo-based AML produces small and light components necessary for the growing unmanned aerial vehicle market. In July 2010, AML received a $3.7 million contract from a first tier defense contractor to supply UAV assemblies over a 12-month period.
The acquisition fits with Anaren Inc.’s growth and innovations strategies and the components supplied by AML will bring more work to Anaren’s Space and Defense Group, the company said.
The transaction has been approved by the board of directors of both AML, headed by its co-founder Jacob Inbar, and Anaren, based in Syracuse.
The announcement came as AML released its third quarter earnings of net income of $333,000, or $0.03 per diluted share, on revenues of $4 million. For the same period a year ago, the company had a net income of $423,000, or $0.04 per diluted share, on revenues of $4.3 million.
The most recent earnings report for Anaren had the company posting net income of $4.7 million, or $0.32 per diluted share, on revenues of $43.million for the quarter ending Dec. 31. For the same period in 2009, Anaren had net income of $2.5 million, or $0.17 per diluted share, on revenues of $26.7 million.