ALANTEC Reports Record Revenues up 97 Percent; Fourth Quarter and Fiscal 1995 Net Revenues, Net Income and Earnings Per Share Set New Records.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 22, 1996--ALANTEC Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ALTC ALTC Automatic Laser Target Classification ALTC Aparicio-Levy Technical Center (Tampa, Florida) ), the design pioneer of multilayer, multiprotocol LAN switching
LAN switching is a form of packet switching used in local area networks. Switching technologies are crucial to network design, or to that minority of LANs that are used outside the home. products, today announced record fourth quarter and fiscal 1995 results. For its fourth quarter ended Dec. 29, 1995, the company reported the sixteenth consecutive quarter of record net revenues with a 97 percent increase to $16,820,000, as compared to $8,522,000 for the same period last year. Net income and earnings per share were also at record levels for the period. Net income increased 96 percent to $3,443,000, as compared to $1,755,000 for the fourth quarter last year. Net income per share for the quarter was 29 cents, an increase of 53 percent, compared to 19 cents for the same period last year. Fiscal 1995 net revenues more than doubled over the previous year with a 113 percent increase to $53,330,000, as compared to $25,078,000 for fiscal 1994. Net income increased 166 percent to $10,761,000, or 97 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for fiscal 1995, compared to $4,051,000, or 46 cents per share for the previous fiscal year. "The year 1995 was one of considerable growth and change for ALANTEC," said George George, river, c.345 mi (560 km) long, rising in a lake on the Quebec-Labrador boundary, E Canada. It flows N through Indian Lake (125 sq mi/324 sq km) to Ungava Bay (an arm of Hudson Strait). Archuleta, president and chief executive officer. "ALANTEC employees now number almost 200, with the most new hires in our engineering and sales departments, an investment which contributed to our record revenues and successful product offerings." "We expanded and enhanced the PowerHub family into the only product line delivering multiprotocol switching to backbone, department and workgroup sections of the LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. in a fully integrated solution," continued Archuleta. During the quarter the company announced the PowerHub 4100 series, the industry's first multiprotocol Fast Ethernet An earlier name for 100Mbps Ethernet. See 100Base-T. (networking) Fast Ethernet - A version of Ethernet developed in the 1990s(?) which can carry 100 Mbps compared with standard Ethernet's 10 Mbps. It requires upgraded network cards and hubs. switch for the workgroup and department, as well as enhancements to the PowerHub 6000 series which provide higher port density and additional interface media flexibility. "The company gained 275 new customers during 1995, with a record 86 new customers placing orders in the fourth quarter," Archuleta continued. "We expanded both our domestic and international distribution capabilities through the signing of agreements with key distribution partners, and during the fourth quarter, generated the largest percentage of net revenues through these channels in the company's history." ALANTEC signed distribution agreements during the quarter with Hyundai Electronics Industries Co., 1World Systems and six other international distributors, strengthening the company's presence in Asia, Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Latin America Latin America, the Spanish-speaking, Portuguese-speaking, and French-speaking countries (except Canada) of North America, South America, Central America, and the West Indies. and Europe. Domestically, the company announced an agreement with Honeywell, Inc.to resell re·sell tr.v. re·sold , re·sell·ing, re·sells 1. To sell again. 2. To sell (a product or service) to the public or to an end user, especially as an authorized dealer. the PowerHub products within the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . "The most significant change during the quarter for ALANTEC employees and shareholders has been the company's recent announcement of a merger agreement with FORE Systems See Marconi. ," continued Archuleta. "We are very excited about this merger. It brings together leaders in multilayer LAN and ATM switching that will provide our customers with a smooth migration from their existing LANs to ATM networks through the integration of the two companies' product lines and technologies." Under the terms of the merger agreement, each outstanding share of ALANTEC will be converted into one share of FORE, and ALANTEC will become a wholly-owned subsidiary of FORE. The transaction, which is subject to shareholder and regulatory approvals, is expected to close shortly after the Special Meeting of Stockholders to be held on February 23, 1996. ALANTEC Corp. designs, manufactures and markets intelligent switching hubs A device that acts as a central switch or PBX, connecting one line to another. In a local area network (LAN), a switching hub gives any two stations on the network the full bandwidth of the line. which increase network performance for local area networks. Founded in 1987, ALANTEC is the design pioneer of the industry's first multiprotocol, multilayer LAN switching product, the PowerHub, which melds the strengths of both full-featured bridging and multiprotocol routing within a single LAN internetworking device. The PowerHub family is the industry's most comprehensive product line of multiprotocol LAN switches A network device that cross-connects clients, servers and network devices. Also known as a "frame switch," stand-alone LAN switches are common in all Ethernet networks. A four-port switch is also typically built into a wired or wireless router for homes and small business (see wireless . During 1994, ALANTEC was the second largest worldwide supplier of switched Ethernet An Ethernet network that is controlled by a switch instead of a shared hub. The switch cross connects all clients, servers and network devices, giving each sending-receiving pair the full rated transmission speed. for the LAN backbone market segment based on dollar shipments, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Dataquest, Inc. Headquartered in San Jose, ALANTEC can be reached via the internet at http://www.alantec.com, by telephone at 800/ ALANTEC, or by fax at 408/955-9500. -0-
ALANTEC Corporation
Condensed Consolidated Statements of Income
(In thousands, except per share amounts)
(Unaudited)
Quarter Ended Fiscal Year Ended
12/29/95 12/31/94 12/29/95 12/31/94
Net revenues $16,820 $8,522 $53,330 $25,078 Cost of revenues 5,870 2,743 17,855 7,745 Gross profit 10,950 5,779 35,475 17,333 Operating expenses: Selling and marketing 4,322 2,389 14,673 8,078 Research and development 1,859 1,108 5,950 3,627 General and administrative 874 568 3,049 1,866 Litigation 90 94 360 278 Total operating expenses 7,145 4,159 24,032 13,849 Income from operations 3,805 1,620 11,443 3,484 Interest income, net 1,280 445 4,388 1,282 Income before income taxes 5,085 2,065 15,831 4,766 Provision for income taxes 1,642 310 5,070 715 Net income $3,443 $1,755 $10,761 $4,051 Net income per share $0.29 $0.19 $0.97 $0.46 Weighted average common and common equivalent shares 11,898 9,150 11,048 8,776
Condensed Consolidated Balance Sheet Data
(In thousands)
(Unaudited)
12/29/95 12/31/94
Cash, cash equivalents and marketable securities $122,076 $33,619 Accounts receivable, net 13,801 7,675 Inventories 6,332 3,675 Other current assets 2,973 680 Total current assets 145,182 45,649 Property and equipment, net 4,341 1,436 Other assets 119 85 Total assets $149,642 $47,170 Total current liabilities $12,722 $6,061 Other liabilities 0 18 Total stockholders' equity 136,920 41,091 Total liabilities and stockholders' equity $149,642 $47,170 CONTACT: ALANTEC, San Jose Janice Benedict, 408/955-9000 |
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