Asante Technologies, Inc. announces strong financial results for second quarter.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)--April 15, 1997--Reporting its best quarterly sales results in nearly two years, Asante Technologies Inc. (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 :ASNT ASNT American Society of Non-destructive Testing ASNT American Society for Neural Transplantation ASNT Astrological Association of North Texas (Dallas - Fort Worth Metroplex) ASNT Application Sharing Nt ), a leading provider of high-performance, end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. intranetworking solutions, today announced strong results and double-digit revenue growth for its second fiscal quarter ended March 29, 1997. The company's sales increased to $21.2 million for the quarter, up 43 percent from the same period a year ago. Net income for the quarter was $448,000, or $0.05 per share, compared to a loss of $520,000 in the second quarter of fiscal 1996. For the first six months of fiscal 1997, sales were $38.7 million, an increase of 23 percent as compared with $31.3 million for the same period a year ago. Net income for the first six months of fiscal 1997 was $599,000, up from a loss of $195,000 for the comparable period last year. "We are very encouraged by the results of our efforts to reposition Asante as a provider of high-speed network solutions for the graphics and prepress industries," said Jeff Lin, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "The combination of a new line of high-powered switches and award-winning web-based network management software and network acceleration software has allowed the company to gain momentum in the graphics and education marketplaces. Together with an increase in OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and sales, this strategic focus has led to significant improvements in the company's performance." Asante's commitment to advanced switching is evidenced by its introduction this month of two new products. These include IntraSwitch(TM), a high-density and cost-effective 10Mbps switch with three high-speed "fat pipes," and the IntraStack(TM) switch, a dual-speed 10/100 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 that is stackable via a two Gigabit backplane An interconnecting device that has sockets for printed circuit boards to plug into. Passive and Active Although resistors may be used, a "passive" backplane adds no processing in the circuit. and Asante's patented Goldcard(TM) technology. IntraStack and IntraSwitch also are the industry's first switches to integrate switching hardware with intranet-based software -- leveraging Asante's award-winning IntraSpection(tm) program and Microsoft Windows See Windows. (operating system) Microsoft Windows - Microsoft's proprietary window system and user interface software released in 1985 to run on top of MS-DOS. Widely criticised for being too slow (hence "Windoze", "Microsloth Windows") on the machines available then. NT -- for comprehensive Web-based network management control. "With our advanced products and quality service, we believe Asante will continue to gain network market share in the graphics and prepress industries," Lin added. This news release, other than the historical financial information, may consist of forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including quarterly fluctuations in results, the timely availability and acceptance of new products, the impact of competitive products and pricing, and the other risks detailed from time to time in the company's SEC reports, including the report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending September 28, 1996 and the latest quarterly report on Form 10-Q Form 10-Q See 10-Q. for the period ended December 28, 1996. Actual results may vary materially. About Asante Founded in 1988, Asante Technologies Inc. is a leading provider of high-performance, end-to-end intranetworking solutions for graphics and image-intensive applications. The company offers 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 , hubs and adapter cards See adapter and expansion board. , as well as Web-based network management software and network acceleration tools. Asante products are available through a worldwide network of VARs, system integrators See systems integrator. and distributors. For additional information, contact Asante Technologies at 800/662-9686 or browse (1) To view the contents of a file or a group of files. Browser programs generally let you view data by scrolling through the documents or databases. In a database program, the browse mode often lets you edit the data. See Web browser. the company's Web site at www.asante.com . -0-
Asante Technologies, Inc.
Condensed Statements of Operations
(in thousands, except per share data)
(unaudited)
Three months ended, Six months ended,
March 29, March 30, March 29, March 30,
1997 1996 1997 1996
Net sales $21,187 $14,808 $38,667 $31,312
Cost of sales 13,654 9,029 24,377 18,754
Gross profit 7,533 5,779 14,290 12,558
Operating expenses:
Sales and marketing 4,274 4,501 8,400 9,086
Research and development 1,877 1,416 3,634 2,682
General and
Administrative 812 737 1,581 1,424
Total operating expenses 6,963 6,654 13,615 13,192
Income (loss) from
operations 570 (875) 675 (634)
Interest & other income, net 152 157 290 323
Income (loss) before
income taxes 722 (718) 965 (311)
Provision (benefit) for
income taxes 274 (198) 366 (116)
Net income (loss) $448 ($520) $599 ($195)
Net income (loss) per share $0.05 ($0.06) $0.07 ($0.02)
Weighted average common
shares and equivalents 9,132 8,697 9,134 9,075
Asante Technologies, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
March 29, September 28,
1997 1996
Assets
Current assets:
Cash and cash equivalents $14,069 $12,693
Accounts receivable, net 10,551 10,038
Inventory 7,103 9,851
Prepaid expenses and other
current assets 5,159 5,576
Total current assets 36,882 38,158
Property and equipment, net 1,585 1,524
Other assets 390 284
Total assets $38,857 $39,966
Liabilities and stockholders' equity
Current liabilities:
Accounts payable $5,131 $7,200
Accrued expenses 4,214 4,175
Payable to stockholder 1,353 1,682
Total current liabilities 10,698 13,057
Stockholders' equity:
Common stock 25,973 25,322
Retained earnings 2,186 1,587
Total stockholders' equity 28,159 26,909
Total liabilities and stockholders'
equity $38,857 $39,966
CONTACT: Asante Technologies Inc. Bob Sheffield, 408/435-8388 |
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