Asante Technologies Inc. Announces Record Third Quarter Results.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)--July 15, 1997--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 intranetworking solutions, today announced revenue growth of $6.5 million on sales of $22.6 million for its third fiscal quarter ended June 28, 1997, compared with sales of $16.1 million for the same quarter in 1996. With sales up 40 percent from the same period a year ago, net income for the quarter was $617,000, or $0.07 per share, compared to a loss of $664,000, or a loss of $0.08 per share, in the third quarter of fiscal 1996. For the first nine months of fiscal 1997, sales were $61.3 million, an increase of 29 percent as compared with $47.4 million for the same period a year ago. Net income for the first nine months of fiscal 1997 was $1.2 million, or $0.13 per share, up from a loss of $859,000, or a loss of $0.10 per share, for the comparable period last year. "Our investment in engineering is paying off with a series of advanced networking products. With the release of IntraSwitch in the most recent quarter and other new switch networking solutions we will be introducing by the end of this year, we are very optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op about Asante's prospects in both the growing prepress publishing market and the education market, traditionally a very strong sector for the Company," 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. . "Additionally, with our innovative technology and product lines we have experienced a strong growth 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 business for the quarter and year to date which has contributed to our continuing financial progress." During the quarter and nine-month period, Asante invested significantly in its infrastructure to support its new product development program. As a result of these efforts, 10 new products were introduced year to date, including three new 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. hubs in its FriendlyNet product line and Intraswitch, a 24 port Ethernet desktop switch, further diversifying the Company's revenue sources. Asante's switch product line increased this quarter with the addition of IntraSwitch, a cost-effective 24 port Ethernet desktop switch with three high-speed "fat pipes." The product's single 10/100 dual-speed connection and two optional 100Mbps fiber or copper expansion slots provide maximum configuration flexibility to support the high-speed migration of Ethernet LANs and dedicated switched connections of graphics-intensive workgroups or high-performance resources. Additionally, as one of the top ten Fast Ethernet hub providers in the world at year-end 1996 (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. International business and corporate workgroups. "We expect continued success in marketing Asante's high-speed Fast Ethernet hubs and switches to the graphics and prepress marom . This news release, other than the historical financial information, may consist of forward-looki (in thousands, except per share data) (unaudited) Three Nine $47,414 Cost of sales 14,776 9,512 39,153 28,266 Gross profit 7,826 6,590 22,116 19,148 Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. : Sales and marketing 4,513 5,108 12,913 14) 1,900 (975) Provision (benefit) for income taxes 318 -- 684 (116) Net income (loss) $ 617 ($66alance Sheets (in thousands) (unaudited) ceivable, net 9,527 10,038 Inventory 11,063 STOCKHOLDERS' EQUITY Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. Current liabilities Current Liabilities Usually appearing on a company's balance sheet, it represents the amount owed for interest, accounts payable, short-term loans, expenses incurred but unpaid, and other debts due within one year. : Accounts payable $ 7,497 $ 7,20 Total stockholders' equity 28,803 26,909 Total liabilities and stockholders' equity $42,040 $39,966
For more information regardingsymbol ASNT.
CONTACT: Asante Technologies Inc., San Jose Bob Sheffield, 408/435-8401 ext. 206 or Financial Relations Board Inc. Paula Berg, 415/986-1591 (general information) Sue Dooley, 415/986-1591 (analyst contact) |
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