Asante announces fourth quarter and fiscal 1994 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)--Nov. 4, 1994--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 ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced results for its fourth quarter and fiscal year ended Sept. 30, 1994. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight in the fourth fiscal quarter were $19.7 million, an increase of 13% over net sales of $17.4 million in the third quarter of fiscal 1994. The company posted a net loss of $840,000 or $0.11 per share, in the fourth quarter as compared to a net loss of $249,000, or $0.03 per share, in the third quarter of fiscal 1994. For the fiscal year, net sales were $79.9 million, an increase of 19% over net sales of $67.3 million in fiscal 1993. Net income for fiscal 1994 was $1.1 million, or $0.13 per share, as compared to net income of $2.1 million, or $0.29 per share, in fiscal 1993. The results of the operations for the quarter ended Sept. 30, 1994, were adversely impacted by certain non-recurring pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges aggregating approximately $1.7 million related to severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when costs associated with the resignation of certain executives of the company, various inventory costs associated with the cancellation of purchase commitments and engineering changes, certain incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. price protection costs resulting from changes in the company's product mix and expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the company's litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. matters. On a year to year basis, net sales in the fourth quarter of fiscal 1994 declined by 3% from net sales of $20.3 million in the fourth quarter of fiscal 1993. Net income for the fourth quarter of fiscal 1993 was $754,000, or $0.10 per share. "We are pleased to report improvement in our quarter over quarter net sales," said Jeff Lin Lin , Maya Ying Born 1959. American sculptor and architect whose public works include the Vietnam Veterans Memorial in Washington, D.C. (1982). Noun 1. , Asante's president and chief executive officer. "Changes to the executive staff had an adverse impact on our fourth quarter results. However, we are now more focused on our business as we enter into our new fiscal year." Asante Asante or Ashanti People of southern Ghana and adjacent areas of Togo and Côte d'Ivoire. The largest segment of the Akan peoples, they speak Twi, a language of the Kwa group of Niger-Congo languages; all together the Akan peoples make up about half the also announced that Wes Saia, its chief financial officer, has resigned to pursue other interests. Edwin Pon, Asante's corporate controller, will serve as acting chief financial officer. Founded in 1988, Asante Technologies Inc. designs, manufactures and markets a full line of high-performance networking products for Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer networks, including adapter cards See adapter and expansion board. for both PCs and Macs, intelligent and non-intelligent Ethernet hubs A device that all lines on an Ethernet segment are plugged into. 10Base-T and 100Base-T Ethernets are star networks and require a hub for operation. The earlier 10Base5 and 10Base2 Ethernets are bus networks, but are often wired into a star configuration using a central hub for improved , remote access communications
Access Communications Co-operative Ltd. servers, and network management software. -0-
Asante Technologies Inc.
Condensed Statements of Operations
(in thousands, except per share data)
Three months ended Twelve months ended
September 30, September 30,
1994 1993 1994 1993
(unaudited)
Net sales $19,655 $20,336 $79,941 $67,283
Cost of sales 13,736 12,293 50,344 40,662
Gross profit 5,919 8,043 29,597 26,621
Operating expenses:
Sales and marketing 5,003 4,465 18,547 15,409
Research and
development 1,205 1,220 5,484 4,557
General and
administrative 1,185 948 3,748 2,562
Total operating
expenses 7,393 6,633 27,779 22,528
Income (loss) from
operations (1,474) 1,410 1,818 4,093
Interest income (expense)
and other, net 50 (130) 89 (562)
Income (loss) before income
taxes (1,424) 1,280 1,907 3,531
Provision (benefit) for
income taxes (584) 526 782 1,430
Net income (loss) $ (840) $ 754 $1,125 $2,101
Net income (loss) per
share $ (0.11) $ 0.10 $ 0.13 $ 0.29
Weighted average common
shares and equivalents 7,844 7,306 8,773 7,216
Asante Technologies Inc.
Condensed Balance Sheets
(in thousands)
Sept. 30, Sept. 30,
1994 1993
Assets
Current assets:
Cash, cash equivalents and temporary
investments $ 6,040 $ 525
Accounts receivable, net 15,223 11,947
Receivable from stockholder 81 1,492
Inventories 9,501 8,832
Prepaids and other current assets 6,157 3,913
Total current assets 37,002 26,709
Property and equipment, net 2,054 2,303
Other assets 1,857 405
Total assets $40,913 $29,417
Liabilities, mandatorily redeemable
convertible preferred stock and
stockholders' equity
Current liabilities:
Bank borrowings $ -- $ 2,059
Accounts payable 6,357 9,341
Payable to stockholder 2,199 6,646
Income taxes payable and
accrued expenses 3,817 2,835
Total current liabilities 12,373 20,881
Long-term obligations, less current
portion 151 205
Total liabilities 12,524 21,086
Mandatorily redeemable convertible
preferred stock -- 1,948
Preferred stock -- 2
Common stock 8 3
Additional paid-in capital 23,083 2,949
Deferred compensation and note
receivable from stockholder (451) (1,195)
Retained earnings 5,749 4,624
Total stockholders' equity 28,389 6,383
Total liabilities, mandatorily
redeemable convertible preferred
stock and stockholders' equity $40,913 $29,417
CONTACT: Asante Technologies Inc., San Jose J. Edwin Pon, 408/435-8388 |
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