Cabletron Systems reports record earnings and revenue for fiscal year 1995.ROCHESTER, N.H.--(BUSINESS WIRE)--March 20, 1995--Cabletron Systems Inc. (NYSE NYSE See: New York Stock Exchange :CS) today reported record operating results for its fourth fiscal quarter and fiscal year which ended Feb. 28, 1995. 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 of $226 million represented a 34 percent increase over sales of $168.2 million reported in the fourth quarter of the preceding year. Earnings per share were 64 cents representing a 36 percent increase over earnings per share of 47 cents in the comparable quarter of the preceding year (adjusted for a 2.5-for-1 stock split). Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern earnings of $69.5 million represented a 35 percent increase over pretax earnings of $51.4 million reported in the comparable quarter of the preceding fiscal year. Worldwide sales for fiscal 1995 were $810.7 million, a 36 percent increase, compared to $598.1 million in fiscal 1994. International sales were $233.1 million for fiscal 1995, a 43 percent increase over international sales of $163.5 million for fiscal 1994. Net income in the fourth quarter ended Feb. 28, 1995 totaled $45.5 million compared to net income of $33.5 million in the comparable quarter of the preceding fiscal year. Net income for fiscal 1995 totaled $162 million or $2.27 per share, compared to net income of $119.2 million or $1.68 per share for fiscal 1994 (adjusted for a 2.5-for-1 stock split). "The results for our recently completed fiscal year reflect the continued success of Cabletron's leadership in providing and supporting 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. , systems-level internetworking solutions direct to the customer," said S. Robert Levine, Cabletron's 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. . "Through our Synthesis product framework Cabletron is already delivering enterprise-wide ATM and 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. During this coming year, Cabletron will be the first to offer all the components necessary to support virtual networking, including management of distributed switched networks." "Our expanded product line and service and support organization has also fueled the company's growth and success. Cabletron's strong support capabilities will allow the company to continue to differentiate itself withing the highly competitive world markets." 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. released market research data, Cabletron is the worldwide modular hub A network hub that is configured by adding different modules, each supporting a topology, such as Ethernet, Token Ring, FDDI, etc. See hub. market leader (a). Cabletron's SPECTRUM network management product was recently cited by the International Data Corp. as the fastest growing platform within the enterprise management market (aa). Headquartered in Rochester, N.H., Cabletron Systems employs over 4,900 people. Cabletron is ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001-certified and develops, manufactures and markets 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 , FDDI (Fiber Distributed Data Interface) Often pronounced "fiddy," it was a LAN and MAN access method that had its heyday in the mid-1990s. FDDI was an ANSI standard token passing network that transmitted 100 Mbps over optical fiber up to 10 kilometers. , Token Ring A local area network (LAN) access method developed by IBM. Conforming to the IEEE 802.5 standard, Token Ring uses a token ring access method and connects up to 255 nodes in a star topology at 4, 16 or 100 Mbps. and ATM internetworking products and enterprise network management software based on its Synthesis framework. Cabletron now directly services more than 70,000 customer sites around the globe and provides 7 x 24 support coverage. Cabletron's common stock is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CS. (a) Source: Dataquest Inc.; July 1994. (aa) Source: International Data Corp.; December 1994. Cabletron Systems and Synthesis are trademarks or registered trademarks of Cabletron Systems.
Cabletron Systems Inc.
Consolidated condensed statements of income (three months and
twelve months ending Feb. 28, 1995 and Feb. 28, 1994)
(in thousands, except earnings per share)
(unaudited)
Fourth quarter Twelve months
1995 1994 1995 1994
Net sales $225,972 $168,168 $810,684 $598,112
Cost of sales $ 91,881 $ 68,485 $329,843 $243,568
--------- -------- --------- --------
Gross profit $134,091 $ 99,683 $480,841 $354,544
Operating expenses:
R&D $ 24,054 $ 16,936 $ 84,404 $ 60,192
SG&A $ 43,454 $ 33,015 $158,073 $116,843
Operating income $ 66,583 $ 49,732 $238,364 $177,509 before interest Interest income (net) $ 2,966 $ 1,717 $ 9,597 $ 5,838 Income from operations $ 69,549 $ 51,449 $247,961 $183,347 before income taxes Income taxes $ 24,029 $ 17,904 $ 85,986 $ 64,129 Net income $ 45,520 $ 33,545 $161,975 $119,218 Earnings per share $ 0.64 $ 0.47 $ 2.27 $ 1.68 Weighted average 71,625 71,315 71,494 71,019 common shares outstanding
Cabletron Systems Inc.
Consolidated condensed balance sheets (ended Feb. 28, 1995 and
Feb. 28, 1994)
(in thousands)
2/28/95 2/28/94
Assets
Cash & short-term investments $224,594 $163,719
Accounts receivable (net) 91,411 61,027
Inventories 103,030 78,950
Deferred taxes 20,062 14,079
Other assets 12,729 9,692
------ ------
Total current assets 471,826 327,467
Long-term investments 101,333 92,112
Property, plant & equipment (net) 116,761 79,494
------- ------
Total assets $689,920 $499,073
Liabilities & Stockholders' Equity
Accounts payable $ 30,540 $ 36,466
Accrued liabilities 50,749 29,894
Income taxes payable 14,982 4,341
------- -------
Total current liabilities 96,271 70,701
Deferred taxes 6,128 4,580
Stockholders' equity 587,521 423,792
-------- -------
Total liabilities & stockholders' $689,920 $499,073
equity
CONTACT: Cabletron Systems, Rochester Ed Cortes Cortes (kôr`tĕz, Span. kōr`tās), representative assembly in Spain. The institution originated (12th–13th cent.) in various Spanish regions with the Christian reconquest; until the 19th cent. , 603/337-4225 (investor relations Investor relations The process by which the corporation communicates with its investors. ) Darren Orzechowski, 603/337-3364 (public relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most ) |
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