Cabletron Systems reports record first quarter earnings and revenue.ROCHESTER Rochester (rŏch`ĕstər, –ĭstər). 1 City (1990 pop. 70,745), seat of Olmsted co., SE Minn.; inc. 1858. , N.H.--(BUSINESS WIRE)--June 20, 1996--Cabletron Systems Inc. (NYSE NYSE See: New York Stock Exchange :CS) today reported record operating results for its first quarter which ended May 31, 1996. 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 $315.1 million represented a 31 percent increase over sales of $240.8 million reported in the first quarter of the preceding year. Net income in the first quarter ended May 31, 1996 totaled $62.7 million, a 30 percent increase, as compared to net income of $48.3 million in the comparable quarter of the preceding fiscal year. Earnings per share were 87 cents representing a 28 percent increase over earnings per share of 68 cents in the comparable quarter of the preceding year. We're we're Contraction of we are. we're we are very pleased by our consistent record of strong earnings growth, and we're enthusiastic about our future," said Cabletron's 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. S. Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. Levine Le·vine , James Lawrence Born 1943. American pianist and conductor. He began his career with the Metropolitan Opera as principal conductor in 1973 and has since served as both music and artistic director. . "With the introduction of SecureFast Virtual Networking, and the expansion of our product line to include ISDN ISDN in full Integrated Services Digital Network Digital telecommunications network that operates over standard copper telephone wires or other media. and ATM technologies, we are well positioned to be the industry's leading provider of complete networking solutions for both local and wide area corporate intranets." Cabletron (Cabletron Systems, Inc., Rochester, NH) A networking company founded in 1983 and separated into three companies in 2000: Enterasys Networks (www.enterasys.com) for enterprise class routers and switches, Riverstone Networks (www.riverstonenet. Systems is the recognized leader in provider high-performance intranetworking solutions and advanced network and systems management software. Under its Synthesis product framework, Cabletron markets products throughout the world for linking and managing enterprise-wide networks. With corporate headquarters in Rochester, N.H., Cabletron employs over 5,800 people worldwide. Cabletron's common stock is traded over 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. Over the last four quarters, the company has reported record revenue of $1.1 billion. Cabletron's World Wide Web site can be reached on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http//www.ctron.com. Cabletron, SecureFast, MMAC MMAC Multimedia Mobile Access Communication MMAC Metropolitan Milwaukee Association of Commerce MMAC Mike Monroney Aeronautical Center MMAC Mutated in Multiple Advanced Cancers MMAC Multi Media Access Center (Cabletron) , MMAC-Plus, SmartSwitch, SPECTRUM and SPECTRUM for Open Systems are trademarks or registered trademarks of Cabletron Systems. All other products or services found in this document are identified by the trademarks or service marks of their respective companies or organizations. -0- Cabletron Systems Inc. Consolidated condensed statements of income (three months ended May 31, 1996 and May 31, 1995) (in thousands, except earnings per share)
(Unaudited)
First quarter
1996 1995
Net sales $315,126 $240,754 Cost of sales 128,382 97,433 Gross profit 186,744 143,321 Operating expenses: R&D 33,801 26,019 SG&A 61,655 47,298 Operating income before interest 91,288 70,004 Interest income 4,246 3,625 Income from operations before income taxes 95,534 73,629 Income taxes 32,864 25,328 Net income $62,670 $48,301 Earnings per share $0.87 $0.68 Weighted average common shares outstanding 72,283 71,500 -0-
Cabletron Systems Inc.
Consolidated condensed balance sheets (ended May 31, 1996
(unaudited) and Feb. 28, 1996)
(in thousands)
(unaudited)
5/31/96 2/29/96
Assets
Cash & short-term investments $301,771 $253,540
Accounts receivable (net) 180,350 147,934
Inventories 161,933 153,625
Deferred taxes 38,319 38,315
Other assets 32,851 30,653
------ ------
Total current assets 715,224 624,067
Investments 171,620 150,028
Property, plant & equipment (net) 158,923 153,701
Deferred taxes 12,363 14,385
------- ------
Total assets $1,058,130 $942,181
Liabilities & Stockholders' Equity
Accounts payable $ 49,701 $ 32,811
Accrued liabilities 119,023 113,004
Income taxes payable 42,783 18,536
------ ------
Total current liabilities 211,507 164,351
Stockholders' equity 846,623 777,830
-------- --------
Total liabilities & stockholders'
equity $1,058,130 $942,181
-0- CONTACT: Cabletron Systems Inc. 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 e-mail: cortes@ctron.com or Michael Deshaies (603) 337-1402 e-mail: deshaies@ctron.com |
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