Ciprico Announces Second Quarter Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 25, 2000 Ciprico Inc. (Nasdaq:CPCI See CompactPCI. ) today announced revenues for the second quarter ended March 31, 2000 are up 20% from the first quarter of fiscal 2000, but decreased 5% to $8.2 million when compared to the second quarter of last year. Net earnings for the quarter were $60,000 or 1 cent per share fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , compared to $522,000 or 10 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. fully diluted for the second quarter last year. For the six months ended March 31, 2000, revenues were $15 million compared to $16.4 million for the same period last year. The decrease in revenues and related gross margins resulted in a loss for the six months of $49,000 or $.01 per share compared to net income of $804,000 or $.16 per share fully diluted for the first six months of fiscal 1999. The decrease in revenues between years primarily results from the timing of the rollout of new product introductions and expenditures on government programs. "We recently exhibited at the National Association of Broadcasters convention in Las Vegas Las Vegas (läs vā`gəs), city (1990 pop. 258,295), seat of Clark co., S Nev.; inc. 1911. It is the largest city in Nevada and the center of one of the fastest-growing urban areas in the United States. and were very pleased with the widespread integration of our products at this important show. The enthusiasm of our partners was an exciting endorsement A signature on a Commercial Paper or document. An endorsement on a negotiable instrument, such as a check or a promissory note, has the effect of transferring all the rights represented by the instrument to another individual. and positioned us for additional long term opportunities and strategic relationships," said Ciprico 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. 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. H. Kill. "With the announcement of our NETarray for high I/O (Input/Output) The transfer of data between the CPU and a peripheral device. Every transfer is an output from one device and an input to another. See PC input/output. I/O - Input/Output applications, our comprehensive range of products and networking expertise make Ciprico the best choice for customers in visual computing The use of computers for 3D modeling and animation. See visualization. markets who want a single storage supplier for all their applications." Certain statements in this news release are forward looking and should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with cautionary statements in the Company's SEC filings, reports to shareholders and other news releases. The Company's quarterly and annual operating results are affected by a wide variety of factors, including the impact on revenues and earnings of the timing of product enhancements and new product releases; market acceptance of new products; sales and distribution issues; competition; dependence on suppliers; dependence on the cost of disk drives; limited backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. ; and the historic and recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. pattern of a disproportionate dis·pro·por·tion·ate adj. Out of proportion, as in size, shape, or amount. dis  pro·por percentage of total quarterly sales occurring the
last month and weeks of a quarter. The Company's actual results
could differ materially from those expressed in forward-looking
statements forward-looking statementA projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Ciprico designs, manufactures and markets high-performance Adj. 1. high-performance - modified to give superior performance; "a high-performance car" superior - of high or superior quality or performance; "superior wisdom derived from experience"; "superior math students" direct-attached and networked storage solutions, including intelligent hardware, software and professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. . Ciprico storage solutions are designed for visual computing applications ranging from high speed image data capture, through processing and analysis, to real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. playback Playback could mean:
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Dollars in thousands except Three Months Six Months
per share amounts) Ended Ended
March 31, March 31,
2000 1999 2000 1999
--------------- ---------------
NET SALES $ 8,191 $ 8,615 $15,038 $16,389
Cost of sales 4,355 4,185 8,092 8,051
------- ------- ------- -------
GROSS PROFIT 3,836 4,430 6,946 8,338
OPERATING EXPENSES:
Research and development expenses 1,025 1,061 1,913 2,201
Sales and marketing expenses 2,702 2,234 5,016 4,316
General and administrative expenses 473 767 1,018 1,443
------- ------- ------- -------
Total operating expenses 4,200 4,062 7,947 7,960
------- ------- ------- -------
INCOME (LOSS) FROM OPERATIONS (364) 368 (1,001) 378
Other income, primarily interest 454 421 926 844
------- ------- ------- -------
INCOME (LOSS) BEFORE INCOME TAXES 90 789 (75) 1,222
Income tax expense (benefit) 30 267 (26) 418
------- ------- ------- -------
NET INCOME (LOSS) $ 60 $ 522 $ (49) $ 804
======= ======= ======= =======
Shares used to calculate net earnings
(loss) per share:
Basic 4,983 4,897 4,970 4,898
Diluted 5,083 5,003 4,970 4,999
NET EARNINGS (LOSS) PER SHARE - BASIC $ .01 $ .11 $ (.01) $ .16
======= ======= ======= =======
NET EARNINGS (LOSS) PER SHARE
- DILUTED $ .01 $ .10 $ (.01) $ .16
======= ======= ======= =======
SALES BY MARKET
Sales in the Company's key markets for the quarter and six months
ended March 31, 2000 as compared to the same prior year periods are
shown in the chart below (in millions).
For the quarter ended March 31:
Market 2000 % of Total 1999 % of Total
----------------------------------------------------------------------
Entertainment $ 4.0 49% $ 3.6 42%
Geospatial Imaging 2.7 33 3.4 40
Other 1.5 18 1.6 18
----- --- ----- ---
Total $ 8.2 100% $ 8.6 100%
===== ==== ===== ====
For the six months ended March 31:
Market 2000 % of Total 1999 % of Total
----------------------------------------------------------------------
Entertainment $ 6.9 46% $ 6.4 39%
Geospatial Imaging 4.9 33 6.7 41
Other 3.2 21 3.3 20
----- --- ----- ---
Total $15.0 100% $16.4 100%
===== ==== ===== ====
Export sales represented 23% and 27% of total sales for the six
months ended March 31, 2000 and 1999. Sales through SGI totaled $3.7
million or 25% of total sales for the six months ended March 31, 2000
compared to $5.1 million or 31% in 1999.
CIPRICO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) March 31, Sept. 30,
2000 1999
--------------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,407 $ 3,539
Marketable securities 18,901 23,363
Accounts receivable, less allowance 6,149 6,962
Inventories 5,091 4,603
Deferred income taxes 1,155 1,155
Other current assets 616 455
------- -------
Total current assets 38,319 40,077
Property and equipment, net 3,198 3,743
Marketable securities 10,069 9,003
Other assets 419 415
------- -------
Total assets $52,005 $53,238
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,479 $ 2,641
Accrued expenses 1,411 2,063
Deferred revenue 837 1,244
------- -------
Total current liabilities 4,727 5,948
Shareholders' equity:
Capital stock 50 49
Additional paid-in capital 35,941 35,929
Retained earnings 11,360 11,409
Deferred compensation from restricted stock (73) (97)
-------- --------
Total shareholders' equity 47,278 47,290
------- -------
Total liabilities and shareholders' equity $52,005 $53,238
======= =======
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands) Six Months Ended
March 31,
2000 1999
-----------------
Cash flows from operating activities:
Net income (loss) $ (49) $ 804
Depreciation and amortization 1,294 1,297
Changes in operating assets and liabilities (1,057) 1,506
------- -------
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES 188 3,607
------- -------
Cash flows from investing activities:
Equipment purchases (722) (1,104)
Purchases of marketable securities (23,697) (27,670)
Proceeds from sale or maturity of
marketable securities 27,093 26,170
------- -------
NET CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES 2,674 (2,604)
------- -------
Cash flows from financing activities:
Repurchase of common stock (263) (576)
Proceeds from issuance of common stock 269 303
------- -------
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING
ACTIVITIES 6 (273)
------- -------
Net increase in cash and cash equivalents 2,868 730
Cash and cash equivalents at beginning of period 3,539 9,030
------- -------
Cash and cash equivalents at end of period 6,407 9,760
Marketable securities, current 18,901 17,449
Marketable securities, non-current 10,069 8,012
------- -------
Total cash and marketable securities $35,377 $35,221
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