Ciprico Announces Third Quarter Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--July 25, 2000 Ciprico 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 : CPCI See CompactPCI. ) today announced revenues for the third quarter ended June June: see month. 30, 2000 totaled $9.7 million, an increase of 19% from the second quarter of fiscal 2000 and 7% from the third quarter of fiscal 1999. Net income for the quarter was $262,000 or 5 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 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 $664,000 or 13 cents per share fully diluted for the third quarter last year. The revenue growth for the three month period ended June 30, 2000 was driven by new products introduced in the last eighteen months. For the nine months ended June 30, 2000, revenues of $24.7 million were down 3% compared to $25.5 million for the same period last year. Net income for the nine months ended June 30, 2000 was $213,000 or 4 cents per share fully diluted compared to net income of $1,468,000 or $.29 per share fully diluted for the same period in fiscal 1999. The Company introduced the FibreSTORE family of storage solutions in December December: see month. 1998, which now includes a JBOD (Just a Bunch Of Disks) A group of hard disks in a computer that are not set up as any type of RAID configuration. They are just a bunch of disks. JBOD - Just a Bunch Of Disks (the industry acronym acronym: see abbreviation. A word typically made up of the first letters of two or more words; for example, BASIC stands for "Beginners All purpose Symbolic Instruction Code. for "just a bunch (Burroughs, Univac, NCR, Control Data and Honeywell) IBM's competitors after RCA and GE got out of the computer business. of drives"), and a RAID (Redundant Array of Independent Disks) A disk subsystem that is used to increase performance or provide fault tolerance or both. RAID uses two or more ordinary hard disks and a RAID disk controller. In the past, RAID has also been implemented via software only. product. Also, in June of 2000, the Company began shipping its new NETarray storage system. Both product families address the rapidly growing multi-stream and 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 segments of the visual markets. "We have received enthusiastic reaction to our FibreSTORE and NETarray products from existing customers, as well as potential new customers," 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. "We expect to begin shipping the RAID version of the NETarray during the fourth quarter. NETarray gives us the ability to address those customers with high I/O applications, providing our expanded sales force with a broader range of solutions for customers in visual computing The use of computers for 3D modeling and animation. See visualization. markets." 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 Nine Months
per share amounts) Ended Ended
June 30, June 30,
2000 1999 2000 1999
---------------------- ---------------
NET SALES $9,742 $9,108 $24,780 $25,497
Cost of sales 5,390 4,455 13,482 12,506
------- ------- ------- -------
GROSS PROFIT 4,352 4,653 11,298 12,991
OPERATING EXPENSES:
Research and
development expenses 1,202 942 3,115 3,143
Sales and marketing
expenses 2,775 2,401 7,791 6,717
General and
administrative
expenses 429 765 1,447 2,208
------- ------- ------- -------
Total operating
expenses 4,406 4,108 12,353 12,068
------- ------- ------- -------
INCOME (LOSS) FROM
OPERATIONS (54) 545 (1,055) 923
Other income,
primarily interest 451 458 1,377 1,302
------- ------- ------- -------
INCOME BEFORE INCOME
TAXES 397 1,003 322 2,225
Income tax expense 135 339 109 757
------- ------- ------- -------
NET INCOME $262 $664 $213 $1,468
======= ======= ======= =======
Shares used to
calculate net earnings
per share:
Basic 4,990 4,918 4,977 4,905
Diluted 5,057 5,002 5,057 5,000
NET EARNINGS PER SHARE -
BASIC $.05 $.14 $.04 $.30
======= ======= ======= =======
NET EARNINGS PER SHARE -
DILUTED $.05 $.13 $.04 $.29
======= ======= ======= =======
SALES BY MARKET
Sales in the Company's key markets for the quarter and nine months
ended June 30, 2000 as compared to the same prior year periods are
shown in the chart below (in millions).
For the quarter
ended June 30:
Market 2000 % of Total 1999 % of Total
----------------------------------------------------------------------
Entertainment $ 4.4 46% $ 4.0 44%
Geospatial Imaging 4.0 41 3.7 41
Other 1.3 13 1.4 15
----- ---- ------ ----
Total $ 9.7 100% $ 9.1 100%
====== ==== ====== ====
For the nine months
ended June 30:
Market 2000 % of Total 1999 % of Total
----------------------------------------------------------------------
Entertainment $ 11.3 46% $ 10.4 41%
Geospatial Imaging 8.9 36 10.4 41
Other 4.6 18 4.7 18
------ ---- ----- ----
Total $ 24.8 100% $25.5 100%
====== ==== ===== ====
Export sales represented 26% and 25% of total sales for the nine
months ended June 30, 2000 and 1999. Sales through SGI totaled $7.1
million or 29% of total sales for the nine months ended June 30, 2000
compared to $7.9 million or 31% in 1999.
CIPRICO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) June 30, September 30,
2000 1999
---------------- -----------------
ASSETS
Current assets:
Cash and cash
equivalents $ 2,951 $ 3,539
Marketable securities 21,869 23,363
Accounts receivable,
less allowance 7,532 6,962
Inventories 4,681 4,603
Deferred income taxes 1,155 1,155
Other current assets 536 455
------- -------
Total current assets 38,724 40,077
Property and equipment, net 3,218 3,743
Marketable securities 10,079 9,003
Other assets 410 415
------- -------
Total assets $ 52,431 $ 53,238
======== ========
LIABILITIES AND SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable $ 2,603 $ 2,641
Accrued expenses 1,634 2,063
Deferred revenue 520 1,244
------- -------
Total current liabilities 4,757 5,948
Shareholders' equity:
Capital stock 50 49
Additional paid-in capital 36,083 35,929
Retained earnings 11,621 11,409
Deferred compensation
from restricted stock (80) (97)
------- -------
Total shareholders'
equity 47,674 47,290
------- -------
Total liabilities and
shareholders' equity $ 52,431 $ 53,238
======== ========
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands) Nine Months Ended
June 30,
2000 1999
-------------------------
Cash flows from operating activities:
Net income $ 213 $ 1,468
Depreciation and amortization 1,910 1,949
Changes in operating assets and
liabilities (1,920) 1,313
------- -------
NET CASH FLOWS PROVIDED BY OPERATING
ACTIVITIES 203 4,730
------- -------
Cash flows from investing activities:
Equipment purchases (1,351) (1,403)
Purchases of marketable securities (35,069) (47,473)
Proceeds from sale or maturity of
marketable securities 35,487 39,053
-------- --------
NET CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES (933) (9,823)
-------- --------
Cash flows from financing activities:
Repurchase of common stock (263) (1,041)
Proceeds from issuance of common
stock 405 486
-------- --------
NET CASH FLOWS PROVIDED BY (USED IN)
FINANCING ACTIVITIES 142 (555)
-------- --------
Net increase (decrease) in cash and cash
equivalents (588) (5,648)
Cash and cash equivalents at beginning
of period 3,539 9,030
-------- --------
Cash and cash equivalents at end of
period 2,951 3,382
Marketable securities, current 21,869 23,373
Marketable securities, non-current 7,532 9,008
-------- --------
Total cash and marketable securities $ 32,352 $ 35,763
======== ========
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