Ciprico Announces Third Quarter Sales and Earnings Growth.MINNEAPOLIS--(BUSINESS WIRE)--July 20, 1999-- 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 results for the third quarter ended June June: see month. 30, 1999. Sales of $9.1 million are up 86% from the $4.9 million for the same period last year. Net earnings for the quarter were $664,000 or 13 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 a loss of $785,000 or 16 cents per share for the same period last year. For the nine months ended June 30, 1999, sales of $25.5 million were up 12% compared to $22.7 million for the same period last year. Net earnings for this year's nine-month period totaled $1,468,000 or 29 cents per share fully diluted, compared to net earnings of $855,000 or 16 cents for the same period last year. The increase in earnings between years primarily results from achievement of more consistent revenue growth this year compared to last year. "We are pleased to report the fourth consecutive quarter of revenue and earnings increases," said 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, 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. . "The entertainment and geospatial Geospatial is a term widely used to describe the combination of spatial software and analytical methods with terrestrial or geographic datasets. The term is often used in conjunction with geographic information systems and geomatics. markets were particularly strong, contributing 84% of total revenues in this quarter. Ciprico has earned a reputation for considerable expertise in Fibre Channel technology, and as a result, our customers in these as well as our other visual computing The use of computers for 3D modeling and animation. See visualization. markets are showing keen interest in our new FibreSTORE Family of Fibre Channel storage solutions." 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 fluctuating fluc·tu·ate v. fluc·tu·at·ed, fluc·tu·at·ing, fluc·tu·ates v.intr. 1. To vary irregularly. See Synonyms at swing. 2. To rise and fall in or as if in waves; undulate. v. 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. levels, competitive market conditions, the ability or inability to ship a large percentage of orders during the last month or weeks of the quarter, and component cost and availability. The Company's actual results could differ materially from those expressed in forward-looking statements forward-looking statement A 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" storage solutions as well as provides professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. to leading visual computing and digital media professionals throughout the world. Ciprico storage solutions are designed for computing computing - computer applications requiring high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. image capture, full image resolution playback Playback could mean:
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED INCOME STATEMENTS
(Unaudited)
(Dollars in thousands
except
per share amounts) Three Months Nine Months
Ended Ended
June 30 June 30
1999 1998 1999 1998
---------------------- ---------------------
NET SALES $ 9,108 $4,895 $25,497 $22,719
Cost of sales 4,455 2,480 12,506 11,482
----- ----- ------ ------
GROSS PROFIT 4,653 2,415 12,991 11,237
OPERATING EXPENSES:
Research and
development expenses 942 1,205 3,143 3,113
Sales and
marketing expenses 2,401 2,198 6,717 6,158
General and
administrative expenses 765 715 2,208 2,195
--- --- ----- -----
Total operating expenses 4,108 4,118 12,068 11,466
----- ----- ------ ------
INCOME FROM OPERATIONS 545 (1,703) 923 (229)
Other income,
primarily interest 458 513 1,302 1,523
--- --- ----- -----
INCOME BEFORE
INCOME TAXES 1,003 (1,190) 2,225 1,294
Income tax expense 339 (405) 757 439
--- ----- --- ---
NET INCOME $ 664 $(785) $1,468 $855
===== ====== ====== ====
NET EARNINGS PER
COMMON SHARE - BASIC $ .14 $( .16) $ .30 $ .17
===== ======= ===== =====
NET EARNINGS PER
COMMON SHARE - DILUTED $ .13 $( .16) $ .29 $ .16
===== ======= ===== =====
Shares used to calculate
net earnings per share:
Basic 4,918 4,901 4,905 5,058
Diluted 5,002 4,901 5,000 5,276
SALES BY MARKET
Sales in the Company's key markets for the quarter and nine-month
periods ended June 30, 1999 as compared to the same prior year period
are shown in the chart below (in millions).
For the quarter ended June 30,
Market 1999 % of Total 1998 % of Total
----------------------------------------------------------------------
Geospatial Imaging $4.0 43.9% $ 2.0 40.8%
Entertainment 3.7 40.5 1.1 22.5
Geosciences .3 2.8 1.1 22.5
Medical Imaging .5 6.2 .5 10.2
Other .6 6.6 .2 4.0
-- --- --------- ---
Total $9.1 100.0% $ 4.9 100.0%
==== ====== ===== ======
For the nine months
ended June 30,
Market 1999 % of Total 1998 % of Total
----------------------------------------------------------------------
Geospatial Imaging $10.4 40.8% $ 7.6 33.5%
Entertainment 10.4 40.8 6.3 27.7
Geosciences 1.2 4.7 6.2 27.3
Medical Imaging 1.7 6.7 1.5 6.7
Other 1.8 7.0 1.1 4.8
------ ------ -------- ------
Total $25.5 100.0% $22.7 100.0%
===== ====== ===== ======
Export sales represented 25% and 19% of total sales for the nine
months ended June 30, 1999 and 1998. Sales through SGI totaled $7.9
million or 31% of total sales for the nine months ended June 30, 1999
compared to $8.6 million or 38% for the same prior year period.
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) June 30, September 30,
1999 1998
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $3,382 $9,030
Marketable securities 23,373 18,945
Accounts receivable,
less allowance 5,916 5,667
Inventories 4,347 3,755
Deferred income taxes 738 738
Other current assets 494 1,586
--- -----
Total current assets 38,250 39,721
Property and
equipment, net 3,968 4,511
Marketable securities 9,008 5,016
Other assets 202 225
--- ---
Total assets $51,428 $49,473
======= =======
LIABILITIES AND
SHAREHOLDERS'
EQUITY
Current liabilities:
Accounts payable $2,574 $2,438
Accrued expenses 1,778 908
Deferred revenue 805 818
--- ---
Total current liabilities 5,157 4,164
Shareholders' equity:
Capital stock 49 49
Additional
paid-in capital 35,401 35,907
Retained earnings 10,821 9,353
------ -----
Total shareholders' equity 46,271 45,309
------ ------
Total liabilities and
shareholders' equity $51,428 $49,473
======= =======
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands) Nine Months Ended
June 30
1999 1998
----------------------
Cash flows from operating activities:
Net income $ 1,468 $ 855
Depreciation and amortization 1,949 1,391
Changes in operating assets
and liabilities 1,313 1,451
----- -----
NET CASH FLOWS PROVIDED BY OPERATING
ACTIVITIES 4,730 3,697
----- -----
Cash flows form investing activities:
Equipment purchases (1,403) (1,327)
Purchases of marketable securities (47,473) (37,384)
Proceeds from sale or maturity
of marketable securities 39,053 38,844
------ ------
NET CASH FLOWS PROVIDED BY (USED IN)
INVESTING ACTIVITIES (9,823) 133
------- ---
Cash flows from financing activities:
Repurchase of common stock (1,041) (3,985)
Proceeds from issuance of common stock 486 468
--- ---
NET CASH FLOWS USED IN FINANCING
ACTIVITIES (555) (3,517)
---- ------
Net increase (decrease) in cash
and cash equivalents (5,648) 313
Cash and cash equivalents
at beginning of period 9,030 4,512
----- -----
Cash and cash equivalents
at end of period 3,382 4,825
Marketable securities, current 23,373 23,327
Marketable securities, non-current 9,008 7,503
----- -----
Total cash and
marketable securities $ 35,763 $ 35,655
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