Ciprico Reports First Quarter Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--Jan. 22, 2001 Ciprico Inc. (Nasdaq:CPCI See CompactPCI. ) today announced results for the first quarter ended December December: see month. 31, 2000. Sales for the quarter were $9.1 million versus $6.9 million for the prior year's quarter, an increase of 32%. The Company recorded a net loss for the quarter of ($86,000), or ($.02) per share, as compared to net loss of ($109,000) or ($.02) 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. for the same period last year. "We are pleased with our first quarter performance", 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. "Revenues were positively impacted by sales of our new NETarray product, primarily to our new broadcast OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and customers. Overall, NETarray contributed over $2 million in sales for the quarter. In addition, our FibreSTORE product saw higher demand in both the entertainment and government markets. We are also seeing significant activity for our Storage Area Network (SAN) products and services. The addition of NETarray, FibreSTORE and SAN's has expanded the range of applications we can address beyond our traditional high bandwidth bandwidth Measurement of the capacity of a communications signal. For digital signals, the bandwidth is the data speed or rate, measured in bits per second (bps). For analog signals, it is the difference between the highest and lowest frequency components, measured in hertz 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. 3 markets." Kill went on to say "our results reflect higher R&D spending in our RAID and SAN applications and our strategic architecture development. We will continue to make these investments in more comprehensive solutions of storage, networking and computing platforms See platform. . These products will provide significant benefits to our customers' data intensive applications." Certain statements in this news release are forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. 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 Ciprico's SEC filings, reports to shareholders and other news releases. Such 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. , which reflect our current view of future events and financial performance, involve known and unknown risks that could cause actual results and facts to differ materially from those expressed in the forward-looking statements for a variety of reasons. Some of these reasons include 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. Investors should take such risks into
account when making investment decisions. Shareholders and other readers
are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made.
Ciprico undertakes no obligation to update publicly or revise any
forward-looking statements.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 The use of computers for 3D modeling and animation. See visualization. applications ranging from 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 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
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Amounts in thousands except per share amounts) Three Months Ended
December 31,
2000 1999
-----------------
NET SALES $ 9,066 $ 6,847
Cost of sales 5,210 3,737
-------- --------
GROSS PROFIT 3,856 3,110
OPERATING EXPENSES:
Research and development 1,234 888
Sales and marketing 2,705 2,314
General and administrative 614 545
-------- --------
Total Operating Expenses 4,553 3,747
-------- --------
LOSS FROM OPERATIONS (697) (637)
Other income, primarily interest 567 472
-------- --------
LOSS BEFORE INCOME TAXES (130) (165)
Income tax benefit (44) (56)
-------- --------
NET LOSS $ (86) $(109)
======== ========
NET LOSS PER SHARE:
Basic $ (.02) $ (.02)
======== ========
Diluted $ (.02) $ (.02)
======== ========
Shares used to calculate net loss per common share:
Basic 5,041 4,958
Diluted 5,041 4,958
SALES INFORMATION
Comparative information on sales by market and geographic location for
the period ended December 31 are shown in the charts below (in
millions).
2000 1999
-------------------- --------------------
Market Sales % of Total Sales % of Total
----------------------------------------------------------------------
Entertainment $4.4 48% $2.9 42%
Government 3.7 41 2.2 32
Other 1.0 11 1.8 26
--------- -------- --------- --------
Total $9.1 100% $6.9 100%
========= ======== ========= ========
2000 1999
-------------------- --------------------
Geographic Location Sales % of Total Sales % of Total
----------------------------------------------------------------------
Domestic $7.6 84% $5.1 74%
International 1.5 16 1.8 26
--------- -------- --------- --------
Total $9.1 100% $6.9 100%
========= ======== ========= ========
CIPRICO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) December 31, September 30,
2000 2000
--------------------------
ASSETS
Current assets:
Cash and cash equivalents $1,677 $3,496
Marketable securities 21,876 21,867
Accounts receivable, less allowance 5,193 5,532
Inventories 6,271 5,760
Deferred income taxes 984 898
Other current assets 679 584
-------- --------
Total current assets 36,680 38,137
Property and equipment, net 3,052 3,011
Marketable securities 10,080 10,070
Other assets 555 563
-------- --------
$50,367 $51,781
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $1,585 $2,785
Accrued expenses 1,135 1,322
Deferred revenue 436 387
-------- --------
Total current liabilities 3,156 4,494
Shareholders' equity:
Capital stock 51 50
Additional paid-in capital 36,194 36,197
Retained earnings 11,014 11,100
Deferred compensation from restricted
stock (48) (60)
-------- --------
Total shareholders' equity 47,211 47,287
-------- --------
$50,367 $51,781
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) Three Months Ended
December 31,
2000 1999
-----------------
Cash flows for operating activities:
Net income (loss) $ (86) $ (109)
Depreciation and amortization 542 672
Changes in operating assets and liabilities (1,760) (878)
-------- --------
Net cash flows used in operating activities (1,304) (315)
-------- --------
Cash flows from investing activities:
Equipment purchases (583) (383)
Purchases of marketable securities (11,337) (8,903)
Proceeds from sale or maturity of marketable
securities 11,318 8,864
-------- --------
Net cash flows used in investing activities (602) (422)
-------- --------
Cash flows from financing activities:
Repurchase of common stock -- --
Proceeds from issuance of common stock 87 114
-------- --------
Net cash flows provided by financing activities 87 114
-------- --------
Net decrease in cash and cash equivalents (1,819) (623)
Cash and cash equivalents at beginning of period 3,496 3,539
-------- --------
Cash and cash equivalents at end of period 1,677 2,916
Marketable securities, current 21,876 24,902
Marketable securities, non-current 10,080 7,503
-------- --------
Total cash and marketable securities $33,633 $35,321
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