Ciprico Reports Second Quarter and Six-Month Results.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 23, 2001 Ciprico Inc. (Nasdaq:CPCI See CompactPCI. ) today announced results for the second quarter and six-month period ended March 31, 2001. Sales for the quarter were $9.4 million versus $8.2 million for the prior year's quarter, an increase of 15%. The Company recorded a net loss for the quarter of ($935,000), or ($0.18) per share, as compared to a net income of $60,000 or $0.01 cent per share for the same period last year. Excluding after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charges of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $400,000 or ($0.08) per share related to the SANStar acquisition, the Company had a net loss of ($0.10) per share for the quarter. For the six months ended March 31, 2001, sales were $18.5 million versus $15.0 million for the same period last year, an increase of 23%. The Company recorded a net loss for the first half of fiscal 2001 of $1.0 million or ($0.20) per share, as compared with a net loss of ($49,000) or ($0.01) per share for the same period last year. "Revenues continue to be positively impacted by sales of our new NETarray product, with both 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 and defense related 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. "Overall NETarray contributed over $5 million in sales for the first half of the year. We are pleased with our overall progress this year. As we look to the second half we will focus on our margins and SG&A expenses to ensure we maximize In a graphical environment, to enlarge a window to the full size of the screen. See Win Maximize windows. the profitability in our core business and continue to accelerate our strategic development initiatives. "We saw a more challenging sales climate during this past quarter and believe this will continue as we move into the second half of the year. Some of our recent announcements are building excitement in the organization. Our new FibreSTORE 2210 is the first 2 Gb/s solution with the combination of speed and 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 expertise. Our selection as the vendor of choice for the SPAWAR SPAWAR Space & Naval Warfare Systems Command (US Navy) SPAWAR Space Warfare program is a validation See validate. validation - The stage in the software life-cycle at the end of the development process where software is evaluated to ensure that it complies with the requirements. of our expertise in ruggedized, 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" military applications." Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs Wargolet, VP-Finance & CFO See Chief Financial Officer. added, "We believe our guidance of $40 million in sales the year is still achievable, but remain cautious over our elongated e·lon·gate tr. & intr.v. e·lon·gat·ed, e·lon·gat·ing, e·lon·gates To make or grow longer. adj. or elongated 1. Made longer; extended. 2. Having more length than width; slender. sales cycles. Our sales guidance for the third quarter is $9.5 million to $10 million. With our continued investments in our strategic architecture and core product developments we expect a loss per share in the range of ($0.14) to ($0.18) per share in the third quarter with improvement expected in the fourth quarter." Kill went on to say, "we also are very enthused about our strategic efforts." "We are already integrating the software expertise from our recent acquisition, and we are progressing with the development of our appliance A stand-alone hardware device or software environment dedicated to a specific task. See hardware appliance and software appliance. architecture as noted in our recent iSCSI (Internet SCSI) A protocol that serializes SCSI commands and converts them to TCP/IP. See IP storage. over IP storage demonstrations. We will continue to make these investments in more comprehensive solutions of storage, networking and computing platforms See platform. ." The Company will host a conference call on Tuesday Tuesday: see week. , April 24 at 10:00 a.m. Central Time and 11:00 a.m. Eastern Time, to discuss this release. The conference call will be broadcast live via 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 www.ciprico.com. The conference call will also be available live via telephone at 212-346-7496. A replay will be available until May 1, 2001 at 800-633-8284, replay code 18304226. 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 integration of the recently acquired technology and personnel; 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.About Ciprico Ciprico designs, manufactures and markets high-performance 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 Six Months
Ended Ended
March 31, March 31,
2001 2000 2001 2000
-------------- -----------------
NET SALES $9,412 $8,191 $18,478 $15,038
Cost of sales 5,504 4,355 10,714 8,092
------ ------ ------- -------
GROSS PROFIT 3,908 3,836 7,764 6,946
OPERATING EXPENSES:
Research and development 2,303 1,025 3,538 1,913
Sales and marketing 2,905 2,702 5,608 5,016
General and administrative 627 473 1,241 1,018
------ ------ ------- -------
Total operating expenses 5,835 4,200 10,387 7,947
------ ------ ------- -------
LOSS FROM OPERATIONS (1,927) (364) (2,623) (1,001)
Other income, primarily interest 511 454 1,077 926
------ ------ ------- -------
INCOME (LOSS) BEFORE INCOME TAXES (1,416) 90 (1,546) (75)
Income tax expense (benefit) (481) 30 (525) (26)
------ ------ ------- -------
NET INCOME (LOSS) $ (935) $ 60 $(1,021) $ (49)
====== ====== ======= =======
Shares used to calculate earnings (loss) per share:
Basic 5,057 4,983 5,050 4,970
Diluted 5,057 5,083 5,050 4,970
NET EARNINGS (LOSS) PER COMMON SHARE:
Basic $(0.18) $ 0.01 $ (0.20) $ (0.01)
====== ====== ======= =======
Diluted $(0.18 $ 0.01 $ (0.20) $ (0.01)
====== ====== ======= =======
SALES INFORMATION
Comparative information on sales by market and geographic location for
the period ended March 31 are shown in the charts below (in millions).
For the quarter ended March 31:
2001 2000
----------------- -----------------
Market Sales % of Total Sales % of Total
----------------------------------------------------------------------
Entertainment $ 4.9 52% $ 4.0 49%
Government 2.8 30 2.7 33
Other 1.7 18 1.5 18
----- ---------- ----- ----------
Total $ 9.4 100% $ 8.2 100%
===== ========== ===== ==========
2001 2000
----------------- -----------------
Geographic Location Sales % of Total Sales % of Total
----------------------------------------------------------------------
Domestic $ 7.5 80% $ 6.6 80%
International 1.9 20 1.6 20
----- ---------- ----- ----------
Total $ 9.4 100% $ 8.2 100%
===== ========== ===== ==========
For the six months ended March 31:
2001 2000
----------------- -----------------
Market Sales % of Total Sales % of Total
----------------------------------------------------------------------
Entertainment $ 9.3 50% $ 6.9 46%
Government 6.5 35 4.9 33
Other 2.7 15 3.2 21
----- ---------- ----- ----------
Total $18.5 100% $15.0 100%
===== ========== ===== ==========
2001 2000
----------------- -----------------
Geographic Location Sales % of Total Sales % of Total
----------------------------------------------------------------------
Domestic $15.1 82% $11.6 77%
International 3.4 18 3.4 23
----- ---------- ----- ----------
Total $18.5 100% $15.0 100%
===== ========== ===== ==========
CIPRICO INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands) March 31, Sept. 30,
2001 2000
--------------------
ASSETS
Current assets:
Cash and cash equivalents $4,531 $3,496
Marketable securities 20,895 21,867
Accounts receivable, less allowance 5,645 5,532
Inventories 6,230 5,760
Deferred income taxes 1,189 898
Other current assets 656 584
------- -------
Total current assets 39,146 38,137
Property and equipment, net 3,314 3,011
Marketable securities 8,551 10,070
Other assets 553 563
------- -------
$51,564 $51,781
======= =======
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $3,005 $2,785
Accrued expenses 1,876 1,322
Deferred revenue 352 387
------- -------
Total current liabilities 5,233 4,494
Shareholders' equity:
Capital stock 51 50
Additional paid-in capital 36,229 36,197
Retained earnings 10,079 11,100
Deferred compensation from restricted stock (28) (60)
------- -------
Total shareholders' equity 46,331 47,287
------- -------
$51,564 $51,781
======= =======
CIPRICO INC. AND SUBSIDIARIES
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS
(In thousands) 6 Months Ended
March 31,
2001 2000
-------- --------
Cash flows from operating activities:
Net income (loss) $(1,021) $ (49)
Depreciation and amortization 1,084 1,294
Changes in operating assets and liabilities (220) (1,057)
-------- --------
Net cash flows used in operating activities (157) 188
-------- --------
Cash flows from investing activities:
Equipment purchases (1,380) (722)
Purchases of marketable securities (25,138) (23,697)
Proceeds from sale or maturity of marketable
securities 27,629 27,093
-------- --------
Net cash flows provided by (used in) investing
activities 1,111 2,674
-------- --------
Cash flows from financing activities:
Repurchase of common stock (52) (263)
Proceeds from issuance of common stock 133 269
-------- --------
Net cash flows provided by (used in) financing
activities 81 6
-------- --------
Net increase in cash and cash equivalents 1,035 2,868
Cash and cash equivalents at beginning of period 3,496 3,539
-------- --------
Cash and cash equivalents at end of period 4,531 6,407
Marketable securities, current 20,895 18,901
Marketable securities, non-current 8,551 10,069
-------- --------
Total cash and marketable securities $33,977 $35,377
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