Coherent Communications Systems Corporation has Record Year of Sales and Profits for 1997.ASHBURN, Va.--(BUSINESS WIRE)--Jan. 20, 1998-- -- Coherent Communications Systems Corporation (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 :CCSC CCSC Consortium for Computing in Small Colleges CCSC Cheung Chuk Shan College (Hong Kong) CCSC Chicagoland Construction Safety Council CCSC Cemetery Consumer Service Council CCSC Commercial Computer Security Centre ) today reported net earnings up 43% on a sales increase of 35%. For the fourth successive year since its public debut in 1994, Coherent Communications Systems Corporation has again reported record sales and earnings. For the fiscal year, sales of $73,695,000 were 35% higher than 1996, yielding net earnings of $13,979,000 or $0.90 per share as compared to $0.63 per share for 1996. For the fourth quarter, sales of $20,809,000 yielded net earnings of $4,366,000 or $0.28 per share. Sales in the fourth quarter were higher than the prior year in all regions and were especially strong in Europe, including 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 shipments to manufacturers in that region. Sales in the Asia Pacific region, which were principally to Australia, New Zealand New Zealand (zē`lənd), island country (2005 est. pop. 4,035,000), 104,454 sq mi (270,534 sq km), in the S Pacific Ocean, over 1,000 mi (1,600 km) SE of Australia. The capital is Wellington; the largest city and leading port is Auckland. , Taiwan, China, Hong Kong Hong Kong (hŏng kŏng), Mandarin Xianggang, special administrative region of China, formerly a British crown colony (2005 est. pop. 6,899,000), land area 422 sq mi (1,092 sq km), adjacent to Guangdong prov. and Japan, also showed an increase over the prior year. Most of the Company's Asian customers have substantial foreign currency revenues because of their extensive international traffic. For this reason, the Company believes that it has not seen the decline in Asian sales that other companies seem to have experienced. In the quarter the Company adjusted to a lower tax rate reflecting higher foreign tax credits and a tax favorable change in the corporate structure. The new tax rate is expected to continue through fiscal 1998. The Company completed installation of an integrated, Oracle-based, manufacturing, order entry, accounting and financial system in the fourth quarter. Coherent Communications Systems Corporation is a worldwide leader in state of the art voice enhancement technology, spanning echo cancellation The elimination of an echo in a two-way voice transmission. Echo is created in the telephone company's central office switch when two-wire lines from the customer are converted to four-wire lines for backbone trunks. platforms and associated network software. The Company's products are used globally by major wireless and wireline telecommunications companies and network operators, including AT&T Wireless, British Telecom The telephone and communications carrier that provides services in Great Britain and Northern Ireland. It used to be a division of the British Post Office, but was privatized in 1984 under Margaret Thatcher's administration. , Cable & Wireless, Cellular One, Cisco Systems, Deutsche Telekom, France Telecom, KDD KDD Knowledge Discovery and Data Mining (International Conference) KDD Knowledge Discovery in Databases KDD Kokusai Denshin Denwa (Japan) KDD Key Distribution Device , Mercury, Nokia, NORTEL, Telia, and Telmex, among the extensive list. Coherent is a fully accredited accredited recognition by an appropriate authority that the performance of a particular institution has satisfied a prestated set of criteria. accredited herds cattle herds which have achieved a low level of reactors to, e.g. ISO (1) See ISO speed. (2) (International Organization for Standardization, Geneva, Switzerland, www.iso.ch) An organization that sets international standards, founded in 1946. The U.S. member body is ANSI. 9001 company, dedicated to maintaining the highest quality standards at every level. The Company's headquarters are in Ashburn, Virginia, USA. Also available via, http://www.coherent.com Except for the historical information contained herein, this news release contains forward looking statements regarding the marketability of new products and the gaining of new customers. The risks and uncertainties associated with the continued acceptance of the new products, competition, market growth, and the timely availability and the pricing of products, as well as other risks detailed in the Company's SEC reports could cause actual results to differ from those in the forward looking statements. -0-
Coherent Communications Systems Corporation
(Amounts are in Thousands Except Earnings Per Share)
Condensed Statement of Operations
Three Months Ended Twelve Months Ended
Dec 31 Dec 31
(Unaudited) (Unaudited)
12/31/97 12/31/96 12/31/97 12/31/96
REVENUES $20,809 $16,055 $73,695 $54,431
GROSS PROFIT $13,443 $ 9,981 $47,310 $34,238
PRE-TAX INCOME $ 6,160 $ 4,539 $21,180 $15,252
NET INCOME $ 4,366 $ 2,905 $13,979 $ 9,748
EARNINGS PER SHARE $ 0.28 $ 0.19 $ 0.90 $ 0.63
AVERAGE SHARES OUTSTANDING 15,634 15,504 15,563 15,480
Condensed Balance Sheet
12/31/97 12/31/96
(Unaudited)
Cash & Short Term Investments $26,180 $16,769
Accounts Receivable, Inventory and
Other Current Assets 19,987 14.475
Current Assets 46,167 31,244
Property, Plant, Equipment
and Other Assets 9,300 6,314
Total Assets 55,467 37,558
Current Liabilities 7,810 5,592
Long Term Liabilities 242 167
Shareholders' Equity 47,415 31,799
Total Liabilities and Stockholders' Equity $55,467 $37,558
Earnings per share calculations for each of the quarters are based
on the weighted average number of shares outstanding in each period.
CONTACT: Daniel L. McGinnis, 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. at Coherent, 703/724.7300 Melba Chan, CFO See Chief Financial Officer. at Coherent, 703/724.7364 |
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