Digital Microwave Corp. reports record sales, improving profits for third quarter of Fiscal Year 1997.SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 15, 1997--Digital Microwave microwave, electromagnetic wave having a frequency range from 1,000 megahertz (MHz) to 300,000 MHz, corresponding to a wavelength range from 300 mm (about 12 in.) to 1 mm (about 0.04 in.). Like light waves, microwaves travel essentially in straight lines. Corp. (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 :DMIC DMIC Door Mounted Inflatable Curtain DMIC Discrete Memoryless Interference Channel ) today reported net income of $3.9 million, 23 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. , on sales of $47.8 million in the third quarter ended Dec. 31, 1996, compared with a net loss of $6.7 million, 43 cents per share, on sales of $32.7 million in the third quarter of the prior fiscal year. The financial results for the third quarter ended Dec. 31, 1995, included one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charges of $7.5 million, and a one-time tax credit of $2.0 million. Sales for the first nine months of fiscal 1997 were $126.1 million, compared to sales of $114.2 million for the first nine months of fiscal 1996. For the first nine months of fiscal 1997, the company reported net income of $7.2 million, 43 cents per share, compared with a net loss of $6.2 million, 43 cents per share, for the first nine months of the previous fiscal year. During the third quarter of fiscal year 1997, the company received $48.6 million in new bookings shippable over the next 12 months. The 12-month 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. at Dec. 31, 1996, was $85 million, the same level as the prior quarter. Headquartered in San Jose, Digital Microwave Corp. designs, manufactures, and markets advanced wireless solutions for worldwide telephone network interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. and access. Transmitting transmitting, v to send and receive information, signals, and so on; allows a therapist to perceive a client's physical, emotional, and spiritual states. and receiving multiple digital lines, Digital Microwave's high performance radios carry voice, data, and digitized video signals across a full spectrum of frequencies and capacities. -0-
Digital Microwave Corp.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
Net Sales $47,760 $32,698 $126,092 $114,183
Cost of Sales 31,862 32,329 84,547 93,581
Gross profit 15,898 369 41,545 20,602
Operating Expenses:
Research and
development 2,505 2,731 7,433 8,567
Selling,
general and
administrative 9,076 6,936 25,705 20,279
Total operating
expenses 11,581 9,667 33,138 28,846
Operating income (loss) 4,317 (9,298) 8,407 (8,244)
Other income (expense) 42 566 (443) 81
Income (loss) before
income tax 4,359 (8,732) 7,964 (8,163)
Tax provision (credit) 436 (2,010) 796 (1,953)
Net income (loss) $ 3,923 $(6,722) $ 7,168 $ (6,210)
Net Income (loss) Per
Share $0.23 $(0.43) $0.43 $(0.43)
Weighted Average Shares
Outstanding 17,060 15,772 16,678 14,592
Digital Microwave Corp.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
Dec. 31, March 31,
1996 1996
(unaudited)
Assets
Cash and cash equivalents $ 8,047 $ 9,018
Accounts receivable, net 37,241 33,398
Inventories, net 44,110 35,347
Other current assets 2,870 2,973
Total current assets 92,268 80,736
Property & equipment, net 14,841 15,061
Total assets $107,109 $ 95,797
Liabilities and Stockholders' Equity
Line of credit $ 2,022 $ 3,106
Note payable - current -- 3,334
Capital lease obligations - current 796 1,025
Accounts payable 17,235 16,252
Income taxes payable 1,444 973
Other accrued liabilities 25,913 18,590
Total current liabilities 47,410 43,280
Note payable - long term -- 1,944
Capital lease obligations - long term 280 838
Total liabilities 47,690 46,062
Stockholders' equity 59,419 49,735
Total liabilities and
stockholders' equity $107,109 $ 95,797
CONTACT: Digital Microwave Corp., San Jose Rebecca Rebecca or Rebekah (both: rēbĕk`ə), wife of Isaac and mother of Jacob. One day, as was her custom, she drew water at the city well; while there she showed kindness to Eliezer, Abraham's servant. Wallo, 408/943-0777 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion