CIPRICO ANNOUNCES FOURTH QUARTER PROFITABILITY;
YEAR-END RESULTS REPORTED
MINNEAPOLIS, Nov. 5 /PRNewswire/ -- Ciprico, Inc. (NASDAQ: CPCI) today reported a 19 percent increase in sales for the fourth quarter of fiscal year 1991 as compared to the same period last year. Fourth quarter sales were $3.2 million versus $2.6 million in 1990, resulting in the company's second consecutive quarter of profitability. Earnings per share were 3 cents for the quarter compared to a loss of 3 cents per share for the same period last year.
Ciprico also reported year end results for the fiscal year ended Sept. 30, 1991. Annual sales totaled $10.7 million, compared to $9.9 million in 1990, an increase of 8 percent. The net loss was $376,000, or 19 cents per share, versus a loss of $324,000 or 16 cents per share for 1990.
"While we are disappointed with our year-end results, we are encouraged by our second half results showing two quarters of profitability," said Robert H. Kill, Ciprico's president and chief executive officer. "We are experiencing growth in all product areas and have begun volume shipments of our new products including VME and PC adaptors as well as disc arrays."
Ciprico has been successful in developing market niches for its products both domestically and internationally during a time of uncertainty in the general economy and the computer industry. Ciprico's products upgrade and enhance the performance of customers' computer systems rather than costly replacement of systems, which can save money for companies.
"By targeting market segments such as the Novell networking environment and understanding their unique requirements, we continue to develop the best products to meet users' needs," Kill said. "We are optimistic about the next fiscal year as our product acceptance increases and we continue to penetrate new markets."
Ciprico designs, manufactures and markets intelligent SCSI adapters, disk arrays and disk and tape controller boards for the high-performance segment of the computer industry's mass storage market. The company's products are sold worldwide by Ciprico's direct sales force and independent representatives to original equipment manufacturers, and through computer resellers to end users.
CIPRICO INC. (UNAUDITED)
INCOME STATEMENT DATA THREE MONTHS ENDED
Sales $3,154,000 2,648,000
Gross profit 1,783,000 1,617,000
Expenses 1,817,000 1,779,000
Loss from operations (34,000) (162,000)
Other income 97,000 105,000
Income (loss) before taxes 63,000 (57,000)
Net income (loss) 56,000 (69,000)
Net income (loss) per share $.03 $(.03)
Average common and common stock
equivalent shares 2,021,907 2,005,840
12 MONTHS ENDED
Sales $10,675,000 9,872,000
Gross profit 6,234,000 5,777,000
Expenses 6,983,000 6,629,000
Loss from operations (749,000) (852,000)
Other income 362,000 446,000
Loss before taxes (387,000) (406,000)
Net loss $(376,000) $(324,000)
Net loss per share $(.19) $(.16)
Average common and common stock
equivalent shares 2,006,853 2,004,802
BALANCE SHEET DATA
Total assets 9,033,000 9,828,000
Total liabilities 1,048,000 1,057,000
Working capital 6,379,000 7,157,000
Stockholders' equity 7,985,000 8,771,000
/CONTACT: Robert H. Kill, president/CEO, or Cory J. Miller, controller, of Ciprico, 612-559-2034/
(CPCI) CO: Ciprico Inc. ST: Minnesota IN: CPR SU: ERN JS -- MN015 -- 1440 11/05/91 17:38 EST