Printer Friendly


 SAN JOSE, Calif., Oct. 28 /PRNewswire/ -- Pyramid Technology Corp. (NASDAQ: PYRD) today announced that revenues in its fourth fiscal quarter, ended Sept. 30, reached a record $60,549,000, a 19 percent increase over the same quarter a year ago. Net income for the quarter was $3,392,000, or 25 cents per share, compared with a loss in the year- ago period.
 The fourth quarter results brought Pyramid's revenues for fiscal 1993 to a record $233,698,000, a 22 percent increase over fiscal 1992. Net income for fiscal 1993 totaled $8,634,000, or 67 cents per share, a strong improvement over fiscal 1992.
 "North American fourth quarter product sales were gratifying, growing 36 percent from the third quarter of fiscal 1993," said Richard H. Lussier, chairman and chief executive officer. "Also noteworthy was our sales transition in North America, which took direct sales, as a percent of North American product sales, to 74 percent in fiscal 1993 from 50 percent in fiscal 1992. In contrast, international sales were disappointing as a result of weak economic conditions in many areas, particularly Europe and Japan."
 The company reduced overall headcount in fiscal 1993, while increasing its investment in direct sales and product development. It also emphasized responsible fiscal management. As a result, revenue-per- employee was a record $230,000 for the year and cash increased to $31.4 million from the year ago level of $26.5 million.
 One year ago Pyramid introduced the ES series of enterprise servers and, on Oct. 4 of this year, augmented the ES series with its newest product generation, the Nile Series. Nile began shipping in July and, as of the end of the quarter, over 20 systems have been shipped.
 "In the immediate future, we -- like our competitors -- have to contend with economic weakness in many parts of the world and with the seasonal slowdown we often see at this time of the year. So, we are cautious about the business outlook for the near-term. However, with our newly introduced Nile products and increased direct sales focus, we are optimistic as to our longer-term growth prospects," continued Lussier.
 Founded in 1981, Pyramid Technology develops high-end, large-scale enterprise servers that deliver mainframe-class performance and reliability, availability and serviceability (RAS) for the open enterprise client/server environment. These fault resilient systems run the largest UNIX relational databases in the world, and are based on a symmetric multiprocessor (SMP) architecture that combines an enhanced UNIX operating system with RISC processor technology. Pyramid's systems currently support up to 2,160 MIPS, thousands of transactions per second and more than 10,000 concurrent users in clustered configurations.
 (In thousands, except per share data)
 Fourth Quarter Ended
 Sept. 30,
 1993 1992
 Revenues $60,549 $51,058
 Income (loss) before income taxes $3,769 ($30,817)
 Net income (loss) $3,392 ($29,977)
 Earnings (loss) per share:
 Net income (loss) $0.25 ($2.50)
 Shares used in per share computation 13,727 12,013
 Year Ended
 Sept. 30,
 1993 1992
 Revenues $233,698 $192,226
 Income (loss) before income taxes $9,593 ($66,636)
 Net income (loss) $8,634 ($59,707)
 Earnings (loss) per share:
 Net income (loss) $0.67 ($4.99)
 Shares used in per share computation 12,890 11,962
 -0- 10/28/93
 /Gary Valenzuela, senior vice president and chief financial officer of Pyramid Technology, 408-428-9000/

CO: Pyramid Technology Corp. ST: California IN: CPR SU: ERN

PK-BR -- SJ001 -- 8141 10/28/93 16:34 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 28, 1993

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters