Printer Friendly

TELLABS REPORTS RECORD SALES AND EARNINGS FOR THE SECOND QUARTER AND FIRST SIX MONTHS

 LISLE, Ill., July 19 /PRNewswire/ -- Telecommunications equipment manufacturer Tellabs, Inc., announced Monday record sales and earnings for both the second quarter and the first half of 1993.
 Sales for the second quarter, ended July 2, were $71,533,000, up 28.3 percent over the previous second-quarter record of $55,755,000 set in 1992. Sales for the first six months of the year were $136,222,000, up 21.4 percent compared to sales of $112,216,000 a year earlier.
 Net income for the second quarter was a record $4,793,000, a 143.1 percent increase over net income of $1,972,000 a year earlier. For the first six months, net income was $10,438,000, up 92.9 percent from $5,412,000 a year earlier. Primary and fully diluted earnings per share of common stock for the second quarter of 1993 were 33 cents, compared to 14 cents for the second quarter of 1992.
 "Sales growth during the second quarter and the first half of 1993 was driven by strong demand for the SONET-based TITAN(R) 5500 digital cross-connect system and our echo canceller products," said Tellabs President Michael J. Birck. "Improved gross margins realized through manufacturing efficiencies also contributed to increased profitability.
 "On Thursday, July 15, a digital echo canceller system was the first product to roll off the assembly line at our new manufacturing facility in Bolingbrook, Ill.," Birck continued. "The smoothness with which the transfer to the new facility was accomplished is the result of hard work and careful planning on the part of many in our manufacturing organization. Now, employees from other departments in the company are looking forward to taking up residence in what is the largest Tellabs facility in the world."
 Tellabs designs, manufactures, markets and services voice and data equipment. The company's products are used internationally by telephone companies, interexchange carriers, governments and businesses. Tellabs stock is traded in the United States over-the-counter (NASDAQ) under the symbol TLAB.
 TELLABS, INC.
 Results of Operations
 (Dollars in thousands, except per share data)
 Three Months Ended Six Months Ended
 7/2/93 6/26/92 7/2/93 6/26/92
 Sales $71,533 $55,755 $136,222 $112,216
 Cost of Goods Sold 35,234 28,953 68,351 57,853
 Gross profit 36,299 26,802 67,871 54,363
 Operating Exp.
 Mrtg. & G.A. 19,731 15,281 37,128 30,681
 Research & Dev. 11,878 9,941 23,069 19,502
 Total Oper. Exp. 31,609 25,222 60,197 50,183
 Oper. Profit 4,690 1,580 7,674 4,180
 Interest/Other Net. 942 474 2,829 1,970
 Profit Before Tax and
 Cumulative Effect of
 Change in Accounting
 Principal 5,632 2,054 10,503 6,150
 Taxes 839 82 1,565 738
 Net Profit Before
 Cumulative Effect of
 Change in Accounting
 Principle --- --- 1,500 ---
 Cumulative Effect on
 Prior Years of Changing
 to a Different Method of
 Accounting for Income
 Taxes --- --- 1,500 ---
 Net Profit $ 4,793 $ 1,972 $10,438 $ 5,412
 Primary and Fully Diluted
 Earnings per Share(a):
 Profit before cumulative
 effect of change in
 accounting principle $ .33 $ .14 $ .62 $ .38
 Cumulative effect on
 prior years of changing
 to a different method
 of accounting for
 income taxes --- --- .10 ---
 Net profit $ .33 $ .14 $ .72 $ .38
 NOTE: (a) The per-share calculations are based on the average number of shares of common stock outstanding during the respective periods plus any dilutive effects of common stock equivalents. For the quarters ended July 2, 1993, and June 26, 1992, these numbers were 14,689,000 and 14,167,000, respectively. For the first six months of 1993 and 1992, these numbers were 14,531,000 and 14,125,000, respectively.
 TELLABS, INC.
 Condensed Consolidated Balance Sheet
 (Dollars in thousands)
 1993 1993 1992
 2nd Qtr 1st Qtr Year End
 Assets
 Current Assets
 Cash and investments $47,609 $48,927 $49,351
 Accounts receivable,
 less allowance 45,591 40,827 53,440
 Inventories 39,371 38,678 36,212
 Other current assets 4,907 4,689 5,410
 Total Current Assets 137,478 133,121 144,413
 Property, Plant and Equipment 120,427 111,970 107,832
 Less accumulated depreciation (54,799) (53,119) (51,173)
 Total 65,628 58,851 56,659
 Other Assets 13,779 13,928 9,676
 Total Assets $216,885 $205,900 $210,748
 Liabilities
 Current Liabilities
 Current maturities of
 long-term debt $ 307 $ 315 $ 356
 Accounts payable 13,274 9,772 17,353
 Accrued liabilities 14,373 12,163 14,978
 Income taxes 4,617 4,799 2,525
 Total Current Liabilities 32,571 27,049 35,212
 Long-Term Debt, less Current
 Maturities 2,850 2,850 2,850
 Other Long-Term Liabilities 2,879 2,669 2,539
 Deferred Income Taxes --- --- 3,003
 Total Liabilities 38,300 32,568 43,604
 Stockholders' Equity
 Common Stock, $.01 par Value 141 140 138
 Additional Paid-In Capital 37,683 36,276 34,373
 Cumulative Translation
 Adjustment (2,515) (1,567) (205)
 Retained Earnings 143,276 138,483 132,838
 Total Stockholders' Equity 178,585 173,332 167,144
 Total Liab. and
 Stockholders' Equity $216,885 $205,900 $210,748
 -0- 7/19/93
 /CONTACT: Peter A. Guglielmi of Tellabs, Inc., 708-512-8111/
 (TLAB)


CO: Tellabs Inc. ST: Illinois IN: TLS SU: ERN

TM -- NY094 -- 3318 07/19/93 19:27 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:Jul 19, 1993
Words:895
Previous Article:CRAGIN SECOND QUARTER EARNINGS INCREASE 13 PERCENT TO $10.2 MILLION
Next Article:LATTICE SEMICONDUCTOR REPORTS RECORD QUARTERLY RESULTS; REVENUE UP 62 PERCENT, NET INCOME UP 67 PERCENT
Topics:


Related Articles
TELLABS REPORTS RECORD SALES FOR SECOND QUARTER AND FIRST SIX MONTHS
TELLABS REPORTS RECORD SALES AND EARNINGS FOR SECOND QUARTER AND FIRST HALF OF 1995
TELLABS REPORTS ALL-TIME RECORD QUARTERLY NET EARNINGS; THIRD-QUARTER NET INCOME GROWS MORE THAN 51 PERCENT
TELLABS BEGINS 22ND YEAR WITH BEST FIRST-QUARTER IN HISTORY
TELLABS REPORTS RECORD SALES FOR SECOND QUARTER AND FIRST HALF OF 1996; ONE-TIME ACQUISITION CHARGE RESULTS IN SECOND QUARTER NET LOSS
Tellabs Reports Record Sales And Higher Earnings For Second Quarter and First Half of 1997
Tellabs Begins 24th Year With Best First Quarter in History
Tellabs Reports Record Sales and Earnings for Second Quarter And First Half of 1998
Tellabs Reports Best Quarter in Company History.
Tellabs Reports Record Sales and Earnings for Second Quarter And First Half of 1999.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters