3COM CORP files 1130 qtr 10-Q.
IFN Smart Edgar News - January 13, 1998 11:06
%SIC3576 %OPR %qtrrept COMS V%IFN P%SMRT
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Excerpted from 10-Q filed on 01/13 by 3COM CORP:
3COM CORP files 1130 qtr 10-Q. Reports $2821.1 mil tot rev and $-0.37 EPS.
Results of Operations
The following table sets forth, for the periods indicated, the
percentage of total sales represented by the line items
reflected in the Company's consolidated statements of
operations:
Three months ended Six months ended
November 30, November 30,
1997 1996 1997 1996
Sales 100.0% 100.0% 100.0% 100.0%
Cost of sales 53.4 51.9 52.6 52.2
Gross margin 46.6 48.1 47.4 47.8
Operating expenses:
Sales and marketing 27.7 17.2 22.6 16.8
Research and development 11.9 7.6 10.2 7.7
General and administrative 5.8 3.9 4.7 3.8
Purchased research
and development - 3.8 - 2.0
Merger-related charges - 0.4 15.2 0.3
and other ----- ----- ----- -----
Total operating expenses 45.4 32.9 52.7 30.6
Operating income (loss) 1.2 15.2 (5.3) 17.2
Interest and other income, net 0.6 0.3 0.4 0.2
Income (loss) before income taxes 1.8 15.5 (4.9) 17.4
Income tax provision (benefit) 0.6 7.1 (0.2) 7.1
Net income (loss) 1.2% 8.4% (4.7)% 10.3%
===== ===== ===== =====
Excluding merger-related charges:
Total operating expenses 45.4% 28.6% 37.6% 28.3%
Operating income 1.2 19.5 9.8 19.4
Net income 1.2 12.6 6.6 12.5
Sales in the second quarter of fiscal 1998 totaled $1.2
billion, a decrease of $201.4 million or 14 percent from the
corresponding quarter a year ago. Sales of network systems
products (e.g., switches, routers, hubs, and remote access
concentrators) in the second quarter of fiscal 1998 decreased
two percent from the same quarter one year ago and decreased
13 percent compared to the first quarter of fiscal 1998.
Sales of network systems products represented 51 percent of
total sales in the second quarter of fiscal 1998, compared to
44 percent in the year ago quarter. Sales of client access
products (e.g., modems and network interface cards [NICs]) in
the second quarter of fiscal 1998 decreased 24 percent from
the same quarter one year ago and 32 percent from the first
quarter of fiscal 1998. Sales of client access products in
the second quarter of fiscal 1998 represented 49 percent of
total sales compared to 56 percent in the second quarter of
fiscal 1997. Domestic sales represented 58 percent of total
sales for the second quarter of fiscal 1998. Domestic and
international sales decreased 16 percent and 11 percent,
respectively when compared to the second quarter of fiscal
1997. The Company also experienced a sequential decline from
the first quarter of fiscal 1998 in domestic and international
sales of 21 percent and 28 percent, respectively.
results of operations.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
CIK 0000738076
NAME JULIE SIMPSON
MULTIPLIER 1,000
PERIOD-TYPE 6-MOS
FISCAL-YEAR-END MAY-31-1998
PERIOD-END NOV-30-1997
CASH 539,748
SECURITIES 596,062
RECEIVABLES 927,504
ALLOWANCES (70,930)
INVENTORY 628,974
CURRENT-ASSETS 3,099,914
DEPRECIATION (477,931)
TOTAL-ASSETS 3,923,202
CURRENT-LIABILITIES 1,339,339
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 1,564,586
OTHER-SE 911,875
TOTAL-LIABILITY-AND-EQUITY 3,923,202
SALES 2,821,115
TOTAL-REVENUES 2,821,115
CGS 1,483,902
TOTAL-COSTS 2,122,803
OTHER-EXPENSES 812,390
LOSS-PROVISION 14,986
INTEREST-EXPENSE 8,730
INCOME-PRETAX (137,794)
INCOME-TAX (6,057)
INCOME-CONTINUING (131,737)
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (131,737)
EPS-PRIMARY (0.37)
EPS-DILUTED (0.37)
------------------------------------------------------------------------
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