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The Whole Enchilada
Zacks Company Report: FORE
Zacks analyst watch report: FORE Page: 1
FORE SYSTEMS 6/ 8/97
ZACKS ANALYST WATCH
MEAN HIGH LOW NUMBER MEAN CHG
EST LAST MNTH
($)
FISC YR END 3/99 0.72 0.80 0.60 5 0.00
FISC YR END 3/98 0.50 0.57 0.38 16 -0.02
VS ACTUAL 3/97 0.41
QUARTER END 6/97 0.09 0.10 0.06 13 0.00
VS ACTUAL 6/96 0.12
QUARTER END 9/97 0.11 0.13 0.09 12 0.00
VS ACTUAL 9/96 0.14
NEXT 5 YR GRTH (%) 34.61 50.00 20.00 12 -1.97
ESTIMATES & ACTUALS ARE BOTH EPS BEFORE XTRAS & OTHER NRI'S
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 2
FORE SYSTEMS 6/ 8/97
WALL STREET RECOMMENDATIONS
FORE RANKED 20/ 51 IN COMP-NETWORKS IND RANKED 118/211
R R R R R R
I I N I I N R I N Z
-------- -------- -------- -------- --------
STRONG MODERATE HOLD MODERATE STRONG
BUY BUY SELL SELL
N = NATIONAL RETAIL BROKER; I = INSTITUTIONAL BROKER
R = REGIONAL BROKERAGE FIRM;
Z = ZACKS INDICATOR RANKING (EPS FORECAST REVISION MODEL)
( + UPGRADE SINCE LAST WEEK; - DOWNGRADE )
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 3
FORE SYSTEMS 6/ 8/97
COMPANY VS INDUSTRY
---------- EPS GROWTH RATES --------
P/E ON
LAST 5 YRS 97/96 98/97 NXT 5 97
ACTUAL (%) (%) (%) YRS(%) EPS
COMPANY N/A 24.5 41.0 36.3 31.9
IND: COMP-NETWORKS 16.4 13.1 34.3 29.0 37.4
(T=298)
S & P 500 12.6 10.2 5.5 6.7 19.2
------------------------------------------------------------
COMPANY-INDUSTRY N/A 11.5 6.7 7.3 -5.4
COMPANY-S&P N/A 14.4 35.5 29.6 12.7
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 4
DISTRIBUTION OF EPS ESTIMATES
HISTOGRAM AS OF 6/ 8/97
FORE SYSTEMS
FY1 - 9803 FY2 - 9903
16 ESTS. 5 ESTS.
O
O X
X X
X X X O O
XXXX XXXO O X X
!-----!-----!-----!-----! !-----!-----!-----!-----!
0.38 0.48 0.58 0.68 0.78 0.60 0.70 0.80 0.90 1.00
"X" = EPS ESTIMATE ($) "O" = THREE MOST RECENT ESTS.
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 5
6/97 QTR: FORE SYSTEMS 9/97 QTR:
EXP.REPT: 7/18/97 EXP.REPT: 10/17/97
O
XO O
XX OX
XX XX
XX XX
O XXX OXXXX
!-----!-----!-----!-----! !-----!-----!-----!-----!
0.06 0.11 0.16 0.21 0.26 0.09 0.14 0.19 0.24 0.29
MEAN 0.09 (13) MEAN 0.11 (12)
MOST ACC 0.08 ( 3) MOST ACC 0.10 ( 3)
------------------------------------------------------------
QTR END % SURPRISE ACTUAL ESTIMATE STD DEV. # ANALYSTS
6/97 N/A N/A 0.09 0.01 13
3/97 -5.59 0.09 0.10 0.02 15
12/96 7.14 0.16 0.15 0.01 15
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 6
FORE SYSTEMS -NMS - 2.000 6/ 4/96 - 357 EMPLOYEES
FORE SYSTEMS, INC.IS A LEADER IN THE DESIGN, DEVELOPMENT, M
ANUFACTURE AND SALE OF HIGH-PERFORMANCE NETWORKING PRODUCTS
BASED ON ASYNCHRONOUS TRANSFER MODE (ATM) TECHNOLOGY.
YEAR EPS BEFORE XTRAS & NRI'S
-CUR- HI/LO 1ST 2ND 3RD 4TH YR( 3)
PRICE 15 42/ 11 99 0.13E 0.15E 0.16E 0.18E 0.72E
PRC/EPS 31 120/ 22 98 0.09E 0.11E 0.13E 0.15E 0.50E
REL P/E 1.5 7.0/1.2 97 0.12 0.14 0.15 0.09 0.41
YLD 0.00 IAD NA SINCE 10/87
DEC SLS(MM$) NET(MM$) EPS-XNRI EPS-REP DIV/SH HIGH LOW
97 NA NA 0.41 0.41 NONE 34 15
96 235 9 0.37 0.11 NONE 41 27
95 75 7 0.18 0.18 NONE 30 13
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 7
OPERATIONAL ANALYSIS
SEGMENT INFORMATION
NOT PROVIDED
SHARES NA /OWNED BY 11.62% INSIDERS; 65.46% INSTITUTIONS
- -PAID $
RESULTS OF OPERATIONS GENERAL THE COMPANY IS A LEADER IN THE
DESIGN, DEVELOPMENT, MANUFACTURE AND SALE OF HIGH-PERFORMAN
CE NETWORKING PRODUCTS BASED ON ATM TECHNOLOGY. ATM PROVIDES
DRAMATICALLY GREATER SPEED AND TOTAL CAPACITY THAN CONVENTI
ONAL NETWORKING TECHNOLOGIES. ATM IMPROVES THE PERFORMANCE O
F TODAY'S NETWORK APPLICATIONS, AND ALSO ENABLES NEW APPLICA
TIONS, INCLUDING INTEGRATED VIDEO, AUDIO AND DATA CONTINUED
------------------------------------------------------------------------
Zacks analyst watch report: FORE Page: 8
OPERATIONAL ANALYSIS CONTINUED
COMMUNICATIONS. THE COMPANY BELIEVES THAT IT CURRENTLY OFFE
RS THE MOST COMPREHENSIVE ATM PRODUCT LINE AVAILABLE, INCLUD
ING FORERUNNER ATM SWITCHES AND ADAPTER CARDS, POWERHUB LAN
SWITCHES FOR ATM CONNECTIVITY, CELLPATH WAN MULTIPLEXING PRO
DUCTS FOR WAN ACCESS, FORETHOUGHT INTERNETWORKING SOFTWARE,
AND FOREVIEW NETWORK MANAGEMENT SOFTWARE.
END
------------------------------------------------------------------------
FORE SYSTEMS
Annual Statement of Cash Flow
(in Millions, except EPS data)
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 3/31/96 3/31/95 3/31/94 3/31/93
------------------------------------------------------------------------
Sources of Funds
Net Income (Loss) N/A 9.44 7.36 N/A 0.30
Depreciation & Depletion N/A 8.49 2.23 N/A 0.09
Net Change Assets/Liabilities N/A 24.22 (9.29) N/A (0.62)
Net Cash from Discontinued Operations N/A 0.00 0.00 N/A N/A
Other Adjustments from Operations N/A (13.01) (1.48) N/A (0.08)
NET CASH Operational Activities N/A 29.13 (1.18) N/A (0.31)
Increase/Decease in PP&E N/A (23.51) (7.66) N/A (0.22)
Acquisition/Disposition of Subsidaries N/A 0.00 0.00 N/A N/A
Increase/Decrease Investsments N/A (62.92) (20.45) N/A N/A
Other Adjustments & Investments (net) N/A (0.09) 0.00 N/A N/A
NET CASH Investment Activities N/A (86.52) (28.11) N/A (0.22)
Uses of Funds
Equity Issue (Purchase) N/A 29.66 37.03 N/A 5.00
Debt (Repay) Issue N/A 0.00 0.00 N/A N/A
Increase (Decrease) Borrowings N/A 0.21 (0.20) N/A (0.03)
Dividend Payments & Other Distributions N/A 0.00 0.00 N/A N/A
Other Adjustments & Financial Activities (net) N/A 0.00 2.92 N/A 0.06
NET CASH Financial Activities N/A 29.87 39.76 N/A 5.03
Exchange Rates Effect N/A 0.00 0.00 N/A N/A
NET CHANGE in Cash & Equivalents N/A 26.39 10.47 N/A 4.50
Cash and Equivalents
Beginning Balance N/A 8.06 2.09 N/A 0.06
End Balance N/A 34.45 12.56 N/A 4.56
Primary EPS 0.50 0.17 0.14 0.04 N/A
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Quarterly Risk Rating/Bankruptcy
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 12/31/96 9/30/96 6/30/96 3/31/96 12/31/95 9/30/95 6/30/95
------------------------------------------------------------------------
Growth Rates
Net ROA % N/A 2.61 2.93 2.61 (2.26) 2.06 4.09 4.70
Long Term Debt Growth (YTY %) N/A N/A N/A N/A N/A N/A N/A N/A
Asset Growth (YTY %) N/A 7.89 4.46 2.83 72.62 162.86 8.30 9.63
Components of Net Liquidated Value
Cash @ 100% N/A 124.21 129.44 147.28 204.01 96.00 16.89 10.83
Marketable Securities @ 98% N/A 161.70 137.74 122.61 89.32 67.13 15.61 18.97
Reseivables @ 90% N/A 79.61 72.57 58.48 44.99 29.61 22.82 20.33
Other Current Assets @ 80% N/A 24.08 22.41 25.39 21.56 12.26 7.29 6.14
Inventory @ 50% N/A 21.13 19.72 17.80 13.75 9.41 8.04 9.07
Net Plant @ 25% N/A 10.44 9.43 7.92 6.19 3.57 2.54 1.94
Subtotal N/A 421.17 391.31 379.47 379.83 217.98 73.19 67.28
- Current Liabilities (100%) N/A 68.84 65.04 73.23 88.37 46.40 30.91 29.08
N/A 352.33 326.27 306.24 291.45 171.58 42.28 38.21
- Long Term Debt (100%) N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
N/A 352.33 326.27 306.24 291.45 171.58 42.28 38.21
- Other Liabilities (100%) N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
N/A 352.33 326.27 306.24 291.45 171.58 42.28 38.21
Net of Liabilities N/A 352.33 326.27 306.24 291.45 171.58 42.28 38.21
- Preferred Stock N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
= Net Liquid Value N/A 352.33 326.27 306.24 291.45 171.58 42.28 38.21
Primary Shares 104.56 102.53 95.93 96.77 95.50 68.93 59.99 82.01
NET Liquid Value per Share N/A 3.44 3.40 3.16 3.05 2.49 0.70 0.47
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Annual Risk Rating/Bankruptcy
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 3/31/96 3/31/95 3/31/94 3/31/93 3/31/92
------------------------------------------------------------------------
Growth Rates
Net ROA % N/A 2.29 9.34 N/A 4.01 19.87
Long Term Debt Growth (YTY %) N/A N/A N/A N/A N/A N/A
Asset Growth (YTY %) N/A 438.71 N/A N/A 1,488.68 N/A
Components of Net Liquidated Value
Cash @ 100% N/A 204.01 12.56 N/A 4.56 0.06
Marketable Securities @ 98% N/A 89.32 20.76 N/A 0.00 0.00
Reseivables @ 90% N/A 44.99 16.99 N/A 1.29 0.10
Other Current Assets @ 80% N/A 21.56 4.42 N/A 0.10 0.05
Inventory @ 50% N/A 13.75 7.26 N/A 0.55 0.07
Net Plant @ 25% N/A 6.19 1.53 N/A 0.06 0.02
Subtotal N/A 379.83 63.51 N/A 6.55 0.30
- Current Liabilities (100%) N/A 88.37 24.16 N/A 1.97 0.36
N/A 291.45 39.35 N/A 4.58 (0.05)
- Long Term Debt (100%) N/A 0.00 0.00 N/A 0.00 0.00
N/A 291.45 39.35 N/A 4.58 (0.05)
- Other Liabilities (100%) N/A 0.00 0.00 N/A 0.00 0.00
N/A 291.45 39.35 N/A 4.58 (0.05)
Net of Liabilities N/A 291.45 39.35 N/A 4.58 (0.05)
- Preferred Stock N/A 0.00 0.00 N/A 5.10 0.00
= Net Liquid Value N/A 291.45 39.35 N/A 4.58 (0.05)
Primary Shares 86.43 86.43 55.31 45.66 24.05 24.03
NET Liquid Value per Share N/A 3.37 0.71 N/A 0.19 (0.00)
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Annual ROE Decomposition
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 3/31/96 3/31/95 3/31/94 3/31/93
------------------------------------------------------------------------
(1) Net Sales 395.35 235.19 75.61 23.51 5.48
(2) Pretax Income N/A 20.55 11.91 N/A 0.52
(3) Net Income 41.47 9.74 7.36 2.08 0.30
(3) Total Assets N/A 424.36 78.77 N/A 7.43
(4) Shareholders Equity N/A 335.99 54.61 N/A 5.47
Pretax Margin % (2/1) N/A 8.74 15.75 N/A 9.49
x Tax Retent % (3/2) N/A 47.37 61.81 N/A 57.31
= Profit Margin % (3/1) 10.49 4.14 9.73 8.84 5.44
x Assets Utilization (1/4) N/A 0.55 0.96 N/A 0.74
= ROA % (3/4) N/A 2.29 9.34 N/A 4.01
x Leverage (4/5) N/A 1.26 1.44 N/A 1.36
= ROE % (3/5) N/A 2.90 13.48 N/A 5.45
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Quarterly ROE Decomposition
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 12/31/96 9/30/96 6/30/96 3/31/96 12/31/95 9/30/95 6/30/95
------------------------------------------------------------------------
(1) Net Sales 101.33 112.64 98.02 83.36 75.27 47.28 38.24 43.88
(2) Pretax Income N/A 20.76 20.86 17.80 2.73 8.38 6.12 3.33
(3) Net Income 3.89 12.84 13.35 11.39 (9.57) 5.07 3.83 4.06
(3) Total Assets N/A 491.79 455.81 436.36 424.36 245.84 93.53 86.36
(4) Shareholders Equity N/A 422.94 390.77 363.14 335.99 199.44 62.61 57.28
Pretax Margin % (2/1) N/A 18.43 21.28 21.36 3.62 17.72 16.00 7.59
x Tax Retent % (3/2) N/A 61.85 64.00 64.00 (351.38) 60.55 62.50 121.95
= Profit Margin % (3/1) 3.84 11.40 13.62 13.67 (12.72) 10.73 10.00 9.26
x Assets Utilization (1/4) N/A 0.23 0.22 0.19 0.18 0.19 0.41 0.51
= ROA % (3/4) N/A 2.61 2.93 2.61 (2.26) 2.06 4.09 4.70
x Leverage (4/5) N/A 1.16 1.17 1.20 1.26 1.23 1.49 1.51
= ROE % (3/5) N/A 3.04 3.42 3.14 (2.85) 2.54 6.11 7.09
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Annual Ratios and Turnover Rates
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 3/31/96 3/31/95 3/31/94 3/31/93 3/31/92
------------------------------------------------------------------------
Current Assets / Current Liablities
Current Assets / Current Liabilities % N/A 452.17 300.74 N/A 366.48 104.48
Cash / Current Liabilities % N/A 230.86 51.98 N/A 231.74 16.53
Receivables / Current Liabilities % N/A 56.57 78.13 N/A 72.89 31.93
Inventory / Current Liabilities % N/A 31.11 60.06 N/A 55.65 37.54
Turnover Rates and % of Sales
Inventory Turnover N/A 4.70 N/A N/A 4.15 N/A
Receivables Turnover N/A 6.83 N/A N/A 7.09 N/A
Account Payables Turnover N/A 10.76 N/A N/A 9.56 N/A
Account Receivables / Sales % N/A 21.26 24.97 N/A 26.14 10.93
Inventory / Sales % N/A 11.69 19.19 N/A 19.96 12.85
Total Assets / Sales % N/A 180.43 104.18 N/A 135.63 44.87
Account Payables / Sales % N/A 13.79 14.93 N/A 19.19 9.11
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Quarterly Ratios and Turnover Rates
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 12/31/96 9/30/96 6/30/96 3/31/96 12/31/95 9/30/95 6/30/95
------------------------------------------------------------------------
Current Assets / Current Liablities
Current Assets / Current Liabilities % N/A 653.72 642.83 552.64 452.17 498.97 269.70 270.31
Cash / Current Liabilities % N/A 180.43 199.02 201.12 230.86 206.87 54.65 37.25
Receivables / Current Liabilities % N/A 128.50 123.97 88.73 56.57 70.89 82.02 77.69
Inventory / Current Liabilities % N/A 61.39 60.65 48.61 31.11 40.56 52.03 62.42
Turnover Rates and % of Sales
Inventory Turnover N/A 1.19 1.11 1.11 1.98 1.20 1.01 0.89
Receivables Turnover N/A 1.33 1.35 1.45 1.82 1.62 1.60 2.12
Account Payables Turnover N/A 3.74 3.02 2.58 3.06 3.22 2.82 3.39
Account Receivables / Sales % N/A 78.53 82.26 77.95 66.41 69.58 66.30 51.48
Inventory / Sales % N/A 37.52 40.24 42.70 36.53 39.81 42.06 41.36
Total Assets / Sales % N/A 436.58 465.02 523.49 563.78 520.00 244.56 196.80
Account Payables / Sales % N/A 24.45 33.40 38.68 43.08 35.54 32.80 33.33
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Annual Balance Sheet
(in Millions, except Book Value per Share)
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 3/31/96 3/31/95 3/31/94 3/31/93
------------------------------------------------------------------------
Assets
Cash & Marketable Securities N/A 295.15 33.74 N/A 4.56
Receivables N/A 49.99 18.88 N/A 1.43
Notes Receivable N/A 0.00 0.00 N/A 0.00
Inventory N/A 27.50 14.51 N/A 1.09
Total Current Assets N/A 399.60 72.66 N/A 7.20
Net Property Plant & Equipment N/A 24.77 6.11 N/A 0.23
Investment & Advances N/A 0.00 0.00 N/A 0.00
Other Non-Current Assets N/A 0.00 0.00 N/A 0.00
Deferred Charges N/A 0.00 0.00 N/A 0.00
Intangibles N/A 0.00 0.00 N/A 0.00
Deposits & Other Assets N/A 0.00 0.00 N/A 0.00
Total Assets N/A 424.36 78.77 N/A 7.43
Liabilities
Notes Payable N/A 0.00 0.00 N/A 0.00
Accounts Payable N/A 32.43 11.29 N/A 1.05
Current Portion Lont Term Debt N/A 0.00 0.00 N/A 0.00
Curr Portion of Capital Leases N/A 0.00 0.00 N/A 0.00
Accrued Expenses N/A 30.77 3.63 N/A 0.37
Income Taxes Payable N/A 4.54 0.92 N/A 0.26
Other Current Liabilities N/A 20.63 8.32 N/A 0.29
Total Current Liabilities N/A 88.37 24.16 N/A 1.97
Mortgages N/A 0.00 0.00 N/A 0.00
Deferred Taxes/Income N/A 0.00 0.00 N/A 0.00
Convertible Debt N/A 0.00 0.00 N/A 0.00
Long Term Debt N/A 0.00 0.00 N/A 0.00
Non-Current Capital Leases N/A 0.00 0.00 N/A 0.00
Other Long Term Liabilities N/A 0.00 0.00 N/A 0.00
Minority Interest(Liabilities) N/A 0.00 0.00 N/A 0.00
Total Liabilities N/A 88.37 24.16 N/A 1.97
Shareholders' Equity
Preferred Stock N/A 0.00 0.00 N/A 5.10
Common Stock (Net) N/A 323.13 45.57 N/A 0.06
Capital Surplus N/A 0.00 0.00 N/A 0.04
Retain Earnings N/A 13.38 9.31 N/A 0.37
Other Equity Adjustments N/A (0.53) (0.26) N/A (0.10)
Treasury Stock (-) N/A 0.00 0.00 N/A 0.00
Shareholders Equity N/A 335.99 54.61 N/A 5.47
Tot Liab. & Sharehold's Equity N/A 424.36 78.77 N/A 7.43
Common Equity N/A 335.99 54.61 N/A 0.37
Shares Outstanding 90.59 65.12 51.90 48.51 24.05
Book Value Per Share N/A 5.16 1.05 N/A 0.02
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Quarterly Balance Sheet
(in Millions, except Book Value per Share)
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 12/31/96 9/30/96 6/30/96 3/31/96 12/31/95 9/30/95 6/30/95
------------------------------------------------------------------------
Assets
Cash & Marketable Securities N/A 289.21 269.99 272.39 295.15 164.50 32.82 30.19
Receivables N/A 88.46 80.63 64.97 49.99 32.90 25.35 22.59
Notes Receivable N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory N/A 42.26 39.44 35.60 27.50 18.82 16.08 18.15
Total Current Assets N/A 450.03 418.08 404.70 399.60 231.54 83.37 78.60
Net Property Plant & Equipment N/A 41.76 37.73 31.67 24.77 14.30 10.15 7.76
Investment & Advances N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Non-Current Assets N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Charges N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Intangibles N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deposits & Other Assets N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Assets N/A 491.79 455.81 436.36 424.36 245.84 93.53 86.36
Liabilities
Notes Payable N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable N/A 27.54 32.74 32.24 32.43 16.80 12.54 14.63
Current Portion Lont Term Debt N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Curr Portion of Capital Leases N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accrued Expenses N/A 18.83 16.84 20.88 30.77 6.92 4.65 3.24
Income Taxes Payable N/A 0.00 0.00 0.00 4.54 8.45 3.25 1.82
Other Current Liabilities N/A 22.47 15.45 20.11 20.63 14.23 10.47 9.40
Total Current Liabilities N/A 68.84 65.04 73.23 88.37 46.40 30.91 29.08
Mortgages N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Taxes/Income N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Convertible Debt N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long Term Debt N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Non-Current Capital Leases N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Other Long Term Liabilities N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Minority Interest(Liabilities) N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Liabilities N/A 68.84 65.04 73.23 88.37 46.40 30.91 29.08
Shareholders' Equity
Preferred Stock N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common Stock (Net) N/A 377.87 356.64 339.06 323.13 180.77 48.66 47.85
Capital Surplus N/A 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Retain Earnings N/A 49.24 38.13 24.78 13.38 18.71 14.09 10.26
Other Equity Adjustments N/A (0.92) (0.75) (0.70) (0.53) (0.05) (0.14) (0.83)
Treasury Stock (-) N/A 3.25 3.25 0.00 0.00 0.00 0.00 0.00
Shareholders Equity N/A 422.94 390.77 363.14 335.99 199.44 62.61 57.28
Tot Liab. & Sharehold's Equity N/A 491.79 455.81 436.36 424.36 245.84 93.53 86.36
Common Equity N/A 422.94 390.77 363.14 335.99 199.44 62.61 57.28
Shares Outstanding 90.59 89.37 89.15 65.12 65.12 63.22 54.61 51.90
Book Value Per Share N/A 4.73 4.38 5.58 5.16 3.15 1.15 1.10
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
------------------------------------------------------------------------
FORE SYSTEMS
Annual Income Statement
(in millions except EPS data)
Fiscal Year End for FORE SYSTEMS(FORE ) falls in the month of March.
3/31/97 3/31/96 3/31/95 3/31/94 3/31/93
------------------------------------------------------------------------
Net Sales 395.35 235.19 75.61 23.51 5.48
COGS & related Depr. & Amort.(-) N/A 98.67 35.53 N/A 2.55
Gross Profit N/A 136.52 40.08 N/A 2.93
S&G&A & R&D & related Depr. & Amort.(-) N/A 96.50 29.32 N/A 2.45
Income after Depreciation & Amortization N/A 40.02 10.76 N/A 0.48
Non-Operating Income (Expense) (+) N/A (19.47) 1.15 N/A 0.04
Interest Expense (-) N/A 0.00 0.00 N/A 0.00
Pretax Income N/A 20.55 11.91 N/A 0.52
Provision for Income Taxes (-) N/A 10.82 4.55 N/A 0.22
Minority Interest (-) N/A 0.00 0.00 N/A 0.00
Investment Gains/Losses (+) N/A 0.00 0.00 N/A 0.00
Other Income N/A 0.00 0.00 N/A 0.00
Income from Continuing Operations 41.47 9.74 7.36 2.08 0.30
Extras & Discontinued Operations(+) 0.00 0.00 0.00 0.00 0.00
Net Income 41.47 9.74 7.36 2.08 0.30
Depreciation Footnote
Income before Depreciation&Amortization N/A 48.51 12.99 N/A 0.57
Depreciation & Amortization-(Cash Flow) N/A 8.49 2.23 N/A 0.09
Income after Depreciation & Amortization N/A 40.02 10.76 N/A 0.48
Earnings Per Share Data
Primary Shares 86.43 86.43 55.31 45.66 24.05
Primary EPS BNRI 0.50 0.54 0.14 0.04 N/A
Primary Net EPS 0.50 0.17 0.14 0.04 N/A
Last updated May 3, 1997.
c Zacks Investment Research, Inc. 1997
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