Not exciting at all! They beat the Street consensus of $ 0.15 (excluding one time charges). Didn't beat Whisper, though! Watch for some short term sell off! AGY did the same thing (news leaked of a debt charge and it sold off $ 3 before earnings - after earnings it was up 1+ today!)
July 27, 4:57 pm Eastern Time
Excel Switching Q2 net falls
HYANNIS, Mass., July 27 (Reuters) -
Excel Switching Corp.
Consolidated Condensed Statements of Income
(in thousands, except per share data)
Three Months Ended Six Months Ended
Jun 31, Jun 28, Jun 31, Jun 28,
1999 1998 1999 1998
Revenues $43,218 $30,807 $80,558 $57,912
Cost of revenues 13,689 9,881 25,906 19,003
Gross profit 29,529 20,926 54,652 38,909
Operating expenses:
Engineering, research
& development 9,590 5,904 18,112 11,444
Selling and marketing 6,398 4,923 12,094 9,964
General and administrative
4,791 2,949 8,299 5,857
Merger related costs 2,075 -- 2,075 --
Total operating expenses
22,854 13,776 40,580 27,265
Income from operations
6,675 7,150 14,072 11,644
Other income, net 1,306 1,482 2,514 3,199
Income before provision
for income taxes 7,981 8,632 16,586 14,843
Provision for income taxes 3,661 3,246 6,796 5,587
Net income (A) 4,320 5,386 9,790 9,256
Basic earnings per share 0.12 0.15 0.26 0.26
Diluted earnings per share (B) 0.10 0.13 0.24 0.23
Basic shares outstanding 35,620 33,178 35,454 33,005
Diluted shares outstanding 41,202 40,139 41,158 40,061
(A) Excluding one-time charges for merger related
expenses, net income for Q2 99 and the first six months of
1999 would have been $6.4m and $11.9m, respectively.
(B) Excluding one-time charges for merger related expenses,
diluted earnings per share for Q2 99 and for the first six
months of 1999 would have been $0.16 and $0.29, respectively.
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