I'm only posting here so SI won't delete this tread. It may be useful someday. I haven't heard the CC yet but it looks like another strong quarter. Mergers going well and that's important. Good number of design wins. RSYS is in the right place right time. The stock has pulled back from its high enough to have a little run now.
RadiSys Announces Financial Results for Quarter Ended
March 31, 2000
HILLSBORO, Ore.--(BUSINESS WIRE)--April 19, 2000--RadiSys Corporation (Nasdaq:
RSYS) today reported revenues of $81.3 million for the quarter ended March 31, 2000, a 54%
increase from revenues of $52.7 million for the quarter ended March 31, 1999.
Net income for the quarter was $6.6 million or $0.36 per share (diluted), which represented 100%
earnings per share growth, compared to $2.9 million or $0.18 per share (diluted) for the quarter
ended March 31, 1999. The earnings per share of $0.36 includes approximately $.03 per share
associated with the gain on the sale of an investment.
Cash earnings per share, defined as net income excluding goodwill and intangible amortization, net of
tax, was $.43 per share (diluted) for the quarter ended March 31, 2000, which represents 126%
growth, compared to $.19 per share for the quarter ended March 31, 1999. Sequentially, cash
earnings per share increased 23% from $.35 per share in the quarter ended December 31, 1999.
"One of the major accomplishments for us in the quarter, amid the excellent financial results, was the
smooth integration of the IBM Open Computing Platforms business that we acquired at the end of
December," stated Dr. Glen Myers, Chairman and CEO of RadiSys. "This is fully integrated within
RadiSys, fully integrated as part of our value-proposition story to our customers, and has already
resulted in several design wins. The fact that we accomplished this in parallel with making significant
improvements in our overall operational measures, such as cash flow, days of receivables, and
inventory turns, says a lot about the capabilities of the whole team at RadiSys."
RadiSys achieved 21 new design wins in the quarter. The Company characterizes a design win as a
project estimated to produce more than $500,000 in revenue per year when in production. Of the
21 wins, 8 are estimated to produce $2 million or more in revenue per year once in full production.
Ten of the wins were for communications equipment, 3 for semiconductor equipment, and 8 in other
categories. Design wins ramp into production volume at varying rates; typically the ramp begins 6-12
months after the win occurs. A variety of risks can affect a design win before the start of production,
such as schedule delays, cancellations and changes in customer markets.
The company also made a change in executive responsibilities. Stuart Cohen, who was Vice
President of Marketing, is taking an expanded role as Vice President of Marketing and Sales.
Douglas Goodyear, formerly Vice President of Sales, is Vice President of Networking Business
reporting to Cohen.
RadiSys designs and manufactures embedded computer solutions that are used in a wide variety of
electronics systems for the communications, medical equipment, and transaction terminal markets. Its
solutions include Intel-based embedded computers, signal processors, communications interfaces,
and certain types of embedded software. RadiSys' highly differentiated position in the market is a
result of its intense focus on Intel-based technology, having the broadest array of building blocks,
and being a "virtual division" with its customers by providing a "perfect fit" product development
strategy.
RadiSys is a registered trademark. All other products are trademarks or registered trademarks of
their respective companies.
Except for the historical statements and information contained herein, the matters discussed in this
press release, including the statements regarding expectations of future orders and estimated
revenues from design wins, are forward looking statements that involve risks and uncertainties. The
following are among the factors that could cause actual results to differ materially: business conditions
and growth in the telecommunications and electronics industry and general economy, both domestic
and international; dependence on a limited number of OEM customers; dependence on the
relationship with Intel; lower than expected customer orders or variations in customer order patterns
due to changes in demand for customers' products and customer and channel inventory levels;
competitive factors, including pricing pressures, technological developments and products offered by
competitors; availability of components and qualified personnel; technological difficulties and
resource constraints encountered in developing new products; the timely flow of competitive new
products and market acceptance of those products; difficulties in successfully combining the
operations of RadiSys and Texas Micro Inc.; dependence on a limited number of suppliers; and
risks associated with foreign currency rate fluctuations and other international operational risks. The
forward-looking statements should be considered in light of these factors.
For more information, contact RadiSys at investor.relations@radisys.com or call the RadiSys
Investor Line at 1-503-615-RSYS.
For more information, press only: Eric Stebel, Public Relations Manager, RadiSys, 713/541-8200
To receive these releases via email, visit our web page www.radisys.com and subscribe to our
electronic mailing list.
RadiSys Corporation
Consolidated Statement of Operations
(in thousands, except per share amounts)
Three Months Ended
(unaudited)
March 31, March 31,
2000 1999
(restated)
-------- --------
Revenues $ 81,293 $ 52,698
Cost of goods sold 52,435 33,859
-------- --------
Gross profit 28,858 18,839
Research and development 8,981 6,662
Selling, general and administrative 9,542 8,505
Goodwill and intangibles amortization 1,724 299
-------- --------
Income from operations 8,611 3,373
Interest income (expense), net (56) 438
Other income 838 38
-------- --------
Income before income tax provision 9,393 3,849
Income tax provision 2,762 932
-------- --------
Net income $ 6,631 $ 2,917
======== ========
Net income per share (basic) $ 0.40 $ 0.18
======== ========
Net income per share (diluted) $ 0.36 $ 0.18
======== ========
Weighted average shares (basic) 16,670 15,903
======== ========
Weighted average shares (diluted) 18,204 16,580
======== ========
Cash earnings per share (diluted)(1) $ 0.43 $ 0.19
======== ========
(1) Cash earnings per share is defined as net income, excluding
goodwill and intangibles amortization, tax effected
RadiSys Corporation
Consolidated Balance Sheet
(in thousands)
ASSETS
March 31, December 31,
2000 1999
(unaudited)
--------- ---------
Current assets
Cash and cash equivalents $ 36,013 $ 15,708
Accounts receivable, net 61,051 58,619
Inventories, net 42,024 41,374
Other current assets 4,204 1,747
Deferred income taxes 3,814 4,723
--------- ---------
Total current assets 147,106 122,171
Property and equipment, net 20,949 21,211
Goodwill and intangible assets, net 33,466 34,177
Other assets 12,772 10,004
--------- ---------
Total assets $ 214,293 $ 187,563
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $ 30,354 $ 19,878
Short term borrowings 13,931 13,931
Income taxes payable 5,973 3,527
Accrued wages and bonuses 6,254 6,706
Other accrued liabilities 8,842 9,266
--------- ---------
Total liabilities 65,354 53,308
--------- ---------
Shareholders' equity
Common stock, 50,000 shares authorized,
16,853 and 16,489 shares issued
and outstanding 146,307 141,030
Accumulated other comprehensive income
(loss):
Cumulative translation adjustment (1,195) (1,546)
Unrealized gain (loss) on securities
available for sale 2,076 (349)
Accumulated earnings (deficit) 1,751 (4,880)
--------- ---------
Total shareholders' equity 148,939 134,255
--------- ---------
Total liabilities and shareholders'
equity $ 214,293 $ 187,563
========= =========
Contact:
RadiSys Corporation
Brian Bronson (Investor Relations), 503/615-1281
brian.bronson@radisys.com
All Headlines
Additional Headlines
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04/19 16:08
RadiSys Announces Financial Results for Quarter Ended March 31, 2000
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04/12 07:48
RadiSys Announces an Addition to Its Family of Long-Life Intel-Architecture
Motherboards
Copyright ¸ 2000 Business Wire
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