HLIT earnings.
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Harmonic Announces First Quarter Results
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 19, 2000--Harmonic Inc. (Nasdaq: HLIT) today announced its results for the quarter ended March 31, 2000.
For the first quarter of 2000, Harmonic reported net sales of $62.9 million, up 108% from $30.3 million for the first quarter of 1999. Net income for the first quarter of 2000 was $9.3 million or $0.28 per diluted share on 33,391,000 shares outstanding, compared to net income of $1.3 million or $0.05 per diluted share on 26,692,000 shares outstanding for the same period of 1999.
For the quarter, Harmonic had strong year-over-year growth for its fiber optic and digital products across its worldwide customer base. Domestic sales increased 141% and international sales increased 62% from the first quarter of 1999.
While AT&T continued to be the Company's largest single customer, Harmonic's shipments to other domestic and international cable operators grew strongly during the quarter. The Company shipped its METROLink DWDM product to several new customers, and saw good growth in its sales of optical node and return-path products. In addition, Harmonic continues to work with AT&T and others to explore a variety of new deep fiber network architectures that enable greater bandwidth, higher reliability and better access to advanced services.
Harmonic's digital product sales also grew significantly, representing 11% of total sales for the quarter. These digital shipments included CyberStream products for several domestic and international satellite operators, and TRANsend products for a number of international operators, including Telewest's new video-on-demand service.
"We are very pleased with our sales and profitability in the first quarter, which is historically our weakest quarter," said Anthony J. Ley, Chairman, President and Chief Executive Officer. b>"Cable operators continued to upgrade their networks to offer video-on-demand, high-speed Internet access, telephony and other advanced services. As the number of subscribers has grown, we are encouraged that our customers increasingly see our nodes and other fiber optic systems as a fast, flexible and economical way to scale up their networks."
"In coming periods, we intend to continue to develop advanced fiber optic and digital systems, expand our worldwide sales and marketing effort, and complete the acquisition and integration of DiviCom. The combination with DiviCom will allow us to offer more complete solutions for cable operators, as well as expand our penetration into telco, satellite, wireless and other emerging broadband markets."
On March 27, 2000, Harmonic announced that it had filed the joint proxy statement for a special meeting of Harmonic stockholders to be held on April 24, 2000. Harmonic's stockholders will vote on the proposed acquisition of the DiviCom business of C-Cube Microsystems, Inc. (Nasdaq: CUBE). If the transaction is approved, the closing is expected in the first week of May. The combination will position Harmonic as a leading supplier of open-system solutions for delivering video, voice and data over a variety of network architectures. |
