More details:
Company Press Release
JNI Reports Record Second Quarter
Continues Strong Revenue and Earnings Momentum
SAN DIEGO--(BUSINESS WIRE)--July 17, 2000--JNI Corporation:
Highlights -- Revenues Increase 181% to $24.0 Million Over Q2'99;
Up 30% Over First Quarter 2000 -- Net Income (Excluding Charges) Grows to $3.1 Million -- Earnings Per Share Equal $0.12
JNI Corporation (Nasdaq:JNIC - news), the fastest growing Fibre Channel host bus adapter company, today reported continued strong revenue and earnings growth for the second quarter ended June 30, 2000.
For the second quarter, revenues grew to a record $24.0 million, representing a 181% increase from $8.5 million in the 1999 second quarter. Sequentially, revenues in the second quarter increased 30% from $18.5 million in the 2000 first quarter. The company's PCI bus products grew 107% over the first quarter, comprising 24% of second quarter revenues, while its SBus host bus adapter (HBA) business remained strong, growing 20% over the first quarter.
Net income for the quarter was $3.1 million, equal to $0.12 per share (excluding a quarterly charge for amortization of intangibles and stock based compensation, taxed at statutory rates), a 621% increase from $433,000, equal to $0.02 per share, in the comparable period last year. Including these charges, net income for the second quarter was $2.3 million, equal to $0.09 per share.
Revenues for the six-month period ended June 30, 2000, increased 185% to $42.5 million from $14.9 million for the first half of 1999. Net income, excluding the aforementioned charges, was $5.3 million, equal to $0.20 per share, compared with $524,000, equal to $0.02 per share, in the same period last year. Including these charges, net income for the six-month period ended June 30, 2000 was $3.6 million, equal to $0.13 per share.
The company said that in the second quarter and going forward, due to its changing product mix it began recognizing revenue to its distribution channel upon shipment by the distributors to their end-user customers. This is consistent with Securities and Exchange Commission (SEC) Staff Accounting Bulletin 101 -- Revenue Recognition in Financial Statements. (A detailed description of SAB 101 can be found at www.sec.gov). Had the company recognized revenue upon shipment to the distributors, the revenue growth in the quarter would have been 34%. |
