JNI Corp. Beats Analysts Earnings Estimates Again
San Diego-based JNI Corp. (Nasdaq:JNIC - news) reported Monday strong earnings of 5 cents above analyst estimates, marking the fourth consecutive quarter that the information storage technology firm has resoundly beaten its earnings expectations.
JNI Corp., which makes computer hardware and software to connect information systems in storage area networks, has seen strong growth since entering the public market almost a year ago.
In a conference call with investors, JNI Chief Financial Officer Gloria Purdy said revenues for the 200-person company were growing at a faster rate than the rest of the industry, which includes competitors such as Orange County-based Emulex and Q Logic.
"We could have had a little faster growth early in the quarter had we not had some component shortages," Purdy said. "We think we're in good shape overall."
Excluding a quarterly charge for amortization, JNI on Monday reported earnings of 18 cents per share on revenues of $30 million for the third quarter ended Sept. 30, 2000, beating earnings of 3 cents per share on revenues of $10.9 million for the same period last year.
According to First Call/Thomson Financial, JNI's consensus number from analysts was 13 cents earnings per share.
JNI said it has experienced sequential revenue growth of greater than 25 percent for the last 10 quarters in a row.
The company expects a 4.5 million-share offering of common stock, with 1 million shares offered by JNI, to be completed later this week.
Although the company released its earnings report after the markets closed, shares of JNI closed up $8.25 to $86.50, a gain of more than 10 percent, giving the company a $2 billion market capitalization.
Trading volume was heavy at 1.3 million shares, compared to an average daily trading volume of 576,000 shares.
For the nine-month period, the company reported earnings of 39 cents per share on revenues of $72.5 million, compared to earnings of 10 cents per share on revenues of $25.8 million for the same period in the last year. |
