DMC Stratex Networks Reports Second Quarter Financial Results for Fiscal Year 2001
Company Posts Three Quarterly Records With Revenues of $105 Million, Orders of $132 Million, Net Income of $11 Million
SAN JOSE, Calif., Oct. 17 /PRNewswire/ -- DMC Stratex Networks, Inc. (Nasdaq: STXN - news), one of the world's foremost solutions providers for broadband wireless access, today reported results for the second quarter of fiscal year 2001, ended Sept. 30, 2000. Sales were a company record $105.4 million, compared to sales of $68.5 million for the second quarter of the prior year, a 54 percent increase.
Net income for the fiscal 2001 second quarter was a company record $11.2 million, or $0.15 per share, compared to the fiscal 2000 second quarter's income of $1.3 million, or $0.02 per share. Net income was up ninefold from the previous year.
During the quarter, DMC Stratex Networks received a company record $132.5 million in new orders, compared to $71.2 million in the second quarter of fiscal 2000, an increase of 86 percent. For the first six months of FY 2001, DMC Stratex Networks has posted orders of $258.5 million, an 86 percent increase over the $139 million booked in the first six months of the previous fiscal year. The backlog as of Sept. 30, 2000, was $178.3 million.
``We are extremely pleased with our substantial increase in revenue, income and orders from last quarter and a year ago, and our continued strong upward momentum moving forward,'' said Sam Smookler, DMC Stratex Networks President and CEO. ``Our wireless access product lines continue to grow as we increase production capabilities to meet the rapidly expanding customer demand for our products. Shipments of XP4, our most popular product line, grew by more than 160 percent from a year ago. Shipments of the Altium(TM) product line also increased by more than 100 percent over what was shipped for last year's second quarter.
``Based on what we believe to be our leading market share, DMC Stratex Networks' solutions are proving to be the products of choice for service providers worldwide,'' continued Smookler. ``Faced with industry-wide supply challenges last quarter, we tackled those issues and are now continuing to ramp capacity to meet customer demand, and with increasing profitability.''
With headquarters in San Jose, Calif., DMC Stratex Networks, Inc., is one of the world's foremost solutions providers for broadband wireless access
-- enabling the development of complex communications networks worldwide.
Since its founding in 1984, the Company has achieved international recognition
for quality, innovation, and technical superiority in delivering data, voice,
and video communication systems, including comprehensive service and support.
Continuing its focus on the wireless broadband networking market,
DMC Stratex Networks is strategically positioned to continue its
solutions-based leadership in wireless high-capacity transmission technology.
Additional information can be found on the Company's web site at
www.dmcstratexnetworks.com.
The statements in this press release that relate to demand for the Company's broadband wireless products, its positioning for continued success, and continued market growth are forward looking. These forward-looking statements are based on current expectations and the Company assumes no obligation to update this information. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the volume and timing of orders for the Company's products, the ability of the Company and its suppliers to respond to changes made by customers in their orders, the ability of the Company to bring its new products to market quickly at cost-effective prices and to add innovative features that differentiate its products from those of its competitors, and competition in the microwave and access business. For a discussion of such factors, see the ``Risk Factors'' in the Company's Form 10-K filed with the SEC on June 29, 2000. |
