GENROCO Announces Second Quarter Results Sales Up 165% From Previous Quarter
SLINGER, Wis., Nov. 20 /PRNewswire/ -- GENROCO, Inc. (OTC Bulletin
Board: GRCI), manufacturer of leading-edge Storage Area Networking (SAN)
Gateway/Router/Switch subsystems and high performance PCI Host Bus Adapter
products, announced its financial results today for the second quarter of
Fiscal Year 2001 ended September 30, 2000.
During GENROCO's second quarter of Fiscal Year 2001 ended September 30,
2000, net sales were $678,000, up 165% from revenues of $256,000 in the
previous quarter ended June 30, 2000. Second quarter shipments were down
29% from sales of $958,000 in the second quarter last year, ended September
30, 1999. For the first half of the current year, ended September 30, 2000,
net sales were $934,000, down 50% from $1,897,000 for the six months ended
September 30, 1999. The declines in second quarter and first half FY'00
revenue compared to last year's quarterly and six month achievements were
primarily due to sales of the Company's traditional Fibre Channel and HIPPI
products decreasing faster than sales of new, high speed Gigabyte System
Network (GSN) switches and adapter cards manifested. The increase in Q2
revenue compared with Q1 was the result of the Company's ability to begin
booking and filling orders for these new offerings, including shipments to Oak
Ridge National Laboratories, the French atomic agency (CEA), and Fujitsu
SuperComputers.
"We believe that our new networking products provide greater bandwidth to
high performance computer systems than any competitive merchandise on the
market today," declared Carl A. Pick, GENROCO Chairman, President, and CEO.
"The Company continues to make investments in developing its hardware and
software, some of which is in beta test at partner and client sites, and some
of which has been shipped to customers for revenue," added Pick. "We are of
the opinion that emerging technologies such as OC192, 10 Gigabit Ethernet, and
InfiniBand, will not be ready for significant deployment for several years,
and that GENROCO has the opportunity to establish a dominant position in the
high speed network market during 2001 with its mature GSN solutions. Over the
next few months, we look to demonstrate record speeds for TCP/IP on Compaq,
Sun, IBM, and other UNIX platforms."
GENROCO expects to provide migration for users of current gigabit per
second TCP/IP networks, including HIPPI, ATM, or Ethernet, to newer, faster,
gigabyte per second infrastructures, such as GSN. The Company plans to
leverage the foundation attained by current sales with future products
incorporating the emerging 10 Gigabit Ethernet and InfiniBand technologies.
GENROCO is also positioning itself to further exploit its industry
leading, "viSCSI" technology that allows Fibre Channel and SCSI storage
devices to connect directly to existing IP networks, without the need for
expensive, intermediate servers. During past quarter, the Company
demonstrated its ability to use its viSCSI hardware and software to run open
standard SAN software ("SANergy" from IBM's Tivoli subsidiary), thus creating
the worlds first Network Independent SAN. Beta versions of these products
have been delivered and it is expected that they will become commercially
available within the next six months.
The data management industry is now working to move from the traditional
"Client-Server" storage model to Storage Area Network (SAN) implementations
where all clients can have direct access to disks and tapes without servers.
Currently, SANs are only being implemented via FC, which requires an
additional network to buy and support, while being limited to short distances.
Management believes that the revolutionary concept, which has come to be known
as "iSCSI", will ultimately replace FC SANs as the dominant storage mechanism
in the computer world. GENROCO's viSCSI offerings will not only be among the
first such solutions to be deployed, but will also be ready to be used with
next generation InfiniBand infrastructure.
This release contains forward-looking statements based on current
expectations that involve a number of risks that could cause actual results to
differ materially. Information on the factors that might affect the financial
results of GENROCO, Inc. can be found in the company's filings with Securities
and Exchange Commission (SEC).
Further information on GENROCO's Q2 FY'2001 results can be found in its
SEC 10Q filing at biz.yahoo.com or by searching for
'genroco' at sec.gov .
ABOUT GENROCO
GENROCO, Inc. is a 26-year-old, engineering and marketing company that
specializes in providing I/O solutions for users of high performance, network
independent storage area networks (SANs). By offering cross-platform support
for its patented technology, the Company is able to deliver unique,
extraordinarily high bandwidth, low host overhead products for these markets.
GENROCO enjoys a global customer base that includes Compaq, Fujitsu, SGI, Sun,
the US Departments of Defense and Energy, CERN, and other research
institutions.
Additional facts about GENROCO can be found at genroco.com .
CONTACT: Donald Woelz, VP of Marketing of GENROCO, Inc., 262-644-2505,
fax, 262-644-6667, email, don@genroco.com, or Web, genroco.com .
This release was issued through DigitalWork.com - Your Business Workshop
For more information, visit digitalwork.com
SOURCE GENROCO, Inc.
/CONTACT: Donald Woelz, VP of Marketing of GENROCO, Inc., 262-644-2505,fax,
262-644-6667, or email, don@genroco.com/
/Web site: genroco.com /
Nov-20-2000 16:33 GMT
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