More comparisons, this time I've compared today's report with former quarters:
Today’s showed revenues up 265% y/y and EPS up 277%.
Now, looking back, quarter by quarter:
Q3/00, revs up 208%, EPS up 420%:
October 19, 2000 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues of $146.5 million and pro forma net income of $40.4 million, or $0.45 per diluted share, for the third quarter ended September 30, 2000.
Driven by significant increases in shipments of communications products for both terrestrial and undersea fiber optic systems, third quarter revenue was 208 percent above that reported for the year earlier quarter ended September 30, 1999 and 33 percent higher than revenue in the second quarter of 2000. Revenue from fiber optic communications products increased 38 percent over the second quarter and by 332 percent over the prior year quarter, and represented a record 90 percent of total revenue. Sequential growth remained strong in both terrestrial (up 42 percent) and undersea (up 28 percent) sectors of the fiber optic communications business.
On a pro forma basis, SDL reported net income of $40.4 million, or $0.45 per share, for the quarter, an increase of 420 percent over the $7.8 million, or $0.11 per share, pro forma net income for the quarter ended September 30, 1999. Pro forma operating income rose by 52 percent over Q2 2000 and increased by more than six times over such income from the prior year quarter. Due to improved product mix, higher yields and volume efficiencies, the third quarter pro forma operating margin expanded to a record 39.4 percent of revenue.
Q2/00, revs up 156%, EPS up 342%:
San Jose, California — July 20, 2000 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues of $110.5 million and pro forma net income of $27.2 million, or $0.33 per diluted share, for the second quarter ended June 30, 2000.
Driven by significant increases in shipments of communications products for both terrestrial and undersea fiber optic systems, second quarter revenue was 156 percent above that reported for the second quarter ended June 30, 1999 and 53 percent higher than revenue in the first quarter of 2000. Revenue from fiber optic communications products increased 60 percent over the first quarter and by 242 percent over the prior year quarter. Results for the second quarter include three full months of operations for the Queensgate and Veritech acquisitions and four weeks of operations at Photonics Integration Research (PIRI). Excluding these three acquired businesses, total revenue increased by 31 percent sequentially and by 116 percent over the prior year quarter, and base fiber optic communications revenue grew by 36 percent sequentially and by 189 percent over the June 1999 quarter. . . .
On a pro forma basis, excluding acquisition-related charges, amortization of purchased intangible assets and non-cash stock compensation expense, SDL reported net income of $27.2 million, or $0.33 per share for the quarter, an increase of 342 percent over the $6.1 million, or $0.09 per share, pro forma net income for the quarter ended June 30, 1999. Pro forma operating income rose by 72 percent over Q1 2000. Pro forma operating margin was a record 34.4 percent, up 3.9 points from the March 2000 quarter and up 16.9 points from the prior year quarter.
Q1/00, revs up 92%, EPS up 250%:
San Jose, California — April 19, 2000 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues of $72.2 million and pro forma net income of $17.0 million, or $0.22 per diluted share, for the first quarter ended March 31, 2000.
Again led by significant increases in shipments of communications products for both terrestrial and undersea fiber optic systems, first quarter revenue was 92 percent above that reported for the quarter ending March 31, 1999, and 23 percent higher than revenue in the fourth quarter of 1999. Revenue from fiber optic communications products increased 35 percent over the fourth quarter, and by 163 percent over the prior year quarter. Results for the first quarter include results of Queensgate Instruments from the closing of its acquisition on March 8, 2000. SDL Queensgate contributed $929,000 to consolidated revenue in March. . . .
On a pro-forma basis, excluding acquisition-related charges, amortization of purchased intangible assets and non-cash stock compensation expense, SDL reported net income of $17.0 million, or $0.22 per share for the quarter, an increase of 250 percent over the $4.9 million, or $0.08 per share, pro forma net income for the quarter ending March 31, 1999. Pro forma operating margin was a record 30.5 percent, up 8.0 points from the December 1999 quarter and up 14.7 points from the prior year quarter. This improvement was driven by continued reduction in expenses relative to revenue and significant gross margin improvement due to the growth in telecommunications revenue and increases in yields and factory efficiency.
Q4/99, revs up 92%, EPS up 282%:
San Jose, California — January 31, 2000 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues and income for the fourth quarter ended December 31, 1999.
Led by significant increase in shipment of products for both terrestrial and undersea fiber optic systems, fourth quarter revenue was a record $58.7 million. This represents a 92 percent increase compared to the corresponding 1998 quarter. Total revenue increased 24 percent from the $47.5 million reported for the September 1999 quarter. Sales of fiber optic communication products increased 44 percent over the third quarter, and by 179 percent over the prior year quarter, as demand for SDL solutions continued to grow in terrestrial, undersea and metro/cable markets. . . .
Fourth quarter net income was a record $12.0 million, or $0.32 per share on a diluted basis. This was an increase of 282 percent compared to net income of $3.1 million, or $0.10 on a diluted basis for the fourth quarter of 1998. Earnings per share increased 45 percent from the preceding quarter, and 220% over the fourth quarter of 1998. The Company’s operating margin increased to 20.6 percent, up 1.9 points from the September 1999 quarter, and up 10.3 points from the prior year quarter. This improvement was driven by a reduction in expenses relative to revenue, and continued gross margin improvement due to a more profitable product mix, and increases in yields and factory utilization.
Q3/99, revs up 76% y/y, EPS up 250%:
San Jose, California — October 26, 1999 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues and income for the third quarter ended September 30, 1999.
Led by a significant increase in shipments of products for undersea fiber optic systems, third quarter revenue was a record $47.5 million. This represents a 76 percent increase compared to $27.0 million for the corresponding 1998 quarter. Total revenue increased 10 percent from the $43.2 million reported for the June 1999 quarter. Commercial revenue was up 19 percent from the preceding quarter and represented 95 percent of total revenue. As expected, the sequential growth in commercial revenue was offset by a 55 percent decline in U.S. government contract sales. . . .
Third quarter net income was a record $7.4 million, or $0.22 per share on a diluted basis. This was an increase of 250 percent compared to net income of $2.1 million, or $0.07 per share on a diluted basis, for the third quarter of 1998. The Company’s gross margin increased to 43.9 percent, up 1.7 points from the June 1999 quarter, and up 8.8 points from the prior year quarter. This gross margin improvement was driven by an increase in factory volume spread over a fixed manufacturing cost base, an improved product mix, and yield improvements in certain product lines.
Q2/99, revs up 52% y/y, EPS up 380%:
San Jose, California — July 27, 1999 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues and income before one-time merger expenses for the second quarter ended June 30, 1999.
Second quarter revenue was a record $43.2 million, including $2.5 million from IOC International plc, acquired in May 1999 in a transaction accounted for as a pooling-of-interest. This is a 52 percent increase compared to $28.4 million for the corresponding 1998 quarter. Excluding IOC from both 1999 and 1998 results, second quarter 1999 revenue increased 58 percent versus the second quarter of 1998. Sequentially, total revenue increased 15 percent from the combined $37.7 million reported for the March 1999 quarter. . . .
Before merger expenses, and as illustrated in the table below, operating income was a record $7.3 million for the quarter and was 16.8 percent of revenue. Excluding IOC, operating income was a record $7.7 million. Consolidated operating income increased by 27 percent over the March 1999 quarter and by 522 percent over the prior year quarter. Excluding IOC, the operating margin increased to 18.9 percent versus 17.4 percent in the first quarter and 11.0 percent in the second quarter of 1998. Net income, excluding merger expenses, was a record $5.9 million, or $0.18 per diluted share, up 380 percent from $1.2 million, or $0.04 per diluted share, in the second quarter of 1998. The second quarter diluted earnings per share were computed based on 33.0 million shares, compared to 30.3 million shares in 1998.
Q1/99, revs. Up 41% y/y, EPS up 87%:
San Jose, California — April 27, 1999 — SDL, Inc. (Nasdaq: SDLI) today announced record revenues and income before acquisition-related charges for the first quarter ended March 31, 1999. Record revenues of $35.7 million were up 41 percent from the $25.4 million reported in the first quarter of 1998.
SDL reported net income for first quarter 1999 of $3.0 million or $0.19 per share on a diluted basis. As announced on February 10, the quarter’s costs include $2.2 million of charges, or $0.14 per share, related to the acquisition of Polaroid’s fiber laser business completed in February 1999. . . .
Excluding acquisition-related charges, and as illustrated in the table below, SDL earned record operating profit of $6.2 million, representing a 135 percent increase from the same period in 1998. Net income, on a pro-forma basis, was a record $5.1 million, or $0.33 per diluted share, up 87 percent from $2.7 million, or $0.19 per diluted share, in the first quarter of 1998. The first quarter diluted earnings per share were computed on 15.5 million shares, compared to 14.5 million shares in 1998.
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I don't know any other company that's had quite such an amazing string of quarters. Reading over the list of accomplishments might explain why some of us "old timers" are sad to see the company merge with JDSU.
Pat |
