(BSNS WIRE) Interphase Announces Fourth Quarter, Full Year 2000 Results;
Company Posts 13th Straight Profitable Quarter
Business/Technology Editors
DALLAS--(BUSINESS WIRE)--Feb. 7, 2001--Interphase Corporation
(Nasdaq:INPH) today reported financial results for its fourth quarter
and fiscal year that ended December 31, 2000.
For the fourth quarter ended December 31, 2000, Interphase
reported revenues of $15.5 million compared with revenues of $18.2
million for the fourth quarter of 1999. Net income for the quarter was
$0.6 million compared to net income of $1.2 million during the fourth
quarter of 1999. Earnings per share were $0.10, versus $0.19 per share
in the previous year's quarter. Storage products revenues for the
quarter were $3.4 million, a decline from the $8.9 million posted in
the fourth quarter of 1999. Revenue from products for broadband
telecommunications systems grew 16 percent compared to the fourth
quarter of 1999 to $3.0 million, representing 19 percent of the total
revenues for the fourth quarter of 2000.
For the year ended December 31, 2000, the company achieved
revenues of $55.7 million compared to $73.5 million during fiscal year
1999. In 1999, one customer accounted for 50 percent of the annual
revenue, and that figure dropped in 2000 to 20 percent of the annual
revenue. The company reported net income of $3.0 million, or $0.48 per
share, for the 12-month period during 2000, compared to net income of
$3.4 million, or $0.56 per share, for 1999.
Factors aside from revenue levels contributing to profitability
included gross margins of 53 percent in 2000 versus 47 percent in
1999. This increase in margin is attributable to product mix as well
as strong management of production and design costs. In addition,
operating expenses declined $1.0 million to $26.0 million for the year
versus $27.0 million in 1999. For the fourth quarters of 2000 and
1999, operating expenses were $6.8 and $7.0 million, respectively.
Interphase has experienced thirteen consecutive quarters of
profitability, and the company continues to exhibit a strong balance
sheet. Cash and securities were $17.5 million at yearend 2000 and debt
has been reduced $2.2 million since the beginning of the year. In
addition, shareholders' equity grew by $2.8 million during 2000.
Working capital increased $2.8 million during the year to $37.5
million, continuing to solidify a strong financial position for the
company.
"Year 2000 was a challenging year for Interphase," said Gregory B.
Kalush, Interphase president and chief executive officer. "Developing
and launching new, leading edge product lines, as well as signing up
new customers and distribution channels were paramount to a successful
future. I'm proud of how the team at Interphase responded with nearly
14 new product solutions, as well as many new customers who,
themselves are at the forefront of technology. Our foray and recent
design wins in the telecom sector are particularly exciting, and I
look forward to returning Interphase to a revenue growth mode in the
not to distant future."
About Interphase Corporation
Interphase Corporation (Nasdaq:INPH) designs and delivers high
performance connectivity adapters for computer and telecommunication
networks. The company's products connect computer and
telecommunication servers to storage area networks (SAN), wide area
networks (WAN) and local area networks (LAN) utilizing Fibre Channel,
Asynchronous Transfer Mode (or ATM), SS7, Frame Relay and ISDN
technologies. Headquartered in Dallas, with offices in Paris, London,
and Bangkok, Interphase 2000 revenues were $56 million. Clients
include Hewlett Packard, IBM, Compaq Computer Corp., Motorola Inc.,
Fujitsu Ltd., Nortel Networks Ltd., Lucent Technologies, Inc.,
Lockheed Martin Corp and the Raytheon Company. Additional information
about Interphase and its products is available through the company's
web site at iphase.com.
Safe Harbor Statement
This press release contains forward-looking statements with
respect to financial results and certain other matters. These
statements are made under the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995 and involve a number of risks
and uncertainties that could cause actual results to differ materially
from those in the forward-looking statements. Such risks and
uncertainties include, without limitation, fluctuations in demand, the
quality and price of similar or comparable networking products, access
to sources of capital, general economic conditions in the company's
market areas, and that future sales and growth rates for the industry
and the company could be lower than anticipated.
The Interphase logo is a registered trademark of Interphase
Corporation.
-0-
*T
Interphase Corporation
Condensed Consolidated Statement of Operations
(amounts in thousands, except per-share amounts)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
2000 1999 2000 1999
--------- --------- --------- ---------
Revenues $ 15,520 $ 18,165 $ 55,697 $ 73,502
Pre-tax income 1,029 1,697 4,107 6,680
Net Income 608 1,202 2,971 3,424
Net income per common and
common equivalent share
(diluted) 0.10 0.19 0.48 0.56
Weighted average common
and common equivalent
shares outstanding 5,966 6,386 6,237 6,113
Selected Condensed Balance Sheet Information
(amounts in thousands)
31-Dec-00 31-Dec-99
--------- ---------
Cash and Marketable securities $ 17,473 $ 16,276
Accounts receivable 14,085 14,005
Inventory 13,193 11,678
Net property, plant and equipment 1,722 2,197
Total Assets 54,473 54,671
Total Liabilities 12,534 14,536
Redeemable stock 1,780 2,796
Total stockholders' equity 40,159 37,339
*T
--30--na/da*
CONTACT: Interphase Corporation, Dallas
Trade Contact:
Margaret E. Lietzke, 214/654-5133
mlietzke@iphase.com
or
Investor Contact:
Steve Kovac, 214/654-5000
ir@iphase.com
KEYWORD: TEXAS
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS HARDWARE NETWORKING
SOFTWARE TELECOMMUNICATIONS EARNINGS
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story *** |
