PARSIPPANY, N.J. (Oct. 15) BUSINESS WIRE -Oct. 15, 1997--Dialogic Corporation(NASDAQ-DLGC), the world's leading manufacturer of high performance, standards-based computer telephony (CT) components, today announced earnings per share grew 31% to $.38 for the third quarter of 1997, compared with $.29 per share for the third quarter of 1996.
The Company also reported that revenues for the third quarter ended September 30, 1997 are up approximately 24% to $68.8 million versus $55.4 million in the third quarter of 1996.
For the nine month period ended September 30, 1997 revenues were up 23% to $189 million. Net income for the nine month period ended September 30, 1997 was $14.4 million or $.87 per share as compared to $14.1 million or $.87 per share for the comparable period in 1996
(excluding the after tax gain of $5.9 million or $.35 per share on the sale of Voice Control Systems stock in the first quarter of 1996).
Commenting on the third quarter performance, Howard Bubb, president and CEO of Dialogic said, "We have achieved another record quarter with continued strong revenue growth across all major product lines and both domestic and international sales channels. Coupled with improved operating margins this generated strong financial performance in Q3. Dialogic's DSP processing power, features and density advantages in voice, ASR, TTS, fax and ISDN continue to make Dialogic customers successful and have enabled us to increase our CT market share against competitors."
Dialogic demonstrated and began shipments of DM3 IPLink(TM) product, the industry's first open IP telephony gateway that offers a standards based solution with G.723.1 and H.323 performance. Through close cooperation, Dialogic proved interoperation with Microsoft's Netmeeting, Vocaltec's IPhone and other standards compliant products. At the September VON conference, Dialogic showed its leadership position by publicly demonstrating these capabilities. Larry Fromm, Dialogic's VP of New Business Development said, "DM3 IPLink was well received by next generation telcoms that are looking for standards based, scaleable solutions for network deployments. As DM3 IPLink moves to production, we believe we will realize a strong complement with Dialogic's traditional CT business."
During the quarter, Dialogic continued to strengthen its position in new growth application areas including un-PBXs, virtual call centers, large telco systems and fax. New companies building call centers and un-PBXs include CellIT, SalesLAN and Ring!. These companies join industry leaders such as Melita, Rockwell, Mosaix, Artisoft, Netcall and Interactive Intelligence that have selected Dialogic.
The company also announced programs with Summa and Excel, the leaders in large network open switching, to more closely integrate their products with Dialogic's DM3 media processor and other Dialogic components. Summa's next generation Sigma product and Excel's EXNET Connect provide performance, cost and feature benefits to wireless and
wireline operators by directly integrating Dialogic products with the switch.
Also during the quarter, Dialogic rolled out its ATM 155mbps and 25 mbps networking product that supports 1024 channels of isochronous connectivity with leading ATM hub vendors 3Com, Cisco, Fore Systems, MADGE and NEC. This product is enabling virtual call centers and switched solutions to be implemented over wide areas and scale smoothly to thousands of lines.
The industry also continued to recognize Dialogic's leadership when it was awarded the "1997 Fax Product of the Year" by Davidson Consulting at the Fax Directions conference in San Diego. The award was given for Dialogic's new DM3 fax card which is the first and only single card PCI solution to support 24 channels of transmit and receive with on-the-fly conversion and other essential network grade features which are considered optional by others.
Dialogic Corporation is the leading manufacturer of high performance, standards-based computer telephony (CT) components. Dialogic products are used in voice, fax, data, voice recognition, speech synthesis, ISDN networks, Internet telephony and call center management CT applications. The company is headquartered in Parsippany, New Jersey,
with regional headquarters in Tokyo, Japan and Brussels, Belgium and sales engineering offices worldwide. For more information, visit the Dialogic Web Site at dialogic.com. Certain of the statements contained herein are forward looking. Actual results might differ materially from the Company's forward- looking statements.
Factors that could cause actual results to differ materially from the Company's forward-looking statements include economic and regulatory conditions in the Company's markets, a reduction in the demand for Dialogic customers' products, competition, changes in Internet technology or markets, component availability and slowing of the overall growth of the computer telephony market. Trademarks: All names, products and services mentioned are trademarks or registered trademarks of their respective organizations.
Consolidated Statement of Income
(Unaudited)
(In thousands except per share data)
Three Months Ended
Sept. 30,
1997 % 1996 %
Revenues $68,760 100.0 $55,432 100.0
Cost of goods sold 25,882 37.6 22,733 41.0
Gross profit 42,878 62.4 32,699 59.0
Research and development 13,542 19.7 10,743 19.3
Selling, general &
administrative expenses 19,610 28.6 15,093 27.3
Goodwill amortization 245 0.3 187 0.3
Operating income 9,481 13.8 6,676 12.1
Net Interest income 444 0.6 706 1.3
Income before provision
for income taxes 9,925 14.4 7,382 13.4
Provision for
income taxes 3,573 5.2 2,589 4.7
Net income $ 6,352 9.2 $ 4,793 8.7
Income per share $ 0.38 $ 0.29
Shares used in the
calculation
of income per share 16,623 16,400
DIALOGIC CORPORATION
Consolidated Statement of Income
(Unaudited)
(In thousands except per share data)
Nine Months Ended
Sept. 30,
1997 % 1996 %
Revenues $189,045 100.0 $154,218 100.0
Cost of goods sold 71,021 37.6 62,392 40.5
Gross profit 118,024 62.4 91,826 59.5
Research and development 38,391 20.3 28,986 18.8
Selling, general &
administrative expenses 57,612 30.4 42,485 27.5
Goodwill amortization 735 0.4 187 0.1
Operating income 21,286 11.3 20,168 13.1
Net Interest income 1,152 0.6 1,816 1.2
Net realized (losses)
gains on available for
sale securities (4) -- 9,219 6.0
Income before provision
for income taxes 22,434 11.9 31,203 20.3
Provision for
income taxes 8,076 4.3 11,232 7.3
Net income $14,358 7.6 $19,971 13.0
Income per share $ 0.87 $ 1.22
Shares used in the
calculation
of income per share 16,499 16,387
DIALOGIC CORPORATION
Condensed Consolidated Balance Sheets
(In thousands)
(Unaudited)
Sept. 30, Dec. 31,
1997 1996
Assets
Current Assets:
Cash and marketable securities $60,033 49,321
Accounts receivable - net 39,669 34,706
Inventory - net 31,634 27,762
Other current assets 12,499 8,967
Total current assets 143,835 120,756
Property and Equipment - Net 21,698 20,408
Goodwill - Net 3,688 4,434
Other Assets 2,750 2,661
Total Assets $171,971 $148,259
Liabilities and Shareholders' Equity
Current Liabilities:
Accounts payable and accrued expense $27,661 $15,374
Current maturities of long
term liabilities 525 559
Total current liabilities 28,186 15,933
Long Term Liabilities 4,611 7,484
Shareholders' Equity 139,174 124,842
Total Liabilities and
Shareholders' Equity $171,971 $148,259
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CONTACT: For further information:
Thomas G. Amato at 201-993-3000, Ext. 6813
KEYWORD: NEW JERSEY INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS
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