Stuart -
Earnings just released. They seem to have beaten Zach's earnings estimates by $.03.
Aaron
biz.yahoo.com
Ciprico Announces Fiscal 1997 Results
MINNEAPOLIS, Nov. 5 /PRNewswire/ -- Ciprico Inc. (Nasdaq:CPCI) today announced record growth for the fiscal year ended
September 30, 1997. For the year, sales increased 33% to $36.4 million, compared to $27.4 million last year. Net earnings increased 24%
to $4.2 million or 79 cents per share on a fully taxed basis, compared to $3.4 million or 80 cents per share last year, which was favorably
impacted by utilizing a tax loss carry forward.
Sales for the fourth quarter of fiscal 1997 were up 16% to $8.7 million compared to $7.5 million for the same period last year. Net earnings
for the fourth quarter of fiscal 1997 were $875,000 or 16 cents per share, fully taxed, compared to $933,000 or 17 cents per share for the
same period last year on a partially taxed basis.
''Though sales in the fourth quarter were less than anticipated, it has not stopped our momentum at Ciprico,'' said Robert H. Kill, Ciprico
President and CEO. ''Solid growth from providing the industry's first fibre channel and ATA disk array products has allowed us to continue
to penetrate the market place. Providing leading edge technology products has helped fuel the sales momentum for continued growth into
1998.''
Certain statements in this news release are forward looking and should be read in conjunction with the Company's SEC filings and news
releases. The Company's quarterly and annual operating results are affected by a wide variety of factors such as market conditions,
component cost and availability, or delays in product development programs that could adversely affect revenues and profitability.
Ciprico Inc., an ISO certified company, designs, manufactures, markets and services disk arrays for the high-performance imaging and digital
media markets. The company's products are sold worldwide to technical, scientific and creative professionals who require high performance,
capacity and fault tolerance from their storage. Additional information about Ciprico can be obtained through the Internet on
www.ciprico.com
Ciprico Announces Fiscal
1997 Results
Income Statement Data: (000's) Three Months Ended September 30
(except per share data) (Unaudited)
1997 1996
Net sales $8,668 $7,524
Cost of sales 4,479 3,997
Gross profit 4,189 3,527
Sales and marketing 1,949 1,603
General and administrative 670 601
Research and development 803 740
Earnings from operations 767 583
Other income, net 542 522
Earnings before income taxes 1,309 1,105
Income tax expense 434 172
Net earnings 875 933
Earnings per common share $ .16 $.17
Weighted average common shares 5,457 5,404
Fiscal Year Ended September 30
1997 1996
(Unaudited)
Net sales $36,390 $27,408
Cost of sales 19,100 14,383
Gross profit 17,290 13,025
Sales and marketing 6,977 5,406
General and administrative 2,700 2,233
Research and development 3,172 2,423
Earnings from operations 4,441 2,963
Other income, net 1,998 977
Earnings before income taxes 6,439 3,940
Income tax expense 2,190 496
Net earnings 4,249 3,444
Earnings per common share $.79 $ .80
Weighted average common shares 5,396 4,326
Balance Sheet Data: (000's) September 30, September 30,
1997 1996
(Unaudited)
Cash and securities $36,802 $37,257
Receivables 5,730 4,599
Inventory 4,354 2,789
Total current assets 40,422 35,426
Property and equipment 3,948 2,576
Total assets 52,105 48,004
Current liabilities 3,960 5,519
Stockholders' equity 48,057 42,427 |
