STMD looks like a squeeze, moving this morning...
STORMEDIA INC files 0926 qtr 10-Q.
IFN Smart Edgar News - November 10, 1997 20:50
Excerpted from 10-Q filed on 11/10 by STORMEDIA INC:
STORMEDIA INC files 0926 qtr 10-Q. Reports $88.8 mil tot rev and $-2.44 EPS.
RESULTS OF OPERATIONS
The following table sets forth certain financial data as a percentage of
net sales for the periods indicated:
STORMEDIA INCORPORATED AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT FOR PER SHARE AMOUNTS)
TABLE
CAPTION
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 26, SEPTEMBER 27, SEPTEMBER 26, SEPTEMBER 27,
1997 1996 1997 1996
S C C C C
Net sales 100.0% 100.0% 100.0% 100.0%
Cost of sale 126.5% 106.1% 121.9% 81.6%
Gross profit (deficiency) (26.5)% (6.1)% (21.9)% 18.4%
Operating expenses:
Research and development 19.1% 9.5% 12.3% 7.5%
Selling, general and administrative 10.2% 9.6% 8.0% 5.1%
Bad debt expense 0.0% 0.0% 6.1% 0.0%
Total operating expenses 29.3% 19.1% 26.4% 12.6%
Operating earnings (loss) (55.9)% (25.2)% (48.3)% 5.7%
Other income (expense), net (4.1)% (0.6)% (2.6)% 0.7%
Earnings (loss) before income
tax expense (59.9)% (25.8)% (50.9)% 6.4%
Income tax expense (benefit) 0.0% (3.9)% (1.9)% 1.3%
Net earnings (loss) (59.9)% (21.9)% (49.0)% 5.1%
===== ===== ===== =====
TABLE
1997 COMPARED TO 1996
Net sales
Net sales decreased 46.5% to $22.2 million for the three months ended
September 26, 1997 from $41.6 million for the three months ended September 27,
1996. For the nine months ended September 26, 1997, net sales decreased 44.6% to
$88.9 million from $160.4 million for the nine months ended September 27, 1996.
The decrease in net sales was primarily due to a decrease in unit volume and
secondarily due to a slight decrease in average selling prices. The Company's
customers during the nine months ended September 26, 1997 were Seagate
Technology, Inc. ("Seagate") and Micropolis (S) Pte Ltd. ("Micropolis"). The
Company's customers for the nine months ended September 27, 1996 were Seagate
and Maxtor Corporation ("Maxtor").
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
MULTIPLIER 1,000
PERIOD-TYPE 9-MOS
FISCAL-YEAR-END DEC-31-1997
PERIOD-START JAN-01-1997
PERIOD-END SEP-26-1997
CASH 16,250
SECURITIES 0
RECEIVABLES 16,590
ALLOWANCES 7,257
INVENTORY 24,330
CURRENT-ASSETS 58,573
DEPRECIATION 44,524
TOTAL-ASSETS 196,120
CURRENT-LIABILITIES 80,184
BONDS 48,334
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 237
OTHER-SE 115,567
TOTAL-LIABILITY-AND-EQUITY 196,120
SALES 88,878
TOTAL-REVENUES 88,878
CGS 108,339
TOTAL-COSTS 108,339
OTHER-EXPENSES 17,999
LOSS-PROVISION 5,438
INTEREST-EXPENSE 3,879
INCOME-PRETAX (45,171)
INCOME-TAX (1,647)
INCOME-CONTINUING (43,524)
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME (43,524)
EPS-PRIMARY (2.44)
EPS-DILUTED (2.44) |
