STII earnings are out. Does anybody have a comment?
-Mohan
--------------------------
Stanford Telecom Reports Record High Fiscal 1997 Second Quarter And
Six Months Results
SUNNYVALE, Calif., Oct. 16 /PRNewswire/ -- Stanford Telecommunications Inc reported it achieved record high results for
net income, earnings per share and revenues for its second quarter of fiscal 1997, ended September 30, 1996. During the
second quarter of fiscal 1997, Stanford Telecom achieved net income and earnings per share of $1.9 million and $.29,
respectively, increases of 36% and 32% from the comparative results posted during the second quarter of the previous fiscal
year. For the second quarter of fiscal 1997, the Company reported record high quarterly revenues of $41.1 million, compared
with $35.6 million reported during the second quarter of fiscal 1996.
For the first half of fiscal 1997, the Company achieved record high net income of $3.8 million and earnings per share of $.58,
increases of 50% and 45%, respectively, over the results posted during the first half of the previous fiscal year. Record high
revenues for the first six months of fiscal 1997 of $81.9 million compares with $71.5 million achieved during the first half of
fiscal 1996.
For the second quarter of fiscal 1997, Stanford Telecom received new funded orders totaling $38.2 million compared with
$41.1 million reported for the second fiscal quarter of 1996. For the first two quarters of fiscal 1997, funded orders totaled
$79.3 million compared with $79.8 million achieved during the first six months of the previous fiscal year. Backlog at the end of
the second quarter of 1997 stands at $79.8 million compared with $80.7 million at the end of the second quarter of the
previous fiscal year.
In announcing the results of the quarter, Dr. Val P. Peline, President and Chief Executive Officer stated, "Over a year ago we
put forth a business strategy which called for growing revenues and expanding profit margins of our base business in order to
provide steadily improving earnings and at the same time provide research and development funds for high growth strategic
commercial products. Over the past year Stanford Telecom has successfully expanded revenues and margins to record levels
while also increasing its R&D investments for development of products in satellite telephony systems, wireless broadband
communications (LMDS & MMDS), cable high speed modems, and wireless telephony. We believe these areas offer
outstanding opportunities for Stanford Telecom."
Stanford Telecom designs, manufactures, and markets advanced digital communication products and systems to establish or
enhance communications via satellites, terrestrial wireless and cable. The Company also provides communication systems
networking solutions and Global Positioning System (GPS) navigation products. Stanford Telecom's expertise encompasses all
the technologies required for these systems, including radio frequency (RF), digital, Application Specific Integrated Circuits
(ASIC), software, and system design. The Company maintains a low cost, high volume commercial manufacturing capability
and offers cost effective engineering services.
STANFORD TELECOMMUNICATIONS, INC.
CONDENSED SUMMARY OF INCOME
(In thousands, except per share data)
First Two Quarters
2nd Quarter Ended Sept. 30 Ended September 30
Fiscal 1997 Fiscal 1996 Fiscal 1997 Fiscal 1996
Revenues $41,058 $35,597 $81,901 $71,549
Cost of revenues 30,889 28,215 62,883 58,091
Gross Profit 10,169 7,382 19,018 13,458
Expenses:
Research and development 3,444 2,050 5,673 3,843
Marketing and administrative 4,105 3,239 8,127 5,898
Total expenses 7,549 5,289 13,800 9,741
Operating income 2,620 2,093 5,218 3,717
Interest income, net 298 152 582 330
Income before provision for
income taxes 2,918 2,245 5,800 4,047
Provision for income taxes 1,007 842 2,001 1,518
Net income $ 1,911 $ 1,403 $ 3,799 $ 2,529
Earnings per share $ .29 $ .22 $ .58 $ .40
Weighted average number 6,549 6,346 6,536 6,308 |
