ASND beats estimates.....
___________________________________________________________________
FIRST CALL
Company Ticker Qtr Consensus Estimate Year Ago
ASND 1Q 0.25 0.31
___________________________________________________________________
Ascend Communications Reports First Quarter 1998 Financial Results
ALAMEDA, Calif.--(BUSINESS WIRE)--April 9, 1998--Ascend
Communications, Inc. (NASDAQ:ASND - news) today
reported financial results for its first quarter ended March 31, 1998.
First quarter net sales were $305.1 million and net income
was $52.4 million ($0.26 per share on a diluted basis). Compared to
the fourth quarter of 1997, these results represent
sequential quarterly growth in net sales and net income of 4.3% and
10.1%, respectively.
Ascend Communications, Inc.
Condensed Consolidated Statements of Operations
Unaudited
(In Thousands, Except Per Share Data)
Quarter Ended March 31,
1998 1997
Net Sales $ 305,114 $ 292,740
Cost of Sales 109,810 102,387
--------- ---------
Gross Profit 195,304 190,353
Operating Expenses:
Research and Development 40,988 34,668
Sales and Marketing 67,339 53,241
General and Administrative 10,044 9,089
Purchased Research and Development -- 231,100
--------- ---------
Total Operating Expenses 118,371 328,098
Operating Income (Loss) 76,933 (137,745)
Interest Income, Net 4,964 5,276
--------- ---------
Income (Loss) Before Income Taxes 81,897 (132,469)
Provision for Income Taxes 29,525 30,772
--------- ---------
Net Income (Loss) $ 52,372 ($163,241)
========= =========
Net Income (Loss) Per Share - Basic $ 0.27 ($ 0.88)
========= =========
Net Income (Loss) Per Share - Diluted $ 0.26 ($ 0.88)
========= =========
Number of Shares
Used in Per Share Calculation - Basic 192,849 185,812
========= =========
Number of Shares Used in
Per Share Calculation - Diluted 203,245 185,812
========= =========
========= =========
Ascend Communications, Inc.
Condensed Consolidated Balance Sheets
Unaudited
(In Thousands)
March 31, Dec. 31,
1998 1997
ASSETS
Cash, Cash Equivalents
and Short-Term Investments $ 605,117 $ 475,427
Accounts Receivable, Net 243,002 234,183
Inventories 102,936 99,637
Other Current Assets 123,619 105,340
---------- ----------
Total Current Assets 1,074,674 914,587
Investments 86,328 101,212
Furniture, Fixtures and Equipment, Net 126,700 114,351
Other Assets 18,810 7,744
========== ==========
Total Assets $1,306,512 $1,137,894
========== ==========
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable and Accrued Liabilities $ 251,669 $ 168,638
---------- ----------
Total Current Liabilities 251,669 168,638
Stockholders' Equity:
Common Stock 193 191
Additional Paid In Capital 911,668 878,455
Retained Earnings 142,982 90,610
---------- ----------
Total Stockholders' Equity 1,054,843 969,256
---------- ----------
Total Liabilities and Stockholders' Equity $1,306,512 $1,137,894
========== ==========
========== ========== |
