Here is the financial table -
Highlights:
(1) Sales up 19.3% (good growth finally!)
(2) Book value $4.26/share (inventory is valued at $1.25/share
(3) Gross margins 35% vs 33%
(4) SG&A 47% vs 43% -- not very good! Bad Management
let's hope the layoffs get SG&A back into line....
MYLEX CORPORATION
STATEMENTS OF OPERATIONS
($ in thousands except for per share data)
THREE MONTHS ENDED SIX MONTHS ENDED
June 27, June 28, June 27, June 28,
1998 1997 1998 1997
---- ---- ---- ----
Net Sales $ 32,130 $ 26,926 $ 60,478 $ 62,839
Cost of Sales 20,889 17,982 39,548 48,258
Gross Profit 11,241 8,944 20,930 14,581
Operating Expenses:
Sales and Marketing 5,327 4,665 10,110 8,284
Research and
Development 6,809 5,024 12,895 9,419
General and
Administrative 2,889 1,939 5,069 4,335
Total Operating
Expenses 15,025 11,628 28,074 22,038
Operating Loss (3,784) (2,684) (7,144) (7,457)
Other Income 524 413 743 777
Loss Before Taxes (3,260) (2,271) (6,401) (6,680)
Income Tax Benefit (1,206) (840) (2,368) (2,471)
Net Loss $(2,054) $(1,431) $(4,033) $(4,209)
Loss Per Share
Basic ($0.10) ($0.07) ($0.20) ($0.20)
Diluted ($0.10) ($0.07) ($0.20) ($0.20)
Shares Outstanding
Basic 20,005 20,558 20,095 20,641
Diluted 20,005 20,558 20,095 20,641
MYLEX CORPORATION
BALANCE SHEETS
($ in thousands)
June 27, 1998 December 31, 1997
------------- -----------------
ASSETS
Current Assets:
Cash and Equivalents $ 4,365 $ 21,521
Short-Term Investments 35,364 23,062
Accounts Receivable, Net 17,210 14,881
Inventories 24,900 25,866
Prepaid Expenses 8,002 10,617
Total Current Assets $ 89,841 $ 95,947
Property, Plant and
Equipment, Net 8,078 8,325
Other Assets, Net 240 211
Total Assets $ 98,159 $104,483
Current Liabilities:
Accounts Payable $ 9,212 $ 5,700
Accrued Liabilities 3,773 6,488
Total Current Liabilities $ 12,985 $ 12,188
Long-Term Liabilities -- --
Total Stockholders' Equity $ 85,174 $ 92,295
Total Liabilities and
Stockholders' Equity $ 98,159 $104,483
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