For your info.......
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Following are the results for Hummingbird Communications' fourth quarter
and year ended Sept. 30, 1998.
The financial figures in this release are reported in U.S. dollars and in
accordance with U.S. generally accepted accounting principles (U.S. GAAP),
except where noted.
The business combination with Andyne Computing, which was completed during
the year, has been accounted for as a pooling of interests for U.S. GAAP.
Accordingly all prior periods have been restated to include results of the
Andyne merger.
Sales for the year ended Sept. 30, 1998 were $130-million, compared to
$118.1-million for the year ended Sept. 30, 1997. Excluding merger and
restructuring charges and writeoff of intangibles, basic and diluted
earnings per share (EPS) were $2.09 and $2.07 respectively, compared to
$2.10 and $2.05 respectively in the prior year.
Expenses for the year were $76.4-million, compared to $64.3-million for the
previous year. Expenses for the year include $5.7-million for the merger
and restructuring charges and $1.5-million for the writeoff of intangibles,
compared to writeoff of intangibles of $6.2-million in the preceding year.
Net income was $26.6-million, compared to $29-million in the prior year.
Excluding merger and restructuring charges and writeoff of intangibles, net
income was $32.6-million compared to $32.2-million in the last year. Basic
and diluted EPS for the current year were $1.70 and $1.68, respectively,
compared to $1.88 and $1.84, respectively in the previous year. Excluding
the merger and restructuring charges and writeoff of intangibles, basic and
diluted EPS were $2.09 and $2.07 respectively, compared to $2.10 and $2.05
in the last year.
For the fourth quarter ended Sept. 30, 1998, sales were $33.5-million,
compared to sales of $33.4-million for the same quarter ended Sept. 30,
1997. Gross profit was $31.7-million, compared to $32.2-million in the
previous year. Expenses were $18.8-million during the quarter, compared to
$16.3-million for the preceding year. Net income for the quarter was
$8.5-million, compared to $9.2-million for the same quarter of last year.
Basic and diluted EPS were 54 cents for the quarter, compared to basic EPS
of 59 cents and diluted EPS of 57 cents, last year.
The company's total assets were $204.1-million at Sept. 30, 1998, compared
to $176.5-million at Sept. 30, 1997.
In accordance with Canadian generally accepted accounting principles, for
the quarter ended Sept. 30, 1998, net income was $5.8-million compared to
$9.3-million in the same quarter of the previous year. Basic and fully
diluted EPS for the current quarter were 37 cents and 35 cents,
respectively. Basic and fully diluted EPS were 67 cents and 62 cents
respectively for the quarter ended Sept. 30, 1997. For the year ended Sept.
30, 1998, net income was $20.9-million, and basic and fully diluted EPS
were $1.37 and $1.30, respectively, compared to net income of
$30.2-million, and basic and fully diluted EPS of $2.18 and $2.02
respectively for the year ended Sept. 30, 1997.
WARNING: The company relies on litigation protection for "forward-looking"
statements.
STATEMENT OF EARNINGS
U.S. GAAP
Three months ended September 30
(thousands of U.S. dollars)
1998 1997
Sales $ 33,540 $ 33,446
Cost of sales 1,829 1,272
-------- --------
Gross profit 31,711 32,174
-------- --------
Expenses
Sales & marketing 11,470 8,815
R & D 3,450 4,134
General & admin 2,618 2,438
Compensation related
to stock options 135 241
Amortization of
intangibles 1,101 653
-------- --------
Total expenses 18,774 16,281
-------- --------
Income before
other income 12,937 15,893
Other income 2,282 1,625
-------- --------
Income before
the undernoted 15,219 17,518
Minority interest - 87
Income taxes 6,735 8,268
-------- --------
Net income $ 8,484 $ 9,163
======== ========
Earnings per
share (cents) 54 59
STATEMENT OF EARNINGS
U.S. GAAP
Year ended September 30
(thousands of U.S. dollars)
1998 1997
Sales $129,957 $118,061
Cost of sales 6,148 4,612
-------- --------
Gross profit 123,809 113,449
-------- --------
Expenses
Sales & marketing 40,449 30,577
R & D 14,929 15,050
General & admin 9,601 9,102
Merger &
restructuring 5,715 -
Compensation related
to stock options 723 960
Amortization of
intangibles 3,507 2,502
Writeoff of
intangibles 1,498 6,156
-------- --------
Total expenses 76,422 64,347
-------- --------
Income before
other income 47,387 49,102
Other income 6,870 5,496
-------- --------
Income before
the undernoted 54,257 54,598
Minority interest - 87
Income taxes 27,658 25,534
-------- --------
Net income $ 26,599 $ 28,977
======== ========
Earnings per share $1.70 $1.88 |
