Ascend Communications Reports 1996 Financial Results
Business Wire - January 16, 1997 16:36
FINANCIAL ASCEND-COMMUNICATIONS ASND COMPUTERS ELECTRONICS COMED TELECOMMUNICATIONS INTERACTIVE
MULTIMEDIA INTERNET EARNINGS
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ASCEND COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
UNAUDITED
(IN THOUSANDS, EXCEPT PER SHARE DATA)
QTR. ENDED DEC. 31, YEAR ENDED DEC. 31,
1996 1995 1996 1995
Net Sales $177,491 $61,388 $549,297 $152,604
Cost of Goods Sold 60,987 21,215 192,226 53,295
Gross Profit 116,504 40,173 357,071 99,309
Operating Expenses:
Research and
Development 12,652 4,321 40,291 12,401
Sales and Marketing 36,504 13,638 111,599 35,446
General and
Administrative 4,534 2,712 16,745 9,130
Purchased R&D -- -- -- 3,032
Costs of Merger -- -- 13,900 --
Total Operating
Expenses 53,690 20,671 182,535 60,009
Operating Income 62,814 19,502 174,536 39,300
Interest Income, Net 3,269 2,203 11,879 5,122
Income Before Income
Taxes 66,083 21,705 186,415 44,422
Provision for Income
Taxes 24,990 8,248 73,304 16,887
Net Income $41,093 $13,457 $113,111 $27,535
Net Income Per Share $0.32 $0.11 $0.89 $0.25
Number of Shares Used
in Per Share
Calculation 130,012 122,274 127,809 111,362
ASCEND COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
UNAUDITED
(IN THOUSANDS)
DEC. 31, DEC. 31,
1996 1995
ASSETS
Cash, Cash Equivalents and
Short-Term Investments $373,151 $237,893
Accounts Receivable, Net 103,145 31,238
Inventories, Net 49,241 26,868
Other Current Assets 46,762 11,778
Total Current Assets 572,299 307,777
Investments 35,771 51,515
Furniture, Fixtures and Equipment, Net 40,034 10,108
Other Assets 3,762 614
TOTAL ASSETS $651,866 $370,014
LIABILITIES AND STOCKHOLDERS' EQUITY
Accounts Payable and Accrued
Liabilities $104,416 $45,027
Total Current Liabilities 104,416 45,027
Stockholders' Equity:
Common Stock 119 113
Additional Paid In Capital 411,679 301,562
Retained Earnings 135,652 23,312
Total Stockholders' Equity 547,450 324,987
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $651,866 $370,014 |
