HIFN-a really nice earnings play. BLEW AWAY expectations of 11 cents with earnings of 21 cents.
Monday April 26, 4:15 pm Eastern Time
Company Press Release
SOURCE: Hi/fn Inc.
Hi/fn Reports Revenue and Earnings for Second Quarter 1999
LOS GATOS, Calif., April 26 /PRNewswire/ -- Hi/fn, Inc. (Nasdaq: HIFN - news), today reported financial results for the second quarter ended March 31, 1999.
Revenues for the second quarter of 1999 were $8.7 million, up 66 percent from the $5.2 million in revenue reported in the second quarter of 1998. Revenues for the six months ended March 31, 1999 were $14.8 million compared to $11.5 million reported for the six months ended March 31, 1998.
Net income for the second quarter of 1999 was $1.7 million or $0.21 per diluted share versus net income of $630 thousand or $0.09 per diluted share for the second quarter of 1998. Net income for the six months ended March 31, 1999 was $2.2 million or $0.28 per diluted share compared to net income of $1.6 million or $0.23 per diluted share for the first six months of fiscal 1998.
''We are pleased with another successful quarter as an independent company,'' said Raymond J. Farnham, Chairman and CEO. ''The results clearly show our strategy is working and we see continued sequential growth in both our networking and network peripherals business.''
Hi/fn designs, develops and markets high-performance multi-protocol packet processors -- semiconductor devices that enable secure, high-bandwidth network connectivity and efficient storage of business information. More information on the company is available from the company's SEC filings. Additional product information can be obtained from the Hi/fn Website at hifn.com. Hi/fn is traded on the NASDAQ National Market under the symbol HIF
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