Bulldozer --
I disagree with many of your points, but since I own both JDS and SDLI a debate would be pointless.
SDL filed their 10Q today. Note they have over 200 products.
I'll be attending their AGM tomorrow morning.
<<<
May 12, 1999 17:20
SDL INC files 0331 qtr 10-Q. Reports $35.7 mil tot rev and $0.21 EPS.
Excerpted from 10-Q filed on 05/12 by SDL INC:
SDL INC files 0331 qtr 10-Q. Reports $35.7 mil tot rev and $0.21 EPS.
Results of Operations
SDL designs, manufactures and markets semiconductor lasers, fiber optic related products and optoelectronic systems. Since 1996, the Company strategy has strongly focused on providing solutions for optical communications. The Company's optical communications products power the transmission of data, voice and Internet information over fiber optic networks to meet the needs of telecommunications, dense wavelength division multiplexing, cable television and satellite communications applications. In the quarter ended March 31, 1999, the Company derived 72% of its revenue from optical communication markets. With the increased focus on commercial communications products, the proportion of SDL's revenue derived from U. S. government related projects has declined from 43% in fiscal 1996 to 17% in the first quarter of 1999. SDL's optical products also serve a wide variety of non-communications applications, including materials processing, printing, medical and scientific instrumentation. From the original products introduced in 1984, the Company has expanded its product offering to over 200 standard products in addition to providing custom design and packaging for OEM customers. The Company's revenue also includes revenue from customer- funded research programs.
Because of the diversity of products, customers and applications, gross margins tend to fluctuate based in part on the mix of revenue in each reported period. SDL's revenue growth in 1997-1998 was constrained in part by a shortage in qualified manufacturing capacity, especially in the wafer fabrication area. The Company's new wafer fabrication facility received qualification in June 1998, for certain key product lines, allowing a faster ramp-up in production in the quarter ended March 31,
1999.
The Company operates and reports financial results on a fiscal year of 52 or 53 weeks ending on the Friday closest to December 31. The first fiscal quarter of 1999 and 1998 ended on April 2, 1999 and April 3, 1998, respectively. For ease of discussion and presentation, all accompanying financial statements have been shown as ending on the last day of the calendar month.
RESULTS OF OPERATIONS
Revenue. Total revenue for the quarter ended March 31, 1999 increased
41% to $35.7 million compared to $25.4 million in the corresponding 1998 quarter. Sequentially, total revenue increased 22% over the $29.4 million reported for the December 1998 fourth quarter. Product revenue reported for the first quarter of 1999 increased 57% compared to product revenue for the first quarter of 1998. The increase in product revenue resulted primarily from growth in dense wavelength division multiplexing (DWDM) product sales caused by a strong demand for SDL's 980nm pump laser product (including submarine fiber products). DWDM product revenue increased 204% from the prior year quarter. Research revenue declined both in dollars and as a percentage of total revenue compared to the corresponding first quarter of 1998. This downward trend in research revenue has resulted as the Company continues to focus its longer-term trategy on commercial communication product opportunities. Revenue derived directly or indirectly from U.S. government sources declined to 17% of total revenue reported for the first three months of 1999, compared to 31% for the first quarter of 1998.
results of operations.
results of operations.
(End of Item Excerpt)
----------FINANCIAL DATA SCHEDULE--------
LEGEND THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED
MULTIPLIER 1,000
PERIOD-TYPE 3-MOS
FISCAL-YEAR-END DEC-31-1999
PERIOD-START JAN-01-1999
PERIOD-END MAR-31-1999
CASH 4,305
SECURITIES 15,053
RECEIVABLES 27,593
ALLOWANCES 0
INVENTORY 22,651
CURRENT-ASSETS 72,783
DEPRECIATION 0
TOTAL-ASSETS 118,535
CURRENT-LIABILITIES 15,733
BONDS 0
PREFERRED-MANDATORY 0
PREFERRED 0
COMMON 15
OTHER-SE 99,207
TOTAL-LIABILITY-AND-EQUITY 118,535
SALES 34,754
TOTAL-REVENUES 35,730
CGS 20,773
TOTAL-COSTS 21,676
OTHER-EXPENSES 10,040
LOSS-PROVISION 0
INTEREST-EXPENSE 0
INCOME-PRETAX 4,284
INCOME-TAX 1,274
INCOME-CONTINUING 3,010
DISCONTINUED 0
EXTRAORDINARY 0
CHANGES 0
NET-INCOME 3,010
EPS-PRIMARY 0.21
EPS-DILUTED 0.19
----------------------
>>>>> |
