>>AT: I disagree on Netscout.<<
Maybe, But atleast I dont have to be a lawyer, accountant and a crook or just a cat to figure out other companies earnings report!
Dell's Q2 Earnings Rise 58 Percent, as Revenue Climbs 42 -2-
Consolidated statements of income and financial position follow.
DELL COMPUTER CORPORATION
Condensed Consolidated Statement of Income
and Related Financial Highlights
(in millions, except per share data)
(unaudited)
Three Months Ended % Growth Rates
---------------------------- ---------------------
July 30, April 30, Aug. 2,
1999 1999 1998 Sequential Yr. to Yr.
-------- --------- -------- ---------- ----------
Net revenue $6,142 $5,537 $4,331 10.9% 41.8%
Cost of revenue 4,788 4,347 3,346 10.1% 43.1%
------ ------ ------
Gross margin 1,354 1,190 985 13.8% 37.5%
Selling, general
and administrative 569 508 436 12.0% 30.3%
Research,
development and
engineering 91 82 66 11.3% 39.0%
------ ------ ------
Total operating
expenses 660 590 502 11.9% 31.4%
------ ------ ------
Operating income 694 600 483 15.7% 43.7%
Financing and other 30 20 11
------ ------ ------
Income before
income taxes 724 620 494 16.7% 46.6%
Provision for income
taxes 217 186 148
------ ------ ------
Net income $507 $434 $346 16.7% 46.6%
====== ====== ======
Basic earnings per
common share $0.20 $0.17 $0.14 17.6% 42.9%
====== ====== ======
Diluted earnings
per common share $0.19 $0.16 $0.12 18.8% 58.3%
====== ====== ======
Weighted average
shares outstanding:
Basic 2,524 2,528 2,529
Diluted 2,725 2,738 2,785
Percentage of Net Revenue:
--------------------------
Gross margin 22.0% 21.5% 22.7%
Selling, general
and administrative 9.2% 9.2% 10.1%
Research, development
and engineering 1.5% 1.5% 1.5%
Total operating
expenses 10.7% 10.7% 11.6%
Operating income 11.3% 10.8% 11.1%
Income before income
taxes 11.7% 11.2% 11.3%
Net income 8.2% 7.8% 8.0%
Income tax rate 30.0% 30.0% 30.0%
Net revenue by geographic region:
---------------------------------
% of total net revenue
-----------------------
Americas 71% 69% 69%
Europe 22% 24% 25%
Asia-Pacific and Japan 7% 7% 6%
Net revenue by product line:
----------------------------
% of system net revenues
------------------------
Desktops 60% 61% 66%
Enterprise 16% 16% 12%
Portables 24% 23% 22%
------ ------ ------
Total system net
revenues 100% 100% 100%
====== ====== ======
Non-system net
revenues 8% 8% 6%
(peripherals,
other); % of total
system net revenues
Note: Percentage growth rates and ratios are calculated based on
underlying data in thousands.
DELL COMPUTER CORPORATION
Condensed Consolidated Statement of Income
and Related Financial Highlights
(in millions, except per share data)
(unaudited)
Year To Date
---------------------
July 30, Aug. 2, Yr. to Yr.
% Growth
1999 1998 Rates
-------- -------- -----------
Net revenue $11,679 $8,251 41.5%
Cost of revenue 9,135 6,393 42.9%
-------- --------
Gross margin 2,544 1,858 36.9%
Selling, general and
administrative 1,077 824 30.7%
Research, development
and engineering 173 122 41.8%
-------- --------
Total operating
expenses 1,250 946 32.1%
-------- --------
Operating income 1,294 912 41.9%
Financing and other 50 17
-------- --------
Income before income
taxes 1,344 929 44.7%
Provision for income
taxes 403 279
-------- --------
Net income $941 $650 44.8%
======== ========
Basic earnings per
common share $0.37 $0.26 42.3%
======== ========
Diluted earnings per
common share $0.34 $0.23 47.8%
======== ========
Weighted average shares
outstanding:
Basic 2,526 2,537
Diluted 2,731 2,792
Percentage of Net
Revenue:
-----------------
Gross margin 21.8% 22.5%
Selling, general and
administrative 9.2% 10.0%
Research, development
and engineering 1.5% 1.5%
Total operating
expenses 10.7% 11.5%
Operating income 11.1% 11.0%
Income before income
taxes 11.5% 11.2%
Net income 8.1% 7.9%
Income tax rate 30.0% 30.0%
Net revenue by geographic region:
---------------------------------
% of total net revenue
----------------------
Americas 70% 68%
Europe 23% 25%
Asia-Pacific and Japan 7% 7%
Net revenue by product line:
----------------------------
% of system net revenues
------------------------
Desktops 60% 66%
Enterprise 16% 12%
Portables 24% 22%
-------- --------
Total system net
revenues 100% 100%
======== ========
Non-system net revenues 8% 6%
(peripherals, other);
% of total system net revenues
Note: Percentage growth rates and ratios are calculated based on
underlying data in thousands.
DELL COMPUTER CORPORATION
Condensed Consolidated Statement of Financial
Position and Related Financial
Highlights
(in millions, except for "Ratios" and "Other information")
(unaudited)
July 30, April 30, Aug. 2,
1999 1999 1998
----------- ------------ ------------
Assets:
-------
Current assets:
Cash $764 $620 $511
Marketable securities 3,951 3,384 2,107
Accounts receivable, net 2,424 2,151 1,800
Inventories 336 289 288
Other 588 561 394
----------- ------------ ------------
Total current assets 8,063 7,005 5,100
Property, plant and
equipment, net 601 536 446
Other 44 22 14
---------- ------------ ------------
Total assets $8,708 $7,563 $5,560
========== ============ ============
Liabilities and Stockholders' Equity:
-------------------------------------
Current liabilities:
Accounts payable $3,007 $2,641 $1,928
Accrued and other 1,433 1,247 1,209
---------- ------------ ------------
Total current liabilities 4,440 3,888 3,137
Long-term debt 513 514 512
Other 385 346 312
---------- ------------ ------------
Total liabilities 5,338 4,748 3,961
Stockholders' equity 3,370 2,815 1,599
---------- ------------ ------------
Total liabilities and
stockholders' equity $8,708 $7,563 $5,560
========== ============= ============
Ratios:
-------
Current ratio 1.82 1.80 1.63
Quick ratio 1.61 1.58 1.41
Days supply in inventory 6 6 8
Days of sales in accounts
receivable 36 35 37
Days in accounts payable 57 55 52
Other Information:
------------------
Headcount (approximate) 29,300 26,100 20,800
Average total revenue/unit $2,200 $2,300 $2,400
(approximate)
Return on invested capital(a) 260% 189% 217%
Note: Ratios are calculated based on underlying data in thousands.
(a) Calculation excludes cash and marketable securities in excess of
5% of annualized revenue.
CONTACT: Dell Computer Corporation, Round Rock
Media Contacts:
T.R. Reid, 512/728-7977 |
