Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: 2MAR$ who wrote (366)	10/20/2000 7:59:55 AM
From: 2MAR$	Read Replies (1) \| Respond to of 762

QLGC ( rated #4 in Forbe's 200)Reports Record Second Quarter Revenues ALISO VIEJO, Calif.--(BUSINESS WIRE)--Oct. 18, 2000--QLogic Corporation (Nasdaq:QLGC - news), a leader in the I/O industry, announced today that gross revenues for its second fiscal quarter ended October 1, 2000, rose to a record $87.6 million, up 71% compared to the $51.1 million reported for the same quarter a year ago. Second quarter pro forma net income grew 84% to a record $22.7 million, or $0.24 per share on a diluted basis, compared to the $12.3 million, or $0.14 per share on a diluted basis, recorded a year ago. Results for this period and all prior periods have been consolidated with the results of Ancor Communications, which merged with the Company on August 1, 2000. For the first six months of fiscal 2001, gross revenues expanded 72% to $165.0 million, compared to $95.8 million for the same period a year ago. Pro forma net income for the first six months of fiscal 2001 rose 88% to $42.2 million, or $0.45 per share on a diluted basis, compared to the $22.4 million, or $0.25 per share recorded on a pro forma basis for the same period a year ago. Net revenues for the quarter amounted to $86.0 million. Net revenues for the quarter included a $1.6 million sales discount for an adjustment in the value of warrants to Sun Microsystems. (See (1) editorial addendum to the financial statements.) Excluding the warrant charge and the related tax effects, pro forma net income per share for the quarter would have been $0.25 per share on a diluted basis. Net revenues for the first six months of fiscal 2001 amounted to $162.7 million, with $2.3 in sales discounts related to the Sun agreement. Actual results for the second quarter ended October 1, 2000 included operating expenses of $48.6 million and net loss of $1.3 million, compared to a net income of $12.3 million a year ago. Actual second quarter expenses included a charge of $22.9 million in merger and related acquisition expenses for the Ancor merger, and a higher tax rate due to certain non-deductible merger costs. During the second quarter, QLogic had solid growth in both its Fibre Channel host bus adapter and SCSI I/O product lines. ``Fibre Channel gross revenues continued to outpace the rest of our I/O business in the second quarter, expanding 195% from a year ago, and 24% sequentially, to $46.7 million, or 53% of total gross revenues,'' said H.K. Desai, the Company's chairman, CEO and president. ``In addition, growth in our traditional SCSI business grew 24% from a year ago, and 10% sequentially, as our peripheral customers continued to show considerable strength.'' The Company's balance sheet was highlighted by a strong rise in its cash and investments position. As a result of the merger, and strong positive cash flow during the quarter, the ending cash and investments balances grew to a record $295 million, compared to $244 million at April 2, 2000. About QLogic QLogic Corporation (NASDAQ:QLGC - news) is changing the way the world views Storage Area Networks (SANs), serving OEMs, VARs and system integrators with the broadest line of SAN infrastructure components in the industry. With over 15 years of enterprise storage experience, the company delivers a full range of Fibre Channel switches, PCI host bus adapters, controller silicon and management chips for systems and peripherals, as well as the QLogic Management Suite of SAN management software solutions. A member of the Nasdaq-100® Index, QLogic recently emerged on the Forbes 500 and Business Week 200 lists. QLogic is integrated in over 200 OEM solutions, including: AMI, Compaq, Dell, EMC, Fujitsu, Hitachi, HP, IBM, INRANGE, Iwill, MTI Technology Corp., Quantum, Raidtec, Siemens, Sun and Unisys. For more information about QLogic and its products, contact QLogic Corp., 26600 Laguna Hills Drive, Aliso Viejo, CA 92656; telephone: 800/662-4471 (sales); 949/389-6000 (corporate); fax: 949/389-6126; home page qlogic.com. Note: All QLogic-issued press releases appear on the company's web site (www.qlogic.com). Any announcement that does not appear on the QLogic web site has not been issued by QLogic.

To: 2MAR$ who wrote (366)	10/21/2000 6:38:20 AM
From: 2MAR$	Read Replies (1) \| Respond to of 762

IREG (+5 @ $41) Quarterly Revenue Doubles--Growth Drives Net Income of $.26/share BALTIMORE--(BUSINESS WIRE)--Oct 17, 2000-- Information Resource Engineering, Inc. (IRE) (Nasdaq: IREG - news), a leading provider of Virtual Private Network (VPN) technology and solutions for secure business communications, today reported financial results for the three months ended September 30, 2000. Revenues for the three-month period grew by 102% to $7.6 million, compared to $3.8 million for the same period in 1999. Net income for the three-month period was $1,873,000, or $0.26 per share on a diluted basis, compared to a loss of ($1,593,000), or ($0.29) per share, in 1999. The revenue increase was spurred by growth in sales of VPN products, which increased 395% this quarter compared to the same period in 1999. The Company's sales reflect a shift to higher-margin software and license products through OEM partners resulting in a significant improvement in gross margins from 61% in the third quarter of 1999 to 74% in the third quarter of 2000. Revenues for the first nine months totaling $19.9 million were 38% higher than revenues in the first nine months of 1999, and resulted in earnings per share of $.43 per share on a diluted basis compared to a loss of ($.45) per share for the first nine months of 1999. Sales of VPN products increased by 193% for the nine months ended September 30, 2000 compared to the nine months ended September 30, 1999. Gross margins for the nine months ended September 30, 2000 increased to 73% from 64% for the comparable period in 1999 due to increased sales of VPN software and license products through OEM partners. Anthony Caputo, IRE's Chairman and CEO commented, ``IRE's revenue growth and profitability are being driven by the market success of our SafeNet VPN products. VPN revenue growth of 395% in the quarter clearly demonstrates SafeNet VPN products rapid adoption by customers and partners in the fast growing VPN market.'' VPN product revenues grew through both end user and OEM channels during the quarter. In the end user segment, new customers include a U.S. Government agency, which placed a significant order for SafeNet VPN products. The U.S. Department of Defense also formally approved SafeNet products for use in battlefield applications. In the OEM segment, new OEM customers include a major Internet Service Provider who has licensed SafeNet/Soft-PK to be used by each of its VPN service customers. In addition, several network security companies, including VPN product manufacturers, licensed SafeNet/Soft-PK so that they may provide IRE's industry-leading VPN software to their customers. A new hardware implementation of SafeNet technology, SafeNet/PCI was introduced during the quarter. Two major networking companies began to order this product in OEM quantities, also contributing to revenue growth in the quarter. The Company's SafeNet/Soft-PK VPN software received top recommendations for its technology offering in product reviews from two leading technical publications, InfoWorld and SC Magazine. InfoWorld highlighted the product's interoperability, compatibility and advanced features. SC Magazine gave SafeNet/Soft-PK its Recommended Award in a review of twelve VPN solutions for demonstrating outstanding performance, rich features and ease-of-use. ``I'm also pleased to announce that our company name will officially change to SafeNet, Inc. on November 1, 2000, reflecting our commitment to Internet security as well as the success of SafeNet products in the marketplace,'' said Anthony Caputo. Effective November 1, 2000, the new ticker symbol for SafeNet, Inc. will be SFNT. Effective the same date, the SafeNet Web site will be www.safenet-inc.com . IRE's current Web site, www.ire.com will be linked directly to the new site. About SafeNet/IRE SafeNet/IRE (Nasdaq: IREG - news) delivers cost-effective Virtual Private Network (VPN) solutions that enable organizations to use the Internet and other shared networks for private communications. SafeNet/IRE, the developer of the first commercial VPN in 1989 and the first Internet VPN solution in 1995, specializes in offering integrated, standards-based VPN technology and products as part of its SafeNet(tm) product family. The SafeNet DSP(tm) ``Internet Security System on a Chip,'' with over ten patents pending, is a breakthrough addition, not only to IRE's family of SafeNet products, but for all network and telecommunications equipment manufacturers who have been searching for a way to increase the performance and decrease the cost of implementing and embedding a VPN solution. A publicly held company since 1989, SafeNet/IRE has been providing industry-leading network security solutions around the world for over 15 years. Our global client list includes companies from the leading Fortune 1000 companies, financial institutions, and governments. Our commitment to providing leading-edge technology, quality design and manufacture, and around-the-clock customer support is unsurpassed in the network security industry. For more information, please visit us at www.ire.com. ``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995 Statements in this release concerning IRE's future prospects are ``forward-looking statements'' under the Federal securities laws. There can be no assurance that future results will be achieved, and actual results could differ materially from forecasts, estimates, and summary information contained in this news release. Important factors that could cause actual results to differ materially are included but are not limited to those listed in IRE's periodic reports and registration statements filed with the Securities and Exchange Commission. SafeNet is a trademark of Information Resource Engineering, Inc. All other product and company names mentioned herein may be the trademarks of their respective companies.