FC News- Ciprico Q4, Year End Results.
MINNEAPOLIS, Nov. 5 /PRNewswire/ -- Ciprico Inc. (Nasdaq: CPCI) today
announced record growth for the fiscal year ended September 30, 1997. For the
year, sales increased 33% to $36.4 million, compared to $27.4 million last
year. Net earnings increased 24% to $4.2 million or 79 cents per share on a
fully taxed basis, compared to $3.4 million or 80 cents per share last year,
which was favorably impacted by utilizing a tax loss carry forward.
Sales for the fourth quarter of fiscal 1997 were up 16% to $8.7 million
compared to $7.5 million for the same period last year. Net earnings for the
fourth quarter of fiscal 1997 were $875,000 or 16 cents per share, fully
taxed, compared to $933,000 or 17 cents per share for the same period last
year on a partially taxed basis.
"Though sales in the fourth quarter were less than anticipated, it has not
stopped our momentum at Ciprico," said Robert H. Kill, Ciprico President and
CEO. "Solid growth from providing the industry's first fibre channel and ATA
disk array products has allowed us to continue to penetrate the market place.
Providing leading edge technology products has helped fuel the sales momentum
for continued growth into 1998."
Certain statements in this news release are forward looking and should be
read in conjunction with the Company's SEC filings and news releases. The
Company's quarterly and annual operating results are affected by a wide
variety of factors such as market conditions, component cost and availability,
or delays in product development programs that could adversely affect revenues
and profitability.
Ciprico Inc., an ISO certified company, designs, manufactures, markets and
services disk arrays for the high-performance imaging and digital media
markets. The company's products are sold worldwide to technical, scientific
and creative professionals who require high performance, capacity and fault
tolerance from their storage. Additional information about Ciprico can be
obtained through the Internet on www.ciprico.com
Ciprico Announces Fiscal
1997 Results
Income Statement Data: (000's) Three Months Ended September 30
(except per share data) (Unaudited)
1997 1996
Net sales $8,668 $7,524
Cost of sales 4,479 3,997
Gross profit 4,189 3,527
Sales and marketing 1,949 1,603
General and administrative 670 601
Research and development 803 740
Earnings from operations 767 583
Other income, net 542 522
Earnings before income taxes 1,309 1,105
Income tax expense 434 172
Net earnings 875 933
Earnings per common share $ .16 $.17
Weighted average common shares 5,457 5,404
Fiscal Year Ended September 30
1997 1996
(Unaudited)
Net sales $36,390 $27,408
Cost of sales 19,100 14,383
Gross profit 17,290 13,025
Sales and marketing 6,977 5,406
General and administrative 2,700 2,233
Research and development 3,172 2,423
Earnings from operations 4,441 2,963
Other income, net 1,998 977
Earnings before income taxes 6,439 3,940
Income tax expense 2,190 496
Net earnings 4,249 3,444
Earnings per common share $.79 $ .80
Weighted average common shares 5,396 4,326
Balance Sheet Data: (000's) September 30, September 30,
1997 1996
(Unaudited)
Cash and securities $36,802 $37,257
Receivables 5,730 4,599
Inventory 4,354 2,789
Total current assets 40,422 35,426
Property and equipment 3,948 2,576
Total assets 52,105 48,004
Current liabilities 3,960 5,519
Stockholders' equity 48,057 42,427
SOURCE Ciprico Inc.
CO: Ciprico Inc.
ST: Minnesota
IN: CPR
SU: ERN
11/05/97 07:01 EST prnewswire.com
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