PassPass,
I just went to the source. Below is a section of the
14-D filed by Lucent on Livingston. 1997 sales were
some 72 MM. So LU paid over 9 x sales:
Livingston. The following selected consolidated financial data should
be read in conjunction with Livingston's consolidated financial statements and
the notes thereto, and with the section captioned "CERTAIN INFORMATION
CONCERNING LIVINGSTON--Management's Discussion and Analysis of Financial
Condition." The consolidated statement of operations data
9
for the years ended August 31, 1997, 1996, 1995 and 1994 and the consolidated
balance sheet data at August 31, 1997, 1996 and 1995 are derived from, and are
qualified by reference to, the audited consolidated financial statements of
Livingston. The consolidated statement of operations data should be read in
conjunction with such audited financial statements, the notes thereto and the
audit report of KPMG Peat Marwick LLP, independent certified public accountants.
See "FINANCIAL STATEMENTS OF LIVINGSTON." The consolidated statement of
operations data for the years ended August 31, 1994 and 1993 and the
consolidated balance sheet data at August 31, 1994 and 1993 are derived from
audited and unaudited consolidated financial statements, respectively, which are
not included in this Proxy Statement/Prospectus. The unaudited consolidated
financial statements have been prepared on the same basis as the audited
consolidated financial statements and, in the opinion of management, contain all
adjustments, consisting only of normal recurring adjustments, necessary for a
fair presentation of Livingston's financial position and results of operations
for such periods. The results of operations for the year ended August 31, 1997
may not be indicative of Livingston's future results.
YEAR ENDED AUGUST 31,
----------------------------------------------------------
1997 1996 1995 1994 1993
-------- -------- -------- -------- --------
(In thousands, except per share data)
LIVINGSTON HISTORICAL:
CONSOLIDATED STATEMENT OF
OPERATIONS DATA
Product revenues ........................ $ 65,495 $ 43,229 $ 20,138 $ 6,180 $ 2,083
Royalty revenues ........................ 7,329 2,878 323 -- --
-------- -------- -------- -------- --------
Net revenues ............................ 72,824 46,107 20,461 6,180 2,083
Cost of revenues ........................ 27,741 18,567 8,054 2,853 962
-------- -------- -------- -------- --------
Gross profit ......................... 45,083 27,540 12,407 3,327 1,121
Operating expenses:
Research and development ............. 4,289 2,512 890 462 277
Selling and marketing ................ 17,798 8,670 2,831 673 327
General and administrative ........... 4,245 1,771 667 449 401
-------- -------- -------- -------- --------
Total operating expenses .......... 26,332 12,953 4,388 1,584 1,005
-------- -------- -------- -------- --------
Operating income ........................ 18,751 14,587 8,019 1,743 116
Interest income (expense), net .......... 530 85 (20) (21) (9)
-------- -------- -------- -------- --------
Income before income taxes .............. 19,281 14,672 7,999 1,722 107
Provision for income taxes .............. 6,850 5,827 3,095 695 21
-------- -------- -------- -------- --------
Net income ........................ $ 12,431 $ 8,845 $ 4,904 $ 1,027 $ 86
======== ======== ======== ======== ========
Net income per share .................... $ .87 $ .64 $ .39 $ .08 $ .01
======== ======== ======== ======== ========
Shares used in per share computations (1) 14,334 13,844 12,569 12,150 12,150
AUGUST 31,
---------------------------------------------------
1997 1996 1995 1994 1993
------- ------- ------- ------- -------
(In thousands)
CONSOLIDATED BALANCE SHEET DATA
Cash and cash equivalents ..... $11,054 $ 3,749 $ 1,486 $ 627 $ 46
Working capital ............... 25,557 14,243 5,891 1,511 509
Total assets .................. 43,190 21,286 9,303 2,706 839
Total shareholders' equity .... 28,363 15,323 6,283 1,379 352
-------
(1) See Note 1 of Notes to Livingston Consolidated Financial Statements for an
explanation of the determination of net income per share and shares used in per
share computations |
