The Income Statement...
Mohammad:
Here is another view of the Income Statement...
Jim
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OSICOM TECHNOLOGIES, INC.
AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Thousands, except per share amounts)
Three Months Ended Year Ended
January 31 January 31
1998 1997 1998 1997
NET SALES $ 30,418 $ 36,824 $119,049 $115,912
COST OF SALES 21,128 25,390 81,906 82,751
GROSS PROFIT 9,290 11,434 37,143 33,161
OPERATING EXPENSES
Selling and
marketing 4,080 4,149 17,601 14,052
Engineering,
research
and development 1,855 1,055 7,172 6,129
General and
administrative 2,279 4,129 15,128 11,150
Purchased in-process
research and
development -- -- -- 13,653
Other operating
expenses 43 286 11,885 1,794
TOTAL OPERATING
EXPENSES 8,257 9,619 51,786 46,778
INCOME (LOSS) FROM
OPERATIONS 1,033 1,815 (14,643) (13,617)
OTHER INCOME (CHARGES)
Investment income 122 126 490 418
Interest expense (570) (569) (2,101) (2,360)
Gain (loss) on
disposal of assets (2) -- 422 --
Other income (charges) 55 47 44 132
TOTAL OTHER CHARGES (395) (396) (1,145) (1,810)
INCOME (LOSS) BEFORE
INCOME TAXES 638 1,419 (15,788) (15,427)
PROVISION FOR INCOME
TAXES 230 (6) 246 182
NET INCOME (LOSS) $ 408 $ 1,425 $(16,034) $(15,609)
INCOME (LOSS) PER
COMMON SHARE
ACCRUED UNDECLARED
DIVIDENDS 38 38 150 150
NET INCOME (LOSS)
APPLICABLE TO COMMON
SHARES $ 370 $ 1,387 $(16,184) $(15,759)
BASIC
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
(RESTATED, IN
THOUSANDS) 19,385 10,458 14,962 8,015
NET INCOME (LOSS)
PER COMMON SHARE: $ 0.02 $ 0.13 $ (1.08) $ (1.97)
DILUTED
WEIGHTED AVERAGE
COMMON SHARES
OUTSTANDING
(RESTATED, IN
THOUSANDS) 21,274 13,127 17,064 10,183
NET INCOME (LOSS)
PER COMMON SHARE: $ 0.02 $ 0.11 n/a n/a
Osicom's CFO, John H. Gorman, commented, ''The most
important events of the fourth quarter were the launches
of the Company's three new families of flagship products,
each of which was met with very positive results. After
successful trials by Brooks Fiber in Stockton, California, GigaMux(tm),
the Company's DWDM product for the Metro market,
has been added to their approved product list. As a result,
Brooks is now extending GigaMux trials and deployment to other
larger cities.
GigaMux has also been approved for deployment by Real Time
Center (RTC), based in Bern, Switzerland. RTC is an
information technology (IT) joint venture of Swiss banks
charged with the task of improving member banks' disaster
recovery operations. GigaMux is also up and running at NASA
and the Bank of BBV in Madrid, Spain. We have also entered
into a teaming agreement with a multi-billion dollar electronics
firm to jointly market GigaMux to certain customers.
This is consistent with our strategy of gaining enhanced access
to the largest potential market for DWDM equipment, and allows
us to swiftly capitalize on our first-to-market position in
Metro DWDM.''
Gorman added, ''The introductions of our NET+ARM(tm)
connectivity system-on-silicon product and our IQX-200 family
of remote access products have also been met with enthusiasm.
Since its introduction in January, NET+ARM has won virtually
every contract we've gone after and has already garnered nine
design wins. Orders for IQX have been growing steadily, and
we expect IQX's price/performance ratings and flexible
architecture to help it achieve continued growth among a
diverse range of customers, which already include corporate
users, school districts, on-line traders, and ISPs.''
Gorman concluded, ''We expect these three product families,
developed over the last 18 months, to make their first
significant contributions to revenues in fiscal 1999.'' |
