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Technology Stocks : Computer Network Technology (CMNT) -- Ignore unavailable to you. Want to Upgrade?

To: Neil S who wrote (509)	1/27/1999 9:37:00 AM
From: swisstrader	Read Replies (1) \| Respond to of 750

Record Earnings!!!! delayed 20 mins - disclaimer Wednesday January 27, 9:01 am Eastern Time Company Press Release SOURCE: Computer Network Technology Computer Network Technology Reports Record 1998 Revenue of $133.5 Million, Up 36 Percent Full-Year EPS Increase of 700 Percent over 1997 (Excluding Non-Recurring Charges), Highest in Four Years MINNEAPOLIS, Jan. 27 /PRNewswire/ -- Computer Network Technology Corp. (CNT®) (Nasdaq: CMNT - news), today reported record company revenues for 1998 fourth quarter and year-end. Strong demand for its SAN applications, EAI solutions, and Professional Services, together with improved operating expense efficiencies, has resulted in an increase of 700 percent over 1997 in the 1998 Earnings Per Share. Record revenue of $35.9 million for the fourth quarter ended December 31, 1998, represents an increase of $4.3 million or 14 percent when compared to revenue of $31.6 million for the same period in 1997. Pro forma net income before non-recurring charges for the 1998 fourth quarter was $2.6 million or $.11 per share, compared to a pro forma net income before non-recurring charges of $718,000 or $.03 per share in the 1997 fourth quarter. Annual and fourth quarter results for 1998 include a non-recurring charge of $927,000 for in-process research and development associated with the acquisition of IntelliFrame Corporation in December 1998. After the charge, the Company reported net income of $1.7 million or $.07 per share for the 1998 fourth quarter. For the year ended December 31, 1998, record revenues totaled $133.5 million compared to $97.8 million for 1997, an increase of 36 percent. Excluding non-recurring charges, pro forma net income for 1998 was approximately $5.7 million or $.25 per share, compared to $619,000 or $.03 per share for 1997. After the charge, the Companp reported net income of $4.7 million or $.21 per share for 1998. ''Thanks to record revenues and our focus on improved operating efficiencies, our 1998 Earnings Per Share increased 700 percent over 1997, the highest EPS since 1994,'' said Thomas G. Hudson, CNT's president and ch ex executive officer. ''Product revenue for the fourth quarter totaled $25.6 million, up 12 percent when compared to the 1997 fourth quarter. Total product revenue for 1998 totaled $95.5 million, an increase of 39 percent over 1997.