|
|
Rubrik: World-wide News/Products & News ADIC:
It is The Fourth Consecutive Quarter of Record Sales at ADIC Sales
For Fourth Quarter Reached All-Time Records of 118 million Dollar (04.01.04)
- ADIC announced sales for its fourth quarter and fiscal year ended October
31, 2003 reached all-time records of 118 million Dollar and 424 million
Dollar up approximately 40 percent and 26 percent from the previous fourth
quarter and last fiscal year, respectively. Quarterly sales grew nine percent
sequentially from the previous quarterly record of 108 million Dollar
reported for the third quarter. It is the fourth consecutive quarter of
record sales at ADIC.
Anzeige
Net
income was 5.8 million Dollar, or nine cents per fully diluted share, for the
fourth quarter and 12.5 million Dollar, or 20 cents per fully diluted share
for the fiscal year. The Company lost 1.2 million Dollar, or a loss of two
cents per fully diluted share, during the previous fourth quarter while
earning 1.6 million Dollar, or two cents per fully diluted share, for all of
fiscal 2002. "We
are delighted to report robust quarterly and annual growth in both revenue
and earnings," said Chairman and Chief Executive Officer Peter van
Oppen. "We invested in growth during fiscal 2002 and we began to realize
the fruits of that investment in 2003 as virtually all categories of business
improved. Acceptance of our hardware and software products by end user and
OEM customers continues to validate our business strategy and we are
optimistic that fiscal 2004 will bring continued revenue growth, improving
gross margins and increasing levels of profitability." Gross
profit as a percentage of sales, or gross margin, reached 31 percent for the
quarter, up from 29.4 percent for the same period last year and 30.1 percent
in the immediately preceding third quarter. Annual gross margin was up 390
basis points from 27.2 percent to 31.1 percent. As previously described, the
Company believes gross margin as a percentage of sales generally correlates
with the proportion of Intelligent Storage Solutions™ (ISS) sold in the
period and will increase over time. ISS products include elements of ADIC
software and connectivity technology and are sold through both branded and
OEM sales channels. ISS sales were 35 percent for the fourth quarter and 37
percent for fiscal 2003 versus approximately 30 percent in fiscal 2002. ADIC
branded revenues were 51 percent of sales for the quarter and 52 percent of
sales for the year while OEM revenues were 49 percent and 48 percent for the
same periods. Branded revenues were 58 percent of sales in the fourth quarter
of 2002 and 55 percent of sales for fiscal year 2002. The lower percentage of
branded sales in 2003 results from rapid growth of the OEM business as
customers and products were added during the fiscal year. Annual growth rates
of branded and OEM sales for the year were 18 percent and 35 percent. A
higher percentage of OEM sales generally reduces overall gross margin as a
percentage of sales because gross margins for OEM products are typically
lower than for comparable branded products, reflecting lower required sales
and product development costs. Operating expenses grew less than 13 percent over fourth quarter 2002 and approximately 18 percent for the full year. Approximately 95 percent of the nearly 19 million Dollar in annual growth of operating expenses occurred in sales, marketing and R&D expenses, consistent with the Company's focus on developing differentiated technologies and broad sales and marketing capabilities. Operating profit moved from a loss of 3.6 million Dollar in the fourth quarter of 2002 to a profit of 4.5 million Dollar in the just completed fourth quarter, an improvement of 8.1 million Dollar. For the year, operating profit improved by 22.9 million Dollar to 9.5 million Dollar versus a loss of 13.4 million Dollar in fiscal 2002. Other income is principally the sum of foreign currency effects, interest income and investment gains. Lower investment gains and interest income account for most of the drop in other income from fiscal 2002 to 2003. Taxes for the quarter showed a benefit of 157,000 bringing fiscal year income tax expense to just over 3 million Dollar, or an average rate of approximately 19.5 percent. This relatively low tax rate is probably not sustainable as profitability increases and reflects various R&D tax credits as well as other elements of the Company's tax planning. It is reasonable to anticipate that the Company's long-term tax rate will be closer to statutory rates. Cash and marketable securities, net of debt, totaled over 200 million Dollar as of October 31. Subsequent to the end of the period, the Company received 15.2 million Dollar in net cash through the sale of inventory and fixed assets, the majority of which were leasehold improvements, related to an outsourcing agreement announced during the period. (ma) ADIC Ansprechpartnerin: Christine Bachmayer Tel. (0811) 99871-25, Fax (0811) 99871-55 E-Mail: cbachmayer@adic.com Web: www.adic.com |
| Anzeige: | |
