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ADIC meldet deutliches Umsatzwachstum im vierten Quartal in FolgeREdmond, Washington, )
Der Speicherspezialist Advanced Digital Information (ADIC) gab jetzt die Geschäftsergebnisse des vierten Quartals und des vergangenen Geschäftsjahres bekannt. Im Vergleich zum Vorjahrszeitraum konnte ADIC seinen Umsatz im vierten Quartal um 40 Prozent auf $118 Millionen steigern. Der Jahresumsatz des Unternehmens wuchs um 26 Prozent auf $424 Millionen an. Auch für das Geschäftsjahr 2004 prognostiziert ADIC weitere Umsatz- und Gewinnsteigerungen, die deutlich über dem Branchendurchschnitt liegen.
Ausführliche englische Version:
today announced sales for its fourth quarter and fiscal year ended October 31, 2003 reached all-time records of $118 million and $424 million, 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 reported for the third quarter. It is the fourth consecutive quarter of record sales at ADIC.
Net income was $5.8 million, or nine cents per fully diluted share, for the fourth quarter and $12.5 million, or 20 cents per fully diluted share for the fiscal year. The Company lost $1.2 million, or a loss of two cents per fully diluted share, during the previous fourth quarter while earning $1.6 million, 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 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 in the fourth quarter of 2002 to a profit of $4.5 million in the just completed fourth quarter, an improvement of $8.1 million. For the year, operating profit improved by $22.9 million to $9.5 million versus a loss of $13.4 million 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, 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 as of October 31. Subsequent to the end of the period, the Company received $15.2 million 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.
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