3Ware 1999 Annual Report Download - page 16

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QUARTERLY FINANCIAL INFORMATION FOR FISCAL 1998 AND FISCAL 1999
Fiscal Year Ended March 31,
(in thousands, except per share data) 1998 1999*
Fiscal quarter Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Net revenues $17,053 $18,155 $19,666 $21,744 $23,814 $25,472 $26,972 $28,742
Cost of revenues 8,156 8,378 8,836 8,951 9,399 9,347 9,669 9,522
Gross profit 8,897 9,777 10,830 12,793 14,415 16,125 17,303 19,220
% of revenues 52% 54% 55% 59% 61% 63% 64% 67%
Operating expenses:
Research and development 2,525 3,477 3,337 3,929 4,893 5,454 5,847 6,278
Selling, general and administrative 3,339 3,391 3,530 4,018 4,164 4,296 4,573 5,292
Merger-related costs ———— ———2,350
Total operating expenses 5,864 6,868 6,867 7,947 9,057 9,750 10,420 13,920
% of revenues 34% 38% 35% 37% 38% 38% 39% 48%
Operating income 3,033 2,909 3,963 4,846 5,358 6,375 6,883 5,300
% of revenues 18% 16% 20% 22% 22% 25% 26% 18%
Interest income, net 66 85 143 577 853 877 883 837
Income before income taxes 3,099 2,994 4,106 5,423 6,211 7,252 7,766 6,137
% of revenues 18% 16% 21% 25% 26% 28% 29% 21%
Provision for income taxes 81 78 103 144 2,227 2,584 2,646 2,776
Effective income tax rate 3% 3% 3% 3% 36% 36% 34% 45%
Net income $ 3,018 $ 2,916 $ 4,003 $ 5,279 $ 3,984 $ 4,668 $ 5,120 $ 3,361
% of revenues 18% 16% 20% 24% 17% 18% 19% 12%
Diluted earnings per share $ 0.16 $ 0.16 $ 0.20 $ 0.23 $ 0.15 $ 0.17 $ 0.19 $ 0.12
Shares used in calculating
diluted earnings per share 18,941 18,594 20,383 23,257 26,665 27,296 27,619 28,140
*The quarterly information for the fiscal year ended March 31, 1999 has been restated from the information presented in the Company’s Quarterly 10-Q filings for
the quarters ended June 30, 1998, September 30, 1998 and December 31, 1998 to reflect the acquisition of Cimaron Communications Corporation completed on
March 17, 1999 as if the companies had been combined for the full year.
MARKET PRICE ON COMMON STOCK
Stock Prices
High $ 13 1⁄2$ 24 3⁄8$ 30 $ 30 $ 40 5⁄8$ 46 3⁄4
Low $ 8 $ 12
1⁄4$ 17 5⁄8$ 12 7⁄8$ 12 1⁄4$ 32 7⁄8
End $ 12 3⁄8$ 22 1⁄2$ 25 7⁄8$ 14 7⁄8$ 33 7⁄8$ 42 3⁄4
The Company’s Common Stock is traded on the Nasdaq Market System (“Nasdaq”) under the symbol AMCC. The table
above sets forth, for the fiscal quarters indicated, the high, low and quarter-end sale prices of the Common Stock as reported
by Nasdaq (rounded to the nearest 1⁄8). The Company’s Common Stock began trading on Nasdaq at the time of its initial
public offering on November 25, 1997.
The Company has never paid dividends on its Common Stock and presently intends to continue this policy.
At March 31, 1999, there were approximately 418 holders of record of the Company’s Common Stock.
SUPPLEMENTARY FINANCIAL INFORMATION
(
UNAUDITED
)
14
1999
AMCC