Hummingbird Q2 sales at $47 million; adjusted EPS at $0.33

Sales for the quarter ended 31 March 2003 were $47.0 million representing a 2.1-per cent increase from the quarter ended 31 March 2002 and sequential increase of 6.7 per cent over the first quarter ended 31 December 31, 2002.

Adjusted net income in the current quarter increased to $5.9 million from $5.7 million in the second quarter of last year. Adjusted diluted earnings per share (based on adjusted net income) for this quarter was $0.33 compared to $0.31 for the corresponding period last year.

Expenses for the current quarter, excluding amortisation of intangibles and in-process research and development expense, increased to $34.0 million compared to $33.1 million for the second quarter of the previous fiscal year.

The second quarter of fiscal 2003 reported a net income of $1.8 million compared to a net income of $4.7 million for the second quarter of last year. This change is largely due to recording previously unrecognised investment tax credits in the second quarter of the prior year. The diluted earnings per share of $0.10 in the current quarter compares to a diluted earnings per share of $0.25 for the second quarter of last year.

Sales for the six months ended 31 March 2003 were $91.1 million, an increase of 1.0 per cent over the previous year. Expenses, excluding amortisation of intangibles, in-process research and development expense, and restructuring and other charges, increased by 1.5 per cent to $66.5 million for the first six months of fiscal 2003 compared to the prior year.

Net income for the current six month period was $3.8 million for diluted earnings per share of $0.21, compared to a net loss of $1.0 million and diluted loss per share of $0.06 last year. Adjusted net income for the current six months was $11.0 million compared to $10.6 million for the six months ended 31 March 2002. Adjusted diluted earnings per share for the current six months, based on adjusted net income, was $0.61 compared to $0.58 for the prior year.