Artisoft, Inc. Reports Strong Third Quarter Financials for Fiscal 1994

Artisoft, Inc. reported net sales of $32.4 million and net earnings of $3.4 million, or $.23 per share, for the third quarter of fiscal 1994, with a significant improvement in earnings over the same period in the prior fiscal year. The company's net sales for the first three quarters of fiscal 1994 were $73.9 million, and net earnings were $9.5 million, or $.61 per share. Artisoft's President and Chief Executive Officer, William C. Keiper, attributed the strong performance to the company's new products, including version 6.0 of the Artisoft LANtastic network operating system, and the integration of the Eagle Technology business unit. The company also announced an agreement with Novell, Inc. to license client-server technology, which will be used in an Artisoft server product expected to be released in the current fiscal quarter.

Key Takeaways:

• Artisoft, Inc. reported net sales of $32.4 million and net earnings of $3.4 million, or $.23 per share, for the third quarter of fiscal 1994.
• The company's net sales for the first three quarters of fiscal 1994 were $73.9 million, and net earnings were $9.5 million, or $.61 per share.
• Artisoft's President and Chief Executive Officer, William C. Keiper, attributed the strong performance to the company's new products, including version 6.0 of the Artisoft LANtastic network operating system.
• The company announced an agreement with Novell, Inc. to license client-server technology, which will be used in an Artisoft server product expected to be released in the current fiscal quarter.
• Artisoft has been integrating the Eagle Technology business unit and has made significant progress in transitioning manufacturing capabilities to Artisoft facilities.
• Edgard Taureau was named Vice President and Managing Director of Artisoft Europe, formerly president and chief executive officer of Metrologie International in France.

Statistics:

• $32.4 million: Artisoft's net sales for the third quarter of fiscal 1994.
• $.23 per share: Artisoft's net earnings for the third quarter of fiscal 1994.
• $73.9 million: Artisoft's net sales for the first three quarters of fiscal 1994.
• $.61 per share: Artisoft's net earnings for the first three quarters of fiscal 1994.
• 10: Number of international offices maintained by Artisoft.
• 90: Number of countries in which Artisoft distributes its connectivity products.

Sources:

• Artisoft, Inc. press release dated March 31, 1994.
• Artisoft, Inc. annual report for fiscal 1994.
• "Artisoft Announces Third Quarter Results," Business Wire, March 31, 1994.