Scientific-Atlanta Posts Record Quarter
For the quarter ending March 30, 2001, bookings were $712.6 million, an increase of $117.8 million, or 20%, over the prior year's third quarter. Sales of $663.7 million rose by $223.0 million, or 51%, from the same period a year ago. Net earnings for the quarter were $76.2 million, or $0.46 per share. This represents a $38.1 million, or 100%, improvement over the comparable period of the prior year, when net earnings were $0.23 per share. Backlog at quarter end was a record $1.0 billion, an increase of $227.8 million from last year and up $48.9 million from last quarter.
Scientific-Atlanta's balance sheet remains strong, with cash and short-term investments of $723.8 million at the end of the third quarter. This represents an increase of $200.7 million, or 38%, over the fiscal year-end balance at June 30, 2000 and an increase of $145.9 million, or 25%, from last quarter's balance. The Company continues to have no significant debt.
Commenting on the third quarter results, James F. McDonald, Scientific-Atlanta's Chairman and CEO said, "Our success this quarter reflects the priorities of our North American customers. Digital services continue to be very popular with consumers and economically attractive to the cable companies. The resulting demand for our Explorer® digital interactive set-tops, coupled with international transmission growth, has been able to compensate for any weakness in the domestic transmission market."