LISLE, Ill.-Tellabs Inc. reported fiscal 1997 fourth-quarter and annual financial results with annual revenues above the billion-dollar mark.
Sales for the fourth quarter ended Jan. 2 were $354.3 million, higher than any previous quarter and up 29.8 percent from the prior corresponding quarter, making it the 26th consecutive quarter of year-over-year increases, said Tellabs.
Sales during 1997 totaled $1.2 billion, 38.5 percent higher than in 1996.
Net income for the fiscal 1997 fourth quarter was $77.5 million, also higher than any previous quarter and up 30.5 percent from the corresponding quarter of 1996. Annual net income, which included a pre-tax gain of $20.8 million on the sale of stock held as an investment, was $263.7 million. This represents a 123.5-percent increase compared with 1996 net income of $118 million, which included a write off of in-process research and development amounting to $54 million, added Tellabs.
