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MidgardXXI, Inc. – ‘10-Q’ for 7/2/94

As of: Tuesday, 8/16/94 · For: 7/2/94 · Accession #: 855109-94-1 · File #: 0-18033

  As Of                Filer                Filing    For·On·As Docs:Size

 8/16/94  MidgardXXI, Inc.                  10-Q        7/02/94    1:28K

Quarterly Report — Form 10-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-Q        Form 10-Q for the Period Ended July 2, 1994           17     61K

Document Table of Contents

Page	(sequential)	\|	(alphabetic)	Top
			Alternative Formats (Word, et al.) Exhibits and Reports on Form 8-K Management's Discussion and Analysis of Financial Condition and Results of Operations Net income Net sales Other income, net Submission of Matters to a Vote of Security Holders
1	1st Page - Filing Submission
10	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
12	Net sales
14	Other income, net
"	Net income
15	Item 4. Submission of Matters to a Vote of Security Holders
"	Item 6. Exhibits and Reports on Form 8-K

10-Q 1st Page of 17 TOC ↑Top Previous Next ↓Bottom Just 1st
 

-----------------------------------------------------------------------------   
Washington, D.C.  20549           
SECURITIES AND EXCHANGE COMMISSION            
10-Q            

Quarterly Report Pursuant to Section 13 or Section 15(d)        
of the Securities Exchange Act of 1934            

For the quarter ended July 2, 1994              
Commission File No. 0-18033               

EXABYTE CORPORATION           
(Exact name of registrant as specified in its charter)        

Delaware                        84-0988566                        
(State of Incorporation)     (I.R.S. Employer Identification No.)               

1685 38th Street            
Boulder, Colorado  80301            
(Address of principal executive offices, including zip code)          

(303) 442-4333              
(Registrant's Telephone Number, including area code)          

 Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of   
1934 during the preceding 12 months (or for such shorter period that the        
registrant was required to file such reports), and (2) has been subject to      
such filing requirements for the past ninety days.                              

Yes          /X/                      No          /  /              

As of August 11, 1994, there were 21,400,285 shares outstanding of the          
Registrant's Common Stock (par value $0.001 per share).                         

10-Q 2nd Page of 17 TOC 1st Previous Next ↓Bottom Just 2nd

EXABYTE CORPORATION AND SUBSIDIARIES                                            

TABLE OF CONTENTS                                                               

PART I     FINANCIAL INFORMATION                                                
                                                                    Page

Item 1.     Financial Statements                                                
Consolidated Balance Sheets --                          
            July 2, 1994 and January 1, 1994 ................        3

Consolidated Statements of Operations --                
Three Months Ended July 2, 1994 and           
July 3, 1993 and Six Months Ended July 2,     
              1994 and July 3, 1993(Unaudited).................        4-5

Consolidated Statements of Cash Flows --                
Six Months Ended July 2, 1994 and             
              July 3, 1993 (Unaudited).........................        6-7

Notes to Consolidated Financial Statements              
             (Unaudited).......................................        8-9

Item 2.     Management's Discussion and Analysis                                
of Financial Condition and Results of         
              Operations.......................................      10-14

PART II.   OTHER INFORMATION                                                    

Item 4.    Submission of Matters to a Vote of Security Holders....        15    

Item 6.    Exhibits and Reports on Form 8-K.......................      15-17   

10-Q 3rd Page of 17 TOC 1st Previous Next ↓Bottom Just 3rd
PART I                                                                          
Item 1.  Financial Statements                                                   
EXABYTE CORPORATION AND SUBSIDIARIES                                            
CONSOLIDATED BALANCE SHEETS                                                     
(In thousands)                                                                  

                                                                [Download Table]

ASSETS                                                 July 2,        Jan.1, 
                                                        1994           1994  
                                                      --------      -------- 
                                                                             
Current assets:                                                              
     Cash and cash equivalents...............          $37,107       $44,995 
     Short-term investments..................           40,800        21,000 
     Accounts receivable, less allowance                                     
       for doubtful accounts and customer                                    
       returns and credits of $2,650 and                                     
       $2,258, respectively..................           58,383        53,141 
     Inventories.............................           38,425        40,180 
     Deferred income taxes...................            9,959         7,575 
     Other current assets....................            3,010         1,120 
                                                      --------      -------- 
          Total current assets...............          187,684       168,011 
Property and equipment, net..................           27,129        24,977 
Other assets.................................            3,959         4,319 
                                                      --------      -------- 
                                                      $218,772      $197,307 
                                                      ========      ======== 
LIABILITIES AND STOCKHOLDERS' EQUITY                                         
Current liabilities:                                                         
     Accounts payable........................          $21,809       $19,669 
     Accrued liabilities.....................           16,988        14,193 
     Accrued income taxes....................            4,075         4,159 
     Obligations under capital leases........              246           297 
                                                      --------      -------- 
          Total current liabilities..........           43,118        38,318 
Long-term obligations under capital leases...              343           454 
                                                      --------      -------- 
          Total liabilities..................           43,461        38,772 
Stockholders' equity:                                                        
     Preferred stock, $.001 par value;                                       
       14,000 shares authorized; no shares                                   
       issued and outstanding................              --             -- 
     Common stock, $.001 par value; 50,000                                   
       shares authorized; 21,397 and 21,190                                  
       shares issued and outstanding,                                        
       respectively..........................               21            21 
     Capital in excess of par value..........           53,562        51,242 
     Treasury stock, at cost, 15 shares                                      
      outstanding for both periods...........               (9)           (9)
     Retained earnings.......................          121,737       107,281 
                                                      --------      -------- 
          Total stockholders' equity                   175,311       158,535 
                                                      --------      -------- 
                                                      $218,772      $197,307 
                                                      ========      ======== 


   The accompanying notes are an integral part of the consolidated
     financial statements.

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EXABYTE CORPORATION AND SUBSIDIARIES                                            
CONSOLIDATED STATEMENTS OF OPERATIONS                                           
(Unaudited)                                                                     
(In thousands, except per share data)                                           

                                                                [Download Table]

                                                        Three Months Ended  
                                                      July 2,        July 3,
                                                       1994           1993  
                                                      -------       --------
                                                                            
Net sales....................................         $92,681        $75,763
Cost of goods sold...........................          62,863         56,002
                                                      -------        -------
Gross profit.................................          29,818         19,761

Operating expenses:                                                         
Selling, general and administrative..........          10,552          9,316
Research and development.....................           8,133          8,135
                                                      -------        -------
Income from operations.......................          11,133          2,310
Other income, net............................             485            233
                                                      -------        -------
Income before income taxes...................          11,618          2,543

Provision for income taxes...................           4,182            933
                                                      -------        -------
Net income...................................          $7,436         $1,610
                                                      =======        =======

Net income per share........................            $0.34          $0.08
                                                      =======        =======
Common and common                                                           
     equivalent shares used in the                                          
     calculation of net income                                              
     per share                                         21,828         21,339
                                                      =======        =======

   The accompanying notes are an integral part of the consolidated
     financial statements.

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EXABYTE CORPORATION AND SUBSIDIARIES                                            
CONSOLIDATED STATEMENTS OF OPERATIONS                                           
(Unaudited)                                                                     
(In thousands, except per share data)                                           

                                                                [Download Table]

                                                         Six Months Ended   
                                                      July 2,        July 3,
                                                       1994           1993  
                                                     --------       --------
                                                                            
Net sales....................................        $179,575       $151,969
Cost of goods sold...........................         122,388        107,733
                                                     --------       --------
Gross profit.................................          57,187         44,236

Operating expenses:                                                         
Selling, general and administrative..........          19,963         17,716
Research and development.....................          15,750         15,713
                                                     --------       --------
Income from operations.......................          21,474         10,807
Other income, net............................           1,113          1,053
                                                     --------       --------
Income before income taxes...................          22,587         11,860

Provision for income taxes...................           8,131          4,238
                                                     --------       --------
Net income...................................         $14,456         $7,622
                                                     ========       ========

Net income per share........................            $0.66          $0.36
                                                     ========       ========
Common and common                                                           
     equivalent shares used in the                                          
     calculation of net income                                              
     per share                                         21,860         21,368
                                                      =======        =======

   The accompanying notes are an integral part of the consolidated
financial statements.                       

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EXABYTE CORPORATION AND SUBSIDIARIES                                            
CONSOLIDATED STATEMENTS OF CASH FLOWS                                           
(Unaudited)                                                                     
(In thousands)                                                                  

                                                                [Download Table]


                                                        Six Months Ended     
                                                     ----------------------  
                                                      July 2,       July 3,  
                                                       1994          1993    
                                                     --------       -------  
                                                                             
Cash flows from operating activities:                                        
     Cash received from customers............        $174,871       $147,407 
     Cash received from related party........              --          1,003 
     Cash paid to suppliers and employees....        (148,020)      (118,482)
     Cash paid to related party..............              --        (27,305)
     Interest received.......................           1,095            645 
     Interest paid...........................             (75)           (96)
     Income taxes paid.......................         (10,414)        (5,406)
          Net cash provided (used) by                --------       -------- 
            operating activities.............          17,457         (2,234)
                                                     --------       -------- 

Cash flows from investing activities:                                        
     Sale (purchase) of short-term                                           
       investments, net......................         (19,800)        11,950 
     Capital expenditures....................          (7,517)        (5,621)
     Acquisitions, net of cash acquired                    --         (6,437)
          Net cash provided (used) by                --------       -------- 
            investing activities.............         (27,317)          (108)
                                                     --------       -------- 

Cash flows from financing activities:                                        
     Proceeds from issuance of                                               
       common stock to employees.............           2,134            487 
     Principal payments under capital                                        
       lease obligations.....................            (162)          (140)
          Net cash provided (used) by                --------       -------- 
            financing activities.............           1,972            347 
                                                     --------       -------- 

Net increase (decrease) in cash and cash                                     
     equivalents.............................          (7,888)        (1,995)
Cash and cash equivalents at beginning                                       
     of period...............................          44,995         34,244 
                                                     --------       -------- 
Cash and cash equivalents at end                                             
     of period...............................         $37,107        $32,249 
                                                     ========       ======== 


   The accompanying notes are an integral part of the consolidated
financial statements.       

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EXABYTE CORPORATION AND SUBSIDIARIES                                            
CONSOLIDATED STATEMENTS OF CASH FLOWS                                           
(Unaudited)                                                                     
(In thousands)                                                                  

                                                                [Download Table]


                                                         Six Months Ended    
                                                        ------------------   
                                                       July 2,      July 3   
                                                        1994         1993    
                                                      --------     --------  
                                                                             
Reconciliation of net income to net cash                                     
  provided (used) by operating activities:                                   
     Net income..............................         $14,456         $7,622 
     Adjustments to reconcile net income to                                  
       net cash provided (used) by operating activities:                     
       Depreciation, amortization                                            
         and other...........................           7,482          7,371 
       Deferred income tax provision.........          (2,384)        (1,680)
       Provision for doubtful accounts,                                      
         customer returns, and marketing                                     
         programs............................           2,160            241 

Change in assets and liabilities, net of acquisitions:                       
     Accounts receivable.....................          (7,402)        (4,309)
     Inventories.............................              77         (5,471)
     Other current assets....................          (1,889)          (126)
     Other assets............................             (79)          (143)
     Accounts payable........................           2,140         (7,647)
     Accrued liabilities.....................           2,795          1,396 
     Accrued income taxes....................             101            512 
                                                      -------        ------- 
          Net cash provided (used) by                                        
            operating activities.............         $17,457        $(2,234)
                                                      =======        ======= 

Supplemental schedule of non-cash                                            
  investing and financing activities:                                        
     Transfer of inventories to                                              
       property and equipment................          $1,677         $1,314 
     Disposal of fully depreciated                                           
       property and equipment................             689          1,185 
     Capital lease obligations...............              --            105 
     Fair market value of assets                                             
       acquired, including goodwill..........              --          8,677 
     Acquisition liabilities                                                 
       assumed...............................              --          2,177 


The accompanying notes are an integral part of the consolidated       
financial statements.         

10-Q 8th Page of 17 TOC 1st Previous Next ↓Bottom Just 8th

EXABYTE CORPORATION AND SUBSIDIARIES                                            
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS                                      
(Unaudited)                                                                     

Note 1--ACCOUNTING PRINCIPLES                                                   

The consolidated balance sheet as of July 2, 1994, the consolidated             
statements of operations for the three and six months ended July 2, 1994 and    
July 3, 1993, as well as the consolidated statements of cash flows for the      
six months ended July 2, 1994 and July 3, 1993, have been prepared by the       
Company without an audit.  In the opinion of management, all adjustments,       
consisting only of normal recurring adjustments necessary for a fair            
presentation thereof, have been made.                                           

Certain information and footnote disclosures normally included in financial     
statements prepared in accordance with generally accepted accounting            
principles have been condensed or omitted.  It is suggested that these          
consolidated financial statements be read in conjunction with financial         
statements and notes thereto included in the Company's January 1, 1994 annual   
report to stockholders heretofore filed with the Commission as Part II to the   
Company's Annual Report on Form 10-K.  The results of operations for interim    
periods presented are not necessarily indicative of the operating results for   
the full year.                                                                  

Note 2--INVENTORIES                                                             

Inventories consist of the following:                                           

                                                                [Download Table]

                                                      July 2,      January 1,
                                                       1994          1994    
                                                      --------     ----------
                                                           (In thousands)    
                                                                             
Raw materials and component parts............         $28,105        $24,278 
Work-in-process..............................           3,262          2,690 
Finished goods...............................           7,058         13,212 
                                                      -------        ------- 
                                                      $38,425        $40,180 
                                                      =======        ======= 

Note 3--ACCRUED LIABILITIES                                                     

Accrued liabilities consist of the following:                                   

                                                                [Download Table]

                                                       July 2,    January 1, 
                                                        1994         1994    
                                                       --------    ----------
                                                           (In thousands)    
                                                                             
Wages and employee benefits..................          $6,651         $6,126 
Warranty and other related costs.............           9,656          6,993 
Other........................................             681          1,074 
                                                      -------        ------- 
                                                      $16,988        $14,193 
                                                      =======        ======= 

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Note 4--NET INCOME PER SHARE                                                    

Net income per common share is based on the weighted average number of shares   
of common stock and common stock equivalents (dilutive stock options)           
outstanding during each respective period.  Proceeds from the exercise of the   
dilutive stock options are assumed to be used to repurchase outstanding         
shares of the Company's common stock at the average fair market value during    
the period.                                                                     

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Item 2. Management's Discussion and Analysis of Financial Condition and         
Results of Operations.                                                          

The Company's stock price may be subject to significant volatility.             
Any shortfall in revenue or earnings from levels expected by securities         
analysts could have an immediate and significant adverse effect on the          
trading price of the stock.  The Company's Results of Operations may be         
subject to material risks including but not limited to: i) delays in the        
timely development and introduction of new products, including delays in the    
announced Mammoth product (currently scheduled for introduction in the second   
quarter of 1995 and for general availability in the second half of 1995);       
ii) any inability by the Company to maintain required commercial and supply     
relationships with third parties, including Sony Corporation, or to establish   
other commercial and supply relationships as may be required from time to       
time; iii) the development by others, including current customers of the        
Company, of products which are competitive with those of the Company; and       
iv) any inability by the Company to attract qualified employees or to develop   
the necessary information systems to support the development or manufacture     
of the Company's product.  Stockholders are also advised to review the          
Company's Form 10-K, filed February 24, 1994, for a more complete discussion    
of risks applicable to the Company's business.                                  

RESULTS OF OPERATIONS                                                           

The following table sets forth unaudited operating results for the three and    
six month periods ended July 2, 1994 and July 3, 1993 as a percentage of        
sales in each of these periods.  This data has been derived from the            
unaudited consolidated financial statements.                                    

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                                                                [Download Table]

                                                        Three Months Ended   
                                                       --------------------- 
                                                       July 2,        July 3,
                                                        1994           1993  
                                                       ------         ------ 
                                                                             
Net sales....................................          100.0%         100.0% 
Cost of goods sold...........................           67.8           73.9  
                                                       ------         ------ 
Gross margin.................................           32.2           26.1  

Operating expenses:                                                          
Selling, general and administrative..........           11.4           12.3  
Research and development.....................            8.8           10.7  
                                                       ------         ------ 
Income from operations.......................           12.0            3.1  
Other income, net............................            0.5            0.3  
                                                       ------         ------ 
Income before income taxes...................           12.5            3.4  
Provision for income taxes...................            4.5            1.3  
                                                       ------         ------ 
Net income...................................            8.0%           2.1% 
                                                       ======         ====== 

                                                                [Download Table]

                                                          Six Months Ended   
                                                       --------------------- 
                                                       July 2,        July 3,
                                                        1994           1993  
                                                       ------         ------ 
                                                                             
Net sales....................................          100.0%         100.0% 
Cost of goods sold...........................           68.2           70.9  
                                                       ------         ------ 
Gross margin.................................           31.8           29.1  

Operating expenses:                                                          
Selling, general and administrative..........           11.1           11.7  
Research and development.....................            8.7           10.3  
                                                       ------         ------ 
Income from operations.......................           12.0            7.1  
Other income, net............................            0.6            0.7  
                                                       ------         ------ 
Income before income taxes...................           12.6            7.8  
Provision for income taxes...................            4.5            2.8  
                                                       ------         ------ 
Net income...................................            8.1%           5.0% 
                                                       ======         ====== 

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NET SALES                                                                       

Net sales for the three and six month periods ended July 2, 1994 of $92.7       
million and $179.6 million, respectively, represented increases over the        
corresponding periods in 1993 of 22.3% and 18.2%, respectively.  These sales    
increases were the result of increased shipments of 8mm half-high, 4mm and      
quarter-inch drives and library products.  Partially offsetting these           
increases was a reduction in the shipments of 8mm full-high drives as well      
as decreases in the average selling prices of most products.                    

During the first six months of 1994, sales of the half-high EXB-8505            
product increased to 38.5% of sales from 16.2% for the same period in           
1993.  Sales of the Company's initial product, the EXB-8200, decreased to       
7.7% for the first six months of 1994 compared to 19.7% in the same period      
during 1993.  Sales of the Company's EXB-8500 product also decreased to 18.1%   
from 35.8% for the same period in 1993.  The decrease in sales of the full-     
high EXB-8200 and EXB-8500 products was primarily due to shifting customer      
demand to the half-high EXB-8505 tape subsystem.  This trend is expected to     
continue for the remainder of  fiscal 1994.  The remainder of sales during      
the first six months of 1994 and 1993 along with a recap of the products        
described above are listed in the following table.                              

PRODUCT MIX TABLE                                                               
(As a Percentage of Total Net Sales)                                            

                                                                [Download Table]

                                          Six Months Ended 
                                         ------------------
                                         July 2,    July 3,
                                          1994       1993  
                                         -------    -------
                                                           
8mm products:                                              
------------                                               
     EXB-8200..........................     7.7%     19.7% 
     EXB-8500..........................    18.1      35.8  
     EXB-8205..........................     3.2       1.1  
     EXB-8505..........................    38.5      16.2  
     Stand-alone subsystems                                
       (for above products)............     6.0       5.4  
     EXB-10 and 210....................     6.1       4.3  
     EXB-120 and 60....................     2.4       1.7  

4mm and quarter-inch cartridge products:                   
----------------------------------------                   
     EXB - 4200........................     4.1       0.9  
     EXB - 2501........................     1.3       0.4  

Consumables............................     8.6       7.8  

Service, spares and other..............     4.0       6.7  
                                         ------    ------  
                                          100.0%    100.0% 
                                         ======    ======  

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The customer mix during the first six months of 1994 shifted from original      
equipment manufacturers ("OEMs") and value added resellers ("VARs") to          
distributors.  OEM customers accounted for 46% and 41% of net sales,            
respectively, for the second quarter and first six months of 1994 compared to   
45% and 46% for the comparable period of 1993.  VARs contributed 24% and 26%    
of net sales, respectively, for the second quarter and first six months of      
1994 compared to 38% and 36% for the comparable period of 1993.  Sales to       
distributors increased to 30% and 33% of net sales, respectively, for the       
second quarter and first six months of 1994 from 17% and 18% of net sales for   
the comparable period of 1993.  This shift in customer mix was primarily the    
result of an expansion of the Company's distribution channel through the        
addition of several new commercial distributors.  Sales in the distribution     
channel are expected to remain as a greater percentage of total sales in 1994   
than they represented in 1993                                                   

During the second quarter and first six months of 1994, one OEM customer        
accounted for 26% and 21% respectively of sales compared to 20% and 19%         
respectively of sales for the same period in 1993.  A different OEM customer    
accounted for 11% of sales for the first six months of 1993.  No other          
customers accounted for 10% or more of sales in any of these periods.  Since    
these two major customers also sell competing products and continually          
review new technologies, there can be no assurance that sales to these          
customers will continue to represent such a significant portion of the          
Company's future revenue.                                                       

GROSS MARGIN                                                                    

Gross margin percentages for the second quarter and the first six months of     
1994 were 32.2% and 31.8%, respectively, compared to 26.1% and 29.1% for the    
comparable periods in 1993.  The increases were generally the result of (1) a   
shift in sales mix to higher margin 8mm half-high drives; (2) increased         
sales of library products; and (3) the effect of product cost reduction         
efforts.  The Company expects continued price erosion on all of its products    
due to the competitive nature of the storage peripherals business.  Future      
product costs may be adversely impacted by the effect of the current weakness   
of the U.S. dollar versus the Yen.  The Company expects this potentially        
adverse impact to be offset by the effect of continued product cost reduction   
efforts and continued shifting toward 8mm half-high drives and libraries.       

OPERATING EXPENSES                                                              

Selling, general and administrative expenses decreased as a percentage of       
sales to 11.4% and 11.1% of sales, respectively, for the second quarter and     
first six months of 1994 from 12.3% and 11.7% for the comparable periods in     
1993.  In absolute dollars, these expenses for the second quarter and first     
six months of 1994 increased $1.2 million and $2.2 million respectively over    
the same periods in the previous year.  The principal components of these       
sales-related costs include salaries and benefits, sales commissions,           
advertising and promotions expenses.                                            

Research and development expenditures decreased as a percentage of sales to     
8.8% and 8.7% of sales, respectively, for the second quarter and first six      
months of 1994 from 10.7% and 10.3% for the comparable period in 1993.  In      
absolute dollars, these expenses remained stable at $8.1 million and $15.7      
million for the second quarter and first six months of 1994 and 1993.  These    
expenditures primarily reflect continued spending on the development of         
recently announced new products and unannounced products.                       

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OTHER INCOME, NET                                                               

Other income (expense), net, consists primarily of interest income, royalty     
income, interest expense, royalty expense, state franchise taxes and other      
miscellaneous items.                                                            

TAXES                                                                           

The provision for income taxes for the first six months of 1994 increased to    
36.0% of income before taxes from 35.7% in the comparable period of 1993.       
The Company currently expects the effective tax rate for 1994 to be             
approximately 36%.                                                              

NET INCOME                                                                      

Net income per share increased to $0.34 and $0.66 in the second quarter and     
first six months of 1994 compared to $0.08 and $0.36 in the second quarter      
and first six months of 1993.  This increase was primarily the result of        
increased revenues, higher gross margins and lower operating expense ratios     
in the second quarter and first six months of 1994.                             

LIQUIDITY AND CAPITAL RESOURCES                                                 

During the first six months of 1994, the Company generated $17.5 million of     
cash from operating activities, generated $2.1 million in proceeds from the     
sale of common stock and expended $7.5 million for capital equipment and        
$162,000 on capital lease obligations.  Together, these activities resulted     
in a net increase in the combined balance of cash and short-term investments    
of $11.9 million to a quarter-ending balance of $77.9 million.                  

The Company's working capital increased to $144.6 million on July 2, 1994       
from $129.7 million on January 1, 1994.  Inventories decreased by $1.8          
million to $38.4 million during the first six months of 1994.                   

The Company has a $15 million bank line of credit which expires April 30,       
1995, with borrowings under the line limited to 80% of eligible accounts        
receivable plus 25% of eligible inventory.  On July 2, 1994 the amount          
available under the line was $15 million and no borrowings were outstanding.    
Borrowings under the line of credit bear interest at the bank's prime rate.     
The ability to borrow under this line of credit is dependent upon the           
Company's adherence to a set of financial covenants, including the need to be   
profitable on a quarterly basis.  The Company is currently in compliance with   
all such covenants.                                                             

The Company announced that the Board approved a stock repurchase program for    
the purchase of up to 1 million shares of the Company's common stock, subject   
to financial and market conditions.  Any repurchased shares would reduce the    
Company's cash balance by the purchase price.                                   

The Company believes its existing sources of liquidity and funds expected to    
be generated from operations will provide adequate cash to fund the Company's   
anticipated working capital and other cash requirements through the remainder   
of fiscal 1994.                                                                 

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PART II.                                                                        

Item 4.  Submission of Matters to a Vote of Security Holders                    

At the Company's Annual Meeting of Stockholders held on May 11, 1994, James     
M. McCoy and Mark W. Perry were re-elected to the Company's Board of            
Directors.  The vote was as follows:                                            

Name of Director     Total Vote For     Total Vote Withheld                     
----------------     --------------     -------------------                     
James M. McCoy         18,329,308             47,907                            
Mark W. Perry          18,329,334             47,881                            

In addition, the following matters were approved:                               

                             Total        Total      Total
                    Total    Vote         Vote      Broker
Matter Being Voted Upon      Vote For  Against    Abstaining  Non-Vote          
-----------------------      --------  -------   -----------  --------          
Ratification and approval                                                       
of a new form of                                                                
Indemnification Agreement                                                       
between the Company and                                                         
its directors, officers and                                                     
other agents..............   17,945,771    303,549    79,895   39,000           

Ratification of Price                                                           
Waterhouse LLP as                                                               
independent accountants                                                         
of the Company............   18,306,060     34,924    36,231    None            

Item 6.  Exhibits and Reports on Form 8-K                                       

                                                                [Download Table]


(a)     Exhibit Index                                                     

          Exhibit                                                         
          Number               Description                                
          -------              -----------                                
                                                                          
          11.0                Statement regarding computation of per share
                                earnings.                                 


(b)     Reports on Form 8-K:  There were no reports on Form 8-K for the         
three month period ended July  2, 1994.                     

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SIGNATURES                                                                      

Pursuant to the requirements of the Securities Exchange Act of 1934, the        
Registrant has duly caused this report to be signed on its behalf by the        
undersigned thereunto duly authorized.                                          

       EXABYTE CORPORATION
Registrant  

Date                              By     /s/ William L. Marriner                
-----------------------             ------------------------          
                                    Senior Vice President, Finance and
                                 Administration, Chief Financial
                                  Officer, Secretary and Treasurer
                                     (Principal Financial and Accounting
          Officer)

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EXABYTE CORPORATION AND SUBSIDIARIES                                            
Exhibit 11.0 - Earnings Per Share Computations                                  
(In thousands, except per share data)                                           

                                                                [Download Table]


                                                         Three Months Ended  
                                                       ----------------------
                                                       July 2,       July 3, 
                                                        1994          1993   
                                                       -------       ------- 
Primary (1):                                                                 
--------                                                                     
                                                                             
Weighted average number of common                                            
     and common equivalent shares                                            
     outstanding(2)..........................          21,828         21,339 
                                                       ======         ====== 
Net income...................................          $7,436         $1,610 
                                                       ======         ====== 
Net income per share.........................           $0.34          $0.08 
                                                       ======         ====== 


                                                                [Download Table]

                                                          Six Months Ended  
                                                       ---------------------
                                                       July 2,       July 3,
                                                        1994          1993  
                                                       -------       -------
Primary(1):                                                                 
--------                                                                    
                                                                            
Weighted average number of common                                           
     and common equivalent shares                                           
     outstanding(2)..........................          21,860         21,368
                                                       ======         ======
Net income...................................         $14,456         $7,622
                                                       ======         ======
Net income per share.........................           $0.66          $0.36
                                                       ======         ======


(1)  Fully diluted earnings per share is not presented since it results in      
identical earnings per share as primary earnings per share calculations.        

(2)  Includes weighted average number of common shares outstanding and common   
shares issuable upon assumed exercise of stock options.

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Dates Referenced Herein

		Referenced-On Page
This ‘10-Q’ Filing	Date	First	Last	Other Filings

	4/30/95	14		None on these Dates
Filed on:	8/16/94
	8/11/94	1
For Period End:	7/2/94	1	15
	5/11/94	15
	2/24/94	10
	1/1/94	2	14
	7/3/93	2	10
				List all Filings

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Filing Submission 0000855109-94-000001 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

MidgardXXI, Inc. – ‘10-Q’ for 7/2/94

As of: Tuesday, 8/16/94 · For: 7/2/94 · Accession #: 855109-94-1 · File #: 0-18033

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