Cipher Data’s Profits Climb 66% in Quarter
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SAN DIEGO — Boosted by strong performances of its computer tape-drive products, Cipher Data Products Inc. on Tuesday reported record net income and revenue for the second quarter ended Dec. 31.
Net income increased 66% to nearly $4.6 million on revenue of $47.3 million, which was up 63%.
For the six months, Cipher Data reported net income of $8.5 million, up 64% over the prior year’s period. Revenue increased 62% to $88.7 million.
The record performance is because of “continuing strength in both half-inch and quarter-inch streaming tape-drive products,” according to Norman R. Farquhar, vice president-strategic development at the Scripps Ranch, Calif.-based magnetic tape peripherals manufacturer.
The company is “on track” with most analysts’ predictions that fiscal 1985 revenue will approach $185 million and earnings will total between $1.30 and $1.40 per share, Farquhar said.
Cipher Data last week formed Applied Systems Division to design, make and market end-user computer products.
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