<PAGE>
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Amendment No. 1 to Form 10-K
(Mark One)
[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the fiscal year ended December 27, 1997
[ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _______ to _______
Commission File Number 0-23263
EXCEL SWITCHING CORPORATION
-----------------------------------------------------
(Exact name of registrant as specified in its charter)
MASSACHUSETTS 04-2992806
------------- ----------
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification Number)
255 INDEPENDENCE DRIVE
----------------------
HYANNIS, MASSACHUSETTS 02601
----------------------------
(Address of principal executive offices) (Zip code)
(508) 862-3000
--------------
(Registrant's telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act: None
Securities registered pursuant to Section 12(g) of the Act: Common Stock,
$.01 par value
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 90 days.
YES: [X] NO: [ ]
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of Registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ ]
The aggregate market value of the Registrant's Common Stock, $.01 par value,
held by non-affiliates of the Registrant as of March 6, 1998 was $629,092,888
based on the price of $19.25 on that date as reported on the Nasdaq National
Market. As of March 6, 1998, 32,720,200 shares of the Registrant's Common
Stock, $.01 par value, were issued and outstanding.
DOCUMENTS INCORPORATED BY REFERENCE
(1) Specified portions of the Company's Proxy Statement, which is expected to
be filed within 120 days after the end of the Company's fiscal year, are
incorporated by reference into Part III (Items 10, 11, 12 and 13) of this
Report.
1
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This Amendment No. 1 on Form 10-K/A to the Registrant's Annual Report on Form
10-K for the fiscal year ended December 27, 1997 (the "Report") if being filed
to amend and restate Exhibit 27 to the Report. Such Exhibit 27 is hereby
amended and restated in its entirety. The other exhibits to the Report are not
being amended and have been previously filed with the Securities and Exchange
Commission with the Report.
2
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SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities
Exchange Act of 1934, the Registrant has duly caused this Amendment No. 1 to the
Annual Report on Form 10-K to be signed on its behalf by the undersigned,
thereunto duly authorized, this 1st day of May 1998.
EXCEL SWITCHING CORPORATION
By: /s/ Robert P. Madonna
-----------------------------------------------
Robert P. Madonna
President, Chief Executive Officer and Chairman
of the Board
Pursuant to the requirements of the Securities Exchange Act of 1934,
this Amendment No. 1 to the Annual Report on Form 10-K has been signed by the
following persons in the capacities and on the dates indicated.
<TABLE>
<CAPTION>
SIGNATURE TITLE(S) DATE
- -------------------------------------- ------------------------------------------ ----------------------
<S> <C> <C>
/s/ Robert P. Madonna Director, President, Chief Executive May 1, 1998
- -------------------------------------- Officer and Chairman of the Board
Robert P. Madonna (Principal Executive Officer)
/s/ Stephen S. Galliker Vice President, Finance and May 1, 1998
- -------------------------------------- Administration and Chief Financial
Stephen S. Galliker Officer (Principal Financial and
Accounting Officer)
/s/ Christopher Stavros Director, Vice President, General Counsel May 1, 1998
- -------------------------------------- and Clerk
Christopher Stavros
/s/ Edward L. Breslow Director May 1, 1998
- --------------------------------------
Edward L. Breslow
/s/ John Loughlin Director May 1, 1998
- --------------------------------------
John Loughlin
</TABLE>
3
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE DECEMBER
27, 1997 CONSOLIDATED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS ENTIRETY BY
REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-27-1997
<PERIOD-START> DEC-29-1996
<PERIOD-END> DEC-27-1997
<CASH> 47,968
<SECURITIES> 66,929
<RECEIVABLES> 12,843
<ALLOWANCES> 1,350
<INVENTORY> 4,740
<CURRENT-ASSETS> 139,526
<PP&E> 14,183
<DEPRECIATION> 4,015
<TOTAL-ASSETS> 149,694
<CURRENT-LIABILITIES> 23,152
<BONDS> 0
0
0
<COMMON> 326
<OTHER-SE> 125,589
<TOTAL-LIABILITY-AND-EQUITY> 149,694
<SALES> 88,727
<TOTAL-REVENUES> 88,727
<CGS> 26,631
<TOTAL-COSTS> 32,695
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> (1,392)
<INCOME-PRETAX> 30,793
<INCOME-TAX> 12,177
<INCOME-CONTINUING> 18,616
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 18,616
<EPS-PRIMARY> .65
<EPS-DILUTED> .54
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
SEPTEMBER 27, 1997 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS AND IS QUALIFIED
IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-27-1997
<PERIOD-START> DEC-29-1996
<PERIOD-END> SEP-27-1997
<CASH> 8,913
<SECURITIES> 14,451
<RECEIVABLES> 10,094
<ALLOWANCES> 0
<INVENTORY> 5,298
<CURRENT-ASSETS> 43,779
<PP&E> 9,674
<DEPRECIATION> 0
<TOTAL-ASSETS> 53,453
<CURRENT-LIABILITIES> 17,576
<BONDS> 0
0
0
<COMMON> 281
<OTHER-SE> 32,458
<TOTAL-LIABILITY-AND-EQUITY> 53,453
<SALES> 62,625
<TOTAL-REVENUES> 62,625
<CGS> 18,854
<TOTAL-COSTS> 23,201
<OTHER-EXPENSES> (382)
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 20,952
<INCOME-TAX> 8,381
<INCOME-CONTINUING> 0
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 12,571
<EPS-PRIMARY> .45
<EPS-DILUTED> .37
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE JUNE 28,
1997 CONSOLIDATED CONDENSED FINANCIAL STATEMENTS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> YEAR 6-MOS
<FISCAL-YEAR-END> DEC-28-1996 DEC-27-1997
<PERIOD-START> JAN-01-1996 DEC-29-1996
<PERIOD-END> DEC-28-1996 JUN-28-1997
<CASH> 4,069 9,225
<SECURITIES> 0 3,001
<RECEIVABLES> 10,329 12,339
<ALLOWANCES> 979 1,150
<INVENTORY> 7,358 5,714
<CURRENT-ASSETS> 25,809 35,236
<PP&E> 10,719 11,974
<DEPRECIATION> 1,756 2,764
<TOTAL-ASSETS> 34,772 44,446
<CURRENT-LIABILITIES> 10,849 13,321
<BONDS> 0 0
0 0
0 0
<COMMON> 281 281
<OTHER-SE> 19,805 27,260
<TOTAL-LIABILITY-AND-EQUITY> 20,086 27,541
<SALES> 62,050 39,055
<TOTAL-REVENUES> 62,050 39,055
<CGS> 24,312 12,033
<TOTAL-COSTS> 24,312 12,033
<OTHER-EXPENSES> 24,168 14,750
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 495 192
<INCOME-PRETAX> 13,186 12,366
<INCOME-TAX> 5,285 4,946
<INCOME-CONTINUING> 0 0
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 7,901 7,420
<EPS-PRIMARY> .28 .26
<EPS-DILUTED> .24 .22
</TABLE>
