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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of Earliest Event Reported): April 9, 1998
NETWORK EQUIPMENT TECHNOLOGIES, INC.
(Exact name of registrant as specified in its charter)
Delaware 0-15323 94-2904044
(State of Incorporation (Commission File No.) (I.R.S. Employer
or Organization) Identification No.)
800 Saginaw Drive, Redwood City, CA 94063
(Address of principal executive offices) (Zip Code)
Registrant's telephone no., including area code: (650) 366-4400
NOT APPLICABLE
(Former name or former address, if changed since last report)
<PAGE>
Item 5. OTHER EVENTS
In accordance with Financial Accounting Standards No. 128 "Earnings Per
Share", the Company has restated its earnings per share numbers in the financial
data schedules set forth in Exhibit 27 of the Company's annual reports on Form
10-K for each of the fiscal years ended March 31, 1995, 1996 and 1997 and in
Exhibit 27 of the Company's quarterly reports on Form 10-Q for each of the
fiscal quarters ended June 30, 1996, September 29, 1996, December 29, 1996, June
29, 1997 and September 28, 1997.
Item 7. EXHIBITS
27.1 Financial Data Schedule for the fiscal years ended March 31, 1995, 1996
and 1997
27.2 Financial Data Schedule for the fiscal quarters ended June 30, 1996,
September 29, 1996 and December 29, 1996
27.3 Financial Data Schedule for the fiscal quarters ended June 29, 1997 and
September 28, 1997
SIGNATURE
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, hereunto duly authorized.
NETWORK EQUIPMENT TECHNOLOGIES, INC.
Date: April 9, 1998 By: /s/ Craig M. Gentner
---------------------------------
Name: Craig M. Gentner
Title: Senior Vice President and
Chief Financial Officer
<PAGE>
EXHIBIT INDEX
Exhibit
No. Exhibit
--- -------
27.1 Financial Data Schedule for the fiscal years ended March 31, 1995, 1996
and 1997
27.2 Financial Data Schedule for the fiscal quarters ended June 30, 1996,
September 29, 1996 and December 29, 1996
27.3 Financial Data Schedule for the fiscal quarters ended June 29, 1997 and
September 28, 1997
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM CONSOLIDATED
BALANCE SHEET AND CONSOLIDATED STATEMENT OF OPERATIONS AND IS QUALIFIED IN ITS
ENTIRETY BY REFERENCE TO SUCH ANNUAL REPORT.
</LEGEND>
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> YEAR YEAR YEAR
<FISCAL-YEAR-END> MAR-31-1995 MAR-31-1996 MAR-31-1997
<PERIOD-START> APR-01-1994 APR-01-1995 APR-01-1996
<PERIOD-END> MAR-31-1995 MAR-31-1996 MAR-31-1997
<CASH> 0 52,319 39,141
<SECURITIES> 0 59,892 99,581
<RECEIVABLES> 0 76,966 82,986
<ALLOWANCES> 0 4,533 3,910
<INVENTORY> 0 31,705 22,662
<CURRENT-ASSETS> 0 238,426 258,467
<PP&E> 0 31,040 30,009
<DEPRECIATION> 0 78,215 84,713
<TOTAL-ASSETS> 0 281,957 301,653
<CURRENT-LIABILITIES> 0 64,001 62,932
<BONDS> 0 33,526 25,821
0 0 0
0 0 0
<COMMON> 0 208 210
<OTHER-SE> 0 184,222 212,690
<TOTAL-LIABILITY-AND-EQUITY> 0 281,957 301,653
<SALES> 0 226,070 214,862
<TOTAL-REVENUES> 0 338,899 324,438
<CGS> 0 90,588 89,746
<TOTAL-COSTS> 0 167,738 162,143
<OTHER-EXPENSES> 0 123,753 129,930
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 0 4,713 2,310
<INCOME-PRETAX> 0 48,231 35,817
<INCOME-TAX> 0 16,881 12,515
<INCOME-CONTINUING> 0 31,350 23,302
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 0 690
<CHANGES> 0 0 0
<NET-INCOME> 0 31,350 23,992
<EPS-PRIMARY> 1.53 1.58 1.15
<EPS-DILUTED> 1.39 1.50 1.11
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS 9-MOS
<FISCAL-YEAR-END> MAR-31-1997 MAR-31-1997 MAR-31-1997
<PERIOD-END> JUN-30-1996 SEP-29-1996 DEC-29-1996
<CASH> 53,118 41,463 34,280
<SECURITIES> 62,891 71,287 86,092
<RECEIVABLES> 71,626 81,449 87,381
<ALLOWANCES> 4,643 4,180 4,056
<INVENTORY> 29,055 26,546 24,336
<CURRENT-ASSETS> 234,824 239,132 251,087
<PP&E> 31,058 30,255 29,113
<DEPRECIATION> 80,526 82,637 86,161
<TOTAL-ASSETS> 279,048 282,472 293,407
<CURRENT-LIABILITIES> 53,279 57,404 59,737
<BONDS> 33,526 28,821 28,821
210 208 209
0 0 0
<COMMON> 0 0 0
<OTHER-SE> 192,033 196,039 204,640
<TOTAL-LIABILITY-AND-EQUITY> 279,048 196,247 293,407
<SALES> 50,723 101,735 157,831
<TOTAL-REVENUES> 76,469 154,867 238,169
<CGS> 20,775 43,099 66,685
<TOTAL-COSTS> 37,096 77,669 119,243
<OTHER-EXPENSES> 32,820 63,254 96,244
<LOSS-PROVISION> 0 0 0
<INTEREST-EXPENSE> 633 1,242 1,779
<INCOME-PRETAX> 7,222 15,521 24,957
<INCOME-TAX> 2,744 5,898 8,714
<INCOME-CONTINUING> 4,478 9,623 16,243
<DISCONTINUED> 0 0 0
<EXTRAORDINARY> 0 444 444
<CHANGES> 0 0 0
<NET-INCOME> 4,478 10,067 16,687
<EPS-PRIMARY> .21 .48 .80
<EPS-DILUTED> .21 .47 .77
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 5
<RESTATED>
<MULTIPLIER> 1,000
<S> <C> <C>
<PERIOD-TYPE> 3-MOS 6-MOS
<FISCAL-YEAR-END> MAR-31-1998 MAR-31-1998
<PERIOD-END> JUN-29-1997 SEP-28-1997
<CASH> 39,977 51,310
<SECURITIES> 97,799 96,571
<RECEIVABLES> 86,682 79,005
<ALLOWANCES> 4,175 3,485
<INVENTORY> 21,083 21,847
<CURRENT-ASSETS> 260,561 263,905
<PP&E> 31,424 33,053
<DEPRECIATION> 88,029 91,739
<TOTAL-ASSETS> 306,185 313,390
<CURRENT-LIABILITIES> 60,276 59,606
<BONDS> 25,821 25,821
211 213
0 0
<COMMON> 0 0
<OTHER-SE> 219,877 227,750
<TOTAL-LIABILITY-AND-EQUITY> 306,185 313,390
<SALES> 53,517 103,566
<TOTAL-REVENUES> 79,973 157,820
<CGS> 20,428 39,791
<TOTAL-COSTS> 37,498 73,327
<OTHER-EXPENSES> 35,141 69,564
<LOSS-PROVISION> 0 0
<INTEREST-EXPENSE> 476 925
<INCOME-PRETAX> 8,316 16,786
<INCOME-TAX> 2,661 5,372
<INCOME-CONTINUING> 5,655 11,414
<DISCONTINUED> 0 0
<EXTRAORDINARY> 0 0
<CHANGES> 0 0
<NET-INCOME> 5,655 11,414
<EPS-PRIMARY> .27 .54
<EPS-DILUTED> .26 .52
</TABLE>
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