10-K/A

 
                                 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


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


 
 
                                  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.



              SIGNATURE                                  TITLE(S)                               DATE
- --------------------------------------  ------------------------------------------     ----------------------
                                                                                 

/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


                                       3

EX-27.1

 


<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.

<MULTIPLIER> 1,000
       
                             
<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
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          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
        

 

EX-27.2

 


<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.


<MULTIPLIER> 1,000
       
                             
<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
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          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
        

 

EX-27.3

 


<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.


<MULTIPLIER> 1,000
       
                                                  
<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
<PREFERRED-MANDATORY>                                0                       0
<PREFERRED>                                          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