Cobalt Networks Reports Record Results for the Third Quarter of 2000
biz.yahoo.com
Monday October 16, 4:00 pm Eastern Time
MOUNTAIN VIEW, Calif., Oct. 16 /PRNewswire/ -- Cobalt Networks, Inc. (Nasdaq: COBT - news), a provider of server appliances for Internet Service Providers (ISPs), Application Service Providers (ASPs), and small- to medium-sized businesses, reported operating results today for its third quarter ended September 29, 2000.
Cobalt recorded net revenues of $20.4 million for the quarter ended September 29, 2000, which represented a 25 percent sequential increase over net revenues of $16.2 million in the quarter ended June 30, 2000, and a 229 percent year-over-year increase relative to net revenues of $6.2 million in the quarter ended October 1, 1999. Cobalt had a net loss of $12.2 million for the quarter ended September 29, 2000, compared with a loss of $6.0 million for the quarter ended June 30, 2000 and $5.6 million for the quarter ended October 1, 1999. Cobalt's basic and diluted net loss per common share was $0.42 for the quarter ended September 29, 2000, compared to basic and diluted net losses per share of $0.21 for the quarter ended June 30, 2000 and $1.48 for the quarter ended October 1, 1999.
Cobalt's net loss for the quarter ended September 29, 2000 included non- cash charges of $858,000 for the amortization of stock compensation and $7.0 million for the amortization of goodwill and other intangibles. Cobalt also incurred charges totaling $4.0 million for expenses related to Cobalt Networks' plan to merge with a subsidiary of Sun Microsystems (NASDAQ: SUNW - news) as announced on September 19, 2000. Excluding these charges, Cobalt recorded an adjusted net loss of $354,000, or $0.01 per share in the quarter ended September 29, 2000. On a comparable basis, Cobalt had a net loss of
$1.2 million, or $0.04 per share, in the prior quarter (also excluding in-process research and development charges) and a net loss of $4.2 million, or $0.20 per share, in the quarter ended October 1, 1999 (using a pro forma share count).
For the nine months ended September 29, 2000, Cobalt recorded net revenues of $48.6 million, a 251 percent increase over net revenues of $13.8 million for the nine months ended October 1, 1999. Cobalt's net loss for the nine months ended September 29, 2000 was $20.8 million as compared to the $15.1 million net loss Cobalt recorded for the nine months ended October 1, 1999. Cobalt had a net loss of $0.74 per share for the nine months ended September 29, 2000, compared to a net loss of $4.31 per share in the nine months ended October 1, 1999. ...
Another great company joins SUNW,
Michael |
