Here's one we missed worth mentioning. This is one
healthy company. Scan down to the Balance Sheet and
take a look at the assets (Cash, etc.) growing nicely!
(Won't find them on anybody's list of co's burning thru
their cash!):
biz.yahoo.com
(BSNS WIRE) Copper Mountain Announces Record Revenue of $60.8 Million
and Pro Forma Diluted Net Income of $0.20 Per Share for the
First Quarter of 2000
Business Editors and High Tech Writers
PALO ALTO, Calif.--(BUSINESS WIRE)--April 18, 2000--Copper
Mountain Networks, Inc., (NASDAQ:CMTN) today announced financial
results for the first quarter of 2000. Revenue for the first quarter
of 2000 was $60.8 million, an increase of $47.6 million over revenue
of $13.2 million for the first quarter of 1999. The first quarter of
2000 revenue represented an increase of $16.2 million, or 36 percent,
over the $44.6 million in revenue reported for the fourth quarter of
1999.
During the first quarter of 2000, Copper Mountain completed the
acquisition of OnPrem Networks on February 29, 2000, which was
accounted for as a purchase for accounting purposes, for a total
purchase price of $73.8 million. Included in Copper Mountain's first
quarter results is a charge of $6.3 million for the write-off of
purchased in-process research and development, $1.9 million for the
amortization of purchased intangibles, and $0.1 million for the
amortization of deferred compensation as a result of the OnPrem
acquisition.
Net income was $13.7 million or $0.24 per diluted share for the
first quarter of 2000, compared to a net loss of $1.0 million or a
loss of $0.03 per diluted share for the same quarter of the prior
year. Included in net income for the first quarter of 2000 is a $7.7
million benefit from the reduction of the Company's deferred tax asset
valuation allowance.
Pro forma net income, excluding the stock based compensation
charge, the write-off of in-process research and development, the
amortization of purchased intangibles, and the effect of the benefit
from reducing the Company's deferred tax asset valuation allowance,
was $11.3 million or $0.20 per pro forma diluted share for the first
quarter of 2000, compared to pro forma net income of $409,000 or $0.01
per pro forma diluted share for the same quarter of the prior year.
-0-
*T
Three Months Ended
March 31,
------------------------------
(in thousands except per share data) 2000 1999
Net revenue $ 60,824 $ 13,217
Net income (loss) $ 13,673 $ (1,036)
Pro forma net income $ 11,266 (1) $ 409 (2)
Diluted net income (loss) per share $ 0.24 $ (0.03) (3)
Pro forma diluted net income per share $ 0.20 (1) $ 0.01 (2)
*T
(1) Excludes $1.0 million of stock based compensation, $6.3 million of
in-process R&D related to the purchase of OnPrem Networks, $1.9
million in amortization of purchased intangibles, and the resulting
income before tax is fully taxed utilizing a 42.0% tax rate.
(2) Excludes $1.7 million of stock based compensation and the
resulting income before tax is fully taxed utilizing a 42.0% tax rate.
(3) Diluted net loss per share for the three months ended March 31,
1999 assumes the conversion of 30,669,648 shares of preferred stock.
The preferred stock converted in May 1999.
The pro forma data is presented for informational purposes only
and should not be considered as a substitute for the historical
financial data presented in accordance with generally accepted
accounting principles.
"Our first quarter of fiscal year 2000 reflects a continuation of
our leadership position in the market for central office-based DSL
solutions," said Rick Gilbert, president and chief executive officer
at Copper Mountain. "Our revenue growth of over 360% over the first
quarter of 1999 combined with strong profitability reflect our
balanced financial model as well as execution and success in our
target markets," added Gilbert. "With the acquisition of OnPrem
Networks and its complementary products for the business multi-tenant
unit (MTU) market, we feel that Copper Mountain has a strong product
set to pursue emerging MTU opportunities."
About Copper Mountain Networks
Copper Mountain Networks, Inc. (Nasdaq: CMTN) develops and markets
a comprehensive family of DSL solutions that enable high-speed
internetworking over existing copper facilities. The Company's mission
is to enable carriers and other service providers to offer a full
range of high-performance, cost-effective data and voice services over
DSL that are easy to deploy, use, and manage. Copper Mountain's
CopperRocket(R) CPE family addresses the bandwidth, reliability,
ease-of-use, and cost concerns of remote offices and users. Its
CopperEdge(R) and OnPrem(TM) DSL concentrators and CopperView(TM)
network management solutions offer a robust and scalable platform for
carriers and multi-tenant unit service providers to generate a high
return on investment while satisfying the ever-increasing user demand
for bandwidth. For more information, please visit the Company's World
Wide Web site at coppermountain.com. For Investor Relations
information, call our toll free number at 877-463-6268 or contact us
via e-mail at IR@copppermountain.com.
Note to Investors
Portions of this release contain forward-looking statements
regarding future events and are subject to risks and uncertainties.
Copper Mountain wishes to caution you that there are some factors that
could cause actual results to differ materially from the results
indicated by such statements. These factors include, but are not
limited to, quarterly fluctuations in operating results attributable
to the timing and amount of orders for our products, the concentration
of our revenue in a small number of customers, risks related to
integrating the operations and products of OnPrem Networks with our
own operations and product offering risks, related to our rapid
growth, factors affecting the rate of DSL deployment by our customers,
market acceptance of our products, our ability to keep pace with
rapidly changing product requirements, and factors affecting the
demand for DSL technologies. We refer you to the documents Copper
Mountain files from time to time with the Securities and Exchange
Commission, specifically the section titled Risk Factors in our Annual
Report on Form 10-K for the year ended December 31, 1999 and other
reports and filings made with the Securities and Exchange Commission.
Copper Mountain and all Copper Mountain product names are
trademarks of Copper Mountain Networks, Inc. All other marks are the
property of their respective owners.
-0-
*T
Copper Mountain Networks, Inc.
Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
March 31,
2000 1999
Net revenue $ 60,824 $ 13,217
Cost of revenue 28,102 6,384
Gross profit 32,722 6,833
------ -------
Operating expenses:
Research and development 6,771 2,564
Sales and marketing 5,663 2,581
General and administrative 2,662 1,130
Amortization of purchased intangibles 1,853 --
Amortization of deferred stock compensation 1,033 1,693
Write-off of in-process research
and development 6,300 --
------ ------
Total operating expenses 24,282 7,968
------ ------
Income (loss) from operations 8,440 (1,135)
Other income, net 1,800 147
Income (loss) before income taxes 10,240 (988)
------- ------
Provision (benefit) for income taxes (2) (3,433) 48
Net income (loss) $ 13,673 $ (1,036)
------- ------
Basic net income (loss) per share $ 0.28 $ (0.23)
Basic common stock equivalents 48,593 4,417
Diluted net income (loss) per share (1) $ 0.24 $ (0.03)
Diluted common stock equivalents (1) 57,550 35,087
Condensed Balance Sheets
Mar. 31, Dec. 31,
Assets 2000 1999
------------- -------------
Current assets:
Cash and S-T Investments $ 141,289 $ 117,169
Accounts receivable 28,805 18,992
Inventory 8,718 12,801
Other current assets 2,029 1,530
---------- -----------
Total current assets 180,841 150,492
Property and equip, net 11,294 8,825
Other assets 14,735 6,458
Purchased intangibles 62,187 --
----------- -----------
$ 269,057 $ 165,775
Liabilities and Mar. 31, Dec. 31,
Stockholders' Equity 2000 1999
------------- -------------
Current liabilities:
Accounts payable $ 15,666 $ 7,887
Accrued liabilities 13,413 8,752
Deferred tax liability 4,300 48
Current notes payable 1,556 1,618
------- ------
Total current liabilities 34,935 18,305
Notes payable 3,977 4,044
Other liabilities 122 105
Total stockholders' equity 230,023 143,321
----------- ------------
$ 269,057 $ 165,775
*T
(1) Diluted net loss per share for the three months ended March 31,
1999 has been computed using the weighted-average number of shares of
common stock outstanding during the periods including any dilutive
common stock equivalents and the pro forma effect of converting
30,669,648 shares of preferred stock as if they were outstanding at
the beginning of all periods presented. The preferred stock
automatically converted upon the closing of the Company's initial
public offering, which occurred in May 1999. This data is presented
for informational purposes only and should not be considered as a
substitute for the historical financial data presented in accordance
with generally accepted accounting principles.
(2) The tax provision for the three months ended March 31, 2000 was
recorded at a 42.0% effective tax rate, less the effect of reducing
the Company's deferred tax asset valuation allowance by $7.7 million.
--30--ac/sf*
CONTACT: Copper Mountain
Investor Relations:
John Creelman, 858/410-7116 (Chief Financial Officer)
jcreelman@coppermountain.com
Press:
Diana Helfrich, 650/687-3314 (VP, Marketing Comm.)
dhelfrich@coppermountain.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS INTERNET HARDWARE EARNINGS
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