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Net Revenues $20.6 Million, 86% Growth Over Second Quarter 1999; Pro Forma Net
Loss Per Share $(0.02).
SUNNYVALE, Calif., Oct. 13 /PRNewswire/ -- Redback Networks, Inc. (Nasdaq:
RBAK),
a leading provider of advanced networking solutions, today reported its third
quarter results for the period ended September 30, 1999.
Net revenues for the third quarter were $20.6 million, compared with $2.9
million
for the same period in the prior year, an increase of 602%. The pro forma net
loss for the quarter was $0.6 million or $(0.02) per share (excluding
amortization of deferred stock compensation of $1.1 million and based on 37.3
million weighted average shares). This compares to the third quarter of 1998's
pro forma net loss of $2.3 million or $(0.09) per share based on 26.8 million
weighted average shares. Before pro forma adjustments, net loss for the third
quarter of 1999 was $1.6 million or $(0.04) per share compared to $2.6 million
or
$(0.44) per share for the same period in the prior year.
"Redback has continued to extend its leadership in the broadband subscriber
management market during the third quarter", said Dennis Barsema, Redback's
president and CEO. "We are encouraged by the acceptance of broadband in the
marketplace. In North America, our carrier and service provider customers have
continued to deploy their broadband offerings at an unprecedented pace, while in
Europe and Asia, we have won our first major installations. Additionally, we
continue to drive subscriber management technology across all major broadband
access methods."
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For the nine month period, revenue increased from $4,705,000
to 38,194,000, an increase of 712%.
This lockup news will blow over as it has every time in the
past and Redback will be onward and upward again.
There is no holding back the strong move to broadband de-
ployment and the requisite need for SMS.
Bill |
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