Third quarter earnings. Didn't see this posted. I guess the market was a bit disappointed as the price went down (sell on news?)
Tom
FVC.COM Announces Record Revenues for Third Quarter
SANTA CLARA, Calif., Oct. 19 /PRNewswire/ -- FVC.COM (Nasdaq: FVCX), a leader in broadband video networking, today announced financial results for the third quarter and nine months ended September 30, 1999.
Revenues for the quarter were $13.7 million, 28.5% higher than revenues of $10.6 million in the second quarter of 1999 and 13.5% above the $12.0 million reported in the third quarter of 1998. The net loss for the current quarter was $1.2 million or $0.07 per share, a 41% improvement from the loss of $2.0 million or $0.12 per share in the prior quarter. The Company reported a loss of $4.5 million or $0.29 per share in the third quarter of 1998.
For the nine months ended September 30, the Company recorded revenues of $32.7 million, compared with $32.1 million in the first nine months of 1998. The net loss for the nine-month period was $6.4 million, or $0.39 per share, compared with a net loss for the nine months in 1998 of $4.9 million. In 1998, both the three-month and nine-month periods included acquisition charges of $4.7 million.
"We are pleased with our continuing revenue growth and progress towards profitability," said FVC.COM's Chief Executive Officer Richard Beyer. "In addition to healthy growth in our existing vertical markets, we've seen escalating growth in sales to telecommunications carriers during the year. Sales of FVC.COM equipment to telcos accounted for more than $3 million this quarter, proof that we are delivering on the strategy we set forth early this year to partner with carriers to deliver video services to their customers."
During the quarter, the company participated in the first public demonstration of its telecommunications services at the Networld + Interop networking tradeshow in Atlanta. On the heels of that demonstration, FVC.COM announced its first partner for these broadband video services, Bell Atlantic. Using FVC.COM products, Bell Atlantic will deliver video services throughout the $55 million Access New Jersey network. A strategic initiative by Governor Christine Whitman, the network is expected to reach 600,000 students throughout the state's schools by the end of 1999. The New Jersey deployment will serve as a model for FVC.COM as it rolls out video services with other large telecommunications providers.
The Army National Guard, one of FVC.COM's largest customers, continued to expand its distance learning network utilizing FVC.COM's complete line of video networking equipment. During the quarter the National Guard added its 112th video-enabled classroom to deliver videoconferencing, video on demand, and video broadcasts to soldiers in 53 states and territories.
About FVC.COM
FVC.COM (Nasdaq: FVCX), the world leader in broadband video networking, designs, manufactures and supports a wide family of products for real-time interactive video, streamed video and broadband access. Designed for high- quality video delivery integrated with voice and data, these products enable applications such as video calls, video conferences, video mail, and conference overflow and video events. FVC.COM has an installed base of 20,000 broadband video seats worldwide. |
