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ANET
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+9/16
delayed 20 mins - disclaimer
Monday October 25, 4:24 pm Eastern Time
Company Press Release
ACT Networks Announces Financial Results for the First Quarter of Fiscal Year 2000
CALABASAS, Calif.--(BUSINESS WIRE)--Oct. 25, 1999--ACT Networks, Inc. (Nasdaq:ANET - news) today announced results for the first quarter ended September 30, 1999.
First quarter 2000 revenue was $12,398,000 as compared to $13,936,000 reported in the same quarter of fiscal 1999. Net loss for the first quarter was $2,536,000, or $0.25 per share, as compared to a net loss of $966,000, or $0.10 per share ($359,000 and $0.04 per share, excluding restructuring charges), in the same period last fiscal year. First quarter revenue included $750,000 of non-recurring royalties.
As of September 30, 1999, the Company's balance sheet reflects approximately $46,738,000 in cash and marketable securities, total stockholders' equity of approximately $74,684,000 and no long term debt.
Andre' de Fusco, president and chief executive officer, stated, ``Last year we shifted the focus of our sales and support organization to selling through major partners in an effort to reach a broader customer set in the enterprise market, and to deliver a more comprehensive product solution. During the quarter, our order rate with Lucent improved over the previous quarter, but we believe we have not yet reached the business potential of this and other partnerships.'
``Our focus is to optimize the productivity of our channels and to improve our overall efficiency to achieve profitability. Additionally, as a result of our recent product introductions we are now in a position to leverage our core competencies in toll-quality packetized voice and data convergence to expand into the high growth service provider market for voice over DSL,' concluded Mr. de Fusco.
About ACT Networks
ACT Networks develops, manufactures, and markets multi-service access products that enable the convergence of voice, video, and data onto one managed network. Service providers and enterprise customers use the Company's products to build converged networks that are bandwidth efficient, cost-effective, and easy to manage.
The Company's award-winning NetPerformer© and ServiceXchange© product lines incorporate its unique Packet Voice Technology (PVT), which includes advanced voice and data compression algorithms, enhanced switching and traffic management, and state-of-the-art telephony integration technologies to serve enterprise and global carrier customers of all types.
For more information about ACT Networks, with headquarters in Calabasas, visit the corporate Web site at actnetworks.com.
This release contains forward-looking statements regarding future events and the future performance of the Company, particularly statements regarding customer prospects, introduction of new products, the timing of new product introductions, capabilities of new products and new strategies or other factors that may affect future earnings and financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements, including, without limitation, the possibility that the market for the Company's products will not continue to develop or that the Company's products and capabilities will not address emerging market needs; the possibility that proposed new products and new product features will not be released when anticipated or work in accordance with expectations; and potential loss of significant customers. These and other potential factors are discussed in the Company's most recent current reports on Forms 10-K and 10-Q.
Note to Editors: ACT Networks, NetPerformer, ServiceXchange and DynaStar are registered trademarks of the Company.
ACT NETWORKS, INC.
Statement of Operations Highlights
(amounts in thousands, except per share data)
Three Months Ended
September 30
-----------------------------
1999 1998
------------ ------------
Net sales $ 12,398 $ 13,936
Gross profit 6,491 7,931
Research & Development 3,062 3,323
SG&A 6,484 5,340
Impairment and restructuring 607
Operating loss (3,055) (1,339)
Gain on investment
Interest and other income, net 641 551
------------ ------------
Loss before provision for
income taxes (2,414) (788)
Provision for income taxes 122 178
------------ ------------
Net Loss $(2,536) $ (966)
============ ============
Net loss per share - Basic $ (0.25) $ (0.10)
Weighted average shares outstanding 10,219 9,300
Net loss per share - Diluted $ (0.25) $ (0.10)
Weighted average shares - diluted 10,219 9,300
BALANCE SHEET SUMMARY
September 30, 1999 June 30, 1999
Cash and cash equivalents 20,112 $ 33,850
Short-term investments 26,626 17,613
Accounts receivable, net 14,187 18,309
Inventory 12,667 9,613
Other current assets 881 582
Fixed assets, net 4,085 3,636
Goodwill and other
intangibles, net 1,674 1,769
Other assets 290 269
------------ -------------
Total Assets $ 80,522 $ 85,641
============ =============
Current liabilities 5,838 $ 8,722
Stockholders' equity 74,684 76,919
----------- ------------
Total Liabilities and
Stockholders' Equity $ 80,522 $ 85,641
============ ============
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Contact:
ACT Networks, Inc.
Andre de Fusco, President and CEO, 818/871-6400
or
Martin A. Woll, CFO, 818/871-6400
or
Morgen-Walke Associates
Erica Abrams, Ty George, Chris Danne, 415/296-7383
or
Patricia Walsh, 212/850-5600
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