in the wires..."Copper Mountain Announces Record Fourth Quarter and Fiscal Year 1999"
best regards
amein
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Copper Mountain Announces Record Fourth Quarter and Fiscal Year 1999
RELATED SYMBOLS: (CMTN)
PALO ALTO, Calif., Feb 1, 2000 (BUSINESS WIRE) -- Copper Mountain
Networks, Inc., (NASDAQ:CMTN) today announced financial results for the
fourth quarter of 1999.
Revenues for the fourth quarter of 1999 were $44.6 million, an increase
of $29.9 million over revenues of $14.7 million for the fourth quarter
of 1998. The fourth quarter revenues represented an increase of $12.6
million, or 39 percent, over the $32.0 million in revenues reported for
the third quarter of 1999. For the year ended December 31, 1999, Copper
Mountain reported revenues of $112.7 million, a $90.9 million increase
over revenue of $21.8 million reported for the year ended December 31,
1998.
Net income was $6.3 million or $0.11 per diluted share for the fourth
quarter of 1999, compared to a net loss of $242,000 or a loss of $0.01
per pro forma diluted share for the same quarter of the prior year.
Excluding the stock based compensation charge, net income was $7.2
million or $0.13 per diluted share for the fourth quarter of 1999,
compared to net income of $1.4 million or $0.04 per pro forma diluted
share for the same quarter of the prior year.
Net income for the year ended December 31, 1999 was $12.2 million or
$0.23 per diluted share, compared to a net loss of $10.3 million or a
loss of $0.31 per pro forma diluted share for the year ended December
31, 1998. Excluding the stock based compensation charge, net income was
$17.6 million or $0.34 per diluted share for the current year, compared
to a net loss of $6.4 million or a loss of $0.19 per pro forma diluted
share for the same period of the prior year.
The net income per share and number of shares used in the per-share
calculation for all periods presented reflect the two-for-one stock
split that was effective December 10, 1999.
"Continued strong demand for Copper Mountain's DSL solutions fueled
record revenue and earnings in our fourth quarter of 1999, more than
doubling revenues Copper Mountain achieved in all of 1998" said Rick
Gilbert, Copper Mountain Network Inc.'s, president and chief executive
officer. "We are particularly pleased with our announcement of seven
new customers in the fourth quarter," Gilbert added.
"1999 was a banner year for the DSL industry as a whole and especially
for Copper Mountain. In 1999 Copper Mountain established itself as the
leading provider of DSL solutions for Competitive Local Exchange
Carriers (CLECs) targeting business and business multi-tenant users,"
said Gilbert. "With our equipment installed in all Incumbent Local
Exchange Carrier (ILEC) territories in multiple large-scale networks,
Copper Mountain is well positioned to continue its leadership position
into the year 2000," Gilbert noted.
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
carrier-class CopperEdge(R) DSL concentrators and CopperView@ 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 . For Investor Relations information, call our toll free
number at 877-463-6268 or contact us via e-mail at
IR@coppermountain.com.
Note to Investors
Portions of this release contain forward-looking statements regarding
future events that are subject to risks and uncertainties. We wish 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, 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 we file from
time to time with the Securities and Exchange Commission, specifically
the section titled Risk Factors in our Registration Statement on Form
S-1 (No. 333-73153).
Copper Mountain and all Copper Mountain product names are trademarks of
Copper Mountain Networks, Inc. Other brand and product names are
trademarks of their respective holders.
*T
Copper Mountain Networks, Inc.
Condensed Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
December 31, December 31,
1999 1998 1999 1998
Net revenue $ 44,601 $ 14,667 $112,723 $ 21,821 Cost of revenue
20,786 8,029 53,002 12,400 Gross profit 23,815 6,638 59,721 9,421
Operating expenses:
Research and development 5,620 1,899 15,523 7,225 Sales and marketing 6,
079 2,307 16,158 5,363
General and administrative 2,160 1,202 5,998 3,428 Amortization of
deferred stock
compensation 945 1,632 5,431 3,929 Total operating expenses 14,804
7,040 43,110 19,945 Income (loss) from
operations 9,011 (402) 16,611 (10,524) Other income, net 1,607 160
4,096 193 Income (loss) before
income taxes 10,618 (242) 20,707 (10,331) Provision for income taxes 4,
354 -- 8,490 -- Net income (loss) $ 6,264 $ (242) $ 12,217 $(10,331)
Basic net income
(loss) per share $ 0.13 $ (.07) $ 0.39 $ (3.87) Basic common stock
equivalents 46,918 3,256 31,289 2,666 Diluted net income
(loss) per share $ 0.11 $ (.07) $ 0.23 $ (3.87) Diluted common stock
equivalents 56,453 3,256 52,282 2,666 Pro forma diluted net income
(loss)
per share (1) $ 0.11 $ (0.01) $ 0.23 $ (0.31) Pro forma diluted common
equivalent
shares (1) 56,453 33,925 52,282 33,336 Pro forma diluted net income
(loss)
per share excluding deferred stock compensation (1) $ 0.13 $ 0.04 $
0.34 $ (0.19) Pro forma
diluted common
equivalent
shares (1) 56,453 39,214 52,282 33,336
Condensed Balance Sheets
Assets Dec. 31, Dec. 31,
1999 1998
Current assets: Cash and S-T Investments $117,169 $ 18,529 Accounts
receivable 18,992 8,026
Inventory 12,801 4,668 Other current assets 1,530 476 Total current
assets 150,492 31,699 Property and equip, net 8,825 3,214 Other assets
6,458 1,296
$165,775 $ 36,209
Liabilities and Dec. 31, Dec. 31, Stockholders' Equity 1999 1998
Current liabilities:
Accounts payable $ 7,887 $ 4,371 Accrued liabilities 8,800 2,219
Current notes payable 1,618 783 Total current liabilities 18,305 7,373
Notes payable 4,044 1,965 Other liabilities 105 28 Total stockholders'
Equity 143,321 26,843
$165,775 $ 36,209
(1) Pro forma net income (loss) per share 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. 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. *T
Copyright (C) 2000 Business Wire. All rights reserved.
Distributed via COMTEX.
-0-
CONTACT: Copper Mountain Networks, Inc.
Investor Relations: John Creelman, 858/410-7116
jcreelman@coppermountain.com
or
Press: Diana Helfrich, 650/687-3314
dhelfrich@coppermountain.com
WEB PAGE: businesswire.com
GEOGRAPHY: CALIFORNIA
INDUSTRY CODE: NETWORKING
EARNINGS
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