Carrier Access Reports First Quarter 2000 Results
BOULDER, Colo.--(BUSINESS WIRE)--April 18, 2000-- Carrier Access (Nasdaq: CACS - news), a leading provider of broadband digital access equipment solutions, today reported record results for its first quarter period ending March 31, 2000.
Net revenue for the first quarter increased 79% to $38,726,000 compared to net revenue of $21,684,000 for the first quarter of 1999. Carrier Access posted net income of $7,519,000 an increase of 53% from the $4,912,000 reported for the first quarter of 1999. Earnings per share, fully diluted, increased 58% to 30 cents per share from 19 cents per share a year ago.
``Once again we delivered a strong financial quarter,' said Roger Koenig, president and Chief Executive Officer. ``We are delighted to show another quarter of both revenue and earnings per share growth. We continued to gain momentum in providing equipment to an embedded and growing base of customers, including a broader base of wireless, international and Application Service Providers, for enhanced broadband service delivery.'
Koenig stated that contributing to Carrier Access' first quarter success was the rapid acceptance of the CACTUS.lite product and a greater than expected sales increase for the Wide Bank product family. ``We began volume shipments of our CACTUS.lite customer service terminal product line and experienced the fastest unit and dollar rollout in our history for a new product introduction. This, combined with a resurgence in sales of the Access Bank product family resulted in an increase in customer service terminal revenue of 36% over the fourth quarter.
``In addition, our Wide Bank product family led our revenue, contributing 57% of revenue in the quarter, a 23% quarter over quarter increase. We believe we will continue to gain market share with this product family providing DS1 service delivery to enhance existing service delivery platforms such as digital cross-connect systems, SONET add/drop multiplexers, local digital switch, digital cross connect systems and ATM or Frame Relay switches. With new sales to regulated carriers, extensive certifications, software management sets, new international enhancements including E-1 interoperability and JATE certification for deployment in Japanese networks, Carrier Access is focused on capturing market share in several new markets as well.'
Chief Financial Officer Nancy Pierce reported that as of March 31, 2000, the company's cash, cash equivalents, and short-term investments totaled $73,128,000 and stockholders' equity totaled $107,156,000.
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