Triton Network Systems, Inc. Announces Second Quarter Results
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS EDITOR:
Triton Network Systems, Inc. Announces Second Quarter Results
ORLANDO, Fla., July 24 /PRNewswire/ -- Triton Network Systems, Inc.
(Nasdaq: TNSI) reported its second quarter results ended June 30, 2000, which
included a 49% growth in revenue over the first quarter of 2000.
Revenue for the second quarter of 2000 was $5.2 million compared to
revenue of $3.5 million for the first quarter of 2000, the initial quarter the
Company recorded revenue. The Company had an operating loss, before
amortization of intangible assets and deferred compensation expense of
$(11.1) million for the second quarter of 2000 compared to an operating loss,
before deferred compensation expense of $(6.1) million for the same period of
1999.
The Company's net loss for the second quarter of 2000 was $(13.2) million,
which included amortization of intangible assets and deferred compensation
expense of $1.9 million and $0.3 million, respectively. The net loss for the
second quarter of 1999 was $(6.3) million. Assuming the conversion of
convertible preferred shares into common stock, which occurred in July 2000 in
conjunction with the Company's initial public offering, the pro forma net loss
per share for the second quarter of 2000 and 1999 was $(0.48) and $(0.34),
respectively.
For the first six months of 2000, revenue was $8.7 million, the operating
loss before amortization of intangible assets and deferred compensation
expense was $(22.1) million and the net loss was $(24.1) million. The
operating loss before deferred compensation expense and net loss for the six
months ended June 30, 1999, was $(13.8) million and $(14.2) million,
respectively. Pro forma net loss per share for the first half of 2000 and 1999
was $(0.94) and $(0.79), respectively.
Gross margins improved to (7)% in the second quarter 2000 from (48)% in
the first quarter of 2000. This improvement was due primarily to the higher
revenue volume and component part cost reductions.
Operating expenses for the second quarter of 2000, excluding intangible
asset and deferred compensation amortization, of $10.7 million were
$4.6 million higher than in the second quarter of 1999. Research and
development expenses of $5.6 million grew 147%, with over half of the increase
associated with expenses of the broadband modem product line acquired from IBM
at the end of the first quarter of 2000. Selling and general and
administrative expenses were also significantly higher as the Company expanded
its domestic and international selling and marketing activities, and grew its
infrastructure to support expected business growth. The intangible asset
amortization related to the broadband modem product line acquired from IBM.
In July 2000, the Company successfully completed an initial public
offering of 6.3 million shares, including 825,000 shares associated with the
over-allotment option exercised by the underwriters. The proceeds of the
offering, net of expenses, was approximately $86 million and will be used for
general corporate purposes.
"I am extremely pleased with the success Triton Network Systems has
achieved to date. The revenue growth of 49% in the second quarter of 2000 and
the improvement in gross margins is aligned with our expectations for this
stage of our Company's development" said Skip Speaks, President and Chief
Executive Officer. "Additionally, investor confidence in our Company as shown
by our initial public offering is validation of the vision of Triton's
founders, employees and initial investors."
About Triton Network Systems, Inc.
Triton Network Systems, Inc. provides broadband wireless equipment that
enables communications service providers to deliver high-speed, cost effective
voice, video and data services to their business customers.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements involving risks
and uncertainties that could cause actual results to differ materially from
those in such forward-looking statements. Potential risks and uncertainties
include, but are not limited to, Triton Network Systems' historical and future
losses, limited operating history, fluctuations in quarterly operating results
and limited manufacturing experience. The Company assumes no obligation to
update these forward-looking statements to reflect events or circumstances
after the date hereof. Further information regarding these and other risks is
included in Triton Network Systems' prospectus dated July 12, 2000, and its
other filings with the Securities and Exchange Commission.
Triton Network Systems, Inc.
Summary Financial Data
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
Statement of Operations:
Net revenues $5,200 $-- $8,697 $--
Cost of revenues 5,585 -- 10,748 --
Gross profit (loss) $(385) -- $(2,051) --
Gross margin % (7.4)% -- (23.6)% --
Operating Expenses
Manufacturing and operations -- 1,218 -- 3,936
Research and development 5,606 2,273 9,767 5,116
Sales and marketing 3,385 1,596 6,723 3,208
General and administrative 1,731 1,000 3,600 1,558
Amortization of
intangible assets 1,942 -- 1,942 --
Amortization of
deferred compensation 288 396 608 775
Total operating expenses 12,952 6,483 22,640 14,593
Operating loss (13,337) (6,483) (24,691) (14,593)
Interest income 370 261 934 565
Interest expense (222) (96) (367) (178)
Net loss $(13,189) $(6,318) $ (24,124) $(14,206)
Basic and diluted
net loss per share $(2.31) $(1.33) $(4.34) $(3.14)
Weighted average shares
of common stock outstanding
used in computing basic and
diluted net loss per share 5,708 4,755 5,558 4,524
Pro forma basic and diluted
net loss per share(A) $(0.48) $(0.34) $(0.94) $(0.79)
Pro forma weighted average
shares of common stock
outstanding used in computing
basic and diluted
net loss per share(A) 27,265 18,509 25,754 17,981
(A) Pro forma basic and diluted net loss per share assumes that the
conversion of preferred stock, which was converted to common stock in
July 2000 upon the closing of the initial public offering, occurred
as of the beginning of the respective reporting period.
Triton Network Systems, Inc.
Summary Financial Data
(In Thousands)
June 30, 2000 December 31, 1999
(Unaudited)
Balance Sheet Data:
Assets
Cash and cash equivalents $16,904 $46,130
Accounts receivable 1,610 --
Inventory 13,981 7,245
Other current assets 1,554 1,018
Current assets 34,049 54,393
Plant, property, and equipment, net 15,927 7,970
Intangible assets 36,900 --
Other assets 2,143 1,337
Total assets $89,019 $63,700
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $11,766 $8,773
Current portion of long-term debt 2,402 1,439
Current liabilities 14,168 10,212
Long-term debt and other 5,279 2,155
Total liabilities 19,447 12,367
Stockholders' equity 69,572 51,333
Total liabilities and stockholders' equity $89,019 $63,700
SOURCE Triton Network Systems, Inc.
/CONTACT: Kenneth Vines of Triton Network Systems, Inc., 407-903-2032,
orkvines@triton-network.com; or Investor Relations - Sandra Moreno of
ThomsonFinancial Investor Relations, 212-701-1867, or
sandra.moreno@thomsonir.com; orMedia Relations - David Matthews of Springbok
Technologies, 972-480-9458Ext. 157, or Dmatthews@springbok.com/
Jul-24-2000 20:20 GMT
Symbols:
US;TNSI
Source PRN PR NewsWire
Categories:
NWR/FL NWI/CPR NWS/ERNTriton Network Systems, Inc. Announces Second Quarter Results
/FROM PR NEWSWIRE NEW YORK 800-776-8090/
TO BUSINESS EDITOR:
Triton Network Systems, Inc. Announces Second Quarter Results
ORLANDO, Fla., July 24 /PRNewswire/ -- Triton Network Systems, Inc.
(Nasdaq: TNSI) reported its second quarter results ended June 30, 2000, which
included a 49% growth in revenue over the first quarter of 2000.
Revenue for the second quarter of 2000 was $5.2 million compared to
revenue of $3.5 million for the first quarter of 2000, the initial quarter the
Company recorded revenue. The Company had an operating loss, before
amortization of intangible assets and deferred compensation expense of
$(11.1) million for the second quarter of 2000 compared to an operating loss,
before deferred compensation expense of $(6.1) million for the same period of
1999.
The Company's net loss for the second quarter of 2000 was $(13.2) million,
which included amortization of intangible assets and deferred compensation
expense of $1.9 million and $0.3 million, respectively. The net loss for the
second quarter of 1999 was $(6.3) million. Assuming the conversion of
convertible preferred shares into common stock, which occurred in July 2000 in
conjunction with the Company's initial public offering, the pro forma net loss
per share for the second quarter of 2000 and 1999 was $(0.48) and $(0.34),
respectively.
For the first six months of 2000, revenue was $8.7 million, the operating
loss before amortization of intangible assets and deferred compensation
expense was $(22.1) million and the net loss was $(24.1) million. The
operating loss before deferred compensation expense and net loss for the six
months ended June 30, 1999, was $(13.8) million and $(14.2) million,
respectively. Pro forma net loss per share for the first half of 2000 and 1999
was $(0.94) and $(0.79), respectively.
Gross margins improved to (7)% in the second quarter 2000 from (48)% in
the first quarter of 2000. This improvement was due primarily to the higher
revenue volume and component part cost reductions.
Operating expenses for the second quarter of 2000, excluding intangible
asset and deferred compensation amortization, of $10.7 million were
$4.6 million higher than in the second quarter of 1999. Research and
development expenses of $5.6 million grew 147%, with over half of the increase
associated with expenses of the broadband modem product line acquired from IBM
at the end of the first quarter of 2000. Selling and general and
administrative expenses were also significantly higher as the Company expanded
its domestic and international selling and marketing activities, and grew its
infrastructure to support expected business growth. The intangible asset
amortization related to the broadband modem product line acquired from IBM.
In July 2000, the Company successfully completed an initial public
offering of 6.3 million shares, including 825,000 shares associated with the
over-allotment option exercised by the underwriters. The proceeds of the
offering, net of expenses, was approximately $86 million and will be used for
general corporate purposes.
"I am extremely pleased with the success Triton Network Systems has
achieved to date. The revenue growth of 49% in the second quarter of 2000 and
the improvement in gross margins is aligned with our expectations for this
stage of our Company's development" said Skip Speaks, President and Chief
Executive Officer. "Additionally, investor confidence in our Company as shown
by our initial public offering is validation of the vision of Triton's
founders, employees and initial investors."
About Triton Network Systems, Inc.
Triton Network Systems, Inc. provides broadband wireless equipment that
enables communications service providers to deliver high-speed, cost effective
voice, video and data services to their business customers.
Except for the historical information contained herein, the matters
discussed in this news release are forward-looking statements involving risks
and uncertainties that could cause actual results to differ materially from
those in such forward-looking statements. Potential risks and uncertainties
include, but are not limited to, Triton Network Systems' historical and future
losses, limited operating history, fluctuations in quarterly operating results
and limited manufacturing experience. The Company assumes no obligation to
update these forward-looking statements to reflect events or circumstances
after the date hereof. Further information regarding these and other risks is
included in Triton Network Systems' prospectus dated July 12, 2000, and its
other filings with the Securities and Exchange Commission.
Triton Network Systems, Inc.
Summary Financial Data
(In Thousands, Except Per Share Data)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
Statement of Operations:
Net revenues $5,200 $-- $8,697 $--
Cost of revenues 5,585 -- 10,748 --
Gross profit (loss) $(385) -- $(2,051) --
Gross margin % (7.4)% -- (23.6)% --
Operating Expenses
Manufacturing and operations -- 1,218 -- 3,936
Research and development 5,606 2,273 9,767 5,116
Sales and marketing 3,385 1,596 6,723 3,208
General and administrative 1,731 1,000 3,600 1,558
Amortization of
intangible assets 1,942 -- 1,942 --
Amortization of
deferred compensation 288 396 608 775
Total operating expenses 12,952 6,483 22,640 14,593
Operating loss (13,337) (6,483) (24,691) (14,593)
Interest income 370 261 934 565
Interest expense (222) (96) (367) (178)
Net loss $(13,189) $(6,318) $ (24,124) $(14,206)
Basic and diluted
net loss per share $(2.31) $(1.33) $(4.34) $(3.14)
Weighted average shares
of common stock outstanding
used in computing basic and
diluted net loss per share 5,708 4,755 5,558 4,524
Pro forma basic and diluted
net loss per share(A) $(0.48) $(0.34) $(0.94) $(0.79)
Pro forma weighted average
shares of common stock
outstanding used in computing
basic and diluted
net loss per share(A) 27,265 18,509 25,754 17,981
(A) Pro forma basic and diluted net loss per share assumes that the
conversion of preferred stock, which was converted to common stock in
July 2000 upon the closing of the initial public offering, occurred
as of the beginning of the respective reporting period.
Triton Network Systems, Inc.
Summary Financial Data
(In Thousands)
June 30, 2000 December 31, 1999
(Unaudited)
Balance Sheet Data:
Assets
Cash and cash equivalents $16,904 $46,130
Accounts receivable 1,610 --
Inventory 13,981 7,245
Other current assets 1,554 1,018
Current assets 34,049 54,393
Plant, property, and equipment, net 15,927 7,970
Intangible assets 36,900 --
Other assets 2,143 1,337
Total assets $89,019 $63,700
Liabilities and stockholders' equity
Accounts payable and accrued liabilities $11,766 $8,773
Current portion of long-term debt 2,402 1,439
Current liabilities 14,168 10,212
Long-term debt and other 5,279 2,155
Total liabilities 19,447 12,367
Stockholders' equity 69,572 51,333
Total liabilities and stockholders' equity $89,019 $63,700
SOURCE Triton Network Systems, Inc.
/CONTACT: Kenneth Vines of Triton Network Systems, Inc., 407-903-2032,
orkvines@triton-network.com; or Investor Relations - Sandra Moreno of
ThomsonFinancial Investor Relations, 212-701-1867, or
sandra.moreno@thomsonir.com; orMedia Relations - David Matthews of Springbok
Technologies, 972-480-9458Ext. 157, or Dmatthews@springbok.com/
Jul-24-2000 20:20 GMT
Symbols:
US;TNSI
Source PRN PR NewsWire
Categories:
NWR/FL NWI/CPR NWS/ERN |
