DIGL...Reports Record Revenues and Earnings for Third Quarter
Third Quarter EPS up 178 Percent on 84 Percent Revenue Increase
CLEARWATER, Fla.--(BUSINESS WIRE)--Oct. 17, 2000--Digital Lightwave®, Inc. (Nasdaq:DIGL - news), a leading provider of optical networking products and technology, today announced record financial results for the third quarter ended September 30, 2000.
Third-quarter revenues were $26.1 million, up 84 percent from the $14.2 million reported for the third quarter of 1999. Net income was $8.0 million, or $0.25 per share (diluted), compared with $2.6 million, or $0.09 per share (diluted), for the year-earlier quarter.
Revenues for the first nine months of 2000 were $66.8 million, up 102 percent from $33.0 million for the first nine months of 1999. Net income for the nine months was $18.4 million, or $0.58 per share (diluted), up from net income of $1.1 million, or $0.04 per share (diluted), for the same period a year ago.
``Our strong results for the quarter were driven by continued market demand for our portable Network Information Computer® (NIC(TM)) products across all speeds and particularly for our new high-speed OC-192 analyzer,'' said Gerry Chastelet, chairman, president and chief executive officer of Digital Lightwave. ``During the quarter, we saw continued growth in our emerging integrated technology business with Network Access Agent(TM) (NAA(TM)) orders from Alcatel, Enron, Microsoft and Lucent Technologies.
``In the quarter we also began establishing international distribution relationships and, as planned, delivered our first international STM-64 portable product,'' Chastelet continued. ``The global market represents an exciting growth opportunity for Digital Lightwave, particularly for our highest-speed international version of the NIC, which addresses one of the fastest growth segments of the international optical network market and builds off the success of our industry-leading U.S. portable product line.''
During the third quarter, Digital Lightwave continued to expand its customer base, adding new accounts in the optical networking, broadband services, and Internet infrastructure segments. Key customers taking product deliveries during the quarter included AT&T Wireless, Bell Atlantic/Verizon Communications, CIENA, Cisco Systems, Fujitsu Network Communications, Level 3, Lucent Technologies, MCI WorldCom, Nortel Networks, Qwest, 360networks, and Tellabs.
Quarterly Business Highlights
Quarterly business highlights included:
Significant orders for the company's NICs from Nortel Networks, Cisco Systems, Fujitsu Network Communications, 360networks, and other customers
International distribution partnership with a leading value-added reseller, Conformance Standards, LTD, to provide sales and customer support for the international version of Digital Lightwave's industry-leading NIC
Strengthening of the board of directors with the addition of Robert F. Hussey, an investment portfolio manager and advisor and former chief executive officer of MetroVision of North America; Peter Guglielmi, executive vice president of Tellabs, Inc. and current board member of Tellabs, JDS Uniphase and Internet Communications Corp.; Gerald A. Fallon, executive vice president and manager of Capital Markets for KeyBank, NA and senior managing director of Capital Markets for McDonald Investments Inc.
Membership in Cisco Systems' (Nasdaq:CSCO - news) New World Ecosystem Partner program, an exclusive community of technology and deployment partners enabling service providers to rapidly deploy innovative networking services.
About Digital Lightwave, Inc.
Digital Lightwave serves the growing fiber-optic networking industry with products and technology that monitor, maintain and facilitate the management of high-speed communication networks. The company's product families include Network Information Computers (NICs(TM)), the industry's leading high-speed portable analyzers for fiber-optic network installation and maintenance testing and Network Access Agents(TM) (NAAs(TM)), which provide network-integrated, centralized performance monitoring and analysis for optical networks, including remote multi-channel DWDM diagnostics. Digital Lightwave also provides customized optical monitoring subsystems for OEM applications. News and information are available at www.lightwave.com.
Except for the historical statements made herein, this release contains certain forward-looking statements that may involve a number of risks and uncertainties. Factors that could cause actual results or events to differ materially from these forward-looking statements include: quarterly fluctuations in the company's operating results; control by a majority shareholder; dependence on a limited number of products; industry-wide component shortages; rapid technological changes; the company's ability to compete effectively with other companies; the company's dependence on major customers; the company's dependence on contract manufacturing and limited source suppliers; delays in product development and delivery schedules; the company's ability to expand its production and assembly operations; the company's ability to manage its growth; the company's ability to enter into strategic relationships; the company's dependence on key personnel; the company's dependence on proprietary technology; the company's success in defending significant litigation; liquidity risk and future capital needs; general business conditions; and other factors described in the company's filings with the Securities and Exchange Commission (SEC), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date hereof. Digital Lightwave assumes no obligation to update information contained in this release.
Note to Editors: Digital Lightwave®, Network Information Computer®, NIC(TM), Network Access Agent(TM), and NAA(TM) are trademarks of Digital Lightwave, Inc.
Digital Lightwave, Inc |
