Terayon Posts Quarterly Revenues of $125 Million With Pro Forma Profit of $0.12 per Share
SANTA CLARA, Calif., Oct. 17 /PRNewswire/ -- Terayon Communication Systems, Inc. (Nasdaq: TERN - news), a leading supplier of broadband access systems, today reported revenues of $125.3 million and pro forma net income of $0.12 per share diluted for the third quarter ended September 30, 2000.
Revenues for the third quarter of 2000 grew 436% to $125.3 million, up from $23.4 million in the third quarter of 1999. Pro forma net income was $0.12 per share, or $8.5 million for the quarter, versus a pro forma net loss of $0.04 per share basic, or $1.7 million for the same period last year.
Revenues for the nine months ended September 30, 2000 increased to $276.7 million, up from $58.3 million for the same period last year. Pro forma net income for the nine months ended September 30, 2000 was $0.22 per share diluted, or $15.0 million, compared to a pro forma net loss per share of $0.24, or $9.4 million, for the nine months ended September 30, 1999.
The pro forma results exclude non-cash charges for in-process research and development, the amortization of intangible assets related to acquisitions and the cost of certain warrants to purchase common stock. Including charges related to in-process research and development, the amortization of intangible assets, and the cost of warrants, the net loss for the third quarter of 2000 was $0.43 per share, or $26.5 million, versus a net loss of $0.59 per share, or $24.6 million for the same period last year. The net loss for the nine months ended September 30, 2000 was $1.50 per share, or $89.2 million, compared to a net loss of $1.13 per share, or $45.1 million, for the nine months ended September 30, 1999.
Terayon CEO Zaki Rakib stated, ``We are pleased to report today that Terayon has achieved another great quarter for both revenues and earnings. Surpassing the watershed of $100 million in quarterly revenues, Terayon has become a major provider of broadband solutions to world-class and well-funded carriers, including Adelphia, Cablevision, Jupiter, Rogers, Shaw, Time Warner and UPC, as well as Bell South, U.S. West and Verizon.''
Webcast of Earnings Call
Terayon will provide a live webcast of its third quarter conference call on Tuesday, October 17 at 2 p.m. Pacific time. Instructions for listening to the webcast can be found at Terayon's website www.terayon.com .
About Terayon
Terayon Communication Systems provides innovative broadband systems for delivery of advanced, carrier-class voice, data and video services, which are deployed by the world's leading cable, telco and satellite network operators and carriers. Terayon, headquartered in Santa Clara, California, has sales and support offices worldwide, and is traded on the Nasdaq under the symbol TERN. Terayon can be found on the web at www.terayon.com .
``Safe Harbor'' Statements under the Private Securities Litigation Reform Act of 1995:
Except for the historical information contained herein, this news release contains forward-looking statements, estimates, and assumptions by the Company and other parties that involve risks and uncertainties, including the Company's ability to successfully integrate any acquired companies, the Company's ability to gain new business and develop and offer new products, the expansion of operations by the Company's customers and the deployment of the Company's products in specific markets, as well as the other risks detailed from time to time in the Company's filings with the SEC.
Note: Terayon, the Terayon logo, TeraPro, TeraLink, and TeraComm are registered trademarks of Terayon Communication Systems, Inc. TeraJet, TeraView, CherryPicker, HighLink, IPTL, IPAIR , VDAS3000 and VDAS300 are trademarks of Terayon Communication Systems, Inc. All other trademarks are property of their respective owners. |
