TUTS ($30 ) More Than Triples Revenue, Reporting 246% Year Over Year Growth
Third Quarter Revenue Exceeds Total Revenue for 1999
PLEASANTON, Calif., Oct. 18 /PRNewswire/ -- Tut Systems, Inc. (Nasdaq: TUTS - news), today reported a strong third quarter performance with revenue for the quarter ended September 30, 2000, of $28.6 million, an increase of 246%, compared to revenue of $8.3 million for the quarter ended September 30, 1999.
(Photo: newscom.com )
The net income for the quarter ended September 30, 2000, excluding certain noncash purchase acquisition expenses of $2.5 million, was $1.9 million, or $0.11 per share, compared with a net loss for the quarter ended September 30, 1999, of $(1.6) million or $(0.13) per share. Net loss for the quarter ended September 30, 2000, including noncash purchase acquisition expenses, was $(0.6) million.
``We are very proud to announce yet another successful quarter -- our fifth consecutive quarter of triple digit growth,'' said Tut Systems, Inc. President and Chief Executive Officer, Sal D'Auria. ``Additionally, our revenue this quarter represented three times the revenue we reported a year ago -- a great indication of our financial position and the demand for our product line.
``Tut is also proud to announce today that we have shipped over 308,000 lines and over 23,000 building systems to date to the multi-tenant unit (MTU) market,'' said D'Auria. ``And, with the upcoming launch of IntelliPOP MTU(TM), we feel confident we can continue to widen our leadership position. The IntelliPOP platform based on Tut's core technology, the Signature Switch(TM), empowers service providers to create and control an unlimited array of services in multi-tenant environments -- allowing them to extract new value from their broadband investments. We expect that this dynamic product line will help Tut continue to win in the MTU market.''
Tut Systems will host a conference call to discuss third quarter results beginning at 2 p.m. Pacific Time on October 18, 2000. A live webcast of the conference call will be available at www.tutsystems.com and a replay of the call will be available from 5:00 p.m. Pacific Time, October 18, 2000, through 5:00 p.m. Pacific Time, October 25, 2000, at 888-203-1112, confirmation code #422259.
Recent Announcements:
Significant announcements from Tut since the end of the second fiscal quarter include:
9/00 Tut Systems Named Top 100 Tech Stock by Bloomberg Personal
Finance Magazine
9/00 Tut Systems "Lights Up" DSLcon '00 Fall
9/00 Tut Systems Expands Connected Program for Silicon, Equipment
and Application Companies
8/00 Tut Systems Unveils Comprehensive MTU Systems Technical
Certification Program
8/00 Tut Systems Signs Letter of Intent to Acquire ActiveTelco
7/00 Tut Systems, Inc. More Than Quadruples Revenues, Reporting 319%
Year Over Year Growth
7/00 Tut Systems, Inc. Ships Over 200,000 Lines to the Multi-Tenant
Industry
7/00 British Telecommunications Selects Tut Systems to Wire Up
Multi-Tenant Properties
About Tut Systems, Inc.
Tut Systems is a leading provider of multi-service broadband access systems for multi-tenant buildings including apartments, student housing, hotels and commercial properties. Tut's family of multi-service platform products allows service providers and property owners to use buildings' existing infrastructure or new copper or fiber infrastructure to cost-effectively and reliably deliver multi-service integrated broadband communication solutions. In partnership with service providers, Tut has deployed its solutions in commercial and residential properties of the country's largest real estate investment trusts, and in the flagship properties of major hotel chains worldwide. Tut's HomeRun (TM) technology has been chosen by the Home Phoneline Networking Alliance (HomePNA) as the initial specification for in-home networking over phonelines.
For more information, visit Tut's World Wide Web site at tutsystems.com or contact Tut's US headquarters in Pleasanton, California, directly at 925-460-3900 or 800-998-4888. For investor information, please call 800-486-1241.
NOTE: Tut, the Tut logo, HomeRun and Fast Copper are trademarks of Tut Systems, Inc. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Tut Systems, Inc.:
Various matters set forth in this press release, such as the statement relating to the growth of the market for Tut's products and the upcoming launch of the IntelliPOP product, are forward-looking statements. These statements are subject to risks and uncertainties, including without limitation, market conditions which are beyond Tut's ability to control. The launch of the IntelliPOP product may be delayed for various reasons, including software bugs, delays in product hardware and software testing, delays in a production build of the product. Other factors include the Company's ability to obtain product components and the ability to successfully market and sell this product. Factors affecting both the growth of the market for Tut's products and the launch of the IntelliPOP product include the price/performance requirements of customers, the size and potential growth of the MTU market, the introduction of alternative technological solutions, delay in product shipments, and other risks detailed from time-to-time in Tut Systems' SEC filings and reports. |
