Angela,
Don't know if you still own, but yesterday lower #'s released. I might day trade.
03/22 16:05 Packeteer, Inc. Expects First Quarter Revenue and Income Will be
Lower <PKTR.O>
Packeteer, Inc. Expects First Quarter Revenue and Income Will be Lower Than Forecasted
CUPERTINO, Calif.--(BUSINESS WIRE)--March 22, 2001--Packeteer(R), Inc. (Nasdaq:PKTR), a leading provider of application performance infrastructure systems, today announced it anticipates revenue and earnings for the first quarter of 2001 will be below guidance provided at the time of our Q4 conference call. The Company projects revenues will be down 15-20% from the fourth quarter of 2000. A quarterly pro forma loss after tax of $0.06-$0.08 per share is anticipated, as compared to previous estimates of a pro forma profit.
"The modest slowing of customer orders that we experienced in the fourth quarter has significantly accelerated in recent weeks, primarily in our U.S. business, and to a lesser extent in Asia," stated Craig Elliott, President & CEO. "The ongoing economic uncertainty in the U.S. and potential weakness in international markets has caused us to reevaluate our overall business model."
Packeteer has revised its business plan for the remainder of the year to reflect reduced revenues in a slower business climate. The Company estimates that revenue in the first quarter 2001 will be $10.5 -$11.5 million. Based on the lowered revenue base in Q1, revenue is expected to grow sequentially by approximately 20-25% in Q2, and approximately 15% per quarter for the remainder of 2001. The higher growth in Q2 reflects a number of specific sales previously targeted for late Q1 that are now expected in early Q2. The Company expects to be approximately pro forma breakeven after tax in the second quarter of 2001, and pro forma profitable for Q3 and Q4.
A Conference Call with company management to discuss Packeteer's revised business outlook will be held today at 2:00 p.m. PST. The Conference Call will be simulcast on the Internet at www.packeteer.com and www.streetfusion.com. A replay of the live call will be available until March 31, 2001. Access numbers for the replay are as follows:
Domestic Replay: 888-568-0354
International Replay: 402-530-7897
Beginning March 23, 2001, Packeteer will observe a "Quiet Period" during which the text and discussion as provided by today's announcement should be considered historical and to no longer constitute the company's current expectations. During the Quiet Period, Packeteer representatives will not comment concerning Company outlook, financial results or expectations. The Quiet Period will be in effect until Packeteer's next quarterly Earnings Release, currently scheduled for April 19, 2001.
About Packeteer
Packeteer (Nasdaq:PKTR) is a leading provider of application performance infrastructure systems that give enterprises and service providers an increased layer of control for applications delivered across intranets, extranets and the Internet. Packeteer's products -- powered by PacketWise(TM) software -- ensure end-to-end quality of service (QoS) for networked applications and managed services, enhancing users' quality of experience through comprehensive bandwidth, traffic, content, service-level and policy management. Packeteer's products are deployed by Global 2000 corporations and service providers, and sold through more than 100 resellers, distributors and system integrators in more than 50 countries. For more information, contact Packeteer via telephone at 408/873-4400, fax 408/873 4410, send email to info@packeteer.com, or visit the company's web site at www.packeteer.com. Packeteer is headquartered in Cupertino, California.
Safe Harbor Clause:
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Packeteer's expectations, beliefs, intentions, or strategies regarding the future. Forward-looking statements include express or implied statements regarding future revenues. All forward-looking statements included in this press release are based upon information available to Packeteer as of the date hereof, and Packeteer assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. Specific factors that could cause actual results to differ from our projections include, but are not limited to, demand for our products, spending constraints affecting our customers, competition, our ability to continue to innovate and develop new products and product enhancements meeting the needs of the marketplace, our ability to successfully market and sell our products, and our ability to achieve projected cost reductions. In addition, please see the risk factors described in the Company's form 10K filed with the SEC on March 23, 2000 and its Form 10-Qs and other reports filed from time to time with the Securities and Exchange Commission. Packeteer assumes no obligation to update the forward-looking information contained in this press release.
Note to Editors: Packeteer and PacketShaper are registered trademarks and Packet Wise, AppVantage and AppCelera are trademarks of Packeteer, Inc.
All other products and services are the trademarks of their respective owners.
--30--em/sf*
CONTACT: Packeteer, Inc., Cupertino
Laura Graves, 408/873-4456
lgraves@packeteer.com
David C. Yntema, 408/873-4518
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