CTLM ($22-$23?) 46% Sequential Increase ProForm Net Income Rises to $4.0 Million and $0.11 Per Share vs $0.06
FREMONT, Calif., Jul 17, 2001 (BUSINESS WIRE) -- Centillium Communications,
Inc. (Nasdaq:CTLM) today reported record revenue and earnings for its second
quarter of fiscal 2001.
Revenues for the second quarter ended June 30, 2001 increased to $46.4 million,
compared with revenues of $9.8 million for the quarter ended June 30, 2000, and
marked a sequential increase in quarterly revenues of 46%, compared with $31.8
million reported in the Company's first quarter of this year. Second quarter pro
forma net income was $4.0 million, or $0.11 per share, compared to pro forma net
income of $347,000, or $0.01 per share, for the first quarter of 2001. In
addition, the Company reached another important financial milestone in the
second quarter of 2001 by generating cash flow from operations.
Revenues for the six months ended June 30, 2001 were $78.2 million, compared
with revenues of $14.5 million for the six months ended June 30, 2000. The pro
forma net income for the six-month period was $4.4 million, or $0.12 per share,
compared with a pro forma net loss of $12.1 million, or $0.46 per share, for the
same six-month period in 2000.
Pro forma results exclude a one-time write-off of purchased in-process research
and development, recurring deferred stock compensation, certain other stock
compensation and the amortization of acquisition related intangibles. The net
loss including those items was approximately $755,000, or $0.02 per share, for
the second quarter of 2001 and $14.2 million, or $0.43 per share, for the first
six months of 2001.
"I am again pleased to report that despite the current economic environment
which continues to adversely impact other telecommunication equipment suppliers,
our business continued to grow during the second quarter. Most significantly,
during the quarter Centillium reached yet another financial milestone: achieving
positive cash flow from operations ahead of plan," stated Faraj Aalaei, chief
executive officer of Centillium Communications. "Since the fourth quarter of
1999, revenues have grown at a 66% compound annual growth rate--six full
quarters of strong sequential growth. This quarter also marks our second quarter
of profitability on a pro forma basis, reflecting management's focus on
delivering profitable results."
"Centillium continues to benefit from its early investments in developing the
Annex C ADSL standard for the Japanese market and continues to be the primary
supplier of ADSL chipsets to telecommunications equipment manufacturers in Japan
and is gaining momentum in other markets. The Japanese market's acceptance of
our CopperFlite(TM) Annex C ADSL solutions has allowed us to achieve strong
sales in the second quarter. Because the Japanese government has identified
telephone infrastructure investments as a key part of its economic recovery
program, we expect wider deployment of broadband access and our industry-leading
DSL technology solutions."
Mr. Aalaei also noted, "Recently, the Annex A version of DSL has been considered
for possible deployment in Japan. Although Centillium provides a variety of DSL
solutions, including both Annex A and C, we firmly believe that because of its
service-proven reliability and capabilities, Annex C will remain the dominant
protocol deployed by network operators in Japan. Because of the possibility of
deploying conflicting standards, service providers appear to be reevaluating
their overall product offerings, impacting our visibility into the fourth
quarter of 2001."
"We continue to maintain confidence in the long-term potential of our business,
driven by our quality technology solutions, strong technical expertise and a
growing customer base. Our commitment to delivering solutions that meet the
unique needs of our markets has enabled Centillium to establish a 'vendor of
choice' relationship with many of the world's leading telecommunications
equipment suppliers, relationships which we intend to continue building upon in
the future," concluded Mr. Aalaei.
About Centillium Communications
Centillium Communications, Inc. is combining technical innovation and customer
commitment to make broadband communications a market reality. Centillium
consistently delivers value to its customers by providing broadband networking
systems for applications across all market segments. The Company designs and
markets communications chipset solutions for central office equipment, digital
loop carrier line cards, and customer premise equipment for the Digital
Subscriber Line (DSL), Voice-over-Packet (VoP) and Premise Networking markets.
Centillium Communications, Inc. is headquartered at 47211 Lakeview Blvd.,
Fremont, CA 94538. Additional information is available at www.centillium.com. |
