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biz.yahoo.com
>>Paradyne Reports Strong First Quarter 2002 Results
Exceeds Earnings Expectations and Continues to Improve Cash Position
LARGO, Fla.--(BUSINESS WIRE)--April 30, 2002--Paradyne Networks, Inc (Nasdaq:PDYN - news), a worldwide provider of digital subscriber line (DSL) and service level management (SLM) equipment solutions, today reported that its first quarter 2002 earnings were better than its previously announced earnings expectations and significantly exceeded the First Call consensus estimate for earnings per share.
Paradyne's pro forma net income for the first quarter of 2002 was $4.1 million or $0.10 per diluted share, compared with the First Call consensus estimates of pro forma income of $0.02 per diluted share. Pro forma diluted net income for the quarter includes $1.2 million of benefit from the sale of previously reserved inventory. This pro forma net income of $0.10 per diluted share for the first quarter is compared to pro forma net loss of ($6.3 million) or ($0.19) per diluted share for the same period in 2001.
Net income for the first quarter of 2002, without exclusions for non-recurring events was $923 thousand or $0.02 per diluted share, compared to a net loss of ($12.1 million) or ($0.37) per diluted share for the same period in 2001.
Total revenues for the first quarter were $38.6 million, up 17 percent from the first quarter of 2001. Broadband revenues continued to represent the major portion of total revenues at 85 percent or $32.8 million, up 33 percent from the same period in 2001. Narrowband revenues were $4.2 million, and service and royalties accounted for approximately $1.6 million.
Paradyne's cash position improved for the fourth consecutive quarter, increasing significantly from $37.9 million at the end of the fourth quarter of 2001 to $50.8 million at the end of the first quarter of 2002.
"We are pleased to announce another quarter of positive results," said Sean Belanger, President and CEO of Paradyne. "In addition to positive operating results, our license agreement with Alcatel Microelectronics to jointly develop a dual-mode ADSL-ReachDSL chipset, is a significant market endorsement of our unique ReachDSL technology."
Highlights for the quarter and current announcements:
Paradyne announced that Alcatel has licensed Paradyne's ReachDSL(TM) technology for its Microelectronics unit, to jointly develop and produce a new generation of ADSL chipsets. Known as ADSL/R(TM) technology, this new chipset will combine standard ADSL technology with Paradyne's patented ReachDSL technology.
Paradyne introduced the availability of a new 2.2 Mbps release of their patented ReachDSL technology. ReachDSL 2.2 solutions provide the same benefits that hundreds of ILECs and PTTs have already experienced, but with enhanced 2.2 Mbps performance. ReachDSL 2.2 technology is forward compatible with the ADSL/R technology jointly developed with Alcatel Microelectronics. This allows carriers to take advantage of many of the benefits of ADSL/R technology in products available today.
Paradyne concluded the acquisition of Alpharetta, Georgia-based Elastic Networks, expanding Paradyne's broadband access market position with in-building product solutions and IP-based DSL technology.
Paradyne shipped over 2,900 DSLAMs worldwide during the quarter -- bringing the Hotwire® DSLAM installed based to more than 23,000 DSLAMs with a capacity of over 4 million DSL ports.
Paradyne shipped over 77,000 ReachDSL ports -- its second largest quarterly shipment -- bringing our total ReachDSL ports shipped to over 373,000.
Combined SLM business in the first quarter of 2002 from AT&T, Sprint, and WorldCom represented 64 percent of our SLM revenue, up from 42 percent in 2001.
Paradyne showcased its award-winning ReachDSL and FrameSaver® products at SUPERnet 2002 in Santa Clara, California.<<
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