Aware, Inc. Reports Financial Results for Third Quarter of 1998
BEDFORD, Mass.--(BUSINESS WIRE)--Oct. 15, 1998--Aware, Inc.
(NASDAQ:AWRE), a worldwide leader in xDSL (digital subscriber line)
technology for high-speed Internet access over existing telephone
networks, today reported financial results for its third quarter ended
September 30, 1998.
Third quarter 1998 revenue increased 363 percent to $3.3 million,
compared to $723,000 for the quarter ended September 30, 1997. The net
loss for the quarter was $78,000, or zero cents per diluted share,
which compares to a net loss of $2.1 million, or minus 11 cents per
diluted share for the same quarter last year.
For the nine months ended September 30, 1998, revenue increased
77 percent to $7.8 million, compared to $4.4 million in the same
period last year. The net loss for the first nine months of 1998 was
$2.8 million, or minus 14 cents per share, which compares to a net
loss of $2.7 million, or minus 14 cents per share, for the first nine
months of 1997.
Commenting on the company's financial performance, Michael
Tzannes, president and chief executive officer of Aware stated:
"Revenue this quarter represents our best quarter ever and reflects
the emergence of the DSL market as well as the successful execution of
our intellectual property and software licensing strategy. Recent
industry events and the strength of the relationships we have built
with our world class customers lead us to believe that this quarter's
financial performance is the beginning of a positive trend."
Further describing industry developments, Mr. Tzannes added,
"Recent deployment announcements by telephone companies around the
world clearly signal that DSL services are now available or will soon
be available. In addition, the expected determination of a G.Lite
standard by the International Telecommunications Union this month and
availability of Lite-enabled personal computers suggest that key
elements are in place to make 1999 the first year of true widespread
deployment of DSL services."
"We were also pleased to announce this quarter that we entered
into an important new partnership with Siemens Semiconductor to
jointly produce a unique splitterless DSL-Lite central office solution
for simultaneous high-speed data transmission and voice service over
existing telephone networks. We expect that this highly integrated and
cost-effective central office switch solution will accelerate the
widespread deployment of broadband subscriber line services to the
consumer." |
