CACS (Carrier Access) blows away estimates:
(estimate: 0.13, actual: 0.20)
Thursday July 22, 5:21 pm Eastern Time
Company Press Release
Carrier Access Corporation Reports Second-Quarter 1999 Results
BOULDER, Colo.--(BUSINESS WIRE)--July 22, 1999--Carrier Access Corporation (Nasdaq: CACS - news), a leading provider of broadband digital access solutions for competitive voice and data communications carriers, Thursday reported unaudited operating results for the three and six months ended June 30, 1999.
Revenue for the second quarter of 1999 increased to $25.3 million, from $9.0 million in the second quarter of 1998, an increase of 179 percent. Revenue for the six months ended June 30, 1999 was $47.0 million, as compared with $16.3 million for the six months ended June 30, 1998, an increase of 188 percent.
Net income for the second quarter of 1999 was $5.1 million, or 20 cents per share diluted, as compared with the second quarter of 1998 of $277,000, or 2 cents per share diluted. Net income for the six months ended June 30, 1999, was $10.0 million, or 40 cents per share diluted, as compared with $359,000, or 2 cents per share diluted, for the comparable period one year ago.
Normalized earnings, excluding the preferred stock dividend requirement which terminated in July of 1998, upon conversion of all preferred stock into common stock, was 6 cents per share diluted for the second quarter of 1998.
''We are extremely pleased with our June quarter operating results. All of our product platforms, the Access Bank, Wide Bank and Access Navigator, continued to gain acceptance by carrier customers,'' stated Roger Koenig, Chairman, President and Chief Executive Officer of Carrier Access.
''The double-digit growth in our Wide Bank sales and the introduction of our Wide Bank 28/STS-1 product continue to show our commitment to leading product integration. We successfully introduced and shipped the Wide Bank 28/STS-1 product in the June quarter, establishing a new level of density, protection and price per port for distributing T1 services from SONET access.
''We had huge growth in Access Navigator shipments. Access Navigator evaluations continue to be converted to sales and deployments. We now have over a dozen competitive carrier customers, including Hyperion and MCI Worldcom, using the Access Navigator. We are excited about the progress we are making in gaining customers using complete Carrier Access solutions at both ends of the digital last mile.
''We aggressively added to our engineering staff during the June quarter. As a result of our commitment to developing leading-edge broadband access solutions, we are pleased to announce that we are in the process of opening a research and development facility in Tulsa, Oklahoma. Tulsa is a major center for telecommunications carriers including MCI Worldcom and the Williams Companies. The addition of the Tulsa research and development center offers us engineers experienced in carrier services and allows us to accelerate our engineering efforts on new product platforms. Our engineering group in Tulsa, combined with our development team in Boulder, will continue to develop products designed to reduce the cost of offering new digital services for business and residential customers.''
As of June 30, 1999, the company's cash, cash equivalents, and securities available for sale totaled $62.0 million, and the equity available to stockholders totaled $76.7 million.
About Carrier Access Corporation
Carrier Access Corporation is a leading provider of broadband digital access equipment to competitive telecommunications carriers, including competitive local exchange carriers, Internet service providers, and wireless carriers. Carrier Access products are used at carrier and customer locations for the provisioning of advanced voice and high-speed data services by carriers to business, government, and residential end users. CAC Access Bank, Wide Bank and Access Navigator family of products are connected to T1, HDSL, digital radio, T3, and SONET access transmission technologies. Additional information about CAC and its products can be found at www.carrieraccess.com.
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