Hi JJ,
orct just reported on 7/14 - it looked great today!
Orckit Reports Record High Revenues for the Second Quarter of 1999; Revenues Increase 47 Percent compared to 1998 Second Quarter
PR Newswire, Wednesday, July 14, 1999 at 08:23
TEL AVIV, Israel, July 14 /PRNewswire/ -- Orckit Communications Ltd.
(NASDAQ:ORCT), today reported record high revenues for the second quarter of
1999. The total revenues for the quarter ended June 30, 1999 increased by
47 percent to $16.1 million, compared to $10.9 million in the second quarter
of 1998. Revenues for the six months ended June 30, 1999 increased by
76 percent to $30.7 million, compared to $17.5 million for the same period in
1998.
Net loss for the second quarter of 1999 was $5.6 million, or ($0.32) per
share, compared to a net loss of $3.4 million, or ($0.22) per share, in the
second quarter of 1998. The net loss for the six months ended June 30, 1999
was $12.1 million, or ($0.71) per share, compared to a loss of $5.2 million,
or ($0.35) per share, for the same period in 1998. These losses resulted
primarily from forward pricing associated with DSLAM supply agreements.
During the second quarter Orckit continued to deliver its DSLAM product to
GTE and Duetsche Telekom for volume commercial deployment. In addition,
Orckit announced, together with Centillium Technology, a plan for
interoperability the compatibility between the companies' respective ADSL and
G.Lite products. This relationship is part of an ongoing program to enable
leaders in the retail CPE modem industry to achieve interoperability with
Orckit's DSLAM G.Lite ADSL technology. "The availability of interoperable
customer modem products via retail sales channels is expected to accelerate
demand for Orckit's DSLAM products," commented Izhak Tamir, President of
Orckit."
In co-operation with Conexant, this quarter Orckit completed the design of
the ZipWire2(TM) chipset, based on next generation High Bit Rate DSL (HDSL2)
technology. This chipset will allow up to 4.6 Mbps Internet access and other
symmetric data services over a single pair of telephone wires.
On June 16, 1999 the Company completed a public offering of 2 million
newly issued ordinary shares at a price of $25 per share. The underwriter for
the offering has exercised its over-allotment option for newly issued 300,000
ordinary shares, expected to close today. Orckit intends to use the net
proceeds from the offering for working capital and general corporate purposes.
"We, at Orckit, would like to thank the company's shareholders for their
appreciation and continuous faith in the company," noted Mr. Tamir.
Orckit Communications Ltd. (Orckit) is a leading company in the field of
Digital Subscriber Line (DSL) solutions, which enable telephone companies and
Internet Service Providers to optimize the bandwidth utilization of the "last
mile" of copper wire in the Local Loop. Orckit possesses both core silicon
expertise and a wide range of DSL products, including its FastInternet(TM)
DSLAM System with ADSL, and its CopperTrunk(R) HDSL and VDSL product lines.
Orckit has key strategic alliances with several leading semiconductor
companies and telecom equipment providers. For more information about Orckit
and its DSL solutions, visit Orckit's web site at orckit.com.
Certain matters discussed in this news release are forward-looking
statements that involve a number of risks and uncertainties including, but not
limited to, risks in product development plans and schedules, rapid
technological change, changes and delays in product approval and introduction,
customer acceptance of new products, the impact of competitive products and
pricing, market acceptance, the lengthy sales cycle, proprietary rights of the
Company and its competitors, risk of operations in Israel, government
regulation, dependence on third parties to manufacture products, general
economic conditions and other risk factors detailed in the Company's United
States Securities and Exchange Commission filings.
ORCKIT COMMUNICATIONS LTD.
CONSOLIDATED BALANCE SHEET
(in thousands)
June 30 December 31
1999 1998
(unaudited) (Audited)
ASSETS
Current assets:
Cash and cash equivalents $98,994 $9,329
Short-term investments 3,500 32,445
Trade receivables 13,478 7,508
Other receivables 4,298 3,158
Inventories 23,546 17,288
Total current assets 143,816 69,728
Property and equipment, net 4,099 3,303
Total assets $147,915 $73,031
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short term bank credit $25,000 $--
Trade payable 21,876 10,378
Accrued expenses and other 7,395 5,170
Total current liabilities 54,271 15,548
Accrued severance pay, net 247 189
Total liabilities 54,518 15,737
Shareholders' equity:
Share capital 582 525
Additional paid-in capital 126,438 78,323
Accumulated deficit (33,623) (21,554)
Total shareholder's equity 93,397 57,294
Total liabilities and shareholder's
equity $147,915 $73,031
ORCKIT COMMUNICATIONS LTD.
CONSOLIDATED STATEMENT OF OPERATIONS
(in thousands, except per share data)
Three Months Ended Six Months Ended
June 30 June 30
1999 1998 1999 1998
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
Revenues $16,075 10,913 $30,677 17,461
Cost of revenues 14,547 9,381 28,334 14,359
Gross profit 1,528 1,532 2,343 3,102
Research and development
expenses 4,215 2,973 8,172 5,413
Less - grants 470 670 685 1,454
Research and development
expenses, net 3,745 2,303 7,487 3,959
Selling, general and
administrative
expenses 3,704 2,895 7,666 4,970
Operations loss (5,921) (3,666) (12,810) (5,827)
Financial income, net 336 309 741 611
Net loss $(5,585) (3,357) $(12,069) (5,216)
Net loss per share -
basic and diluted $(0.32) (0.22) $(0.71) (0.35)
Weighted average number
of shares outstanding 17,268 15,042 17,087 14,853
SOURCE Orckit Communications Ltd.
-0- 07/14/99
/CONTACT: Liora Bar, Manager, Corporate Marketing Communication of Orckit
Communications Ltd., +972-3-6945269; or Rachel Levine of The Anne McBride
Company, 212-983-1702, for Orckit Communications Ltd./
/Web site: orckit.com |
