Premisys Communications, Inc. Announces First Quarter Revenues and Earnings
FREMONT, Calif., Oct. 13 /PRNewswire/ -- Premisys (Nasdaq: PRMS - news) today announced revenues and earnings for its first fiscal quarter ended September 30, 1999. Revenues for the first quarter were $21,676,000, an increase of 42% over revenues of $15,284,000 reported for the quarter ended June 30, 1999. Net income for the first quarter of fiscal 2000 was $517,000 or $0.02 per share diluted, versus a net loss of $1,311,000, or $0.05 per share diluted, reported for the quarter ended June 30, 1999.
In comparison to the quarter ended September 30, 1998, revenues declined 13% versus revenues of $25,011,000 reported for the quarter ended September 30, 1998, and net income decreased 87% from $4,013,000 or $0.15 per share diluted reported for the quarter ended September 30, 1998.
In the quarter ended September 30, 1999, sales to each of three of the Company's strategic partners represented more than 10% of total revenues. Motorola, Inc. accounted for 23%, Paradyne Corporation accounted for 22%, and AT&T Local Services (formerly Teleport Communications Group, Inc.) for 19%.
Nicholas J. Williams, President and Chief Executive Officer commented, ''The results of our first quarter represent substantial progress toward our goals for strengthening the Company after our disappointing prior quarter. Premisys' stronger performance during the September quarter was largely a result of the continued demand for IMACS, our flagship product, especially among our wireless customers. The Premisys IMACS platform is ideally suited to wireless applications where it efficiently aggregates traffic from multiple cell sites for transport to the mobile telephone switching office or MTSO.''
Premisys Communications, Inc., based in Fremont, California, pioneered development of integrated access solutions for telecommunications service providers. Today, Premisys, an ISO 9001 certified company, leads the industry worldwide with a growing family of access products, featuring its Integrated Multiple Access Communications Server (IMACS). Premisys' products allow service providers to quickly and cost effectively accommodate the growing demand from businesses for voice, data and video communications services. More information about Premisys Communications and its products is available on its Worldwide Web site (www.premisys.com) and by contacting its Fremont headquarters (510-353-7600).
Premisys Communications, Inc.
Condensed Consolidated Statement of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended
9/30/98 9/30/99
Revenues $25,011 $21,676
Cost of revenues 8,388 9,802
Gross profit 16,623 11,874
Operating expenses:
Research and development 4,748 5,911
Selling, general and administrative 6,493 5,922
Total operating expenses 11,241 11,833
Income from operations 5,382 41
Interest income, net 988 719
Income before income taxes 6,370 760
Provision for income taxes 2,357 243
Net income $4,013 $517
Net income per share:
Basic $0.16 $0.02
Diluted $0.15 $0.02
Shares used in computing net
income per share:
Basic 25,888 24,165
Diluted 27,004 24,820
Condensed Consolidated Balance Sheet
(in thousands, except per share data)
Assets June 30, Sept. 30,
1999 1999
(unaudited)
Current assets:
Cash and short-term investments $84,834 $80,057
Accounts receivable, net 8,459 12,151
Inventories 15,231 10,501
Deferred tax assets 7,895 7,895
Prepaid expenses and other assets 1,552 1,498
Total current assets 117,571 112,102
Long term assets:
Property and equipment, net 9,053 9,035
$126,624 $121,137
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable $5,759 $3,510
Accrued liabilities 10,020 9,244
Income taxes payable 1,015 1,249
Total current liabilities 16,794 14,003
Put warrants 10,625 --
Stockholders' equity:
Common Stock, $0.01 par value,
100,000 shares authorized;
26,478 & 26,560 issued & outstanding 265 266
Additional paid-in capital 78,336 85,747
Treasury stock, 2,360 shares (22,303) (22,303)
Retained earnings 42,907 43,424
Total stockholders' equity 99,205 107,134
$126,624 $121,137
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