ACEC<---------------Released 2 minutes after close !
Page 1
DJN DJ Ace*Comm Gets Orders Worth $800,000 For Data Pdts >ACEC
Nov 2 1999 13:02
0--0------------------------------------------------
GAITHERSBURG, Md., Oct. 27 /PRNewswire/ -- ACE*COMM Corporation
(Nasdaq: ACEC) today announced results for the first quarter of fiscal year
2000, ended September 30, 1999. Revenues were $8.2 million for the quarter,
compared to $6.7 million for the first quarter of fiscal 1999, a gain of
22% over the 1999 fiscal quarter. Net income and income per fully diluted
share for the quarter were $542,000 and $.06, respectively, compared to
$89,000 and $.01, respectively, for the first quarter of fiscal 1999.
"During the past twelve months management has worked effectively to
strengthen our balance sheet, improve our financial ratios, and build our
technology and customer base to enable stronger participation in the
telecommunications and Internet markets, where we provide products and
services," according to James K. Eckler, Executive Vice President of Finance
and Administration. "This quarter's results are very gratifying, and
demonstrate our customers' continuing commitment to ACE*COMM technologies."
George Jimenez, ACE*COMM's Chairman and Chief Executive Officer commented,
"Improvements in our financial picture, which began last year, continued into
the first quarter with substantial growth in both revenue and profits,
compared to the same period a year ago. Results were generally in line with
our internal plan for the quarter and we expect to be on plan at year-end. We
may continue to experience effects of the Y2K slowdown, or lockdown as
referred to by some in the industry, in this period but we believe any such
effects should be resolved by mid way through the March quarter."
Mr. Jimenez continued, "Strong business activity in this quarter was again
generated by current customers such as GTE/General Dynamics, IBM, Level 3,
Motorola, Samsung, Telcel-Mexico, U.S. Air Force and Winstar. Revenues from
new Customers such as Bell Canada, Navitar and Southern Linc were also
realized. It is also significant that applications software and products for
IP mediation, data warehousing, and usage measurement are playing a stronger
role in our business mix, as are services."
ACE*COMM also recently announced the appointment of a new President and
Chief Operating Officer, and an expanded financing arrangement with Silicon
Valley Bank. The Company continues to employ strategies focused both on
domestic and international markets and on expanding the potential for revenue
from new and existing customers by offering technology based services and
systems integration.
Except for historical information, the matters discussed in this news
release include forward-looking statements that are subject to certain risks
and uncertainties that could cause the actual results to differ materially
from those projected, including, but not limited to: Delays or cancellations
of orders due to various factors, including business and economic conditions
in the U.S. and foreign countries; industry-wide slowdowns, such as the Y2K
slowdown; customer purchasing and budgetary patterns or lack thereof; pricing
pressures and the impact of competitive products; the timely development and acceptance of new products; manufacturing efficiencies and other risks
detailed from time to time in the Company's reports filed with the Securities
Exchange Commission.
About ACE*COMM:
ACE*COMM delivers product based solutions for Telecommunications and
Internet services providers worldwide. The Company develops technology,
including equipment and applications software, and provides related services
for voice, conventional data networks and Internet protocol (IP) based
networks. ACE*COMM specializes in products and services that enable the
capture, management, enhancement and distribution of network data used to
support carrier business operations. These Operations Support Systems (OSS)
are provided by the Company to a broad range of customers, carrying both
public and private communications traffic, and include wireless carriers,
incumbent and competitive local exchange carriers, national and international
long distance carriers, internet services providers and enterprises.
ACE*COMM's products are installed in over 2,000 customer sites and perform or
support such mission critical functions as billing data collection, data
mediation, billing, customer management, network performance monitoring, alarm
processing and network traffic surveillance. The Company's systems are
deployed in networks for some of the largest carriers and enterprises in over
55 countries. To provide this range of capabilities, the Company employs the
latest in scaleable client server systems, data warehousing, data mining and Page 4 / 8
real-time data delivery technology in its solutions for carriers and
enterprises, worldwide. ACE*COMM is a registered ISO 9001 quality standard
company. For more information, visit ACE*COMM on the internet at
www.acecomm.com .
ACE*COMM is a registered trademark of ACE*COMM Corporation
ACE*COMM CORPORATION
BALANCE SHEETS
(in thousands)
September 30, June 30,
1999 1999
Assets (Unaudited)
Current assets:
Cash and cash equivalents $3,622 $3,424
Accounts receivable, net 8,677 6,547
Inventories, net 1,793 2,152
Note receivable 266 516
Prepaid expenses and other 621 466
Total current assets 14,979 13,105
Property and equipment, net 3,660 3,779
Capitalized software development costs, net 1,430 1,747
Page 5 / 8
Other assets 67 68
Total assets $20,136 $18,699
Liabilities and Stockholders' Equity
Current liabilities:
Borrowings $1,204 $47
Accounts payable 1,081 1,517
Accrued expenses 786 797
Accrued compensation 1,910 1,621
Accrued contract costs 442 718
Deferred revenue 288 446
Total current liabilities 5,711 5,146
Noncurrent borrowings 368 74
Total liabilities 6,079 5,220
Commitments and contingencies
Stockholders' equity:
Preferred stock, $.01 par value, 5,000,000
shares authorized, 0 shares issued and
outstanding
Common stock, $.01 par value, 45,000,000
shares authorized, 8,910,559 and 8,877,628
GAITHERSBURG, Md. (Dow Jones)--Ace*Comm Corp. (ACEC) received
orders for more than $800,000 for its data-capture and mediation
systems.
In a press release Tuesday, Ace*Comm said its products include
usage-sensitive billing for Internet backbone carriers, businesses
and conventional wireless services.
Ace*Comm, with fiscal 1999 revenue of $29.7 million, sells
technology products for telecommunications and Internet services
providers.
Maria P. Vallejo; Dow Jones Newswires; 201-938-5388
(END) DOW JONES NEWS 11-02-99
04:02 PM- - 04 02 PM EST 11-02-99
|
