Another player in the field showing strong sales. We are at just the inception of tremendous growth. In a $5 Billion SME market, Flexion will do well.
1/26/00 Bus. Wire 16:33:00
Business Wire
Copyright (c) 2000, Business Wire
Wednesday, January 26, 2000
AltiGen Reports Strong Revenue Growth of 171% for the First Quarter of 2000
FREMONT, Calif.--(BUSINESS WIRE)--Jan. 26, 2000--AltiGen Communications,
Inc. (Nasdaq:ATGN), the leading provider of next generation telecom servers
today reported strong results for the first quarter ended December 31, 1999.
For the first quarter of fiscal 2000, the Company reported revenues of $2.5
million, an increase of 171% from the $.9 million reported in the first quarter
of fiscal 1999, and an increase of 6.4% over the fourth quarter of fiscal 1999.
The first quarter has been a flat to down quarter for AltiGen so this breaks
the trend. The net loss for the quarter was $1.7 million, $.12 per pro forma
share or $.13 basic net loss per share, compared to a net loss of $1.5
million, $.18 per pro forma share or $1.68 basic net loss per share reported in
the first quarter of fiscal 1999, and a net loss of $1.7 million, $.17 per pro
forma share or $1.14 basic net loss per share reported in the fourth quarter of
fiscal 1999.
"AltiGen's excellent performance this quarter bodes well for 2000, a year in
which we believe the benefits of the server-based PBX market will become
apparent to small and mid-sized enterprises," commented Gilbert Hu, chief
executive officer. "We believe that our strong financial performance this
quarter, along with AltiGen's market share leadership in this emerging
opportunity, is the right formula for rapid growth."
"Our focus on developing innovative products, implementing strong sales and
marketing teams, and diversifying AltiGen's channel networks, benefited the
Company better than expected this past quarter," stated Phil McDermott, chief
financial officer. "Gross margins for the quarter increased to 53.3% from 51.5%
last quarter."
Highlights for the quarter include:
-- The new release of AltiGen's AltiServ with OE 3.5. Known as a
true second generation VoIP offering, AltiServ OE 3.5 leads the
industry with advanced IP feature support for automatic call
distribution, Web based call integration, call follow me and automatic voice mail return. In addition, AltiServ OE 3.5 was
awarded PC Magazine's distinguished Editor's Choice Award for the
second year in a row.
-- AltiGen announced their Year 2000 Intersect Vision. AltiGen's
AltiServ(R) acts as an intersection between traditional telephone
networks and IP networks. AltiServ helps small to mid sized
enterprises (SMEs) use standards based technology to migrate form
circuit to packet switched technology at their own pace. The
Intersect Vision charts the course for AltiGen's continued
commitment to provide small to mid sized enterprises (SMEs)
industry leading telecom technology combined with powerful
e-commerce solutions. AltiGen also detailed plans for the
publication of an Active X Software Developer's Toolkit (SDK).
Finally, Intersect bridges e-commerce telecom solutions with
Customer Relationship Management (CRM) applications to bring
affordable, high performance, automation technology to the SME.
-- AltiGen continues to build alliances to bring further
productivity and service enhancements to the SME. AltiGen forged
agreements that will facilitate entry into important European
markets. Agreements with Flextel will introduce fault tolerant
grade chassis to AltiGen's 500 plus Value Added Resellers.
AltiGen also announced a partnership with Aculab to integrate
Aculab's Euro ISDN PRI/E1 solution into the AltiServ(R) platform
to provide digital trunking compliant with European signaling
standards.
-- Nitsuko began shipment of their private label AltiGen Telecom
Server in the United States, Canada and Japan. Through a Nitsuko
Japan joint development project, the AltiGen/Nitsuko Telecom
Server features ISDN connectivity, PHS wireless integration, and
LAN routing capability specifically targeted to meet the needs of
Japanese business environments.
-- Finally, AltiGen concluded 1999 with a number of distinguished
product awards. As mentioned, AltiGen received PC Magazine's
Editor's Choice award for a second time in 1999. AltiGen won a
number of awards from Technology Marketing Corporation, including
Internet Telephony's Product of the Year. Frost & Sullivan also
honored AltiGen with their Customer Focus and Product innovation
awards for a second year.
About AltiGen
AltiGen Communications, Inc. designs, manufactures and markets next-
generation telecom servers that give small- to mid-sized businesses integrated
communications systems for streamlined operations and enhanced productivity.
AltiGen's telecom server uses both the Internet and traditional phone lines
interchangeably and allows businesses to integrate their phones, databases and
PC's into one powerful Web enabled communications network. For more
information, call 1-888-ALTIGEN or visit the website at altigen.com.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of
Section 21E of the Securities Exchange Act of 1934, including, without
limitation, statements regarding AltiGen leveraging its leadership in
multimedia (including voice) over Internet protocol solutions to rapidly expand
into new product areas. These statements reflect management's current
expectations. However, actual results could differ materially as a result of
unknown risks and uncertainties, including but not limited to, risks related to
AltiGen's limited operating history. For a more detailed description of these
and other risks and uncertainties affecting AltiGen's performance, please refer
to the Company's recent 10-K filed on December 29, 1999. AltiGen assumes no
obligation to update the forward-looking information contained in this press
release. |
