Manx,
as you know, shorts will try anything,
report out TODAY., this came two months ago!!!
Echelon Corporation Announces Fourth Quarter 1999 Revenues Increase 33% From Prior Year
PALO ALTO, Calif.--(BUSINESS WIRE)--Jan. 20, 2000--Echelon Corporation (Nasdaq: ELON) today announced financial results for the quarter and year ended December 31, 1999.
Revenues for the quarter ended December 31, 1999 were $11.4 million, an increase of 33% over revenues of $8.6 million for the same period in 1998. Excluding the effect of non-recurring charges of $549,000, net loss for the quarter ended December 31, 1999 was $298,000, or $0.01 per share, based on a weighted average of 33,143,000 common shares outstanding, compared to a net loss of $1.4 million, or $0.04 per share, based on a weighted average of 32,509,000 common shares outstanding in the fourth quarter of 1998. The non-recurring charges relate to the Company's plans to exit its Palo Alto leased facilities. This plan will enable the Company to relocate its Palo Alto headquarters to a new facility in San Jose, which not only provides for our future expansion needs, but is also less than one-half the rent we would otherwise incur long-term in Palo Alto.
Revenues for the year ended 1999 were $39.8 million, an increase of 23% over revenues of $32.2 million for the same period one year ago. Net loss for the year ended December 31, 1999 was $3.9 million, or $0.12 per share, based on a weighted average of 32,910,000 common shares outstanding, compared to a net loss of $5.9 million, or $0.24 per share, based on a weighted average of 24,845,000 common shares outstanding for the same period in 1998. Giving effect to the conversion of 7,887,381 shares of convertible preferred stock into an equivalent number of shares of common stock concurrent with the closing of the Company's initial public offering of its common stock on July 31, 1998, the proforma net loss per share for the year ended December 31, 1998 was $0.20 per share, based on a weighted average of 29,405,000 shares outstanding.
"Revenues for the fourth quarter were in line with Company and analyst expectations. We're very pleased that we had a strong revenue quarter and that our gross margins were over 62%," said M. Kenneth Oshman, the Company's chairman, chief executive officer, and president. "Excluding the non-recurring charges, operating expenses were also in line with Company forecasts."
Oshman continued, "This was truly an outstanding quarter for Echelon, not only because of our strong financial performance, but also because of the many significant events that occurred and the positive momentum they created.
Voltaire |
