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Non-Tech : EARNINGS REPORTING - surprises, misses & more -- Ignore unavailable to you. Want to Upgrade?

To: SusieQ1065 who wrote (721)	7/20/2001 8:44:45 PM
From: SusieQ1065	Read Replies (1) \| Respond to of 762

PKTR ($10-$9.55) Breakeven, a one cent loss was expected. Thursday July 19, 4:16 pm Eastern Time Press Release SOURCE: Packeteer, Inc. Packeteer(R), Inc. Announces Second Quarter Financial Results CUPERTINO, Calif., July 19 /PRNewswire/ -- Packeteer®, Inc. (Nasdaq: PKTR - news), a leading provider of Internet application performance infrastructure systems, today announced quarterly revenues and results of operations for the quarter ended June 30, 2001. Net revenues for the second quarter 2001 were $13.1 million, compared with $9.1 million for the same period last year, an increase of 44%. On a sequential basis, net revenues increased 17% from $11.2 million for the first quarter 2001. On a per share basis, pro forma net income for the quarter was breakeven; pro forma excludes acquisition-related intangibles amortization and stock-based compensation charges. This compares to a second quarter 2000 pro forma net loss of $0.2 million or $(0.01) per share. On a sequential basis, pro forma net income improved to $16,000 from $2.9 million pro forma net loss from the first quarter 2001. Before pro forma adjustments, net loss for the second quarter 2001 was $6.5 million or $(0.22) per share compared to a net loss of $0.5 million or $(0.02) per share for the same period in the prior year. Sequentially, the net loss decreased 31% from $9.4 million or $(0.32) for the first quarter 2001. The balance sheet at the end of Q2 remained strong. Total cash and investments of $59.9 million at June 30, 2001 were $2.3 million lower than the balances of $62.2 million at December 31, 2000, primarily due to lower total liabilities at June 30, 2001. Accounts receivable of $8.2 million at June 30, 2001 represented 56 days sales outstanding, which is within Packeteer's targeted goal of 50-60 days sales outstanding, and total inventories of $1.9 million were lower than the balance at December 31, 2000. ``We are pleased to announce that we have grown our revenues in the second quarter of 2001 sequentially by 17% and have achieved breakeven pro forma profitability despite the pronounced slowing of the economy over the last several quarters,'' stated Craig Elliott, President and CEO. ``We continue to expect revenues to grow sequentially and become pro forma profitable on a per share basis going forward by managing the business according to the economic climate which is still unsettled worldwide.'' ``We reiterate that although purchasing cycles for many customers, especially in the U.S., have lengthened recently, we believe that demand for solutions that deliver a rapid return-on-investment will continue to grow,'' said Elliott. ``The recent slowdown in the global economy has shifted business priorities for CIOs and network managers from expansion to optimization of existing network resources. The deployment of Packeteer's application performance infrastructure may enable IT organizations to optimize application performance without incurring the costs of additional bandwidth or further network expansion.'' A Conference Call with company management will be held Thursday, July 19, 2001 at 2:00 p.m. Pacific Time. The call will be simulcast on the Internet at www.packeteer.com and www.streetfusion.com. A replay of the call and management's accompanying script will be available on the website through July 26, 2001. Additional investor information can be accessed at www.packeteer.com or by calling Packeteer's Investor Relations Department at +1-408-873-4422. About Packeteer Packeteer is a leading provider of application performance infrastructure systems that give enterprises and service providers a new layer of control for applications delivered across intranets, extranets and the Internet. Packeteer's products -- powered by PacketWise(TM) software -- ensure end-to-end quality of service (QoS) for networked applications and managed services, enhancing users' quality of experience through comprehensive bandwidth, traffic, content, service-level and policy management. Packeteer's products are deployed by Global 2000 corporations and service providers, and sold through more than 100 resellers, distributors and system integrators in more than 50 countries. For more information, contact Packeteer via telephone at +1-408-873-4400, fax at + 1-408-873-4410, or by email at info@packeteer.com, or visit the company's website at www.packeteer.com. Packeteer is headquartered in Cupertino, CA.