Tut Systems, Inc. Reports 109% Growth in First Quarter Revenues
April 21, 1999 04:00 PM
PLEASANT HILL, Calif., April 21 /PRNewswire/ -- Tut Systems, Inc. TUTS today reported strong first quarter performance with revenues for the quarter ended March 31, 1999 of $3.9 million, an increase of 109%, or more than double, revenues of $1.9 million for the quarter ended March 31, 1998.
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The net loss for the quarter ended March 31, 1999 was $3.3 million, or $.32 per share (on 10,273,000 weighted average pro forma shares), compared with a net loss for the quarter ended March 31, 1999 of $3.0 million or $.40 per share (on 7,588,000 weighted average pro forma shares). The increase in weighted average pro forma shares was primarily the result of the Company's sale of 2,875,000 shares of common stock in its initial public offering on January 29, 1999.
"We are very pleased with the financial results we reported for our first quarter as a public company," said Tut Systems, Inc. President and Chief Executive Officer, Sal D'Auria. "Total revenues of $3.9 million were more than double revenues of $1.9 million for the same quarter of 1998. Our net loss per share of $.32 on a pro forma basis exceeded our internal expectations."
"In addition to our strong financial performance, our product sales demonstrated sound market penetration as we expanded our customer base, particularly for our multi-dwelling unit (MDU) and service provider product lines," continued D'Auria. "The increase in the number of systems installed represents a growing enthusiasm of customers wishing to take advantage of existing copper infrastructures."
D'Auria added, "Additionally, this quarter we are pleased to report continuing momentum in our HomeRun licensing business. Currently, we have numerous key strategic partners, who have begun to integrate our HomeRun technology into their own products. During the quarter we saw a number of our partners, including Compaq, Intel and Diamond Multimedia, launch home-network ready products incorporating our HomeRun technology."
About Tut Systems, Inc.
Tut Systems designs, develops and markets advanced communications products which enable high-speed data access over the copper infrastructure of telephone companies, as well as the copper telephone wires in homes, businesses and other buildings. These products incorporate Tut's proprietary FastCopper technology in a cost-effective, scalable and easy to deploy solution to exploit the underutilized bandwidth of copper telephone wires. The Company's products include Expresso high bandwidth access multiplexers, associated modems and routers, XL Ethernet extension products and integrated network management software. Tut's HomeRun technology, an in-home application of FastCopper, has been chosen by the Home Phoneline Networking Alliance (HomePNA) as the initial specification for in-home networking over phonelines.
For more information, visit Tut's World Wide Web site at tutsys.com or contact Tut's US Headquarters directly at 925-682-6510 or 800-998-4888.
NOTE: Tut, the Tut logo, HomeRun and Fast Copper are trademarks of Tut Systems, Inc. All other products or company names mentioned are used for identification purposes only, and may be trademarks of their respective owners.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for Tut Systems, Inc.: Various matters set forth in this press release, such as statements relating to the market penetration of the Company's products, market potential, and product developments of Tut Systems, Inc. are forward-looking statements. These statements are subject to risks and uncertainties, including without limitation, the size and growth of markets, the specific requirements of customers, the introduction of alternative technological solutions and other risks detailed from time-to-time in Tut Systems' SEC filings and reports.
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