ACT Networks Announces Second Quarter Financial Results.Business Editors CALABASAS, Calif.--(BUSINESS WIRE)--Jan. 20, 2000 ACT Networks, Inc. (Nasdaq: ANET) today announced financial results for the second quarter ended December December: see month. 31, 1999. Revenue for the second quarter of fiscal 2000 was $9,767,000, compared to revenue of $12,074,000 reported in the second quarter of fiscal 1999. Net loss for the quarter was $3,858,000, or $0.38 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, as compared to a net loss of $2,536,000, or $0.25 per share, in the immediately preceding quarter and net income of $225,000, or $0.02 per share, in the second fiscal quarter of 1999. Net loss for the second quarter of fiscal 2000 includes a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. inventory write off charge of $1,184,000 related to discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: products. Excluding the one-time charge, net loss for the quarter was $2,675,000, or $0.26 per share. For the six months ended December 31, 1999, revenue was $22,165,000, compared to revenue of $26,010,000 in the comparable period last year. For the six month period, net loss was, $6,394,000, or $0.62 per share, compared to net loss of $134,000, or $0.01 per share, in the same period of fiscal 1999. &uot;We are clearly disappointed with our top-line growth,&uot; Andre An·dré , John 1751-1780. British army officer hanged as a spy in the American Revolution for conspiring with Benedict Arnold. de Fusco, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. commented. &uot;The three principal factors that affected our results this quarter were lower revenue from our North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. distribution partner, delays in the roll-out of our NetPerformer Falcon products and continuing weakness in sales of our DynaStar Dynastar is a winter sports company based in the Chamonix valley, France. Founded in 1963, the name Dynastar was born when Les Plastiques Synthétiques, manufacturers of Starflex skis, collaborated with Dynamic on a new compound ski. product line.&uot; &uot;Despite the disappointing results, we believe that we have executed on cutting operational expenses, and meeting our product development and distribution plans. The operational actions we undertook this quarter reduced our operational expenses by approximately $1.4 million. We reduced our overhead costs overhead costs see fixed costs. , streamlined operations and focused our product portfolio. On the product side, we completed the development of our NetPerformer Falcon products being released on January 21st.&uot; &uot;ACT signed on several new, significant customers during the second quarter, including Sumitomo in Japan, as well as LAN (Local Area Network) A communications network that serves users within a confined geographical area. The "clients" are the user's workstations typically running Windows, although Mac and Linux clients are also used. Systems, Cisco's largest second tier distributor in Australia. Looking ahead, we believe we can leverage these distribution channels to further build brand recognition and product awareness in the Asia/Pacific region,&uot; Mr. de Fusco concluded. About ACT Networks ACT Networks develops, manufactures, and markets multi-service access products that enable the convergence of voice, video, and data onto one managed network. Service providers and enterprise customers use the Company's products to build converged networks The integration of the telephone system with IP-based data networks. See softswitch. (networking) converged network - A single network that can carry voice, video and data. that are bandwidth efficient, cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. and easy to manage. The Company's award-winning NetPerformer(R) and ServiceXchange(R) product lines incorporate its unique PowerCell(TM) Technology, which includes advanced voice and data compression data compression Process of reducing the amount of data needed for storage or transmission of a given piece of information (text, graphics, video, sound, etc.), typically by use of encoding techniques. algorithms The following is a list of the algorithms described in Wikipedia. See also the list of data structures, list of algorithm general topics and list of terms relating to algorithms and data structures. , enhanced switching and traffic management, and state-of-the-art telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. integration technologies to serve enterprise and global carrier customers of all types. For more information about ACT Networks, headquartered in Calabasas, CA, visit the corporate web site at http://www.actnetworks.com. This release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events and the future performance of the Company, particularly statements regarding customer prospects, introduction of new products, the timing of new product introductions, capabilities of new products and new strategies or other factors that may affect future earnings and financial results. Such statements involve risks and uncertainties which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements, including, without limitation, the possibility that the market for the Company's products will not continue to develop or that the Company's products and capabilities will not address emerging market needs; the possibility that proposed new products and new product features will not be released when anticipated or work in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with expectations; and potential loss of significant customers. These and other potential factors are discussed in the Company's most recent current reports on Forms 10-K and 10-Q. ACT Networks, NetPerformer and ServiceXchange are registered trademarks of the Company. All other trademarks mentioned in this document are the property of their respective owners.
ACT NETWORKS, INC.
Statement of Operations Highlights
(amounts in thousands, except per share data)
Three Months Ended Six Months Ended
December 31 December 31
1999 1998 1999 1998
Net sales $ 9,767 $ 12,074 $ 22,165 $ 26,010
Gross profit 3,643 7,204 10,134 15,135
Research &Development 2,624 3,243 5,686 6,566
SG& 5,532 4,361 12,016 9,701
Operating loss (4,513) (400) (7,568) (1,132)
Interest and other
income, net 603 625 1,244 1,176
Income (loss) before
provision for income
taxes (3,910) 225 (6,324) 44
(Provision) benefit for
income taxes 52 (70) (178)
Net Income (loss) $ (3,858) $ 225 $ (6,394) $ (134)
========= ======== ========= ========
Net income (loss)
per share - Basic $ (0.38) $ 0.02 $ (0.62) $ (0.01)
Weighted average shares
outstanding 10,254 9,434 10,237 9,367
Net income (loss)
per share - Diluted $ (0.38) $ 0.02 $ (0.62) $ (0.01)
Weighted average shares
- diluted 10,254 9,976 10,237 9,367
BALANCE SHEET SUMMARY
Dec. 31, June 30,
1999 1999
Cash and cash equivalents 17,391 33,850
Short-term investments 27,950 17,613
Accounts receivable, net 10,723 18,309
Inventory 11,361 9,613
Other current assets 1,867 582
Fixed assets, net 3,945 3,636
Goodwill and other
intangibles, net 1,506 1,769
Other assets 283 269
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Total Assets $75,026 $85,641
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Current liabilities 3,870 $ 8,722
Stockholders' equity 71,156 76,919
Total Liabilities and
Stockholders' Equity $75,026 $85,641
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