Aironet Reports Third Quarter Results.Business Editors, Technology Writers AKRON Akron (ăk`rən), city (1990 pop. 223,019), seat of Summit co., NE Ohio, on the Little Cuyahoga River; inc. 1865. Once the heart of the nation's rubber industry, Akron still contains the headquarters of some rubber corporations and chemical and , Ohio--(BUSINESS WIRE)--Jan. 19, 2000 Aironet Wireless Communications Aironet is a maker of wireless networking equipment currently operated as a division of Cisco Systems. It was started by ex-Marconi Wireless employees in 1986 as Telesystems SLW in Canada, right after the United States FCC opened up the ISM bands for spread spectrum license-free , Inc. (Nasdaq:AIRO AIRO Air Officer AIRO ACT Internet Reporting Option AIRO Army Imagery Requirements Office (US Army) ), a leading provider of wireless local area networking solutions, today announced its third fiscal quarter results for the three month period ended December December: see month. 31, 1999. Total revenues for the third quarter of fiscal year 2000 were $17.0 million, compared with $13.0 million for the same period last year, an increase of 31%. Non-affiliate revenues grew 45% to $12.5 million for the third quarter, compared with $8.6 million for the same period last year. Net income was $1.7 million or $0.11 per share, compared with a net loss of $217 thousand or ($0.02) per share for the third quarter of fiscal year 1999. Total revenues for the first nine months of fiscal year 2000 were $44.4 million, compared to $32.4 million for the same period last year, an increase of 37%. Non-affiliate revenues grew 63% to $32.3 million for the first nine months, compared with $19.8 million for the same period last year. Net income was $3.1 million or $0.23 per share compared with a net loss of $363 thousand or ($0.04) per share for the first nine months of fiscal year 1999. On November November: see month. 9, 1999, Aironet and Cisco Systems “Cisco” redirects here. For other uses, see Cisco (disambiguation). Cisco System,Inc. (NASDAQ: CSCO, HKSE: 4333 ) is an American multinational corporation with 54,000 employees and annual revenue of US $28.48 billion as of 2006. announced a definitive agreement whereby Cisco Systems would acquire Aironet with an exchange of common stock. The results of the third quarter of fiscal 2000 include pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern charges to operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. of $0.5 million relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the acquisition. The acquisition has been approved by the board of directors of each company and is subject to various closing conditions, including approval by the stockholders of Aironet. Aironet is a leading provider of high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. , standards-based wireless local area networking (WLAN See wireless LAN. WLAN - wireless local area network ) solutions. Aironet's in-building wireless LAN A local area network that transmits over the air typically in the 2.4 GHz or 5 GHz unlicensed frequency band. It does not require line of sight between sender and receiver. Wireless base stations (access points) are wired to an Ethernet network and transmit a radio frequency over an area products provide flexible wireless network connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. , including Internet access See how to access the Internet. , to mobile PC users throughout a building or around a campus. Aironet's building-to-building bridges provide fixed wireless connectivity between sites. Supporting data rates up to 11 Mbps, Aironet's wireless networking See wireless network. products are based on industry standards and operate in the unlicensed 2.4 GHz frequency band. The Company markets its products worldwide through distributors, value-added resellers A value-added reseller (VAR) is a company that adds some feature(s) to an existing product(s), then resells it (usually to end-users) as an integrated product or complete "turn-key" solution. (VARS VARS Value Added Reseller VARS Vehicle Accounting and Reporting System (US Immigration and Naturalization Service) VARS Vertical and Azimuth Reference System VARS Variant Stem VARS Variables ) and OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and partners. Aironet (AIRO) is listed on the Nasdaq National Market and is headquartered in Akron, Ohio Akron is a city in the U.S. state of Ohio and the county seat of Summit County.GR6 The municipality is located in northeastern Ohio on the Cuyahoga River between Cleveland to the north and Canton to the south, approximately 60 miles (96 km) west of . This news release may contain 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 or the future financial performance of the Company that involve risks and uncertainties. These statements are only predictions and may differ materially from actual future events or results. Readers are referred to the documents filed with the SEC, specifically the most recent S-1 and 10-Q which identify important risk factors that could cause actual results to differ from those contained in the forward looking statements, including risks associated with dependence on new product offerings, competition, future growth, rapid technological and market change, manufacturing and sourcing risks, volatility Volatility 1. A statistical measure of the tendency of a market or security to rise or fall sharply within a period of time. 2. A variable in option pricing formulas that denotes the extent to which the return of the underlying asset will fluctuate between now and the of stock price and potential volatility in operating results, among others. All Company and product names mentioned may be trademarks or registered trademarks of their respective holders, and are hereby acknowledged. Investor Information: News and information are available at http://www.aironet.com. Investor Contact: R.G. (Dale Dale , Sir Henry Hallett 1875-1968. British physiologist. He shared a 1936 Nobel Prize for work on the chemical transmission of nerve impulses, particularly for the isolation and study of acetylcholine (1914). ) Holmes Sr. Vice President & Chief Financial Officer Aironet Wireless Communications, Inc. (330) 664-8410 ir@aironet.com
AIRONET WIRELESS COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS, EXCEPT SHARE DATA)
December 31, March 31,
1999 1999
(unaudited)
------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 47,516 $ 6,137
Accounts receivable, trade, net 7,918 4,242
Accounts receivable, other 2,360 243
Receivable from affiliate 4,540 3,609
Inventories 3,952 4,625
Deferred tax asset 879 733
Prepaid expenses and other 655 404
Income taxes receivable 242 620
------------- ------------
Total current assets 68,062 20,613
Property and equipment, net 2,851 2,381
Deferred tax asset 961 882
Intangible assets, net 2,543 3,191
Other long-term assets 5 131
------------- ------------
Total assets $ 74,422 $ 27,198
------------- ------------
------------- ------------
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 6,730 $ 4,618
Payable to affiliate 194 2,085
Income taxes payable 297 30
Deferred tax liability -- 10
Accrued liabilities 4,939 3,358
------------- ------------
Total current liabilities 12,160 10,101
Line of credit -- 2,500
------------- ------------
Total liabilities 12,160 12,601
Stockholders' equity:
Common stock, $.01 par value
per share; 60,500,000
shares authorized;
14,205,211 shares issued and
outstanding 142 96
Additional paid-in capital 63,613 19,101
Accumulated deficit (1,493) (4,600)
------------- ------------
Total stockholders' equity 62,262 14,597
------------- ------------
Total liabilities and
stockholders' equity $ 74,422 $ 27,198
------------- ------------
------------- ------------
AIRONET WIRELESS COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT PER SHARE DATA)
(UNAUDITED)
Three Months Ended Nine Months Ended
------------------ -----------------
December 31, December 31,
------------- ------------
1999 1998 1999 1998
------- ------- ------- -------
Revenues:
Non-affiliate $12,505 $ 8,614 $32,268 $19,825
Affiliate product 3,084 2,621 7,808 6,525
Affiliate royalty 1,445 1,722 4,335 6,063
------- ------- ------- -------
Total revenues 17,034 12,957 44,411 32,413
------- ------- ------- -------
Cost of revenues:
Non-affiliate 6,691 5,998 17,788 13,447
Affiliate 2,225 2,143 5,795 5,429
------- ------- ------- -------
Total cost of revenues 8,916 8,141 23,583 18,876
------- ------- ------- -------
Gross profit:
Non-affiliate 5,814 2,616 14,480 6,378
Affiliate product 859 478 2,013 1,096
Affiliate royalty 1,445 1,722 4,335 6,063
------- ------- ------- -------
Total gross profit 8,118 4,816 20,828 13,537
------- ------- ------- -------
Operating expenses:
Sales and marketing 2,546 1,663 7,337 4,419
Research and development 1,671 1,582 5,187 4,733
General and administrative 1,554 754 3,402 2,752
Goodwill amortization 216 217 648 649
------- ------- ------- -------
Total operating expenses 5,987 4,216 16,574 12,553
------- ------- ------- -------
Income from operations 2,131 600 4,254 984
Interest expense (income), net (620) 14 (1,009) 4
------- ------- ------- -------
Income before income taxes 2,751 586 5,263 980
Provision for income taxes 1,067 803 2,156 1,343
------- ------- ------- -------
Net income (loss) $ 1,684 ($ 217) $ 3,107 ($ 363)
------- ------- ------- -------
Net income (loss)
per common share:
Basic $ 0.12 ($ 0.02) $ 0.26 ($ 0.04)
------- ------- ------- -------
Diluted $ 0.11 ($ 0.02) $ 0.23 ($ 0.04)
------- ------- ------- -------
Weighted average shares
used in calculating net income
(loss) per common share:
Basic 14,005 9,339 11,888 9,340
------- ------- ------- -------
Diluted 15,460 9,339 13,297 9,340
------- ------- ------- -------
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