Altigen Reports Strong Second Quarter Financial Results; Revenues Increase More Than 120%.Business Editors FREMONT Fremont (frē`mŏnt). 1 City (1990 pop. 173,339), Alameda co., W Calif., on San Francisco Bay; inc. 1956. Long an agricultural center, with champagne vineyards founded (1870) by Leland Stanford, it still ships fruits and vegetables. , Calif.--(BUSINESS WIRE)--April 26, 2000 AltiGen Communications, Inc. (Nasdaq: ATGN ATGN Additive Truncated Gaussian Noise ), a leading provider of next generation telecom servers today reported its results for the second quarter and six month period ended March 31, 2000. For the second quarter of fiscal 2000, the Company reported revenues of $3.2 million, an increase of 120% from $1.4 million in the second quarter of fiscal 1999, and an increase of 28% over reported revenues in the first quarter of fiscal 2000. Net loss for the quarter was $2.5 million, or $0.18 per share, compared to a net loss of $2.1 million, or $1.77 per share, reported in the second quarter of fiscal 1999. For the first six month period of fiscal 2000, the Company reported revenues of $5.7 million, a 140% increase over $2.4 million from the same period last year. Net loss for the first half of fiscal 2000 was $4.1 million, or $0.32 per share, as compared to a loss of $3.6 million or $3.46 per share from the same period last year. "We are delighted to post such solid financial results this quarter," stated Gilbert Gil·bert , Walter Born 1932. American biologist. He shared a 1980 Nobel Prize for developing methods of mapping the structure and function of DNA. Hu, chief executive officer of AltiGen Communications. "The true opportunity still lies ahead. Events this quarter, including our recently announced partnership with Clariti Wireless Messaging, highlight the fact AltiGen is developing leading edge solutions to our target audience. We believe the timing is perfect, since our products are gaining ever-increasing mind-share in the small- and mid-sized enterprise markets." "AltiGen's financial performance again exceeded our expectations," commented Phil McDermott Phil McDermott is a British actor. Before turning to acting he was a trainee priest, a scrap metal worker, a weighbridge operator and a carpenter.[1] He is most famous for playing a regular character in the BBC soap opera EastEnders. ," chief financial officer. "We continue to improve upon our key metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. , as we progress toward our long term financial model and profitability model. Gross margins increased to 55% for the second quarter of fiscal 2000 from 53% in the previous quarter. Our year to date average gross margins have steadily increased to 54% this year as compared to 48% for the same period last year." About AltiGen AltiGen Communications, Inc. designs, manufactures and markets next-generation telecom servers that give small- to mid-sized businesses integrated communications systems In telecommunication, a communications system is a collection of individual communications networks, transmission systems, relay stations, tributary stations, and data terminal equipment (DTE) usually capable of interconnection and interoperation to form an integrated whole. for streamlined operations and enhanced productivity. AltiGen's telecom server uses both the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the and traditional phone lines interchangeably INTERCHANGEABLY. Formerly when deeds of land were made, where there Were covenants to be performed on both sides, it was usual to make two deeds exactly similar to each other, and to exchange them; in the attesting clause, the words, In witness whereof the parties have hereunto and allows businesses to integrate their phones, databases and PC's into one powerful Web enabled communications network The transmission channels interconnecting all client and server stations as well as all supporting hardware and software. . For more information, call 1-888-ALTIGEN or visit the website at http://www.altigen.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press 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. within the meaning of Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements regarding: AltiGen's leveraging of its leadership in multimedia (including voice) over Internet protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. solutions to rapidly expand into new product areas; the Company's announced partnership with Clariti Wireless Messaging; and AltiGen's progress toward its long term financial model and profitability model. These statements reflect management's current expectations. However, actual results could differ materially as a result of unknown risks and uncertainties, including but not limited to, risks related to AltiGen's limited operating history. For a more detailed description of these and other risks and uncertainties affecting AltiGen's performance, please refer to the Company's recent 10-Q filed on February February: see month. 14, 2000. AltiGen assumes no obligation to update the forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information contained in this press release. -tables follow-
AltiGen Communications, Inc.
Condensed Consolidated Statement of Operations
(Amounts in thousands, except for per share data)
(Unaudited)
Second Quarter Ended Six Months ended
March 31 March 31
FY 2000 FY 1999 FY 2000 FY 1999
Net revenues $ 3,170 $ 1,439 $ 5,655 $ 2,356
Gross profit 1,745 693 3,069 1,132
Research & development 976 1,179 1,797 2,037
Selling, general
& administrative 3,547 1,481 5,933 2,480
Deferred stock
compensation 243 193 486 385
Operating loss (3,021) (2,160) (5,147) (3,770)
Interest & other income 546 106 1,019 199
Net loss $ (2,475) $ (2,054) $ (4,128) $ (3,571)
======== ======== ======== ========
Basic and diluted
net loss per share $ (0.18) $ (1.77) $ (0.32) $ (3.46)
Weighted average
shares outstanding(a) 13,430 1,161 13,087 1,031
Condensed Consolidated Balance Sheets
(Amounts in thousands)
(Unaudited)
March 31, 2000 September 30, 1999
Cash & cash equivalents $12,836 $ 5,934
Short term investments 21,519 --
Accounts receivable, net 2,306 1,684
Inventories 2,180 2,201
Other current assets 757 1,954
Net property & equipment 1,008 914
Long-Term Investments 1,520 --
------- -------
Total Assets $42,126 $12,687
======= =======
Current liabilities $ 3,162 $ 3,346
Stockholders' equity 38,964 9,341
------- -------
Total Liabilities &
Stockholders' Equity $42,126 $12,687
======= =======
(a) Effective October October: see month. 4, 1999 the company completed an initial public offering of its common shares. The weighted average shares for 1999 are calculated excluding the conversion of convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". into common shares and the common shares issued at the initial public offering. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion