Applied Digital Access announces first quarter results.SAN DIEGO--(BUSINESS WIRE)--April 15, 1997--Applied Digital Access Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ADAX) Tuesday Tuesday: see week. announced that revenue for its first quarter ended March 31, 1997 was $6.4 million compared with $6.6 million in the first quarter of 1996. The company incurred a first quarter net loss of $1.4 million, or 12 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared with a net loss of $0.9 million, or 7 cents per share, in the first quarter of last year. Applied Digital Access is a leading provider of Network Performance Management products that include systems, software, and services used to manage the quality, performance, availability and reliability of telecommunications service In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. providers' networks. These products enable telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. to improve quality of service, increase productivity, and lower 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. . The company has headquarters in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . -0- "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 under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: Except for historical information contained in this release, the preceding 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. that involve potential risks and uncertainties as detailed in the company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ending Dec. 31, 1996 and the most recent Form 10-Qs Form 10-Q See 10-Q. , which include the concentration of major customers, telephone company qualification requirements, high dependence on single product line, competition, management of changing business, mergers, rapid technological change and dependence on new products, dependence on suppliers and subcontractors, need to make advance purchase commitments, government regulation, proprietary technology, dependence on key personnel and volatility of stock price. The company's actual results could differ materially from those discussed in this release. Readers are cautioned not to place undue reliance on these forward-looking statements which speak only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" . The company undertakes no obligation to revise or update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release. -0-
Applied Digital Access Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
For the Three Months
Ended March 31,
1997 1996
(Amounts in thousands
except per share data)
Revenue $ 6,388 $ 6,637
Cost of revenue 3,211 3,020
Gross profit 3,177 3,617
Operating expenses:
Research and development 2,001 1,667
In-process research and development
related to asset acquisition -- 1,186
Sales and marketing 1,458 1,441
General and administrative 1,355 680
Total operating expenses 4,814 4,974
Operating income (loss) (1,637) (1,357)
Interest income 243 474
Other income (expense), net (4) 15
Income (loss) before income taxes (1,398) (868)
Provision for income taxes 51 --
Net income (loss) $(1,449) $ (868)
Net income (loss) per share $ (0.12) $ (0.07)
Number of shares used in per share
computations 12,310 11,939
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Applied Digital Access Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
March 31, Dec. 31,
1997 1996
(Amounts in thousands)
ASSETS
Current assets:
Cash and cash equivalents $ 1,731 $ 1,504
Investments -- current 19,767 19,957
Accounts receivable, net 6,153 6,798
Inventory, net 7,098 7,363
Deferred income taxes 130 130
Prepaid expenses and other
current assets 1,009 1,089
Total current assets 35,888 36,841
Property and equipment, net 4,757 4,936
Intangible assets, net 2,590 2,823
Deferred income taxes 1,372 1,372
$44,607 $45,972
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $ 2,265 $ 2,120
Accrued expenses 1,257 1,507
Accrued warranty 1,393 1,398
Deferred revenue 496 587
Total current liabilities 5,411 5,612
Obligations under capital leases,
net of current portion 29 33
Total liabilities 5,440 5,645
Shareholders' equity:
Stock and paid-in capital 53,387 53,098
Accumulated deficit (14,220) (12,771)
Total shareholders' equity 39,167 40,327
$44,607 $45,972
CONTACT: Applied Digital Access, San Diego Jim Keefe/Peter Savage, 619/623-2200 619/623-2208 (fax) or The Townsend Agency Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE Eppel, 619/457-4888 619/453-7010 (fax) |
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