Asante Announces First Quarter 2003 Operating Results.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 31, 2003 Asante Asante or Ashanti People of southern Ghana and adjacent areas of Togo and Côte d'Ivoire. The largest segment of the Akan peoples, they speak Twi, a language of the Kwa group of Niger-Congo languages; all together the Akan peoples make up about half the Technologies, Inc. (Nasdaq:ASNT ASNT American Society of Non-destructive Testing ASNT American Society for Neural Transplantation ASNT Astrological Association of North Texas (Dallas - Fort Worth Metroplex) ASNT Application Sharing Nt .OB) today announced results for the first quarter of fiscal 2003. The Company reported sales of $3.8 million for the quarter ended December December: see month. 28, 2002, down from $3.9 million for the same period last year. The Company posted a net loss of $0.3 million, or $0.03 per share, compared to a net loss of $0.8 million, or $0.08 per share, in the first fiscal quarter of 2002. Revenues in the just previously completed fourth quarter of fiscal 2002 were $3.4 million. During the quarter, the Company continued to focus on improving its channels and introducing additional new products designed toward achieving its product and market strategy of offering innovative and high value products to meet the needs of its general and vertical customers in the education, Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer to the building, and digital media markets. These new product introductions included new wireless products and the first two in a series of multi-service, Layer 2 Gigabit switches featuring jumbo packet support and sophisticated Layer 4 applications. To complement these introductions, the Company recently announced significant additions to its unmanaged Gigabit switches; making its family of unmanaged Gigabit switches one of the largest offered. The Company now offers unmanaged Gigabit switches in 6 configurations, including from 2 to 24 Gigabit ports, and several even offer features generally found only on high end managed products, such as GBIC (GigaBit Interface Converter) A hardware module used to attach network devices to fiber-based transmission systems such as Fibre Channel and Gigabit Ethernet. The GBIC converts the serial electrical signals to serial optical signals and vice versa. interface slots for the addition of single or multimode fiber An optical fiber with a larger core than singlemode fiber. It is the most commonly used fiber for short distances such as LANs. Light can enter the core at different angles, making it easier to connect the light source to broader light sources such as LEDs. connections that facilitate distance or grounding issues, and jumbo packet support. "The quarter's improved results, compared to the previously completed fourth quarter of fiscal 2002, reflect an increase in sales of the Company's managed switch products and from sales to several major accounts. While sales of the Company's FriendlyNET products remained approximately flat from the prior quarter, the Company's new IntraCore managed products and efforts to achieve revenue growth in its target markets has begun to bear fruit," stated Wilson Wilson, city (1990 pop. 36,930), seat of Wilson co., E N.C., in a rich agricultural region; inc. 1849. It is a commercial and industrial center with a large tobacco market. Manufactures include textile goods (especially clothing), metal products, and processed foods. Wong n. 1. A field. , Asante's Chairman, 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. . "Even so, there have been continued signs that the downturn Downturn The transition point between a rising, expanding economy to a falling, contracting one. downturn A decline in security prices or economic activity following a period of rising or stable prices or activity. and the economy has not shown significant signs of recovery and competition is fierce. The Company must execute well on its short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and long-term goals Long-term goals Financial goals expected to be accomplished in five years or longer. and seek to continue to expand its channels quickly if it plans to increase its sales in such a market, and also offset typically lower seasonal revenues during the Company's second fiscal quarter. However, I feel positive that with our expanded sales force together with a strong family of products, we will have a good chance at meeting our targets going forward," concluded Wong. About Asante Asante is a leading supplier of network connectivity products for Macs and PCs. The Company's FriendlyNET(R) products simplify networking and provide Internet access See how to access the Internet. for small offices/home offices and education (K-12 and universities). The Company's IntraCore products support multi-service applications for large enterprises. For additional information telephone (408) 435-8388 or visit Asante's Worldwide Web address at: http://www.asante.com. 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 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or anticipated results, including those risks set forth under the caption "Business Risks" in "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" of 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 ended September September: see month. 28, 2002 and in the Company's Quarterly Reports on Form 10-Q Form 10-Q See 10-Q. and other reports filed from time to time with the Securities and Exchange Commission. Readers should carefully review the risk factors described in such reports and other filings made by the Company from time to time with the Securities and Exchange Commission.
Asante Technologies, Inc.
Condensed Statements of Operations
(in thousands, except per share data)
(unaudited)
Three months ended,
December 28, December 29,
2002 2001
-------------- ------------
Net sales $3,834 $3,859
Cost of sales 2,387 2,549
-------------- ------------
Gross profit 1,447 1,310
-------------- ------------
Operating expenses:
Sales and marketing 898 1,041
Research and development 555 690
General and administrative 295 363
-------------- ------------
Total operating expenses 1,748 2,094
-------------- ------------
Loss from operations (301) (784)
Interest and other income (expense), net (8) 28
-------------- ------------
Loss before income taxes (309) (756)
Provision for income taxes - -
-------------- ------------
Net loss ($309) ($756)
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Basic and diluted net loss per share ($0.03) ($0.08)
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Weighted average common
shares and equivalents:
Basic 10,066 10,003
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Diluted 10,066 10,003
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Asante Technologies, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
December 28, September 28,
2002 2002
------------ ------------
Assets
Current assets:
Cash and cash equivalents $3,021 $3,282
Accounts receivable, net 2,092 1,558
Inventory 1,123 1,515
Prepaid expenses and other current assets 150 141
------------ ------------
Total current assets 6,386 6,496
Property and equipment, net 89 90
Other assets 172 172
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Total assets $6,647 $6,758
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Liabilities and stockholders' equity
Current liabilities:
Accounts payable $2,338 $2,291
Accrued expenses 3,985 3,834
------------ ------------
Total current liabilities 6,323 6,125
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Stockholders' equity:
Common stock 28,422 28,422
Accumulated deficit (28,098) (27,789)
------------ ------------
Total stockholders' equity 324 633
------------ ------------
Total liabilities and stockholders' equity $6,647 $6,758
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