Asante Announces Third Quarter 2002 Operating Results.Business Editors/High Tech Writers 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)--July 31, 2002 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 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 :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 third quarter of fiscal 2002. The Company reported sales of $4.1 million for the quarter ended June June: see month. 29, 2002, down from $4.9 million for the same period last year. The Company posted a net loss of $0.5 million, or $0.05 per share, compared to a net loss of $0.6 million, or $0.06 per share, in the third fiscal quarter of 2001. The decline in sales was due primarily to the current economic slowdown For articles with similar titles, see Slow Down (disambiguation). A slowdown is an industrial action in which employees perform their duties but seek to reduce productivity or efficiency in their performance of these duties. , a reduction in specific Apple Computer related networking products, and significant pricing declines for many networking products. Revenues increased marginally compared to revenues of $4.0 million in the second quarter of fiscal 2002. Sales totaled $11.9 million for the first nine months of fiscal 2002, a decrease of 30 percent compared with $16.9 million for the same period a year ago. The Company reported a net loss for the first nine months of fiscal 2002 of $1.7 million, or $0.17 per share, compared to a net loss of $0.8 million, or $0.08 per share, for the same period a year ago. The Company continued to take measures to make preparations; to provide means. See also: measure to stabilize stabilize See peg. revenues by strengthening its channel and launching a direct mail catalog catalog, descriptive list, on cards or in a book, of the contents of a library. Assurbanipal's library at Nineveh was cataloged on shelves of slate. The first known subject catalog was compiled by Callimachus at the Alexandrian Library in the 3d cent. B.C. campaign, while it continued to focus on bringing new products to market to complete its product and new market strategy. This strategy includes Layer 2-7 products designed to meet the needs of the MTU/MDU/Fiber to the Home market, a market that is predicted to realize high growth in the future. The Company is also focusing on its core educational markets, and bringing differentiated Small Office/Home Office See SOHO. products to market which complement its advanced IntraCore managed networking products. "Although the results are still weak due to the difficult economic environment, I am pleased with the Company's progress towards our strategic objectives. During the quarter and in the last few weeks, the Company released many key products which have received significant interest from existing and potential customers, including our new IntraCore(TM) 3548 managed switch, a strong new family of fiber switches designed to bring fiber to the home, media converter A device that converts from one type of media to another. It typically refers to a hardware device that connects different transmission media; for example, from twisted pair to coax or from twisted pair to optical fiber. products, and a new family of Virtual Private Network routers," stated Wilson Wong, 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. . "These products are strategic products designed to complete the repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. of the Company, and will contribute to improved financial results going forward." "We realize that the current economic environment may well not be a 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. issue. We move forward with our plan of supporting the "last mile" solution to the market and introducing advanced products which are in high demand even now. In addition, we have continued to trim operating and overhead costs overhead costs see fixed costs. to improve financial results. To be able to do this, and still improve execution and bring a large number of new products to market within two quarters is a very significant step towards financial recovery," continued 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 29, 2001 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. Such risks include the Company's potential need for additional financing, and the Company's ability to attract and retain qualified personnel, competition, and technological change. 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 amounts)
(unaudited)
Three months ended Nine months ended
June 29, June 30, June 29, June 30,
2002 2001 2002 2001
------- ------- -------- --------
Net sales $4,052 $4,919 $11,866 $16,887
Cost of sales 2,625 3,221 7,692 10,858
------- ------- -------- --------
Gross profit 1,427 1,698 4,174 6,029
------- ------- -------- --------
Operating expenses:
Sales and marketing 973 1,234 2,928 3,809
Research and development 634 703 1,953 2,050
General and administrative 318 359 1,023 1,119
------- ------- -------- --------
Total operating expenses 1,925 2,296 5,904 6,978
------- ------- -------- --------
Loss from operations (498) (598) (1,730) (949)
Interest and other income, net 5 41 15 126
------- ------- -------- --------
Loss before income taxes (493) (557) (1,715) (823)
Net loss ($493) ($557) ($1,715) ($823)
======= ======= ======== ========
Basic and Diluted loss per share ($0.05) ($0.06) ($0.17) ($0.08)
======= ======= ======== ========
Weighted average common
shares and equivalents
Basic 10,024 9,969 10,015 9,938
======= ======= ======== ========
Diluted 10,024 9,969 10,015 9,938
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Asante Technologies, Inc.
Condensed Balance Sheets
(in thousands)
(unaudited)
June 29, Sept. 29,
2002 2001
-------- --------
Assets
Current assets:
Cash and cash equivalents $3,440 $5,065
Accounts receivable, net 1,185 1,764
Inventory 1,581 1,848
Prepaid expenses and other current assets 233 400
-------- --------
Total current assets 6,439 9,077
Property and equipment, net 105 117
Other assets 172 172
-------- --------
Total assets $6,716 $9,366
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Liabilities and stockholders' equity
Current liabilities:
Accounts payable $1,781 $2,469
Accrued expenses 3,760 4,117
Payable to stockholder 113 8
-------- --------
Total current liabilities 5,654 6,594
-------- --------
Stockholders' equity:
Common stock 28,417 28,412
Accumulated deficit (27,355) (25,640)
-------- --------
Total stockholders' equity 1,062 2,772
-------- --------
Total liabilities and stockholders' equity $6,716 $9,366
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