Aware, Inc. Reports First Quarter 2003 Financial Results.Business Editors/High-Tech Writers BEDFORD, Mass.--(BUSINESS WIRE)--May 1, 2003 Aware, 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 : AWRE AWRE Atomic Weapons Research Establishment AWRE Australian Workshop on Requirements Engineering AWRE Automatic Write Reallocation Enable ), a worldwide leader and innovator of broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). intellectual property, today reported financial results for its first quarter ended March 31, 2003. Revenues for the first quarter of 2003 were $1.9 million compared with $3.6 million for the same period last year. Net loss for the first quarter of 2003 was $3.0 million, or ($0.13) per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared with a net loss of $2.6 million, or ($0.11) per diluted share, for the year-ago period. Michael Tzannes, chief executive officer, said: "Today, roughly 3.5% of the world's one billion phone lines are served with ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line . We are beginning to see signs of improvement driven by the steady growth of ADSL subscribers around the world. We remain optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that this will allow us to return to the growth and profitability targets we had set prior to the prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. downturn we are experiencing." Note: Aware's conference call will be broadcast live over the Internet today, May 1, 2003 at 5:00 p.m. Eastern Time. To listen to the call, please go to www.aware.com, and click on "Investor Relations Investor relations The process by which the corporation communicates with its investors. ." About Aware Aware, Inc. designs, develops, licenses and markets DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary technology that enables broadband communications over existing telephone networks. Its solutions, including splitterless G.lite, full-rate ADSL Refers to the standard ADSL technology in contrast to the slower-speed G.lite version. See DSL. , ADSL2, ADSL2+, VeDSL(TM), Dr. DSL(R), XRDSL(TM), StratiPHY(TM), FastADSL(TM), BondedADSL(TM), and G.shdsl address central office as well as consumer electronics requirements. More information about Aware can be found at http://www.aware.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. Warning Portions of this release 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 and are subject to risks and uncertainties, such as estimates or projections of future revenue and earnings and the growth of the DSL market. Aware wishes to caution you that there are factors that could cause actual results to differ materially from the results indicated by such statements. These factors include, but are not limited to: we have a unique business model, our quarterly results are difficult to predict, we depend on a limited number of licensees, we derive a significant amount of revenue from one customer, we depend on equipment companies to incorporate our technology into their products, we face intense competition from other DSL vendors, DSL technology competes with other technologies for broadband access See broadband and wireless broadband. , and our business is subject to rapid technological change. We refer you to the documents Aware files from time to time with the Securities and Exchange Commission, specifically the section titled Factors That May Affect Future Results in our 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 December 31, 2002 and other reports and filings made with the Securities and Exchange Commission. VeDSL, Dr. DSL, XRDSL, StratiPHY, FastADSL, and BondedADSL are trademarks or registered trademarks of Aware, Inc. Any other trademarks appearing herein are the property of their respective owners.
AWARE, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
Three Months Ended
March 31,
2003 2002
Revenue:
Product sales $710 $1,007
Contract revenue 330 2,093
Royalties 907 476
Total revenue 1,947 3,576
Costs and expenses:
Cost of product sales 145 166
Cost of contract revenue 263 1,465
Research and development 3,448 3,365
Selling and marketing 575 683
General and administrative 648 712
Total costs and expenses 5,079 6,391
Loss from operations (3,132) (2,815)
Interest income 169 239
Loss before provision for income taxes (2,963) (2,576)
Provision for income taxes - -
Net loss ($2,963) ($2,576)
Net loss per share - basic and diluted ($0.13) ($0.11)
Weighted average shares - basic and diluted 22,698 22,664
AWARE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
March 31, December 31,
2003 2002
ASSETS
Cash and investments $43,733 $47,118
Accounts receivable, net 1,669 1,258
Property and equipment, net 9,748 10,038
Other assets, net 906 823
Total assets $56,056 $59,237
LIABILITIES AND STOCKHOLDERS' EQUITY
Total current liabilities $1,441 $1,659
Total stockholders' equity 54,615 57,578
Total liabilities and stockholders' equity $56,056 $59,237
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion