BroadBand Technologies, Inc. Reports Financial Results for Fourth Quarter And Year-End 1994.RESEARCH TRIANGLE PARK Research Triangle Park, research, business, medical, and educational complex situated in central North Carolina. It has an area of 6,900 acres (2,795 hectares) and is 8 × 2 mi (13 × 3 km) in size. Named for the triangle formed by Duke Univ. , N.C.--(BUSINESS WIRE)-- February 14, 1995--BroadBand 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 : BBTK), a leading provider of interactive switched digital video See switched video. solutions, today reported results for the fourth quarter and year ending December 31, 1994. Net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight for the quarter were $4.6 million compared to $8.1 million for the same period in 1993. The net loss for the quarter was $7.6 million or $.58 per share, compared with a net loss of $4.6 million or $.37 per share for the fourth quarter of 1993. Net sales for the full year increased to $27 million from $15.1 million in 1993, while the net loss was $24.1 million, or $1.85 per share, compared to a net loss of $18.9 million, or $1.89 per share for the year ended December 31, 1993. The company ended 1994 with a strong balance sheet, with a cash balance in excess of $80 million. BroadBand Technologies' President and Chief Executive Officer, Salim A.L. Bhatia, said, "Revenue for 1994 increased by more than 75 percent over 1993, although revenue for our fourth quarter was lower than the same quarter in 1993. As we stated when reporting results for the third quarter, the combination of delays at the FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. , the availability of a new joint BroadBand/AT&T product, and the deployment schedule of our customers have had an impact on our near-term revenues, and will continue to do so in 1995. "We made significant progress in 1994 in positioning the company for future success," said Bhatia. "This progress came in five major areas. "First, BroadBand and our switched digital video technology received strong endorsements from a number of major suppliers to the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry, including AT&T Network Systems. AT&T Network Systems and BroadBand are integrating BroadBand's industry- leading Fiber Loop Access technology with AT&T's widely accepted SLC- 2000(r) system to create a powerful, cost-effective technology platform for new digital services. "Second, the Company began laying a foundation for success in international markets in 1994, opening offices to serve the European and Asia/Pacific markets. The international effort also secured endorsements for the Company, including a sales and technology partnership with SAT (Groupe SAGEM SAGEM Societe d'Applications Generales d'Electricite et de Mecanique ), a leading electronics and telecommunications equipment provider to telephone and cable companies in France. "Third, we saw telecommunications providers move from planning video dialtone systems to field trials, and from field trials to the first stages of deployment. Bell Atlantic received FCC approval for the first commercial video dialtone network in 1994, and will deploy the FLX FLX Finger Lakes (New York) FLX Fort Lauderdale Executive (airport code) FLX Federal Learning eXchange FLX Flatfishes System to offer voice telephony and interactive video to thousands of consumers in Toms River, New Jersey The Township of Toms River is a township in Ocean County, New Jersey, United States, and the county seat of Ocean CountyGR6. On November 7, 2006, voters approved a change of the official name of Township of Dover (or, Dover Township) to the beginning in 1995. SBC (1) (SBC Communications Inc., San Antonio, TX, www.sbc.com) A large, national telecommunications company that grew from a multitude of local and regional companies, including Southwestern Bell, Pacific Bell and Nevada Bell, into a single, unified brand by 2002. (formerly Southwestern Bell
Southwestern Bell Telephone, L.P. ) joined the group of telecommunications providers using the FLX System in trials, committing in June to deploying the AT&T/BroadBand Technologies product to provide telephony and video service to 47,000 consumers in Richardson, Texas Richardson is a suburb in Dallas County and Collin County, Texas. As of the 2000 census, the city had a total population of 91,803, while according to a 2006 estimate, the population had grown to 99,200. . "Fourth, the Company continued its push for standardization standardization In industry, the development and application of standards that make it possible to manufacture a large volume of interchangeable parts. Standardization may focus on engineering standards, such as properties of materials, fits and tolerances, and drafting and open systems design in the interactive video industry, signing an agreement with DiviCom, Inc. to ensure that BroadBand's switched digital video technology and DiviCom's encoders/decoders are compatible with existing industry standards and work seamlessly together. We also played host for the industry's first standards-based, end-to-end system for providing interactive video-on-demand services at the SuperComm trade show in April of 1994. This system included BroadBand's FLX System working with video servers, set top boxes, and software from Compression Labs, Inc., Digital Equipment Corp., Microware Systems Corp., and Philips Consumer Electronics Philips Consumer Electronics is a part of Koninklijke Philips Electronics N.V. (usually known as Philips); and is one of the largest electronics companies in the world. In 2005, its sales were € 30.4 billion (US$38. Co. In addition, we announced the development of a chipset A group of chips designed to work as a unit to perform a function. For example, a modem chipset contains all the primary circuits for transmitting and receiving. A PC chipset provides the electronic interfaces between all subsystems (see PC chipset for illustration). and an open interface for set tops and other terminal devices that attach to the FLX system. "And finally, the push for open standards Specifications for hardware and software that are developed by a standards organization or a consortium involved in supporting a standard. Available to the public for developing compliant products, open standards imply "open systems;" that an existing component in a system can be replaced , combined with research by BroadBand, AT&T Network Systems, AT&T Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. , and others succeeded in lowering the installation and maintenance costs of switched digital video to a level roughly equivalent with hybrid fiber/coax systems, eliminating price as an issue for telecommunications providers deciding on which architecture to deploy. Given equivalent pricing, the technological advantages of switched digital video should make it the architecture of choice for telecommunications providers. "Overall, 1994 was a very productive year for BroadBand Technologies broadband technology Telecommunications devices, lines, or technologies that allow communication over a wide band of frequencies, and especially over a range of frequencies divided into multiple independent channels for the simultaneous transmission of different signals. and the interactive communications market," said Bhatia. "As we enter 1995, we look forward to strengthening the partnerships and technologies that have positioned BroadBand as the market leader as momentum accelerates for the deployment of switched digital video and fiber-to-the-curb technology." BroadBand Technologies, Inc., based in Research Triangle Park, N.C., was founded in 1988. Its mission is to provide network operators with the systems required to bring the power of interactive switched digital broadband technology to consumers. -0- Note to editors: FLX is a registered trademark of BroadBand Technologies, Inc. SLC-2000 is a registered trademark of AT&T.
BroadBand Technologies Inc.
Balance Sheets
Dec. 31, Dec. 31,
1994 1993
(Audited) (Audited)
(Dollars in thousands)
Assets Current assets: Cash and equivalents $80,290 $107,400 Accounts receivable 4,097 6,712 Inventories (net) 3,299 4,177 Other current assets 722 306 Total current assets 88,408 118,595
Property and plant
equipment (net) 7,963 6,354
Other assets 0 349
$96,371 $125,298
Liabilities and Shareholders' Equity Current liabilities: Accounts payable and accrued liabilities $8,334 $9,245 Deposits and other accrued liabilities 4,376 9,821 Other current liabilities 3,950 2,157 Total current liabilities 16,660 21,223 Notes payable 332 802
Total shareholders' equity 79,379 103,273
$96,371 $125,298
-0-
BroadBand Technologies Inc.
Statement of Operations
Three Months Ended Twelve Months Ended
For the periods ended
Dec. 31, 1994 and
Dec. 31, 1993 1994 1993 1994 1993
(Unaudited) (Audited)
(Dollars in thousands
except per share amounts)
Sales $4,642 $8,125 $27,012 $15,136 Cost and expenses: Cost of sales 5,297 8,043 27,908 19,453 Research and development 4,794 3,025 15,421 8,907 Sales, marketing and administration 3,108 2,350 11,284 6,965 Net interest (income) expense (923) (659) (3,431) (1,199) Pretax (loss) (7,634) (4,634) (24,170) (18,990) Income tax provision -- -- -- -- Net (loss) ($7,634) ($4,634) ($24,170) ($18,990) Proforma (a) Average shares and equivalents (thousands) 13,050 12,540 13,030 9,968 Proforma (loss) per share (a) ($0.58) ($0.37) ($1.85) ($1.89) (a) Proforma for the period ended Dec. 31, 1993 only CONTACT: John Gorman John Gorman can refer to:
BroadBand Technologies, Inc. (919) 405-4611 or Patrick Fetterman Copithorne & Bellows bellows, expansible, gas-tight chamber used to pump or store a gas. One of the simplest and most familiar types of bellows is the manual one used for providing a forced draft to a fire. The expansible chamber consists of a leather bag with pleated sides. (617) 252-0606 |
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