C-COR Reports Financial Results for First Quarter of Fiscal Year 2006.STATE COLLEGE, Pa. -- C-COR Incorporated (Nasdaq:CCBL CCBL Crescent Commercial Bank Limited (Pakistan) CCBL Cambodia Campaign to Ban Landmines CCBL Configuration Control Baseline CCBL CPEDB Configuration Baseline Listing CCBL Chinese Christian Basketball League ), a global provider of interoperable The ability for one system to communicate or work with another. See interoperability. network solutions that simplify the transition to on demand networks, today reported its financial results for the first quarter of fiscal year 2006, ended September 23, 2005. 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 first quarter of fiscal year 2006 were $63.5 million compared to $62.1 million for the same period last year. Bookings in the first quarter of fiscal year 2006 were $73.2 million for a book-to-bill ratio Book-to-Bill Ratio The technology industry's demand-to-supply ratio for orders on a "firm's book" to number of orders filled. Notes: This ratio tells whether the company has more orders than it can deliver (if greater than 1), has the same amount of orders that it can of 1.15. C-COR's book-to-bill ratio in the first quarter of fiscal year 2005 was .86. The Company's net loss for the first quarter of fiscal year 2006 was $14.8 million compared to a net loss of $1.0 million for the same period last year. The loss 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 for the first quarter of fiscal year 2006 was $.31 compared to a loss per diluted share of $.02 for the same period last year. The net loss for the first quarter of fiscal year 2006 included a $6.1 million charge for an increase in excess inventory reserves related to the Company's Transport product line, $1.5 million of amortization of intangibles, $1.2 million of stock compensation expense, and restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. of $383,000. These charges, which equate e·quate v. e·quat·ed, e·quat·ing, e·quates v.tr. 1. To make equal or equivalent. 2. To reduce to a standard or an average; equalize. 3. to $.19 on a per share basis, are included in the Company's results reported in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), but are typically excluded from the First Call analysts' projections. C-COR is breaking out these numbers to improve comparability of the reported GAAP results and the non-GAAP First Call number. For the second quarter of fiscal year 2006, ending December 23, 2005, the Company anticipates sales of between $63 and $67 million and a GAAP loss per share of between $.18 and $.22. These projections include $1.3 million related to amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , approximately $1.0 million of stock compensation expense, and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). expense of approximately $900,000, or an aggregate of $.07 per share, which are typically excluded from the First Call analysts' projections. C-COR is breaking out these numbers to improve comparability of the reported GAAP results and the non-GAAP First Call number. C-COR's management will discuss C-COR's financial results on a conference call at 9:45 AM (ET) on Thursday, October 20, 2005. For information on how to access the conference call, refer to C-COR's news release dated October 13, 2005 (posted on the C-COR web site at www.c-cor.com), or contact Investor Relations Investor relations The process by which the corporation communicates with its investors. at 814-231-4402 or 814-231-4438. About C-COR C-COR offers world-class, market-focused business solutions for cable operators, telephone companies, broadcasters, and other private and public sector entities that put subscribers in personal control of their entertainment, information, and communication needs. The Company's solutions delivered through C-COR's three business units--C-COR Solutions, C-COR Access and Transport, and C-COR Network Services--simplify the transition to Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (IP) demand-oriented networks by delivering interoperable, modular products in sync with IP network upgrade cycles. These solutions bring together software applications, access and transport technology, and a nationwide corps of expert field engineers to enable the delivery of business services; digital program/ad insertion insertion n. the addition of language at a place within an existing typed or written document, which is always suspect unless initialled by all parties. ; management and delivery of VOD See video-on-demand. VoD - video on demand , VoIP, and HSD HSD Human Services Department HSD High Speed Data HSD Hillsboro School District (Hillsboro, OR) HSD Hybrid Synergy Drive (Toyota/Lexus) HSD High School Diploma HSD Historical Society of Delaware ; network capacity expansion; centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. office automation for workforce management Workforce Management (WFM) encompasses all the responsibilities for maintaining a productive and happy workforce. Sometimes referred to as HRMS systems, or even the larger ERP systems (Oracle, PeopleSoft, SAP). There are many software vendors within this space. , network assurance, and subscriber fulfillment ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. ; and a variety of outsourced field services that help keep networks operating at peak performance. C-COR's common stock is listed on the Nasdaq National Market (Symbol: CCBL) and is a component of the Russell 2000 Stock Index. For additional information regarding C-COR, visit www.c-cor.com. Some of the information presented in this announcement constitutes 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. made pursuant to the 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. provisions of 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. Forward-looking statements represent the Company's judgment regarding future events, and are based on currently available information. Although the Company believes it has a reasonable basis for these forward-looking statements, the Company cannot guarantee their accuracy and actual results may differ materially from those the Company anticipated due to a number of known and unknown uncertainties. Factors which could cause actual results to differ from expectations include, among others, capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. patterns of the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. , changes in regard to significant customers, the demand for network integrity, the trend toward more fiber in the network, the Company's ability to develop new and enhanced products, the Company's ability to provide complete network solutions, continued industry consolidation, the development of competing technology, the global demand for the Company's products and services, and the Company's ability to complete and integrate acquisitions and achieve its strategic objectives. For additional information concerning these and other important factors that may cause the Company's actual results to differ materially from expectations and underlying assumptions, please refer to the reports filed by the Company with the Securities and Exchange Commission.
C-COR Incorporated
Condensed Consolidated Statements of Operations
(unaudited, in thousands except per share amounts)
Thirteen Weeks Ended
-----------------------
Sept. 23, Sept. 24,
2005 2004
----------- -----------
Net sales $63,494 $62,099
Cost of sales (1) 41,865 40,420
Excess and obsolete inventory charge 6,114 0
----------- -----------
Total cost of sales 47,979 40,420
Gross margin 15,515 21,679
Operating expenses (1):
Selling and administrative 17,183 11,951
Research and product development 10,600 7,330
Amortization of intangibles 1,516 1,146
Acquired in-process technology charge 0 1,850
Restructuring costs 383 0
----------- -----------
Total operating expenses 29,682 22,277
Loss from operations (14,167) (598)
Interest expense (320) (19)
Investment income 306 299
Foreign exchange loss (134) (257)
Other income, net 67 49
----------- -----------
Loss before income taxes (14,248) (526)
Income tax expense 580 518
----------- -----------
Net loss $(14,828) $(1,044)
=========== ===========
Net loss per share:
Basic $(0.31) $(0.02)
Diluted $(0.31) $(0.02)
Weighted average common shares and
common share equivalents
Basic 47,804 43,034
Diluted 47,804 43,034
(1) Includes stock-based compensation as
follows:
Cost of sales $124 $0
Selling and administrative 875 40
Research and product development 214 0
----------- -----------
Total stock-based compensation $1,213 $40
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C-COR Incorporated
Consolidated Balance Sheets
(in thousands of dollars)
Sept. 23, June 24,
2005 2005
----------- -----------
(unaudited)
ASSETS
Current assets
Cash and cash equivalents $38,805 $43,320
Restricted cash 3,096 3,690
Marketable securities 4,472 9,327
Accounts receivable, net 41,393 52,148
Unbilled receivables 4,611 1,592
Inventories 34,826 41,628
Deferred costs 8,594 6,826
Other current assets 4,912 5,563
----------- -----------
Total current assets 140,709 164,094
----------- -----------
Property, plant and equipment, net 22,060 21,533
Goodwill 132,148 131,963
Other intangible assets, net 13,198 14,714
Deferred taxes 1,216 1,449
Other long-term assets 4,119 4,002
----------- -----------
Total $313,450 $337,755
=========== ===========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accounts payable $23,968 $36,332
Accrued liabilities 23,110 25,299
Deferred revenue 17,768 14,887
Deferred taxes 1,569 1,339
Current portion of long-term debt 152 162
----------- -----------
Total current liabilities 66,567 78,019
Long-term debt, less current portion 35,583 35,617
Deferred revenue 2,666 3,111
Deferred taxes 552 478
Other long-term liabilities 3,999 3,491
Shareholders' equity 204,083 217,039
----------- -----------
Total $313,450 $337,755
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