CUseeME Networks Announces Fourth Quarter Results.Business Editors/High Tech Writers NASHUA, N.H.--(BUSINESS WIRE)--Feb. 1, 2001 Total conferencing See teleconferencing. revenues up 21% CUseeMe Networks, 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 : CUSM CUSM Cisco Usable Square Meters ) today announced financial results for the fourth quarter ended December 31, 2000. Revenues for the quarter were $2.8 million, compared with $4.0 million in the quarter ended December 31, 1999. The net loss for the fourth quarter of 2000 was $3.8 million or $0.31 per share, compared with $1.1 million or $0.10 per share in the comparable quarter of 1999. For the fiscal year ended December 31, 2000, revenues were $12.1 million, compared with $12.0 million in 1999. The net loss in 2000 was $10.1 million or $0.84 per share, compared with $4.8 million or $0.46 per share in 1999. Total conferencing revenues for 2000 increased 21% to $11.9 million, compared with $9.8 million in 1999. Sales of the Company's Conferencing Server increased 16% to $6.6 million in the most recent year. Total revenues for 1999 included $2.2 million attributable to the legacy connectivity product lines that the Company sold to a third party in the first quarter of 2000. The legacy connectivity line accounted for $171,000 of revenues in 2000. "We are pleased with our growth in conferencing revenues, despite the pressure we felt from both the stock market and the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the portal market this year," stated Killko Caballero cab·al·le·ro n. pl. cab·al·le·ros 1. A Spanish gentleman; a cavalier. 2. A man who is skilled in riding and managing horses; a horseman. , the Company's president, 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. and chairman. "The introduction of our next generation CUseeMe Conferencing Server coupled with our new end-to-end end-to-end a pattern of anastomosis in which severed ends are matched and united, in contrast with other patterns such as end-to-side or side-to-side. Usually applied to anastomosis of the intestine. conferencing solution integrated with Microsoft Exchange Messaging and groupware software for Windows from Microsoft. Exchange Server is an Internet-compliant e-mail system that runs under Windows NT/2000 and Windows Server 2003. It can be accessed by Web browsers, the Exchange client, versions of Outlook and the earlier Windows Inbox. 2000 Conferencing Server integration rounds out a powerful product portfolio that we should be able to leverage successfully in 2001." The CUseeMe Conference Server, the next generation of the MeetingPoint server, features a new graphical user interface graphical user interface (GUI) Computer display format that allows the user to select commands, call up files, start programs, and do other routine tasks by using a mouse to point to pictorial symbols (icons) or lists of menu choices on the screen as opposed to having to (GUI (Graphical User Interface) A graphics-based user interface that incorporates movable windows, icons and a mouse. The ability to resize application windows and change style and size of fonts are the significant advantages of a GUI vs. a character-based interface. ) that is web-based for ease of use. The GUI and core conference server can now be run on the same server hardware, minimizing hardware investment. It also includes general optimizations in audio and video performance. The Company's integrated solution is the first commercially available videoconferencing A real time video session between two or more users or between two or more locations. Although the first videoconferencing was done with traditional analog TV and satellites, inhouse room systems became popular in the early 1980s after Compression Labs pioneered digitized video systems software to integrate fully with Microsoft Exchange 2000. Used in conjunction with the CUseeMe Conference Server, the Company's solution extends the functionality of the Microsoft Exchange 2000 environment by enabling true standards-based, multipoint conferencing Same as teleconferencing. This is a rather redundant phrase, because conferencing implies three or more participants, rather than point-to-point between two people. to all of its groupware Software that supports multiple users working on related tasks in local and remote networks. Also called "collaborative software," groupware is an evolving concept that is more than just multiuser software which allows access to the same data. users. Making the CUseeMe Conference Server intuitively available throughout the Exchange environment allows a group of people, using CUseeMe Web or any mix of H.323 clients, to interactively share audio, video and data without additional bridging. Within the familiar Microsoft Outlook For the e-mail and news client bundled with certain versions of Microsoft Windows, see . Microsoft Outlook or Outlook (full name Microsoft Office Outlook interface, users will have the ability to schedule, start, stop, manage, update and connect to CUseeMe videoconferences. Previously Announced 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). In November 2000, the Company announced a reduction in force of 26 employees, and elimination of 10 open positions. This reduction in workforce enabled the Company to consolidate two of its satellite facilities into its Nashua, NH headquarters, saving the Company an estimated $2.5 million annually. "The costs associated with our restructuring consisted of severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and certain facilities costs which totaled $185,000, or $0.02 per share in the fourth quarter," said Christine Cox, the Company's CFO See Chief Financial Officer. and vice president of finance. "The savings from this action have begun to be realized in the first fiscal quarter of 2001." Conference Call Reminder CUseeMe's management will discuss the Company's fourth quarter and year-end financial results on its quarterly conference call for investors at 5:00 p.m., EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT , on Thursday, February 1. The call will be broadcast live over the Internet at http://www.cuseeme.com . A replay of the call will be available on the Company's web site for seven days following the live call. About CUseeMe Networks CUseeMe Networks is a leading provider of innovative technologies that enable voice and visual communications over IP-based networks. CUseeMe Networks provides cost-effective, integrated end-to-end software solutions for large-scale deployments of video collaboration to enterprise desktops. With over a decade of IP-based communications experience, CUseeMe Networks is the pioneer in interactive voice, video, and data collaboration See data conferencing. . Its award-winning technology facilitates standards-based collaborative communications, both one-on-one and in groups, over corporate intranets, virtual private networks (VPNs), and the open Internet. Products such as the CUseeMe Conference Server, a software-based multipoint control unit See MCU. (MCU (1) (MicroController Unit) A computer on a single chip. See microcontroller. (2) (Multipoint Control Unit) A device that is used to moderate a videoconference of three or more end points (users at computers or groups of users ), and CUseeMe Web, a flexible web-based desktop videoconferencing Using a PC or Mac for a videophone session or videoconference. Contrast with a "room videoconferencing system" where a group of participants congregate in one room. See videoconferencing. client technology, work hand-in-hand to provide maximum flexibility, seamless integration An addition of a new application, routine or device that works smoothly with the existing system. It implies that the new feature or program can be installed and used without problems. Contrast with "transparent," which implies that there is no discernible change after installation. , and scalability, in combination with outstanding performance, reliability, and features. The company's desktop conferencing See videoconferencing and data conferencing. solutions can be integrated seamlessly into popular enterprise messaging and collaboration environments such as Microsoft Exchange. CUseeMe Networks partners with resellers, integrators and service providers to deploy its solutions worldwide. Information about CUseeMe Networks can be found on the web at http://www.cuseeme.com. The third, sixth and seventh paragraphs of this press release contain language constituting 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. , as that term is defined in 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. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those anticipated. Such risks and uncertainties include market demand and competition, timely shipment, product viability and the availability of sufficient capital. Other risks are described in the Company's Form 10-KSB for 1999 and Form 10-QSB for the third quarter of 2000, each as filed with the Securities and Exchange Commission.
CUseeMe Networks, Inc. and Subsidiary
Condensed Consolidated Statements of Operations
(in Thousands, except per share data)
(Unaudited)
Three Months Ended Twelve Months Ended
------------------ -------------------
December 31, December 31, December 31, December 31,
2000 1999 2000 1999
----------- ----------- ----------- -----------
Revenues:
Software license
fees $ 2,215 $ 3,590 $ 10,022 $ 10,715
Services and other 547 423 2,049 1,287
----------- ----------- ----------- ----------
Total revenues 2,762 4,013 12,071 12,002
Cost of revenues:
Software license
fees 584 779 2,441 2,362
Services and other 341 80 1,428 186
----------- ----------- ----------- -----------
Total cost of
revenues 925 859 3,869 2,548
Gross profit 1,837 3,154 8,202 9,454
Operating expenses:
Sales and marketing 3,091 2,057 10,083 7,265
Research and development 1,656 1,387 5,837 4,761
General and
administrative 1,115 797 4,313 2,359
----------- ----------- ----------- -----------
Total operating
expenses 5,862 4,241 20,233 14,385
----------- ----------- ----------- -----------
Loss from operations (4,025) (1,087) (12,031) (4,931)
Other income (expense):
Interest income
(expense), net 183 35 1,095 178
Gain from asset sale to
Powerlan - - 776 -
Other, net 10 (21) (25) (96)
----------- ----------- ----------- -----------
Total other income
(expense), net 193 14 1,846 82
Net loss before
provision for income
taxes (3,832) (1,073) (10,185) (4,849)
Provision for income
taxes - - - -
----------- ----------- ----------- -----------
Net loss $ (3,832) $ (1,073) $ (10,185)$ (4,849)
=========== =========== =========== ===========
Net loss per share:
Basic: (0.31) (0.10) (0.84) (0.46)
=========== =========== =========== ===========
Diluted: (0.31) (0.10) (0.84) (0.46)
=========== =========== =========== ===========
Weighted average number
of common shares
outstanding 12,259,007 10,767,879 12,193,786 10,619,696
=========== =========== =========== ===========
CuseeMe Networks, Inc. and Subsidiary
Condensed Consolidated Balance Sheets
(in Thousands)
(Unaudited)
Dec. 31, Dec. 31,
2000 1999
--------- -----------
Assets
Current assets:
Cash and cash equivalents $ 9,343 $ 22,088
Short term investment 3,252 -
Accounts receivable, net 2,688 4,159
Inventories 197 54
Prepaid expenses and other
current assets 949 317
--------- ----------
Total current assets 16,429 26,618
Property and equipment, net 2,778 1,160
Third party licenses, net 785 560
Purchased Software, net 1,805 2,533
Trademark, net 790 871
Goodwill, net 0 199
Other long term assets 113 106
--------- -----------
$ 22,700 $ 32,047
========= ===========
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable and accrued
expenses $ 2,654 $ 2,973
Deferred revenue 903 695
Current portion of long-term
debt 0 7
--------- ----------
Total current liabilities 3,557 3,675
Other long term liabilities 300 600
Stockholders' equity 18,843 27,772
--------- ----------
Total liabilities and stockholders'
equity $ 22,700 $ 32,047
========= ==========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion