CacheFlow Announces Fourth Quarter and Fiscal Year 2002 Results.Business Editors/High-Tech Writers SUNNYVALE Sunnyvale, city (1990 pop. 117,229), Santa Clara co., W Calif., near San Francisco; settled 1849, inc. 1912. A city in Silicon Valley, its many manufactures include semiconductors; machinery and instruments; electrical, electronic, and aerospace products; , Calif.--(BUSINESS WIRE)--May 23, 2002 CacheFlow(R) Inc. (Nasdaq:CFLO CFLO Central Florida Lyric Opera ), a leading provider of secure content appliances, today reported results for its fourth quarter and fiscal year ended April 30, 2002. Fourth quarter 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 were $11.1 million, up from $10.9 million in the prior quarter. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma net loss for the quarter was $9.7 million, or a pro forma net loss of $0.23 per share, an improvement from a net loss of $12.2 million, or a pro forma net loss of $0.29 per share, in the prior quarter. For fiscal year 2002, net sales were $55.6 million. Pro forma net loss was $42.4 million, or a pro forma net loss of $1.02 per share. The company ended the quarter with approximately $42 million in cash and 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. and restricted investments. Actual net loss for the quarter, including deferred stock compensation, an inventory writedown writedown A reduction in the value of an asset carried on a firm's financial statements. For example, the firm's accountants, believing the inventory is overvalued, may decide to take a writedown by reducing inventory valuation. , amortization of intangibles, 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). and asset impairment Impairment 1. A reduction in a company's stated capital. 2. The total capital that is less than the par value of the company's capital stock. Notes: 1. This is usually reduced because of poorly estimated losses or gains. 2. , was $43.2 million or $1.01 per share. Actual net loss for the fiscal year, including deferred stock compensation, an inventory writedown, amortization of intangibles, restructuring and asset impairment, was $247.0 million or $5.93 per share. The reconciliation of pro forma net loss and actual net loss is detailed in the attached Condensed con·dense v. con·densed, con·dens·ing, con·dens·es v.tr. 1. To reduce the volume or compass of. 2. To make more concise; abridge or shorten. 3. Physics a. Consolidated Statement of Operations See Income statement. . "We are encouraged by our results this quarter and the continued growth of our enterprise business," said Brian NeSmith Brian NeSmith is a technology entrepreneur and CEO of Blue Coat Systems, Inc. NeSmith graduated from the Massachusetts Institute of Technology in 1984, holding a Bachelors Degree in electrical engineering. , CacheFlow 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. , "This growth was driven by the strong demand for our new Security Gateway products. Web based Coming from a Web server. See Web application. applications need content security appliances Security appliances protect computer networks from unwanted data traffic, intruders, email spam, enforce policies, and may also be used to create and manage VPNs. There are a number of types of security appliances. to add protection above and beyond the firewall. The Security Gateway protects, controls, and accelerates mission-critical web-based applications See Web application. ." Other highlights of the quarter include: -- Gaining major new accounts including Wachovia, Aon Insurance, Boeing, ING, Frank Russell Company, Draper Labs, Zurich Capital, T Rowe Price, Ericsson, Bank of England, Cegetel, Eurocopter, Entergy, Elsevier, ESAB, and Titan Wireless; -- Introducing a new Channel partner program and announcing an extension of our relationship with Westcon to bring the Security Gateway to thousands of security resellers; -- Receiving the Well-Connected Award from Network Computing Magazine at the Network + Interop Show in Las Vegas for our Security Gateway Software and; -- Receiving Microsoft Certification for Windows Media solutions. "Content security and control have become a priority for enterprise IT organizations," continued NeSmith Nesmith, a surname, may refer to:
Conference Call and Audio Webcast CacheFlow will hold a conference call and audio webcast at 2:00 p.m. PDT PDT abbr. Pacific Daylight Time PDT Pacific Daylight Time PDT n abbr (US) (= Pacific Daylight Time) → hora de verano del Pacífico PDT (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 Thursday: see week. , May 23, 2002 with Brian NeSmith, President and CEO, and Bob Verheecke, CFO See Chief Financial Officer. . The session will include brief remarks and a question and answer period. The conference call-in number is (800) 475-3716 and the confirmation code is 739906. There will be a recording of the call available approximately 1 hour after the call until Monday, May 27, 2002, at 5:00 p.m. PST PST Paroxysmal supraventricular tachycardia, see there . The call-in number for the replay is (888) 203-1112 and the confirmation code is 739906. The call will be broadcast live over 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 . To participate in the Web Cast, visit the CacheFlow Investor Relations Investor relations The process by which the corporation communicates with its investors. page located at: www.cacheflow.com/about/investor_relations/. A replay will also be available on the CacheFlow web site at: www.cacheflow.com/about/investor_relations/ About CacheFlow Inc. CacheFlow develops and markets secure content networking appliances designed to protect, control and accelerate business communications. CacheFlow's family of optimized appliances and its innovative suite of content control technologies enable organizations to ensure web security and conduct e-business. Based in Sunnyvale, California Sunnyvale ([sʌniveil]) is a city in Santa Clara County, California, United States. It is one of the major cities that make up the Silicon Valley. As of the 2000 census, the city population was 131,760. , with offices and partners worldwide, CacheFlow can be contacted via telephone at 408.220.2200, fax at 408.220.2250 or email at info@cacheflow.com. More information on CacheFlow products and services can also be found at http://www.cacheflow.com Forward Looking Statements The statements contained in this press release that are not purely historical are 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. , including statements regarding the Company's future product deliveries, and future operating results as well as statements regarding CacheFlow's expectations, beliefs, intentions or strategies regarding the future. All forward-looking statements included in this press release are based upon information available to CacheFlow as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and CacheFlow assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These risks include the inability to deliver planned future products, meet future operating result expectations and additional risks relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc CacheFlow's business as set forth in CacheFlow's most recently filed Form 10-Q Form 10-Q See 10-Q. for the quarter ended January 31, 2002, and other reports filed from time to time with the Securities and Exchange Commission. Note to Editors: CacheFlow is a registered trademark of CacheFlow Inc. in the U.S. and worldwide. All other trademarks mentioned in this document are the property of their respective owners
CACHEFLOW INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
April 30, April 30,
2002 2001
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 12,480 $ 55,356
Short-term investments 27,466 26,208
Restricted investments -- 765
Accounts receivable, net 6,100 14,365
Inventories 1,988 7,018
Prepaid expenses and other current assets 1,576 3,240
--------- ---------
Total current assets 49,610 106,952
Property and equipment, net 6,047 12,563
Restricted investments 1,991 1,991
Goodwill, net -- 164,264
Other assets 1,066 1,462
--------- ---------
Total assets $ 58,714 $ 287,232
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,558 $ 6,761
Accrued payroll and related benefits 2,594 6,034
Deferred revenue 6,153 7,371
Other accrued liabilities 8,562 8,906
--------- ---------
Total current liabilities 19,867 29,072
Accrued restructuring reserve 7,182 --
Deferred revenue (less current portion) 1,401 1,409
--------- ---------
Total liabilities 28,450 30,481
Commitments
Stockholders' equity:
Common stock 4 4
Additional paid-in capital 883,964 896,773
Treasury stock (895) (3,994)
Notes receivable from stockholders (57) (573)
Deferred stock compensation (3,622) (33,348)
Accumulated deficit (849,123) (601,901)
Accumulated other comprehensive loss (7) (210)
--------- ---------
Total stockholders' equity 30,264 256,751
--------- ---------
Total liabilities and stockholders' equity $ 58,714 $ 287,232
========= =========
CACHEFLOW INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three Months Ended Year Ended
April 30, April 30,
2002 2001 2002 2001
(unaudited) (unaudited)
Net sales $ 11,108 $ 21,521 $ 55,641 $ 97,739
Cost of goods sold 6,286 14,307 25,934 48,161
--------- --------- --------- ---------
Gross profit 4,822 7,214 29,707 49,578
Operating expenses:
Research and
development 7,241 9,940 35,082 27,682
Sales and marketing 6,667 13,698 30,046 61,478
General and
administrative 2,134 2,521 9,524 10,512
Goodwill amortization 1,690 44,688 29,489 98,987
Acquired in-process
technology -- -- -- 32,200
Restructuring charge 12,917 1,850 15,475 1,850
Impairment of assets 15,029 272,871 138,785 272,871
Stock compensation 2,476 11,661 19,473 69,168
--------- --------- --------- ---------
Total operating
expenses 48,154 357,229 277,874 574,748
--------- --------- --------- ---------
Operating loss (43,332) (350,015) (248,167) (525,170)
Interest income
(expense) and
other, net 254 997 1,597 6,392
--------- --------- --------- ---------
Net loss before income
taxes (43,078) (349,018) (246,570) (518,778)
Provision for income
taxes (115) 78 (461) (318)
--------- --------- --------- ---------
Net loss $ (43,193) $(348,940) $(247,031) $(519,096)
========= ========= ========= =========
Basic and diluted net
loss per common share $ (1.01) $ (8.81) $ (5.93) $ (14.44)
========= ========= ========= =========
Shares used in
computing basic and
diluted net loss per
common share 42,866 39,610 41,643 35,950
========= ========= ========= =========
Pro forma net loss per share, excluding
certain non-cash and non-recurring items:
Net loss available to
common stockholders $ (43,193) $(348,940) $(247,031) $(519,096)
Add non-cash and
non-recurring items:
Inventory reserves 1,374 3,910 1,374 3,910
Goodwill amortization 1,690 44,688 29,489 98,987
Acquired in-process
technology -- -- -- 32,200
Restructuring charge 12,917 1,850 15,475 1,850
Impairment of assets 15,029 272,871 138,785 272,871
Stock compensation 2,476 11,661 19,473 69,168
--------- --------- --------- ---------
Pro forma net loss $ (9,707) $ (13,960) $ (42,435) $ (40,110)
========= ========= ========= =========
Pro forma basic and
diluted net loss per
common share excluding
certain non-cash and
non-recurring items $ (0.23) $ (0.35) $ (1.02) $ (1.12)
========= ========= ========= =========
Shares used in
computing pro forma
basic and diluted net
loss per common share 42,866 39,610 41,643 35,950
========= ========= ========= =========
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