Carrier Access Corporation Reports Fourth Quarter and 1998 Year End Financial Results.BOULDER Boulder, city, United States Boulder, city (1990 pop. 83,312), seat of Boulder co., N central Colo.; inc. 1871. A Rocky Mountain resort and a suburb of Denver, it is the seat of the Univ. of Colorado (1876). , Colo.--(BUSINESS WIRE)--Jan. 21, 1999--Carrier Access Corporation (Nasdaq: CACS CACS Center for Advanced Computer Studies CACS Computer Audit, Control and Security CACS Carrier Access Corporation (stock symbol) CACs Criteria Air Contaminants CACS Center for Alaskan Coastal Studies CACS Coronary Artery Calcium Scoring ), a leading provider of multi-service digital access equipment to competitive communications carriers, announced today its operating results for the three and twelve months ended December December: see month. 31, 1998. Revenue for the fourth quarter increased to $18.2 million, from $13.7 million in the third quarter of fiscal 1998, a sequential One after the other in some consecutive order such as by name or number. increase of 33 percent. As compared with the same quarter of the preceding year, revenues increased from $6.6 million, an increase of 176 percent. Revenue for the year ended December 31, 1998, was $48.1 million, as compared with $18.7 million for the year ended December 31, 1997, an increase of 157 percent. Net income for the fourth quarter was $3.3 million, or 13 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. 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. , compared with third quarter net income of $1.6 million, or 7 cents per share diluted. On a normalized basis, net income for the third quarter was $1.9 million, or 9 cents per share diluted. Net income, for the year ending December 31, 1998 was $5.4 million or 28 cents per share diluted, compared with $614,000 or 4 cents per share diluted for the year ended December 31, 1997. "We ended our December quarter and year with excellent operating results, exceeding our expectations," stated Roger Koenig, Chairman, President, and Chief Executive Officer of Carrier Access Corporation. "We have completed a great year in which we saw 157 percent year over year revenue growth, improved gross margins and a 773 percent growth in net income. These results were accomplished due to significant growth in competitive carrier deployments of our products. "We recently have started shipping a new product platform, the Access Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator with GR-303 protocol switching capability. We anticipate that this new host controller and data provisioning product will continue to drive demand for our Access Bank products. We now offer an 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. digital access solution for our competitive carrier customers, with equipment both at the central office and the customer location. In 1999, we will continue to develop carrier deployment solutions for the digital last mile, designed to increase the depth and breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is of our equipment offerings." As of December 31, 1998 the company's cash, cash equivalents, and short- and long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. investments equaled $54 million, and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. equaled $63 million. About Carrier Access Corporation Carrier Access Corporation is a leading provider of Multi-service Digital Access (MDA (1) (Monochrome Display Adapter) The first IBM PC monochrome video display standard for text. Due to its lack of graphics, MDA cards were often replaced with Hercules cards, which provided both text and graphics. See PC display modes and Hercules Graphics. ) equipment to competitive telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. carriers, including competitive local exchange carriers, Internet service providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. , and wireless carriers. Carrier Access products are used in the digital last mile for the provisioning of enhanced voice and high-speed high-speed adj. 1. Operated or designed for operation at high speed: a high-speed food processor. 2. Taking place at high speed: a high-speed chase. 3. data services by carriers to businesses and government end users. CAC See Consumer Advisory Council. Access Bank(R) and Wide Bank(TM) family products are connected to T1, HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line , digital radio and T3 access transmission technologies. Additional information about CAC and its products can be found at www.carrieraccess.com. -0-
CARRIER ACCESS CORPORATION
CONDENSED INCOME STATEMENTS
(in thousands, except per share data)
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
1998 1997 1998 1997
(unaudited) (unaudited)(unaudited)
Net revenue $ 18,166 $ 6,591 $ 48,133 $ 18,719
Cost of goods
sold 8,038 3,486 23,067 9,469
Gross profit 10,128 3,105 25,066 9,250
Operating
expenses:
Research and
development 2,033 1,153 5,588 2,848
Sales and
marketing 2,380 820 6,083 2,395
General and
administrative 1,125 516 3,270 1,578
Amortization of
deferred stock
compensation 205 43 688 83
Total operating
expenses 5,743 2,532 15,629 6,904
Income from
operations 4,385 573 9,437 2,346
Other
income, net 517 158 1,224 180
Income before
income taxes 4,902 731 10,661 2,526
Income tax
expense 1,625 228 3,712 791
Net income 3,277 503 6,949 1,735
Preferred
stock dividend
requirement -- (616) (1,586) (1,121)
Net income
(loss)
available to
common
stockholders $ 3,277 $ (113) $ 5,363 $ 614
Net income
(loss)
per share:
Basic $ 0.14 $ (0.01) $ 0.29 $ 0.04
Diluted $ 0.13 $ (0.01) $ 0.28 $ 0.04
Weighted
average
common shares:
Basic 23,625 14,218 18,253 14,132
Diluted 24,719 14,999 19,387 14,713
CARRIER ACCESS CORPORATION
CONDENSED BALANCE SHEETS
(in thousands)
Dec. 31, Dec. 31,
1998 1997
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 31,201 $ 6,104
Marketable securities
available for sale 22,777 2,516
Accounts receivable, net 8,493 4,645
Inventory, net 5,053 6,784
Deferred income taxes 1,251 237
Prepaid expenses and
other current assets 804 91
Total current assets 69,579 20,377
Property and equipment, net 2,599 1,267
Other assets 70 36
Total assets $ 72,248 $ 21,680
LIABILITIES AND
STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $ 6,908 $ 3,728
Income taxes payable 1,935 --
Other current liabilities 47 34
Total current liabilities 8,890 3,762
Redeemable preferred stock -- 17,358
Stockholders' equity:
Common stock and additional
paid-in-capital 59,983 1,315
Deferred stock option
compensation (2,377) (1,144)
Retained earnings 5,752 389
Total stockholders' equity 63,358 560
Total liabilities and
stockholders' equity $ 72,248 $ 21,680
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion