Carrier Access Corporation Reports Second-Quarter 1999 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)--July 22, 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 broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). digital access solutions for competitive voice and data communications data communications, application of telecommunications technology to the problem of transmitting data, especially to, from, or between computers. In popular usage, it is said that data communications make it possible for one computer to "talk" with another. carriers, Thursday Thursday: see week. reported unaudited operating results for the three and six months ended June June: see month. 30, 1999. Revenue for the second quarter of 1999 increased to $25.3 million, from $9.0 million in the second quarter of 1998, an increase of 179 percent. Revenue for the six months ended June 30, 1999 was $47.0 million, as compared with $16.3 million for the six months ended June 30, 1998, an increase of 188 percent. Net income for the second quarter of 1999 was $5.1 million, or 20 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. , as compared with the second quarter of 1998 of $277,000, or 2 cents per share diluted. Net income for the six months ended June 30, 1999, was $10.0 million, or 40 cents per share diluted, as compared with $359,000, or 2 cents per share diluted, for the comparable period one year ago. Normalized earnings Normalized Earnings 1. Earnings adjusted for cyclical ups and downs in the economy. 2. On the balance sheet, earnings adjusted to remove unusual or one-time influences. Notes: An example would be removing a land sale in which a large capital gain was realized. , excluding the preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. dividend requirement which terminated in July July: see month. of 1998, upon conversion of all preferred stock into common stock, was 6 cents per share diluted for the second quarter of 1998. "We are extremely pleased with our June quarter operating results. All of our product platforms, the Access Bank, Wide Bank and Access Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator , continued to gain acceptance by carrier customers," stated Roger Koenig, Chairman, President and Chief Executive Officer of Carrier Access. "The double-digit dou·ble-dig·it adj. Being between 10 and 99 percent: double-digit inflation. growth in our Wide Bank sales and the introduction of our Wide Bank 28/STS-1 product continue to show our commitment to leading product integration. We successfully introduced and shipped the Wide Bank 28/STS-1 product in the June quarter, establishing a new level of density, protection and price per port for distributing T1 services from SONET access. "We had huge growth in Access Navigator shipments. Access Navigator evaluations continue to be converted to sales and deployments. We now have over a dozen competitive carrier customers, including Hyperion and MCI (1) (Media Control Interface) A high-level programming interface from Microsoft and IBM for controlling multimedia devices. It provides commands and functions to open, play and close the device. (2) (Microwave Communications Inc. Worldcom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. , using the Access Navigator. We are excited about the progress we are making in gaining customers using complete Carrier Access solutions at both ends of the digital last mile. "We aggressively added to our engineering staff during the June quarter. As a result of our commitment to developing leading-edge broadband access See broadband and wireless broadband. solutions, we are pleased to announce that we are in the process of opening a research and development facility in Tulsa, Oklahoma Tulsa is the second-largest city in the state of Oklahoma and 45th-largest in the United States. With an estimated population of 382,872 in 2006,[1] it is the principal municipality of the Tulsa Metropolitan Statistical Area, a region of 897,752 residents projected to . Tulsa is a major center for telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. carriers including MCI Worldcom and the Williams Companies The Williams Companies, Inc. (NYSE: WMB) is an energy company based in Tulsa, Oklahoma. Its core business is natural gas exploration, production, processing, and transportation, with additional petroleum and electricity generation assets. . The addition of the Tulsa research and development center offers us engineers experienced in carrier services and allows us to accelerate our engineering efforts on new product platforms. Our engineering group in Tulsa, combined with our development team in Boulder, will continue to develop products designed to reduce the cost of offering new digital services for business and residential customers." As of June 30, 1999, the company's cash, cash equivalents, and securities available for sale totaled $62.0 million, and the equity available to stockholders totaled $76.7 million. About Carrier Access Corporation Carrier Access Corporation is a leading provider of broadband digital access equipment to competitive telecommunications 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 at carrier and customer locations for the provisioning of advanced voice and high-speed data services by carriers to business, government, and residential end users. CAC See Consumer Advisory Council. Access Bank, Wide Bank and Access Navigator family of products are connected to T1, HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line , digital radio, T3, and SONET access transmission technologies. Additional information about CAC and its products can be found at www.carrieraccess.com.
Carrier Access Corporation
Condensed Income statements
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
1999 1998 1999 1998
------- ------- ------- -------
Net revenue $25,288 $9,049 $46,972 $16,292
Cost of goods sold 11,088 4,513 19,972 8,281
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Gross profit 14,200 4,536 27,000 8,011
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Operating expenses:
Research and development 2,893 1,150 5,216 1,993
Sales and marketing 2,630 1,020 4,909 1,995
General and administrative 1,084 789 2,015 1,320
Amortization of deferred
stock compensation 205 175 409 279
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Total operating expenses 6,812 3,134 12,549 5,587
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Income from operations 7,388 1,402 14,451 2,424
Other income, net 543 140 1,099 308
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Income before income taxes 7,931 1,542 15,550 2,732
Income tax expense 2,814 607 5,520 1,057
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Net income 5,117 935 10,030 1,675
Preferred stock dividend
requirement --- (658) --- (1,316)
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Net income available
to common stockholders $ 5,117 $ 277 $ 10,030 $ 359
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Net income per share:
Basic $ 0.21 $ 0.02 $ 0.42 $ 0.02
Diluted $ 0.20 $ 0.02 $ 0.40 $ 0.02
Weighted average common shares:
Basic 23,920 14,434 23,812 14,379
Diluted 25,285 15,521 25,231 15,273
Carrier Access Corporation
Condensed BALANCE SHEETS
(in thousands)
June 30,
1999 December 31,
(unaudited) 1998
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ASSETS
Current assets:
Cash and cash equivalents $ 34,840 $ 31,201
Securities available for sale 27,144 22,777
Accounts receivable, net 13,827 8,493
Inventory, net 5,527 5,053
Deferred income taxes 1,292 1,198
Prepaid expenses and other
current assets 1,437 804
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Total current assets 84,067 69,526
Property and equipment, net 3,486 2,599
Deferred income taxes 118 118
Other assets 87 70
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Total assets $ 87,758 $ 72,313
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $ 9,348 $ 6,913
Income taxes payable 1,706 2,000
Other current liabilities --- 42
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Total current liabilities 11,054 8,955
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Stockholders' equity:
Common stock and additional
paid-in-capital 62,890 59,983
Deferred stock option compensation (1,968) (2,377)
Retained earnings 15,782 5,752
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Total stockholders' equity 76,704 63,358
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Total liabilities and
stockholders' equity $ 87,758 $72,313
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