Carrier Access Reports First Quarter 2004 Financial Results; Wireless Sales Drive 23% Quarter over Quarter Revenue Growth.Business Editors 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)--April 20, 2004 Carrier Access Corporation (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 : 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 manufacturer 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). communications equipment, today reported results for its first quarter ended March 31, 2004. Revenue for the first quarter of 2004 was $28.5 million compared with $23.3 million for the fourth quarter of 2003 and $11.2 million for the first quarter of 2003. Net income for the first quarter of 2004 was $2.7 million, or $0.09 per share, compared with net income for the fourth quarter of 2003 of $1.5 million, or $0.05 per share, and net income of $117,000, or $0.00 per share, for the first quarter of 2003. This marks Carrier Access' fourth consecutive quarter of revenue growth and fifth consecutive quarter of net income growth. In the first quarter of 2004, Carrier Access completed a public offering of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 6.8 million shares of common stock, resulting in net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). to the Company of approximately $78.5 million. The Company ended the quarter with cash, cash equivalents, and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has available for sale of $118.1 million. "Q1 was an excellent quarter for Carrier Access as we recorded 23% quarter over quarter revenue growth, and 79% quarter over quarter net income growth," said Roger Koenig, 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 of Carrier Access. "We believe our balance sheet strength, 11 years of operating history and technology direction, combined with our incumbent Refers to an entity that is currently in power. For example, in politics, the "incumbent senator" is the person who holds that office today. An "incumbent company" is an organization that has been providing goods and services for some time. See ILEC. vendor status and extensive sales and distribution channels, give us an advantage for strong, continued success across our three focus markets -- wireless, broadband and fiber access." Carrier Access will conduct a conference call and audio webcast to discuss its first quarter 2004 earnings today at 4:30 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 . This call is open to the public. Participants should dial 712-257-0021, domestically or internationally, at least fifteen minutes prior to the scheduled start time and reference Carrier Access. The audio webcast will be simultaneously si·mul·ta·ne·ous adj. 1. Happening, existing, or done at the same time. See Synonyms at contemporary. 2. Mathematics available and will also be available for replay until April 20, 2005. To access the simultaneous audio webcast or replay, please visit the Carrier Access Investor Relations Investor relations The process by which the corporation communicates with its investors. page at www.carrieraccess.com/investors or see www.fulldisclosure.com. About Carrier Access Corporation Carrier Access designs, manufactures and sells next-generation broadband access See broadband and wireless broadband. communications equipment to wireline and wireless service providers. Our products are used to upgrade access capacity and implement the convergence convergence Mathematical property of infinite series, integrals on unbounded regions, and certain sequences of numbers. An infinite series is convergent if the sum of its terms is finite. of IP, voice and data services enabling communications providers to deploy new media-rich 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 and personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. communications services. Carrier Access is headquartered in Boulder, Colorado The City of Boulder (, Mountain Time Zone) is a home rule municipality located in Boulder County, Colorado, United States. Boulder is the 11th most populous city in the State of Colorado, as well as the most populous city and the county . For more information, visit www.carrieraccess.com. Forward-Looking Statement 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. Caution This press release contains forward-looking statements about our ability to attain revenue and maintain our balance sheet, incumbent vendor status, direct and indirect sales channels as well as our growth prospects in wireless. Our results of operations for the first quarter of fiscal 2004 and quarter over quarter revenue and net income growth are not necessarily indicative indicative: see mood. of the results that may be expected for any future period. We caution that actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including, but not limited to, continuing uncertainty regarding general economic conditions, changes in 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. by carriers and telecommunications companies See telecom company. , market acceptance of our products, problems with or at our customers, distributors, OEM's and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. suppliers, growth rates Growth Rates The compounded annualized rate of growth of a company's revenues, earnings, dividends, or other figures. Notes: Remember, historically high growth rates don't always mean a high rate of growth looking into the future. within our industry, the financial stability of our customers, the introduction of new competition and technologies, and other risks and uncertainties including those factors discussed in the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2003, and other documents periodically filed with the Securities and Exchange Commission. We do not undertake any obligation to revise or update any forward-looking statements, whether as a result of new information, future events, or otherwise.
CARRIER ACCESS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(in thousands, except per share amounts)
March 31, Dec. 31,
2004 2003
--------- ----------
ASSETS
Current assets:
Cash and cash equivalents $104,469 $17,207
Marketable securities available for sale 13,620 19,335
Accounts receivable, net 17,708 18,333
Inventory, net 28,261 26,135
Prepaid expenses and other 4,276 4,708
--------- ----------
Total current assets 168,334 85,718
Property and equipment, net 6,708 7,012
Goodwill 6,748 6,748
Intangibles, net 7,342 7,692
Other assets 200 372
--------- ----------
Total assets $189,332 $107,542
========= ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $13,179 $12,862
Accrued compensation payable 2,170 2,905
Deferred rent 902 912
Accrued expenses and other liabilities 1,444 1,469
--------- ----------
Total liabilities 17,695 18,148
Stockholders' equity:
Preferred stock -- --
Common stock 34 27
Additional paid-in capital 186,085 106,571
Deferred compensation -- (12)
Accumulated deficit (14,481) (17,185)
Accumulated other comprehensive income (1) (7)
--------- ----------
Total stockholders' equity 171,637 89,394
--------- ----------
Total liabilities and stockholders' equity $189,332 $107,542
========= ==========
CARRIER ACCESS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(in thousands, except per share amounts)
Three Months Ended
March 31,
2004 2003
-------- --------
Revenue, net $28,547 $11,203
Cost of sales 15,612 6,154
-------- --------
Gross profit 12,935 5,049
-------- --------
Operating expenses:
Research and development 3,975 2,608
Sales and marketing 4,577 2,675
General and administrative 1,719 1,234
Bad debt expense (recoveries) (183) (1,412)
Goodwill and other intangible amortization 347 --
-------- --------
Total operating expenses 10,435 5,105
-------- --------
Income (loss) from operations 2,500 (56)
Other income, net 219 84
-------- --------
Income before income taxes 2,719 28
Income tax expense (benefit) 15 (89)
-------- --------
Net income $2,704 $117
======== ========
Income per share, basic and diluted $0.09 $0.00
Weighted average common shares outstanding:
Basic 29,318 24,771
Diluted 31,724 24,950
The accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. notes are an integral part of these 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 financial statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge .
CARRIER ACCESS CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
Three Months Ended
March 31,
------------------
2004 2003
--------- --------
Cash flows from operating activities:
Net income $2,704 $117
Adjustments to reconcile net income to net cash
provided by operating activities:
Depreciation and amortization expense 1,207 1,079
Recoveries of doubtful accounts, net (183) (1,412)
Provision for inventory obsolescence 395 --
Stock-based compensation 5 48
Changes in operating assets and liabilities:
Accounts receivable 808 1,450
Income taxes receivable -- 6,882
Inventory (2,520) (1,507)
Prepaid expenses and other 605 (29)
Accounts payable and accrued expenses (453) (2,351)
--------- --------
Net cash provided by operating
activities 2,568 4,277
--------- --------
Cash flows from investing activities:
Purchases of property and equipment (554) (220)
Purchases of marketable securities -- (4,155)
Sales and maturities of marketable securities
available for sale 5,721 498
--------- --------
Net cash provided (used) by
investing activities 5,167 (3,877)
--------- --------
Cash flows from financing activities:
Proceeds from stock offering 83,606 --
Offering costs (5,055) --
Proceeds from exercise of stock options 976 --
--------- --------
Net cash provided by financing
activities 79,527 --
Net increase in cash and cash equivalents 87,262 400
Cash and cash equivalents at beginning of period 17,207 14,900
--------- --------
Cash and cash equivalents at end of period $104,469 $15,300
========= ========
Supplemental cash flow disclosures:
Income tax refunds $-- $(6,972)
========= ========
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