Carrier Access Reports First-Quarter 2001 Results.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 19, 2001 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 access See broadband and wireless broadband. equipment, today reported results for its first quarter ending March 31, 2001. Net revenue for the first quarter increased to $28.8 million compared to net revenue of $25.0 million for the fourth quarter of 2000. Net loss before goodwill amortization for the first quarter improved to $50,000, or zero 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. , from the $255,000, or one cent per share, net loss reported for the fourth quarter of 2000. Net loss, including goodwill amortization, for the first quarter of 2001 was $852,000, or a loss of three cents fully 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. per share. This compares to a net loss, including goodwill amortization, of $916,000, or four cents per share, an improvement over the fourth quarter of 2000. In the first quarter of 2000, the Company reported net revenue of $38.7 million and net income of $7.5 million. "We are pleased with our first-quarter operating results and are delighted to report higher revenue and net income over the fourth quarter of 2000," said Roger Koenig, president and Chief Executive Officer. "The last six months have been challenging for the service provider segment, and our increase in revenue is encouraging. The continued adoption of our products during service provider budget constraints A Budget Constraint represents the combinations of goods and services that a consumer can purchase given current prices and his income. Consumer theory uses the concepts of a budget constraint and a preference ordering to analyze consumer choices. shows that they recognize how our solutions can help them optimize optimize - optimisation their networks, increase their revenue potential and lower their cost of deploying new services. We believe that we provide our customers a value proposition that becomes even more important in times of economic uncertainty." Koenig further stated: "The progress we are making in other markets -- traditional incumbent (ILEC (Incumbent Local Exchange Carrier) A traditional local telephone company such as one of the Regional Bell companies (RBOCs). Contrast with CLEC. See ELEC and TELRIC. ) and wireless service providers -- is exciting. Our recent announcement about the selection of the Wide Bank by a major ILEC emphasizes that we are well on the way toward diversifying our customer base and the markets we serve. Even though this did not generate meaningful revenue in the first quarter, we were still able to increase our sales to ILEC and global carriers from the fourth quarter." Mr. Koenig also reported that as of March 31, 2001, the Company's cash, cash equivalents, 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. investments totaled $52 million and that 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. totaled $132 million. Carrier Access will hold a conference call 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 to review these results. The call is open to the public, and those who wish to participate should dial 719/457-2630, domestically or internationally, at least ten to fifteen minutes prior to the scheduled start time for the call, and reference Carrier Access. Carrier Access has also scheduled this event to be broadcast live via web cast and replayed until 4:00 p.m. EDT on April 24, 2001. To access this web cast, please go to the Investor Relations Investor relations The process by which the corporation communicates with its investors. page at www.carrieraccess.com, or www.streetfusion.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 release contains information about future expectations, plans and prospects of Carrier Access' management that constitute forward-looking statements for purposes of the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions under 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. 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, general economic conditions and other factors that are 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. and other documents periodically filed with the SEC. About Carrier Access Carrier Access is a leading provider of broadband access and service creation equipment. Our customers are service providers and include local exchange carriers, wireless providers, ISPs, and global carriers. Carrier Access products enable service providers to deliver 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). business services to end users -- business-class voice, 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, video and Internet access See how to access the Internet. . Our products may be located in both carrier and customer facilities to create high-bandwidth access infrastructures. Carrier Access' Access Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator (TM), Adit adit (ăd`ĭt), in mining, underground passage excavated nearly horizontally, with one end open to the earth's surface, usually used to service a mine. The adit end is the furthermost end from the surface, i.e., the location where miners work. (TM), Broadmore(TM), NetworkValet(TM) and Wide Bank(R) product lines are used with optical fiber, T3, T1, DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary and digital radio transport technologies to deliver new services at lower operating costs operating costs npl → gastos mpl operacionales . For more information about Carrier Access and our product solutions, visit www.carrieraccess.com. For More Information Please refer to the attached income statement and balance sheet for details on the company's financial results. Additional information about Carrier Access and its products can be found at www.carrieraccess.com. Access Bank and Wide Bank are registered trademarks, and Access Navigator, Access with no limits, Adit, Broadmore, the Carrier Access logo and NetworkValet are trademarks of Carrier Access Corporation. All other trademarks are the property of their respective companies. All specifications and product pricing are subject to change without notice.
CARRIER ACCESS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
March 31,
2001 December 31,
(unaudited) 2000
--------------- ---------------
ASSETS
Current assets:
Cash and cash equivalents $ 32,788 $ 32,812
Marketable securities
available for sale 19,154 19,648
Accounts receivable, net 16,893 23,059
Income tax receivable 1,785 4,383
Inventory, net 30,852 31,355
Deferred income taxes 3,417 3,417
Prepaid expenses and other 2,027 1,895
------- -------
Total current assets 106,916 116,569
Property and equipment, net
of accumulated depreciation
and amortization 14,796 13,942
Goodwill and other intangibles,
net of amortization 15,917 16,879
Deferred income taxes 1,894 1,894
Other assets 250 231
------- -------
Total assets $139,773 $149,515
======= =======
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,072 $ 10,262
Accrued expenses and other
liabilities 5,427 6,456
------- -------
Total current liabilities 7,499 16,718
------- -------
Stockholders' equity:
Common stock $0.001 par value,
60,000 authorized and 24,673
shares issued and outstanding
at December 31, 2000, and
24,185 shares issued and
outstanding at March 31, 2001 30 30
Additional paid-in capital 86,143 86,135
Deferred compensation (1,243) (1,425)
Retained earnings 47,015 47,867
Accumulated other comprehensive
income 329 190
------- -------
Total stockholders' equity 132,274 132,797
------- -------
Commitments
Total liabilities and
stockholders' equity $139,773 $149,515
======= =======
CARRIER ACCESS CORPORATION
CONDENSED INCOME STATEMENTS
(in thousands, except per-share amounts)
(unaudited)
Three Months Ended March 31,
2001 2000
------- -------
Net revenue $ 28,838 $ 38,726
Cost of goods sold 13,779 16,745
------- -------
Gross profit 15,059 21,981
------- -------
Operating expenses:
Research and development 5,415 5,931
Sales and marketing 8,518 4,107
General and administrative 3,250 1,483
Amortization of deferred
stock option compensation 182 124
------- -------
Total operating expenses 17,365 11,645
------- -------
Income (loss) from operations (2,306) 10,336
Other income (expense), net 581 721
------- -------
Income (loss) before income
taxes (1,725) 11,057
Income tax benefit (873) 3,538
------- -------
Net income (loss) available to
common stockholders $ (852) $ 7,519
======= =======
Income (loss) per share:
Basic $ (0.03) $ 0.31
Diluted $ (0.03) $ 0.30
Weighted average common
shares outstanding:
Basic 24,679 24,179
Diluted 24,679 24,962
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