Carrier Access Reports Fourth-Quarter and 2000 Year-End Results.Business Editors & High-Tech high-tech also hi-tech adj. Informal Of, relating to, or resembling high technology. high-tech Adjective same as hi-tech Adj. 1. Writers 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. 18, 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 fourth quarter and year ended December December: see month. 31, 2000. Net revenue for the year ended December 31, 2000, was $148,050,000, an increase over the $108,815,000 reported for the year ended December 31, 1999. Net revenue for the fourth quarter of 2000 was $25,014,000, as compared to net revenue of $33,112,000 for the fourth quarter of 1999. Net income before goodwill amortization for the year ended December 31, 2000, was $19,643,000, compared to the $23,565,000 for the year ended December 31, 1999. Net loss before goodwill amortization for the fourth quarter of 2000 was $10,000, 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. , compared to net income before goodwill amortization of $7,291,000 for the fourth quarter of 1999. Actual net loss, including goodwill amortization, for the fourth quarter of 2000 was $651,000, or a loss of 3 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, compared with $7,291,000, or 29 cents per share, fully diluted, for the fourth quarter of 1999. Earnings per share, fully diluted, before goodwill amortization for the year ended December 31, 2000, was 79 cents per share as compared to earnings per share, fully diluted before goodwill amortization, of 93 cents per share for the year ended December 31, 1999. Earnings per share, fully diluted before goodwill amortization for the fourth quarter of 2000, was zero cents per share, as compared to earnings per share, fully diluted before goodwill amortization, of 29 cents per share for the fourth quarter of 1999. Reviewing the fourth-quarter operating results, Carrier Access' Chairman and 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. Roger Koenig stated: "Although we experienced many challenges in the quarter and were disappointed in our fourth-quarter 2000 operating results, we are pleased to report our fourth consecutive year of profitability. We believe we are well positioned, both financially and technologically, to continue in our mission to enable affordable, enhanced communications services for everyone." Carrier Access will hold a conference call today at 5:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. to review these results. The call is open to the public and those who wish to participate should dial 719/457-2680, 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 7:00 p.m. EST on January January: see month. 21, 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 Our business is subject to a number of the risks and uncertainties in our business which are discussed in detail in the Company's SEC reports, including the 1999 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. Report and Form 10-Q Form 10-Q See 10-Q. Report for the quarter ended September September: see month. 30, 2000. About Carrier Access Carrier Access is a leading provider of broadband access equipment to communications service providers A Communications Service Provider or CSP is a company that transports information electronically. The term encompasses public and private companies in the wireline, wireless, Internet, cable, satellite, and managed services businesses. , including competitive local exchange carriers, incumbent local exchange carriers ILEC, short for incumbent local exchange carrier, is a local telephone company in the United States that was in existence at the time of the break up of AT&T into the Regional Bell Operating Companies (RBOCs) also known as the "Baby Bells". , independent operating companies operating company A business that engages in transactions with outsiders. , 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 last mile for the provisioning of enhanced voice and high-speed data services by service providers to businesses, government and enterprise end users. Carrier Access' Access Bank(R), 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), Access Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator (TM), and Wide Bank(R) family products are connected to 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 , digital radio, T3, and optical access and transport networks. Additional information about Carrier Access and its products can be found at 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, and the Carrier Access logo 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)
December 31,
2000 December 31,
(unaudited) 1999
---------------- ----------------
ASSETS
Current assets:
Cash and cash equivalents $32,812 $25,460
Marketable securities
available for sale 19,648 39,861
Income taxes receivable 4,383 --
Accounts receivable, net 23,059 22,454
Inventory, net 31,401 9,444
Prepaid expenses and other
current assets 5,312 4,045
---------------- ----------------
Total current assets 116,615 101,264
Property and equipment, net 13,942 6,890
Goodwill, net 16,946 --
Other assets 2,058 191
---------------- ----------------
Total assets $149,561 $108,345
================ ================
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and
accrued expenses $16,453 $9,712
Income taxes payable -- 1,399
---------------- ----------------
Total current liabilities 16,453 11,111
---------------- ----------------
Stockholders' equity:
Common stock and additional
paid-in-capital 86,194 69,476
Deferred stock option
compensation (1,425) (1,559)
Retained earnings 48,177 29,317
---------------- ----------------
Total stockholders' equity 133,008 97,234
---------------- ----------------
Total liabilities and
stockholders' equity $149,561 $108,345
================ ================
Carrier Access Corporation
Condensed Consolidated Income statements
(in thousands, except per share amounts)
(unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
2000 1999 2000 1999
--------- --------- --------- --------
Net revenue $25,014 $33,113 $148,050 $108,815
Cost of goods sold 11,879 13,719 66,769 45,499
--------- --------- --------- --------
Gross profit 13,135 19,394 81,281 63,316
--------- --------- --------- --------
Operating expenses excluding
goodwill amortization:
Research and development 8,176 4,323 28,697 13,601
Sales and marketing 5,052 3,661 20,035 11,154
General and administrative 1,817 1,263 7,767 4,637
Amortization of deferred
stock compensation 155 205 496 818
---------- --------- --------- --------
Total operating expenses 15,200 9,452 56,995 30,210
---------- --------- --------- --------
Income (loss) from operations
before goodwill
amortization (2,065) 9,942 24,286 33,106
Other income, net 1,217 625 3,525 2,330
---------- --------- ---------- --------
Income (loss) before income
taxes and goodwill
amortization (848) 10,567 27,811 35,436
Income tax expense (benefit) (858) 3,276 8,168 11,871
Income (loss) before goodwill
amortization (10) 7,291 19,643 23,565
Goodwill amortization, net
of tax 661 0 828 0
---------- --------- ---------- --------
Net income (loss) available
to common stockholders
after amortization ($651) $7,291 $18,815 $23,565
========== ========= ========== =========
Income (loss) per share before
goodwill amortization:
Basic $0.00 $0.30 $0.80 $0.98
Diluted $0.00 $0.29 $0.79 $0.93
Income (loss) per share after
goodwill amortization:
Basic ($0.03) $0.30 $0.77 $0.98
Diluted ($0.03) $0.29 $0.75 $0.93
Weighted average common shares:
Basic 24,661 24,113 24,428 23,939
Diluted 24,661 25,295 24,975 25,223
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