Carrier Access Reports Record Second-Quarter 2000 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)--July 20, 2000 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 second quarter period ending June June: see month. 30, 2000. Net revenue for the second quarter increased 74 percent to a record $44,126,000 compared to net revenue of $25,288,000 for the second quarter of 1999. Net revenue for the six months ended June 30, 2000, was $82,851,000, an increase of 76 percent from $46,972,000 reported for the six months ended June 30, 1999. Net income for the second quarter increased to $7,863,000, an increase of 54 percent from the $5,117,000 reported for the second quarter of 1999. Net income for the six months ended June 30, 2000, increased 53 percent to $15,382,000 over the $10,030,000 reported for the six months ended June 30, 1999. Earnings per share, 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. , increased approximately 60 percent to 32 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. for the second quarter from 20 cents per share a year ago. "We are pleased to report another quarter of revenue and earnings- per-share increases," said Roger Koenig, president and chief executive officer. "The demand for high-speed Internet See broadband. and 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). communication services continues to drive our growth and ongoing success. We believe market acceptance of our solution sets is accelerating as service providers look for equipment solutions that increase their service offerings, reduce their cost of deployment, and provide them with the flexibility and capacity to offer additional bandwidth-intensive, multiservice applications." According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Barry Barry, Welsh Barri, town (1991 pop. 45,053) and port, Vale of Glamorgan, S Wales, on the Bristol Channel. Once a major coal-exporting port, its more diversified export products include cement, flour, and steel products. Kantner, vice president of marketing, sales for the company's Wide Bank products grew an impressive 32 percent quarter over quarter. "We continue to see a strong demand for our rich feature set and redundancy options for the Wide Bank product in new and existing customer accounts. We anticipate that the addition of our Fan Faceplate Option for the Wide Bank, which provides support for an unprecedented 1,120 DS1 ports in a single equipment rack and other options for this product family, will continue to fuel our growth as the industry's top DS1 service delivery enhancement platform." Koenig stated that the company is also seeing tremendous interest and new customer wins with the Access Navigator See Netscape Navigator, Netscape and Norton Navigator. Navigator - Netscape Navigator product line with sales up 35 percent for the quarter. "Our customers are looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. new ways to reduce costs and increase profits. With the Access Navigator, service providers can make more efficient use of expensive switch ports and realize immediate savings in back-haul transmission costs. The Access Navigator continues its pull through for our remote product sales. In addition, we are pleased by the continued acceptance of our 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. platform. The demand for the product continues to make it the most successful product rollout in our company's history." Koenig added: "Our strong earnings and cash position have allowed us to invest more in our product development areas. We continue to focus our engineering efforts on introducing intelligent, software-intense solutions that enable service providers to lower their cost of deploying services. Service providers are no longer primarily focused on the size of their customer base or how many access lines they provide. They're they're Contraction of they are. they're be increasingly looking to enhance their profitability and Carrier Access is well positioned to take advantage of new opportunities to help service providers both improve their profitability as well as the efficiency of their networks." Carrier Access reported that as of June 30, 2000, 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 $75,964,000 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. totaled $114,213,000. About Carrier Access Carrier Access is a leading provider of broadband access equipment to communications carriers, 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 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, government and enterprise end users. Carrier Access' Access Bank(R), Adit(TM), Access Navigator(TM), and Wide Bank(R) family products are connected to T1, HDSL See DSL. HDSL - High bit-rate Digital Subscriber Line , 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. This news release contains forward-looking statements 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. based on current expectations, forecasts and assumptions that involve risks and uncertainties that could cause actual outcomes and results to differ materially. These risks and uncertainties include price and product competition, dependence on new product development, reliance on major customers, and customer demand for our products and services. A number of the risks and uncertainties in our business 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 March 31, 2000.
Carrier Access Corporation
Condensed Income statements
(in thousands, except per share data)
Three Months Ended Six Month Ending
June 30, June 30, June 30, June 30,
2000 1999 2000 1999
(unaudited) (unaudited) (unaudited) (unaudited)
----------- ----------- ----------- -----------
Net revenue $44,126 $25,288 $82,851 $46,972
Cost of goods sold 19,102 11,088 35,847 19,972
------- ------- ------- -------
Gross profit 25,024 14,200 47,004 27,000
------- ------- ------- -------
Operating expenses:
Research and
development 7,153 2,893 13,085 5,216
Sales and marketing 4,994 2,630 9,100 4,909
General and
administrative 2,011 1,084 3,493 2,015
Amortization of
deferred stock
compensation 103 205 227 409
------- ------- ------- -------
Total operating
expenses 14,261 6,812 25,905 12,549
------- ------- ------- -------
Income from
operations 10,763 7,388 21,099 14,451
Other income, net 800 543 1,522 1,099
------- ------- ------- -------
Income before
income taxes 11,563 7,931 22,621 15,550
Income tax expense 3,700 2,814 7,239 5,520
------- ------- ------- -------
Net income available
to common stockholders $7,863 $5,117 $15,382 $10,030
------- ------- ------- -------
------- ------- ------- -------
Net income per share:
Basic $0.32 $0.21 $0.64 $0.42
Diluted $0.32 $0.20 $0.62 $0.40
Weighted average
common shares:
Basic 24,270 23,920 24,176 23,812
Diluted 24,848 25,285 24,927 25,231
Carrier Access Corporation
Condensed BALANCE SHEETS
(in thousands)
June 30, December 31,
2000 1999
(unaudited)
----------- ------------
ASSETS
Current assets:
Cash and cash equivalents $63,870 $25,460
Securities available for sale 12,094 39,861
Accounts receivable, net 26,395 22,454
Inventory, net 11,254 9,444
Deferred income taxes 3,165 2,182
Prepaid expenses and
other current assets 1,606 1,862
------- -------
Total current assets 118,384 101,263
Property and equipment, net 10,802 6,890
Deferred income taxes 0 60
Other assets 975 132
------- -------
Total assets $130,161 $108,345
------- -------
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued expenses $14,374 $9,427
Income taxes payable 1,430 1,400
Other current liabilities 144 284
------- -------
Total current liabilities 15,948 11,111
------- -------
Stockholders' equity:
Common stock and additional
paid-in-capital 70,332 69,477
Deferred stock option compensation (817) (1,559)
Retained earnings 44,698 29,316
------- -------
Total stockholders' equity 114,213 97,234
------- -------
Total liabilities and
stockholders' equity $130,161 $108,345
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