Centillium Communications Announces First Quarter 2005 Financial Results.FREMONT, Calif. -- Centillium Communications, Inc. (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 :CTLM CTLM Imaging Computed tomography laser mammography A diagnostic technique using lasers to produce a 3-D cross-sectional image of the breast without x-rays. See Mammography. ), a leading provider of broadband access See broadband and wireless broadband. solutions, today announced financial results for the first quarter ended March 31, 2005. Revenues in the first quarter of 2005 were $17.2 million, compared with revenues of $16.4 million in the fourth quarter of 2004. The net loss in the first quarter of 2005 was $6.4 million, or a net loss of $0.16 per share, compared with a net loss of $11.8 million, or a net loss of $0.30 per share, in the fourth quarter of 2004. "We realized the benefits of the cost reductions we implemented in the second half of last year," said Faraj Aalaei, Co-founder 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. of Centillium. "Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. in the first quarter decreased to $15.1 million, compared with $19.9 million in the fourth quarter of 2004. We remain committed to growing revenues, controlling expenses and driving Centillium toward profitability," he said. "As we announced today, we are pleased to have added Jitesh Vadhia as our senior vice president and general manager. I believe he will increase the impact of our engineering and marketing efforts. Jitesh's management experience in the semiconductor industry will be invaluable to Centillium as we align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. our three business units, 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 , Optical and Voice-over-IP, into a single organizational structure  This article has no lead section.To comply with Wikipedia's lead section guidelines, one should be written. under his leadership. "During the quarter, we announced Pharos(TM), our newest chipset A group of chips designed to work as a unit to perform a function. For example, a modem chipset contains all the primary circuits for transmitting and receiving. A PC chipset provides the electronic interfaces between all subsystems (see PC chipset for illustration). in the DSL market. Pharos is our sixth generation ADSL See DSL. ADSL - Asymmetric Digital Subscriber Line Central Office chipset, which builds upon many years of ADSL deployment experience. Pharos is targeted toward Annex an·nex tr.v. an·nexed, an·nex·ing, an·nex·es 1. To append or attach, especially to a larger or more significant thing. 2. A, B or C, enabling customers to achieve lower system cost and faster deployment of premium broadband services See broadband and broadband service provider. across multiple markets. Dasan Networks, a leading networking solutions company based in Seoul, Korea, selected our Pharos chipset for its high density IPDSLAM IPDSLAM Internet Protocol Digital Subscriber Line Access Multiplexer application because it will enable the company to deliver high-performance, feature-rich ADSL-based last mile access solutions," said Aalaei. A conference call discussing the first quarter 2005 financial results will follow this release at 2:00 p.m. Pacific time/5:00 p.m. Eastern time. To listen to the call, please dial (712) 257-2114, pass code: Centillium. A replay will be made available approximately one hour after the conclusion of the call and will remain available for approximately two weeks. To access the replay, dial (203) 369-0896. The conference call will also be webcast over the 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 ; visit the Investor Relations Investor relations The process by which the corporation communicates with its investors. section of the Centillium Communications website at www.centillium.com to access the call from the website. This webcast will be recorded and available for replay on the Centillium website approximately two hours after the conclusion of the conference call for approximately two weeks. About Centillium Communications Centillium Communications, Inc. is a leading innovator of high performance, cost-effective semiconductor solutions that give consumers, enterprises and service providers the winning edge in broadband access. The company's complete, end-to-end system-on-chip solutions accelerate development time-to-market for "last mile" products with Digital Subscriber Line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL), Fiber-To-The-Premises (FTTP (Fiber To The Premises) The installation of optical fiber from the carrier directly into the home or office. Also called "fiber to the home" (FTTH). See PON and FTTC. See also FTP. ) and Voice-over-Internet Protocol (VoIP) technologies. Centillium products include digital and mixed-signal integrated circuits A mixed-signal integrated circuit combines analog circuits with digital signal processing (DSP) circuits on a single semiconductor die. An integrated circuit that includes both analog and digital circuitry (but no DSP), like a 555 timer, is generally not considered a mixed-signal and related software for DSL and FTTP central office and customer premises equipment See CPE. and VoIP solutions for carrier- and enterprise-class gateways and consumer telephony Meaning "sound over distance," it refers to electronically transmitting the human voice. In the beginning, telephony dealt only with analog signals in the circuit-switched networks of the telephone companies. . Centillium is a global company with headquarters in Fremont, CA. Additional information is available at www.centillium.com. Forward Looking Statements Except for statements of historical fact, this press release includes statements that are 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. within the meaning of U.S. Federal securities laws. Actual results may differ materially from those indicated by such forward-looking statements based on a variety of risks and uncertainties, including without limitation the risks and uncertainties relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the rate and breadth of deployment of broadband access in general, especially DSL, Fiber-to-the-Premises and VoIP technologies, and Centillium's technology solutions in particular; the successful development and market acceptance of Centillium's new products and technology; Centillium's dependence on a few significant customers for a substantial portion of its revenue; Centillium's ability to continue and expand on its relationships with new customers; the timing, rescheduling or cancellation of significant customer orders and Centillium's ability, as well as the ability of its customers, to manage inventory; Centillium's ability to specify, develop or acquire, complete, introduce, market and transition to volume production new products and technologies in a cost-effective and timely manner; competitive pressures and other factors such as the qualification, availability and pricing of competing products and technologies and the resulting effects on sales and pricing of Centillium's products; the timing of customer-industry qualification and certification of Centillium's products and the risks of non-qualification or non-certification; Centillium's ability to timely and accurately predict market requirements and evolving industry standards and to identify opportunities in new markets; changes in Centillium's product or customer mix; the satisfactory completion of the audits of Centillium's financial statements and systems of internal control; intellectual property disputes and customer indemnification Indemnification Used in insurance policy agreements as to compensation for damage or loss. In the context of corporate governance, Director Indemnification uses the bylaws and/or charter to indemnify officers and directors from certain legal expenses and judgements resulting from claims and other types of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. risk; the effectiveness of Centillium's expense and product cost control and reduction efforts; and Centillium's ability to attract, retain and motivate qualified personnel, including executive officers and other key management and technical personnel. Centillium undertakes no obligation to update forward-looking statements for any reason. Information about potential factors that could affect Centillium's financial results is included in Centillium'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 in other documents on file with the Securities and Exchange Commission. Centillium Communications and the Centillium Logo are trademarks of Centillium Communications, Inc. in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and certain other countries. All rights reserved.
CENTILLIUM COMMUNICATIONS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
Three Months Ended
March 31,
---------------
2005 2004
---- -----
(In thousands, except
per share data)
Net revenues $ 17,196 $ 15,839
Cost of revenues 8,733 8,784
-------- --------
Gross profit 8,463 7,055
Operating expenses:
Research and development 8,983 14,261
Selling, general and administrative 6,092 5,734
-------- --------
Total operating expenses 15,075 19,995
-------- --------
Operating loss (6,612) (12,940)
Interest income, net 299 277
-------- --------
Loss before provision for income taxes (6,313) (12,663)
Provision for income taxes (40) (26)
-------- --------
Net loss $ (6,353) $(12,689)
======== ========
Basic and diluted net loss per share $ (0.16) $ (0.33)
======== ========
Shares used to compute basic and diluted net loss
per share 38,845 37,891
======== ========
Note: There were no expenses incurred for stock based compensation for
the three months ended March 31, 2005 as compared to $150,000
incurred for the three months ended March 31, 2004.
CENTILLIUM COMMUNICATIONS, INC.
CONSOLIDATED BALANCE SHEETS
March 31, Dec. 31,
2005 2004
---- ----
(In thousands, except
share and per share
data)
ASSETS
Current assets:
Cash $ 36,823 $ 31,996
Short term investments 17,463 30,195
Accounts receivable - net of allowance for
doubtful accounts of $170 at March 31, 2005
and $151 at December 31, 2004 7,610 5,348
Inventory - net 5,225 6,100
Prepaids and other current assets 2,677 1,225
--------- ---------
Total current assets 69,798 74,864
Property and equipment, net 5,607 6,528
Other assets 543 553
--------- ---------
Total assets $ 75,948 $ 81,945
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,750 $ 5,599
Accrued payroll and related expenses 3,838 3,364
Accrued liabilities 17,401 16,786
--------- ---------
Total current liabilities 25,989 25,749
--------- ---------
Other long-term liabilities 847 864
Stockholders' equity:
Common stock; $0.001 par value:
Authorized shares: 100,000,000; Issued and
outstanding shares: 38,914,833 at March 31,
2005, 38,810,001 at December 31, 2004 39 39
Additional paid-in Capital 244,637 244,493
Accumulated deficit (195,508) (189,155)
Accumulated other comprehensive loss (56) (45)
--------- ---------
Total stockholders' equity 49,112 55,332
--------- ---------
Total liabilities and stockholders' equity $ 75,948 $ 81,945
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