Natural MicroSystems Announces Results for the First Quarter of 1999.FRAMINGHAM Framingham (frā`mĭnghăm'), town (1990 pop. 64,994), Middlesex co., E Mass., on the Sudbury River between Worcester and Boston; settled 1650, inc. 1700. , Mass.--(BUSINESS WIRE)--April 15, 1999-- Natural MicroSystems, the technology leader in Open TelecommunicationsTM, today announced results for the first quarter of 1999. Revenues (in thousands) for the first quarter of 1999 were $16,621 versus $20,007 reported for the corresponding quarter in 1998. Net loss (in thousands) for the quarter was $3,451 verses net income of $504 reported for the first quarter of 1998. Loss per share for the quarter was $0.31 based on 11.0 million weighted average shares outstanding, compared to earnings per 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. share of $0.04 on 11.5 million weighted average shares outstanding for the comparable period in 1998. These results are in line with preliminary results announced on April 1, 1999. Commenting on the results, Bob Schechter Schech·ter , Solomon 1847-1915. Romanian-born Hebrew scholar who discovered the lost chapters of Ecclesiasticus. , Natural MicroSystems 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. stated, "During the quarter we continued to experience softness in our traditional business, while revenues from emerging infrastructure market segments and new strategic accounts has taken longer than expected to develop. The expanding wireless and convergence-driven solutions markets we are pursuing represent sizeable opportunities, however, it will be late in the year before these opportunities yield revenue growth. We continue to see emerging demand for our unique combination of leading edge technologies and engineering services as major equipment providers and OEM's increasingly move toward Open Telecommunications-based solutions." During the quarter, Natural MicroSystems announced availability of important new products, including the Alliance Generation(R) (AG) 2000 and 4000 boards, based on the company's advanced AG2 architecture. With their universal port technology, the new AG 2000 and AG 4000 dramatically enhance the scalability, performance and cost-efficiency of platforms for a wide range of applications from speech recognition to high-density fax servers. The company also enhanced its technical support offerings with a new NaturalEdge Support web site, providing on-line access to software updates, interactive support services support services Psychology Non-health care-related ancillary services–eg, transportation, financial aid, support groups, homemaker services, respite services, and other services and technical tips. Also during the quarter several important customers announced new products developed on Natural MicroSystems platforms. IBM's ViaVoice division launched its Directory Dialer product based on the new AG 4000 and NaturalRecognition. Interactive Intelligence announced its decision to use Natural MicroSystems SS7 technology to build distributed call center solutions. Sweden-based SendIt announced the addition of forward-to-fax capability in its "wireless 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 " platform, leveraging Natural MicroSystems NaturalFax and SS7 technologies. Vsys introduced a new IP telephony The two-way transmission of voice over a packet-switched IP network, which is part of the TCP/IP protocol suite. The terms "IP telephony" and "voice over IP" (VoIP) are synonymous. gateway solution based on Fusion(TM). Edify ed·i·fy tr.v. ed·i·fied, ed·i·fy·ing, ed·i·fies To instruct especially so as to encourage intellectual, moral, or spiritual improvement. Corp. and Compaq used Natural MicroSystems Alliance Generation platforms to achieve a new scalability record for IVR (Interactive Voice Response) An automated telephone information system that speaks to the caller with a combination of fixed voice menus and data extracted from databases in real time. systems. In an important initiative designed to speed the adoption of CompactPCI for telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. systems, Natural MicroSystems spearheaded the launch of "Open Source for Open Telecommunications", an independent effort to provide proven software components solutions developers need to build highly available systems for telecommunications. Natural MicroSystems and initiative supporters Motorola Computer Group, Ericsson and Lucent Technologies Microelectronics microelectronics, branch of electronic technology devoted to the design and development of extremely small electronic devices that consume very little electric power. Group, have made source code available on the opentelecom.org web site. Developers can download To receive a file transmitted over a network. In any communications session, "download" means receive, and "upload" means send. The download/upload often implies a big/little scenario, in which data is being downloaded from the "big" server into the "little" user's computer. the software to significantly shorten (audio, compression) Shorten - A form of lossless audio compression. their development cycles for high availability Also called "RAS" (reliability, availability, serviceability) or "fault resilient," it refers to a multiprocessing system that can quickly recover from a failure. There may be a minute or two of downtime while one system switches over to another, but processing will continue. systems. About Natural MicroSystems Natural MicroSystems(TM) (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 :NMSS NMSS National Multiple Sclerosis Society NMSS Nuclear Material Safety and Safeguards NMSS New Model Special Schools NMSS Network Management Support Services ), based in Framingham, Mass., is the technology leader in Open Telecommunications, providing hardware and software technologies for developers of high-value telecommunications solutions. The Company's state-of-the-art technology enables a growing international network of OEMs, VARs, systems integrators An individual or organization that builds systems from a variety of diverse components. With increasing complexity of technology, more customers want complete solutions to information problems, requiring hardware, software and networking expertise in a multivendor environment. and service providers to reduce time to market, leverage development resources, and offer truly global communications products. Natural MicroSystems products are installed in more than 40 countries worldwide. Founded in 1983, Natural MicroSystems developed Watson(R), the first product to utilize DSP (1) (Digital Signal Processor) A special-purpose CPU used for digital signal processing applications (see definition #2 below). It provides ultra-fast instruction sequences, such as shift and add, and multiply and add, which are commonly used in math-intensive technology in PC-based 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. products, and has been a leader in the creation of MVIP (MultiVendor Integration Protocol) A voice bus and switching protocol developed by Natural Microsystems, Natick, MA, and others. Used to build call center equipment using regular PCs, MVIP provides a second communications bus within the computer that can and H.100, the industry standards for interoperability The capability of two or more hardware devices or two or more software routines to work harmoniously together. For example, in an Ethernet network, display adapters, hubs, switches and routers from different vendors must conform to the Ethernet standard and interoperate with each other. in PC-based telephony products. More information on the company is available at http://www.nmss.com. Statements expressing the beliefs and expectations of management regarding future performance are forward-looking and involve risks and uncertainties including, but not limited to, quarterly fluctuations in results and other risks. These risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's 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 31, 1998. Actual results may differ materially from management expectations. Natural MicroSystems, Open Telecommunications, and Fusion are trademarks of Natural MicroSystems Corp. Alliance Generation and Watson are registered trademarks of Natural MicroSystems Corp. MVIP is a trademark of GO-MVIP, Inc. All other product or corporate references are trademarks or registered trademarks of their respective companies. -O-
NATURAL MICROSYSTEMS CORPORATION
Consolidated Statements of Operations
(In $000's except share and per share data)
(Unaudited)
For the Three Months Ended
March 31,
1999 1998
Revenues $ 16,621 $ 20,007
Cost of revenues 6,625 6,066
----------- -----------
Gross profit 9,996 13,941
Operating expenses:
Selling, general
and administrative 9,590 6,305
Research and development 5,554 4,583
Provision for uncollectable
receivable -- 2,500
----------- -----------
Total operating expenses 15,144 13,388
----------- -----------
Operating income (loss) (5,148) 553
Other income, net (161) 223
----------- -----------
Income (loss) before
income taxes (5,309) 776
----------- -----------
Income tax expense (benefit) (1,858) 272
----------- -----------
Net income (loss) $ (3,451) $ 504
=========== ===========
Basic net income (loss)
per common share $ (0.31) $ 0.05
Weighted average shares
outstanding 11,024,120 10,827,111
=========== ===========
Diluted net income (loss)
per common share $ (0.31) $ 0.04
=========== ===========
Weighted average
shares outstanding 11,024,120 11,493,244
=========== ===========
NATURAL MICROSYSTEMS CORPORATION
Condensed Consolidated Balance Sheet
(In $000)
Unaudited
March 31, December 31,
ASSETS 1999 1998
Current assets:
Cash and marketable securities $16,071 $17,922
Accounts receivable, net 14,169 17,224
Inventories 9,112 9,773
Prepaid expenses and other
current assets 7,812 6,599
-------- --------
Total current assets 47,164 51,518
Property and equipment, net 14,165 13,981
Other long-term assets 9,091 9,214
Goodwill, net 4,195 3,925
-------- --------
$74,615 $78,638
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities 13,021 13,327
Long-term obligations,
less current portion 48 158
Stockholders' equity 61,546 65,153
-------- --------
Total liabilities and
stockholders' equity $74,615 $78,638
======== ========
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion