OPNET Reports Results for Fiscal Q3 2003.Business Editors/High-Tech Writers BETHESDA Bethesda, city, United States Bethesda, uninc. city (1990 pop. 62,936), Montgomery co., W central Md., an affluent residential and commercial suburb of Washington, D.C. The area was settled in the late 17th cent. , Md.--(BUSINESS WIRE)--Jan. 28, 2003 OPNET OPNET Operations Network OPNET Olympic Peninsula Narcotics Enforcement Team OPNET Operational New Equipment Training OPNET Optimized Network Evaluation Tool OPNET SMDPS Phase III Operational Network Technologies, Inc. (Nasdaq:OPNT): -- Revenue of $11.7 Million and EPS of $0.04 -- Record deferred revenue of $9.7 million -- Operating Cash Flow of $2.2 million OPNET Technologies, Inc. (Nasdaq:OPNT), the leading provider of Intelligent Network Management software, today announced financial results for its fiscal quarter ended December December: see month. 31, 2002. Revenue for the quarter ended December 31, 2002 was $11.7 million compared to $11 million for the same quarter in the prior year. Earnings per share for the third quarter were $0.04 on a 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. basis, compared to $0.06 in the comparable quarter of fiscal 2002. For the nine months ended December 31, 2002, revenues were $34 million compared to $33.4 million for the same period in the prior year. Earnings per share for the nine months ended December 31, 2002 were $0.09 on a diluted basis, compared to $0.17 in the comparable period ended December 31, 2001. OPNET Chairman & 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. , Marc A. Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , stated, "We are very pleased to report a strong quarter for Fiscal Q3. We achieved record deferred revenue, continued to generate cash from operations, controlled costs, and strengthened our backlog Backlog The total value of sales orders waiting to be fulfilled. Notes: This figure is used mainly in the manufacturing industry. Increases or decreases in a company's backlog indicate the future direction of sales and earnings. and visibility. However, we remain conservative in our outlook in what continues to be a challenging economic environment." Fiscal Fourth Quarter Financial Outlook OPNET expects fiscal fourth quarter revenue to be between $11.4 and $11.9 million, and diluted earnings to be between 2 and 4 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. . Financial Highlights for the Third Quarter of Fiscal Year 2003 -- Increased revenue 4.7% sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen in a challenging economy. -- Increased deferred revenues to a record $9.7 million, from $8.8 million at the end of the second quarter of fiscal 2003. -- Generated $2.2 million in cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses . -- Reduced DSOs 2 days from September September: see month. 30, 2002 to 64 days as of December 31, 2002. -- Increased cash to $68 million, up $2.3 million from September 30, 2002. -- Selected as one of the 200 Best Small Companies in America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. by judges at Forbes Forbes , B(ertie) C(harles) 1880-1954. American publisher and businessman who founded and edited (1916-1954) Forbes magazine. His son Malcolm Stevenson Forbes Magazine, based on financial performance. -- Released version released version - release 9.0 of several platform products, including IT Guru, Modeler, SP Guru, and Netbiz/ODK. -- Co-hosted OPNETWORK2002 Tokyo Tokyo (tō`kēō), city (1990 pop. 8,163,573), capital of Japan and of Tokyo prefecture, E central Honshu, at the head of Tokyo Bay. with partner E3 Networks (owned by Mitsui Mitsui: see zaibatsu. & Co.); achieved record attendance from the enterprise IT community in Japan. -- Awarded re-compete contract by Department of Defense for NETWARS NETWARS Network Warfare Simulation project, providing for a 5-year period of performance, an initial $2.2 million dollars for 2003, and four additional option years. The Company will hold an investor conference call on Tuesday Tuesday: see week. , January January: see month. 28, 2003 at 5:00 pm EST EST electroshock therapy. EST abbr. electroshock therapy to review financial results for the third quarter of fiscal 2003. Investors will be able to listen to the call by calling 877/407-9210 in the U.S. or 201/689-8049 for international callers, and enter password A secret word or code used to serve as a security measure against unauthorized access to data. It is normally managed by the operating system or DBMS. However, the computer can only verify the legitimacy of the password, not the legitimacy of the user. See NCSC. OPN OPN Open OPN Ordering Part Number OPN Ojcowski Park Narodowy (Polish: Ojców National Park) OPN Other Procurement, Navy OPN Open Projects Network (IRC Network) OPN Optical Packet Node 1285, or use the webcast at www.opnet.com, or at www.vcall.com (click on OPNT under "Today's VCalls"). Investors are advised to go to the web site at least 15 minutes early to register, 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. , and install any necessary audio software. Call the replay phone number at 877/660-6853 or 201/612-7415 for international callers. For replay, enter account # 1628, conference ID # 54250. The replay will be available from 7:00 pm EST January 28th through 7:00 pm EST January 31st. The webcast will be available at www.opnet.com or at www.vcall.com, archived for seven days. About OPNET Technologies, Inc. Founded in 1986, OPNET Technologies, Inc. is the leading provider of Intelligent Network Management software. For more information about OPNET and its products, visit www.opnet.com. OPNET and OPNET Technologies, Inc. are trademarks of OPNET Technologies, Inc. All other trademarks are the property of their respective owners. Statements in this press release that are not purely historical facts, including statements about expected financial performance in future periods, constitute 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. as defined in 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. OPNET Technologies, Inc. ("OPNET") assumes no obligation to update these statements. Forward-looking statements are based upon information available to OPNET as of the date of this press release and involve risks and uncertainties; therefore, actual events or results may differ materially. For a discussion of risk factors that could affect OPNET's future performance, see OPNET's most recent 10-Q, filed with the Securities & Exchange Commission. Note to editors: The word OPNET is spelled with all upper-case upper-case Adjective denoting capital letters as used in printed or typed matter letters.
OPNET Technologies, Inc.
Condensed Consolidated Statements of Operations
(unaudited)
Three Months Nine Months
Ended Ended
Dec. 31, Dec. 31,
----------------- -------------------
2002 2001 2002 2001
------- ------- -------- --------
(in thousands, except per share data)
Revenues:
Software licenses $7,924 $6,807 $22,309 $19,922
Services 3,772 4,166 11,738 13,456
------- ------- -------- --------
Total revenues 11,696 10,973 34,047 33,378
------- ------- -------- --------
Cost of revenues:
Software licenses 226 84 631 354
Services 1,550 1,415 4,711 4,374
------- ------- -------- --------
Total cost of
revenues 1,776 1,499 5,342 4,728
------- ------- -------- --------
Gross profit 9,920 9,474 28,705 28,650
------- ------- -------- --------
Operating expenses:
Research and development 3,200 2,913 9,574 9,365
Sales and marketing 4,530 4,086 13,499 12,409
General and
administrative 1,251 1,233 3,619 3,308
Amortization of acquired
technology 126 118 378 330
------- ------- -------- --------
Total operating
expenses 9,107 8,350 27,070 25,412
------- ------- -------- --------
Income from operations 813 1,124 1,635 3,238
Interest and other income,
net 192 331 716 1,499
------- ------- -------- --------
Income before provision for
income taxes 1,005 1,455 2,351 4,737
Provision for income taxes 252 233 589 1,278
------- ------- -------- --------
Net income $753 $1,222 $1,762 $3,459
======= ======= ======== ========
Basic net income per common
share $0.04 $0.06 $0.09 $0.18
======= ======= ======== ========
Diluted net income per common
share $0.04 $0.06 $0.09 $0.17
======= ======= ======== ========
Weighted average common
shares outstanding (basic) 19,299 18,995 19,242 18,919
======= ======= ======== ========
Weighted average common
shares outstanding (diluted) 20,046 19,956 19,940 20,017
======= ======= ======== ========
OPNET Technologies, Inc.
Condensed Consolidated Balance Sheets
(unaudited)
Dec. 31, March 31,
2002 2002
-------- --------
ASSETS (in thousands)
Current assets:
Cash and cash equivalents $67,954 $62,240
Accounts receivable, net 6,766 7,403
Unbilled accounts receivable 1,396 1,331
Refundable income taxes 23 1,253
Prepaid expenses and other current assets 1,251 910
-------- --------
Total current assets 77,390 73,137
Property and equipment, net 7,083 7,670
Intangible assets, net 1,692 2,067
Goodwill 12,212 12,212
Deferred income taxes and other assets 634 70
-------- --------
Total assets $99,011 $95,156
======== ========
LIABILITIES AND STOCKHOLDERS'
EQUITY
Current liabilities:
Accounts payable $610 $544
Accrued liabilities 2,040 2,362
Deferred and accrued income taxes 158 156
Deferred revenue 9,162 8,019
-------- --------
Total current liabilities 11,970 11,081
Notes payable 300 150
Deferred rent 579 381
Deferred revenue 523 506
Deferred taxes - 43
-------- --------
Total liabilities 13,372 12,161
-------- --------
Commitments and contingencies - -
Stockholders' equity:
Preferred stock - -
Common stock 25 25
Additional paid-in capital 73,512 72,655
Deferred compensation (33) (74)
Retained earnings 16,261 14,499
Accumulated other comprehensive loss (26) (10)
Treasury stock (4,100) (4,100)
-------- --------
Total stockholders' equity 85,639 82,995
-------- --------
Total liabilities and
stockholders' equity $99,011 $95,156
======== ========
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