Occam Announces Record Revenue for Q4; Company Also Raises Additional Capital Funding.Business Editors/High-Tech Writers SANTA BARBARA Santa Barbara (săn'tə bär`brə, –bərə), city (1990 pop. 85,571), seat of Santa Barbara co., S Calif., on the Pacific Ocean; inc. 1850. , Calif.--(BUSINESS WIRE)--Jan. 28, 2004 Occam Networks Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : OCCM OCCM Ocean Carbon Cycle Model OCCM On Condition Cyclic Maintenance OCCM Office of Commercial Communications Management OCCM Optimistic Concurrency Control Mechanism ), a supplier of innovative Ethernet Ethernet Telecommunications networking protocol introduced by Xerox Corp. in 1979. It was developed as an inexpensive way of sending information quickly between office machines connected together in a single room or building, but it rapidly became a standard computer and IP-based loop carrier equipment to telecommunications service providers A Telecommunications Service Provider or TSP is a type of Communications Service Provider that has traditionally provided telephone and similar services. This category includes ILECs, CLECs, and mobile wireless companies. worldwide, today reported results for the fourth quarter of 2003, which ended Dec. 31, 2003. Occam Networks reported revenue for the quarter of $3.8 million, a company record and an increase of more than 150 percent over the third quarter of 2003. During the fourth quarter of 2003 Occam Networks gained five new customers, including its first customer outside of 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. for BLC BLC Boston Library Consortium BLC Bethany Lutheran College (Minnesota) BLC Back Light Compensation (video cameras) BLC Belo Corporation (stock symbol) BLC Broadband Loop Carrier products. During the quarter, the company also raised $16.4 million (net of transaction costs Transaction Costs Costs incurred when buying or selling securities. These include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price they can sell it). ) of additional capital funding, as announced previously. The company expects to complete the funding round during the first quarter of 2004. "By achieving record revenues for the quarter, completing our latest round of funding and addressing some key operational issues we are in a very favorable position Noun 1. favorable position - the quality of being at a competitive advantage favourable position, superiority advantage, vantage - the quality of having a superior or more favorable position; "the experience gave him the advantage over me" to continue to fulfill ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our business goals," said Bob Howard-Anderson, president 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 Occam Networks. "We look forward to capitalizing on this momentum as we continue to deliver the first truly IP-based local access networks to our customers." Occam Conference Call Scheduled to Report Q4 2003 Earnings Starting at 2 p.m. Pacific time on Wednesday Wednesday: see week. , Jan. 28, 2004, Occam Networks will conduct a conference call to report earnings for Q4 2003. The call, which will be open to the public, can be accessed by dialing 800-351-6801 for U.S. callers. The pass-code required for participation is 30787 and the call leader is Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. Bailey Bailey may refer to:
In the United Kingdom:
Callers will be put on "music hold" until Bob Howard-Anderson, president and CEO, and Howard Bailey, CFO See Chief Financial Officer. of Occam Networks, join the call. The first portion of the call will include a presentation of financial information for Q4 2003. Bailey will then open the call to listeners for a question-and-answer period. For those unable to listen at the designated time, a recording of the call will be made available on the Occam Networks Web site (www.occamnetworks.com) for 72 hours after the call is completed. SUMMARY FINANCIAL INFORMATION:
OCCAM NETWORKS INC.
NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Dec. 31, Sept. 30,
2003 2003
---------- ----------
Net revenue $3,775 $1,476
Cost of revenue 3,621 1,851
---------- ----------
Gross profit (loss) 154 (375)
Operating expenses:
Research and product development 2,028 2,455
Sales and marketing 1,319 1,443
General and administrative 543 507
---------- ----------
Total operating expenses 3,890 4,405
---------- ----------
Loss from operations (3,736) (4,780)
Interest expense, net (43) (88)
---------- ----------
Non-GAAP loss before income taxes (3,779) (4,868)
Income tax benefit (16) --
---------- ----------
Non-GAAP net loss $(3,763) $(4,868)
========== ==========
Basic and diluted non-GAAP net loss per share $(0.01) $(0.02)
========== ==========
Shares used to compute basic and diluted
non-GAAP net loss per share 266,230 264,455
========== ==========
Reconciliation of non-GAAP net loss to GAAP net
loss attributable to common stockholders:
Non-GAAP net loss $(3,763) $(4,868)
Non-GAAP exclusions:
Deferred stock-based compensation (281) (305)
Beneficial conversion feature (3,038) --
---------- ----------
Total non-GAAP exclusions (3,319) (305)
---------- ----------
GAAP net loss attributable to common
stockholders $(7,082) $(5,173)
========== ==========
Basic and diluted net loss per share
attributable to common stockholders $(0.03) $(0.02)
========== ==========
Shares used to compute basic and diluted
net loss per share 266,230 264,455
========== ==========
OCCAM NETWORKS INC.
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Months Ended
Dec. 31, Sept. 30,
2003 2003
---------- ----------
Net revenue $3,775 $1,476
Cost of revenue 3,621 1,851
---------- ----------
Gross profit (loss) 154 (375)
Operating expenses (1):
Research and product development 2,236 2,696
Sales and marketing 1,367 1,481
General and administrative 568 533
---------- ----------
Total operating expenses 4,171 4,710
---------- ----------
Loss from operations (4,017) (5,085)
Interest expense, net (43) (88)
---------- ----------
Loss before income taxes (4,060) (5,173)
Income tax benefit (16) --
---------- ----------
Net loss $(4,044) (5,173)
Beneficial conversion feature (3,038) --
---------- ----------
Net loss attributable to common stockholders $(7,082) $(5,173)
========== ==========
Basic and diluted net loss per share
attributable to common stockholders $(0.03) $(0.02)
========== ==========
Shares used to compute basic and diluted
net loss per share 266,230 264,455
========== ==========
(1) Amortization of deferred stock-based
compensation included in:
Research and product development $208 $241
Sales and marketing 48 38
General and administrative 25 26
---------- ----------
$281 $305
========== ==========
OCCAM NETWORKS INC.
CONSOLIDATED BALANCE SHEET
(In thousands)
(Unaudited)
Dec. 31, Dec. 31,
2003 2002
----------- ----------
ASSETS
Cash and cash equivalents $14,586 $18,496
Restricted cash 935 --
Accounts receivable, net 2,342 1,013
Inventories 2,254 796
Prepaid and other current assets 1,077 565
---------- ----------
Total current assets 21,194 20,870
Property and equipment, net 1,937 3,291
Other assets 273 310
---------- ----------
Total assets $23,404 $24,471
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)
Accounts payable $3,001 $1,650
Accrued payroll 658 1,253
Accrued expenses 1,719 2,173
Capital lease obligations and notes payable,
current 708 716
Deferred revenue -- 17
---------- ----------
Total current liabilities 6,086 5,809
Capital lease obligations and notes payable,
noncurrent 998 853
---------- ----------
Total liabilities 7,084 6,662
Common stock potentially subject to rescission -- 10,500
Series A-2 convertible preferred stock 16,381 --
Series A-1 convertible preferred stock -- 10,811
Common stock 267 141
Additional paid in capital 87,238 65,254
Warrants 454 480
Cumulative translation adjustment -- 16
Deferred stock compensation (1,627) (3,432)
Accumulated deficit (86,393) (65,961)
---------- ----------
(61) 7,309
---------- ----------
Total liabilities and stockholders' equity
(deficit) $23,404 $24,471
========== ==========
Non-GAAP Disclosure Certain non-GAAP financial measures are included in this press release. Our GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). results have been adjusted to exclude stock-based compensation charges associated with the issuance of stock options prior to the company's merger in May 2002 and charges related to beneficial conversion feature. These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance and our prospects for the future. Specifically, we believe non-GAAP measures can provide useful information to both management and investors by excluding certain non-cash expenses Noun 1. non-cash expense - an expense (such as depreciation) that is not paid for in cash disbursal, disbursement, expense - amounts paid for goods and services that may be currently tax deductible (as opposed to capital expenditures) that are not indicative indicative: see mood. of our core operating results. Further, these non-GAAP financial measures are one of the primary indicators management uses for planning and forecasting future periods. In addition, since we have historically reported non-GAAP measures to the investment community, we believe the inclusion of non-GAAP measures provides consistency Consistency can refer to:
As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting . A reconciliation of GAAP to non-GAAP net loss is included above. About Occam Networks Inc. Occam Networks Inc. develops and markets innovative 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). Loop Carrier networking equipment that enables telephone companies to deliver voice, data and video services. Based on Ethernet and Internet Protocol See Internet and TCP/IP. (networking) Internet Protocol - (IP) The network layer for the TCP/IP protocol suite widely used on Ethernet networks, defined in STD 5, RFC 791. IP is a connectionless, best-effort packet switching protocol. (IP) technologies, Occam's equipment allows telecommunications service providers to profitably deliver traditional phone services, as well as advanced voice-over-IP, residential and business broadband, and digital television services through a single, all-packet access network. Occam is headquartered in Santa Barbara, Calif. Additional information can be found at www.occamnetworks.com. Portions of this press release may contain 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. regarding future events or the future performance of Occam Networks. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from any future performance suggested in such statements. Rapidly changing technologies and market conditions may require changes to Occam's products. Occam does not undertake any obligation to publicly update any forward-looking statements as a result of new information, future events or otherwise. Please also refer to the company's most recent quarterly report on Form 10-Q Form 10-Q See 10-Q. , 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 other filings with the SEC. These filings contain and identify other important factors that could cause actual results to differ materially from those contained in any forward-looking statements. |
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