ACE*COMM Corporation (NASDAQ:ACEC), a global provider of
value-added services and advanced operations support systems (OSS)
solutions, today reported financial results for the quarter ended
March 31, 2007, the third quarter of its 2007 fiscal year. The
company reported revenue of $3.1 million for the quarter, which
compares to $6.7 million for the comparable quarter of fiscal year
2006. Net loss for the quarter was $2.6 million, or $0.14 per
share, compared to a profit of $365,000, or $0.02 per share, for
the same quarter of the prior year. For the nine months ended March
31, 2007, revenue was $9.3 million compared to $20.1 million for
the same nine months of fiscal year 2006. Net loss for the nine
months was $7.9 million, or $0.44 per share, compared to a net
income of $800,000, or $0.05 per share, for the same nine months of
the prior year. �Third-quarter revenues were derived primarily from
backlog and maintenance contracts,� said ACE*COMM CEO Jim
Greenwell. �However, we see this trend reversing and for the first
time in 18 months, bookings for the quarter exceeded revenues,
increasing our backlog to $15 million. We have, in addition,
resolved or are in the process of resolving issues that have led to
project delays over the past year. These are significant reversals
that we believe reflect an improved direction for the company.�
Continued Mr. Greenwell, �We are also finding and continuing to
capitalize on opportunities in the wireless mobility space.
Interest in our products continues to grow, as illustrated by our
selection in April by Cincinnati Bell Wireless, who we understand
will launch both Parent Patrol� and Enterprise Patrol� under its
own brand later this year. In addition, we are implementing a
hosted Patrol Suite solution for a third carrier through one of our
channel partners. Finally, we signed a Memorandum of Understanding
and are in final contract negotiations for an innovative Advanced
Revenue Management solution for a customer operating one of the
largest mobile transaction networks delivering mobile services and
content to operators around the world.� Steve Delmar, CFO, added,
�We are engaged in raising over $4 million of additional financing
for the company. Combined with the cost reductions already in
place, this new financing will have a strong positive impact on our
financial position and cash resources. The new funding, which we
expect to close in the next few weeks, will provide the capital we
need to invest in our value-added services business. Also, this
quarter was the first quarter in over a year in which our sales
bookings exceeded our revenue, increasing our backlog.� Mr.
Greenwell concluded, �The changes made in our leadership and
organizational structure � particularly when combined with the new
financing and a more streamlined budget � will make ACE*COMM a
stronger and more focused company. In the coming months, we believe
we can execute effectively on our strategy to return our
traditional businesses to profitability and to expand our presence
in the fast growing value-added services market.� ACE*COMM will
host an earnings teleconference call on Tuesday, May 15 at 5:30 pm
ET to discuss the third quarter fiscal year 2007 results. To
participate, please call 866-847-7859 (within the United States) or
703-639-1426 (outside the United States). When prompted, enter the
ACE*COMM reservation number 1086753. Internet users can hear a
simultaneous live webcast of the teleconference at
http://acecomm.com or http://www.fulldisclosure.com. An audio
replay of the call is available from 8:30 p.m. ET on May 15, 2007,
through 11:59 p.m. ET on May 23, 2007. To listen to the audio
replay, please call 888-266-2081 (within the United States) or
703-925-2533 (outside the United States); the passcode is: 1086753
About ACE*COMM ACE*COMM is a global provider of value-added
services, mobile content delivery applications and advanced
operations support systems (OSS) solutions for telecommunications
service providers and enterprises. ACE*COMM�s solutions are
applicable to a range of legacy through next-generation networks
that include wired, wireless, voice, data, multimedia, and Internet
communications networks. These solutions provide the software
applications that enable new carrier services offerings and the
analytical tools required to extract knowledge from operating
networks�knowledge customers use for cost reduction, improved
operational efficiency, acceleration of time-to-market for new
services, and more effective customer care. For over 20 years,
ACE*COMM technology has been effectively deployed for more than 300
customers, spanning over 4000 installations in 70 countries
worldwide. ACE*COMM-installed products are currently enabling the
success of customers and partners such as Alcatel-Lucent, AT&T,
Cisco, General Dynamics, IBM, Level 3 Communications, Marconi,
Motorola, Northrop Grumman, and Siemens. Headquartered in the
Washington, DC area, ACE*COMM has corporate offices in Australia,
Canada and the UK. ACE*COMM is an ISO 9001 compliant company. For
more information, visit www.acecomm.com. ACE*COMM, NetPlus, the
ACE*COMM logo, and N*VISION are registered trademarks, and
Convergent Mediation and Parent Patrol are trademarks of ACE*COMM
Corporation. Except for historical information, the matters
discussed in this news release include forward-looking statements
that are subject to certain risks and uncertainties that could
cause the actual results to differ materially from those projected,
including, but not limited to: the failure of anticipated demand to
materialize, delays or cancellations of orders due to various
factors, including business and economic conditions in the U.S. and
foreign countries; industry-wide slowdowns, any limitations on
customers� financial resources, the continued convergence of voice
and data networks, the continuing success of the Company�s
strategic alliances for product development and marketing, customer
purchasing and budgetary patterns or lack thereof; pricing
pressures and the impact of competitive products; the timely
development and acceptance of new products; the Company�s ability
to adequately support its operations, and other risks detailed from
time to time in the Company�s Report on Form 10-Q and other reports
filed with the Securities Exchange Commission. ACE*COMM CORPORATION
CONSOLIDATED BALANCE SHEETS (in thousands except share and per
share amounts) � March 31, 2007 June 30, 2006 � Assets � Current
assets: Cash and cash equivalents $ 902� $ 946� Accounts
receivable, net 4,379� 10,981� Inventories, net 904� 838� Deferred
contract costs -� 18� Prepaid expenses and other � 551� � 571�
Total current assets 6,736� 13,354� Property and equipment, net
763� 787� Goodwill 386� 522� Acquired intangibles, net 620� 1,041�
Other non-current assets � 342� � 657� Total assets $ 8,847� $
16,361� � Liabilities and Stockholders' Equity � Current
liabilities: Borrowings $ 1,197� $ 2,970� Accounts payable 770�
1,114� Accrued expenses 1,404� 1,661� Accrued compensation 719�
885� Deferred revenue � 4,327� � 3,617� Total current liabilities
8,417� 10,247� Long-term notes payable � -� � 17� Total liabilities
� 8,417� � 10,264� � Commitments and contingencies � Stockholders'
equity: Preferred stock, $.01 par value, 5,000,000 shares
authorized, none issued and outstanding -� -� Common stock, $.01
par value, 45,000,000 shares authorized, 18,615,350 and 17,788,032
shares issued and outstanding 186� 178� Additional paid-in capital
37,405� 35,257� Other accumulated comprehensive loss (27) (91)
Accumulated deficit � (37,134) � (29,247) Total stockholders'
equity � 430� � 6,097� � Total liabilities and stockholders' equity
$ 8,847� $ 16,361� ACE*COMM CORPORATION CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share amounts) � For the three
months ended � For the nine months ended March 31, � March 31,
2007� 2006� 2007� 2006� (Unaudited) (Unaudited) � (Unaudited)
(Unaudited) � Revenue Licenses and hardware $ 845� $ 3,509� $
2,308� $ 10,161� Services � 2,261� � 3,194� � � 6,966� � 9,966�
Total revenue 3,106� 6,703� 9,274� 20,127� Cost of licenses and
hardware revenue 625� 323� 1,430� 1,805� Cost of services revenue �
1,929� � 1,972� � � 5,430� � 5,272� Total cost of revenue 2,554�
2,295� 6,860� 7,077� Gross profit 552� 4,408� 2,414� 13,050�
Selling, general, and administrative 2,752� 3,080� 8,314� 9,237�
Research and development � 398� � 872� � � 1,854� � 2,826� Income
(loss) from operations (2,598) 456� (7,754) 987� � Interest expense
� 6� � 91� � � 132� � 174� Income (loss) before income taxes
(2,604) 365� (7,886) 813� Income tax (benefits) expense � -� � -� �
� 1� � 1� � Net income (loss) $ (2,604) $ 365� � $ (7,887) $ 812� �
Basic net income (loss) per share $ (0.14) $ 0.02� � $ (0.44) $
0.05� � Diluted net income (loss) per share $ (0.14) $ 0.02� � $
(0.44) $ 0.05� � Shares used in computing net income (loss) per
share: Basic � 17,996� � 16,889� � � 17,813� � 16,838� � Diluted �
17,996� � 17,679� � � 17,813� � 17,351�
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