Avici Systems Inc. (NASDAQ: AVCI), today reported results for its
first quarter ended March 31, 2007. In separate releases, Avici
announced that it will be transitioning away from core router
development to focus on its new product initiative, Soapstone
Networks, and the Company has also announced a special dividend of
$2.00 per share to be paid to stockholders. Gross revenue for the
first quarter ended March 31, 2007 was $20.5 million compared to
$21.4 million for the comparable three-month period ended March 31,
2006. Revenue for the March 2007 quarter was $20.5 million,
compared to $20.9 million, net of common stock warrant discount,
for the three months ended March 31, 2006. GAAP net income for the
first quarter ended March 31, 2007 was $6.0 million, or $0.42 per
share, compared to a GAAP net loss of $5.3 million, or $0.41 per
share, in the prior year�s first quarter. GAAP net income in the
2007 period includes $0.3 million of special charges associated
with the restructuring in the first quarter of 2006, $0.4 million
of non-cash equity based charges associated with Financial
Accounting Standards Board Opinion 123R (�SFAS 123R�) and offset by
$0.1 million from the utilization of certain inventory previously
written off. GAAP net loss in the 2006 period includes $6.7 million
associated with the restructuring in 2006, $0.5 relating to common
stock warrant discount, $0.3 million relating to non-cash equity
based charges associated with SFAS 123, partially offset by $0.2
million from the utilization of certain inventory previously
written off. Non-GAAP net income (GAAP net income or loss excluding
charges for restructuring, common stock warrant discount, certain
stock based compensation and inventory credits) for the first
quarter ended March 31, 2007 was $6.6 million, or $0.46 per share
compared to Non-GAAP net income of $2.0 million, or $0.15 per share
in the first quarter of 2006. Cash, cash equivalents, short and
long-term marketable securities totaled $70.2 million at March 31,
2007. "I am pleased to report another consecutively strong
quarter", said Bill Leighton, Chief Executive Officer. "While our
core router business continues to be profitable and we expect this
will remain the case for the remainder of 2007, the Company�s
announced transition away from the development and sale of core
routers presents a great opportunity to leverage our networking
expertise and our strong financial position and apply them to a new
growth area. We believe that this financial strength and our
commitment to innovation strongly positions us to take advantage of
the new market opportunities we see for Soapstone." Avici will
discuss these quarterly results as well as future business and
financial expectations in an investor conference call tomorrow,
April 19, 2007 at 8:30 AM eastern daylight savings time. The
conference telephone number is (888) 550-2358. A replay of the
conference call will be available after 11:15 AM. Replay
information will be available at (800) 475-6701 (USA) access code:
869881. Replay of this call is also available on Avici�s Web site,
www.avici.com, along with a copy of this release. Avici is a
trademark of Avici Systems Inc. This release contains information
about Avici's future expectations, plans, and prospects, including
Avici�s expectations for annual gross revenues, profitability and
the growth opportunity for Soapstone Networks, that constitute
forward-looking statements for purposes of the safe harbor
provisions under the Private Securities Litigation Reform Act of
1995. Such forward-looking statements are subject to risks and
uncertainties, which could cause actual results to differ
materially from those anticipated. Statements made with regard to
interim results are not necessarily indicative of results that may
be expected for future interim periods or for the full year. When
used in this press release, the word "will", "expected" and other
similar expressions are intended to identify such forward looking
statements. Such risks and uncertainties include, but are not
limited to, Avici�s ability to manage the transition of its core
router business, the early stage of Soapstone Networks, market
acceptance of Avici products, services and enhancements, dependence
on our major customer, customer purchasing patterns and
commitments, development of the market place, product development
and enhancement, intensity of competition of other vendors,
technological changes, reliance on technology and distribution
partners, and other risks set forth in Avici's filings with the
Securities and Exchange Commission. Avici does not undertake any
duty to update forward-looking statements. About Avici Systems
Avici Systems Inc., headquartered in North Billerica, Mass., is a
leading provider of purpose-built carrier-class routing solutions
for the Internet. Avici's family of routers is designed to meet
carrier requirements for the highest scalability, reliability and
network availability, while lowering the total cost of building and
operating their networks. The company's routing systems provide new
IP solutions to some of the world's leading service providers. For
more information, please visit us at www.avici.com. About Soapstone
Networks The Soapstone Networks solution is designed to enable
carriers to bring orderly, predictable, business-driven behavior to
networks, regardless of vendor or technology composition. It
utilizes an SOA-based modular architecture that provides the
agility and nimbleness to target different applications. AVICI
SYSTEMS INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS) (Unaudited) � Three Months Ended March
31, 2007� 2006� Revenue: Product $ 18,424� $ 20,279� Service 2,088�
1,115� Total gross revenue 20,512� 21,394� Less � Common stock
warrant discount - Product --� (527) Net revenue 20,512� 20,867� �
Cost of revenue � Product (1) 5,321� 8,241� Cost of revenue �
Service 457� 506� Total cost of revenue 5,778� 8,747� � Gross
margin 14,734� 12,120� � Operating expenses: Research and
development (2) 7,091� 9,604� Sales and marketing (2) 586� 1,431�
General and administrative (2) 1,267� 1,299� Stock-based
compensation 445� 255� Restructuring expenses 100� 5,272� Total
operating expenses 9,489� 17,861� � Income/(loss) from operations
5,245� (5,741) Provision for income tax (130) --� Interest income,
net 886� 419� � Net income/(loss) $ 6,001� $ (5,322) � Net
earnings/(loss) per diluted share $ 0.42� $ (0.41) � Weighted
average common shares used in computing diluted net income (loss)
per share 14,278,826� 12,939,415� (1) Includes inventory charge and
(credits), as follows: Inventory and inventory related charge $
175� $ 1,382� Credits from utilization of inventory previously
written off in 2006 and 2001, respectively $ (145) $ (153) (2)
Excludes certain non-cash, stock-based compensation, as follows:
Research and development $ 231� $ 130� Sales and marketing 83� 36�
General and administration 131� 89� $ 445� $ 255� AVICI SYSTEMS
INC. NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS,
EXCEPT PER SHARE AMOUNTS) (Unaudited) Note 1 � Three Months Ended
March 31, 2007� 2006� Revenue: Product $ 18,424� $ 20,279� Service
2,088� 1,115� Total gross revenue 20,512� 21,394� � Cost of revenue
- Product 5,291� 7,012� Cost of revenue - Service 457� 506� Total
cost of revenue 5,748� 7,518� � Gross margin 14,764� 13,876� �
Operating expenses: Research and development 7,091� 9,604� Sales
and marketing 586� 1,431� General and administrative 1,267� 1,299�
Total operating expenses 8,944� 12,334� � Income/(loss) from
operations 5,820� 1,542� Provision for income tax (130) --�
Interest income, net 886� 419� � Non-GAAP net income $ 6,576� $
1,961� � Non-GAAP earnings per diluted share $ 0.46� $ 0.15� �
Weighted average common shares used in computing diluted net loss
per share 14,278,826� 12,987,949� Note 1 � The above non-GAAP
consolidated statements of operations for the three months ended
March 31, 2007 and 2006 are not presented in accordance with
generally accepted accounting principles (GAAP) and are presented
for informational purposes only. These statements exclude the
impact of restructuring expenses, non-cash charges related to
common stock warrant discount and certain stock based compensation
as well as charges and credits related to inventory and related
items as presented in the following reconciliation for the
applicable periods. The Company believes that this presentation of
non-GAAP results provides helpful information to both management
and investors in assessing our core operating performance. Such
information should not be considered superior to, in isolation
from, or as a substitute for results presented in accordance with
generally accepted accounting principles. Three Months Ended March
31, 2007� 2006� Non-GAAP net income $ 6,576� $ 1,961� Common stock
warrant discount --� (527) Restructuring expenses (100) (5,272)
Certain non-cash stock based compensation (445) (255) Inventory and
inventory related charge (175) (1,382) Utilization of inventory
previously written-off 145� 153� GAAP net income (loss) $ 6,001� $
(5,322) AVICI SYSTEMS INC. CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS) (Unaudited) � March 31, 2007 December 31, 2006 �
Assets Cash and marketable securities $ 65,157� $ 60,095�
Inventories 3,120� 5,438� Trade accounts receivable, net 9,273�
3,583� Restricted cash --� 1,000� Other current assets 951� 1,133�
� Total current assets 78,501� 71,249� � Long-term investments
5,000� 8,504� Property and equipment, net 4,608� 4,937� Contract
distribution rights --� -� Other non-current assets --� --� � Total
assets $ 88,109� $ 84,690� � Liabilities and Stockholders� Equity
Accounts payable and accrued expenses $ 5,620� $ 8,914� Deferred
revenue 9,098� 9,592� Stockholders� equity 73,391� 66,184� � Total
liabilities and stockholders� equity $ 88,109� $ 84,690� � � �
December 31, 2006 amounts are derived from audited financial
statements. �
Avici Systems Inc. (MM) (NASDAQ:AVCI)
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