BILLERICA, MA today reported results for its fourth quarter and
full year ended December 31, 2007.
Gross revenue for the three and twelve months ended December 31,
2007 was $44.9 million and $124.3 million, respectively, compared
to $15.9 million and $82.8 million, respectively for the three and
twelve months ended December 31, 2006.
"This year marks an exciting turning point for the Company as we
change our name to Soapstone Networks and deliver a revolutionary
product that will help accelerate the adoption of Carrier Ethernet
technology and automate the entire service lifecycle," said Bill
Leighton, Chief Executive Officer, Avici Systems. "I am very
pleased with the progress we have made in developing and marketing
the Soapstone PNC(TM) solution, which we believe will significantly
accelerate innovation in the delivery of new network services."
GAAP net income for the fourth quarter ended December 31, 2007
was $29.2 million, or $1.90 per share, compared to a GAAP net
income of $3.0 million, or $0.21 per share, in the prior year's
fourth quarter. GAAP net income in the 2007 period includes $0.6
million of non-cash equity based charges associated with Financial
Accounting Standards Board Statement No. 123R ("SFAS 123R"). GAAP
net income for the 2006 period includes $0.5 million of non-cash
equity based charges associated with SFAS 123R.
GAAP net income for the twelve months ended December 31, 2007
was $62.3 million, or $4.16 per share, compared to a GAAP net
income of $8.3 million, or $0.60 per share, for the twelve months
ended December 31, 2006. GAAP net income in the 2007 period
includes $2.3 million of non-cash equity based charges associated
with SFAS 123R, $0.3 million of special charges associated with the
2006 restructuring and $0.2 million of certain inventory credits.
GAAP net income for the 2006 period includes $10.7 million of
special charges associated with the 2006 restructuring, $0.8
million of non-cash equity based charges associated with SFAS 123R,
$0.5 million of non-cash common stock warrant discount charge and
$0.2 million of certain inventory credits.
Non-GAAP net income (GAAP net income excluding charges for
restructuring, certain stock based compensation, common stock
warrant discount and inventory credits) for the fourth quarter
ended December 31, 2007 was $29.8 million, or $1.93 per share
compared to non-GAAP net income of $4.0 million, or $0.28 per share
in the fourth quarter of 2006. Non-GAAP net income for the twelve
months ended December 31, 2007 was $64.7 million, or $4.31 per
share, compared to non-GAAP net income of $20.1 million or $1.47
per share for the prior year twelve month period ended December 31,
2006.
Cash, cash equivalents and short and long-term marketable
securities totaled $103.0 million at December 31, 2007.
Avici will discuss these quarterly results as well as future
business and financial expectations in an investor conference on
February 28, 2008 at 8:30 AM eastern standard time. The conference
telephone number is (800) 230-1093. 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: 909097. 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 our 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 Billerica, Mass., has
provided purpose-built carrier-class routing solutions for the
Internet. The company's routing systems provide IP solutions to
some of the world's leading service providers. www.avici.com
About Soapstone Networks
Soapstone Networks is at the forefront of the movement to
Carrier Ethernet by delivering resource control systems that
realize NGN software-provisioned services in the new Carrier
Ethernet transport network. Soapstone's common control framework
decouples services from underlying network technologies. The
Soapstone solution dynamically provisions precise, SLA-quality
services, continuously optimizing utilization of network resources
to bring orderly, predictable business-driven behavior to service
provider networks. The future of Carrier Ethernet --
www.soapstonenetworks.com
AVICI SYSTEMS INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(Unaudited)
Three Months Ended Twelve Months Ended
December 31, December 31,
---------------------- ----------------------
2007 2006 2007 2006
---------- ---------- ---------- ----------
Revenue:
Product $ 42,137 $ 13,992 $ 114,388 $ 76,371
Service 2,737 1,904 9,912 6,392
---------- ---------- ---------- ----------
Total gross revenue 44,874 15,896 124,300 82,763
Less - Common stock warrant
discount - Product -- -- -- (527)
---------- ---------- ---------- ----------
Net revenue 44,874 15,896 124,300 82,236
---------- ---------- ---------- ----------
Cost of revenue - Product
(1) 8,029 3,924 27,462 26,328
Cost of revenue - Service 264 393 1,434 1,795
---------- ---------- ---------- ----------
Total cost of revenue 8,293 4,317 28,896 28,123
---------- ---------- ---------- ----------
Gross margin 36,581 11,579 95,404 54,113
---------- ---------- ---------- ----------
Operating expenses:
Research and development
(2) 5,284 5,877 25,010 30,154
Sales and marketing (2) 820 949 2,762 4,077
General and
administrative (2) 1,397 1,505 5,773 5,562
Stock-based compensation 579 492 2,323 819
Restructuring expenses -- 495 100 7,617
---------- ---------- ---------- ----------
Total operating expenses 8,080 9,318 35,968 48,229
---------- ---------- ---------- ----------
Income from operations 28,501 2,261 59,436 5,884
Interest income, net 1,045 897 3,771 2,571
Other Income 163 -- 244 --
Provision for income tax (504) (170) (1,174) (170)
---------- ---------- ---------- ----------
Net income $ 29,205 $ 2,988 $ 62,277 $ 8,285
========== ========== ========== ==========
Net earnings per diluted
share $ 1.90 $ 0.21 $ 4.16 $ 0.60
========== ========== ========== ==========
Weighted average common
shares used in computing
diluted net income per
share 15,403,673 14,075,017 14,984,454 13,706,889
========== ========== ========== ==========
(1) Includes inventory
charge and (credits), as
follows:
Inventory and
Inventory related
charge $ -- $ -- $ 175 $ 3,094
========== ========== ========== ==========
Credits from
utilization of
inventory previously
written off in 2006
and 2001 $ -- $ -- $ (218) $ (215)
========== ========== ========== ==========
(2) Excludes certain
non-cash, stock-based
compensation, as follows:
Research and
development $ 311 $ 265 $ 1,307 $ 440
Sales and marketing 95 83 205 151
General and
administration 173 144 811 228
---------- ---------- ---------- ----------
$ 579 $ 492 $ 2,323 $ 819
========== ========== ========== ==========
AVICI SYSTEMS INC.
NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)
(Unaudited)
Note 1
Three Months Ended Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
---------- ---------- ---------- ----------
Revenue:
Product $ 42,137 $ 13,992 $ 114,388 $ 76,371
Service 2,737 1,904 9,912 6,392
---------- ---------- ---------- ----------
Total gross revenue 44,874 15,896 124,300 82,763
Cost of revenue - Product 8,029 3,924 27,505 23,449
Cost of revenue - Service 264 393 1,434 1,795
---------- ---------- ---------- ----------
Total cost of revenue 8,293 4,317 28,939 25,244
---------- ---------- ---------- ----------
Gross margin 36,581 11,579 95,361 57,519
---------- ---------- ---------- ----------
Operating expenses:
Research and development 5,284 5,877 25,010 30,154
Sales and marketing 820 949 2,762 4,077
General and
administrative 1,397 1,505 5,773 5,562
---------- ---------- ---------- ----------
Total operating
expenses 7,501 8,331 33,545 39,793
---------- ---------- ---------- ----------
Income from operations 29,080 3,248 61,816 17,726
Interest income, net 1,045 897 3,771 2,571
Other Income 163 -- 244 --
Provision for income tax (504) (170) (1,174) (170)
---------- ---------- ---------- ----------
Non-GAAP net income $ 29,784 $ 3,975 $ 64,657 $ 20,127
========== ========== ========== ==========
Non-GAAP earnings per
diluted share $ 1.93 $ 0.28 $ 4.31 $ 1.47
========== ========== ========== ==========
Weighted average common
shares used in computing
diluted net income per
share 15,403,673 14,075,017 14,984,454 13,706,889
========== ========== ========== ==========
Note 1 - The above non-GAAP consolidated statements of operations for the
three and twelve months ended December 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 Twelve Months Ended
December 31, December 31,
2007 2006 2007 2006
---------- ---------- ---------- ----------
Non-GAAP net income $ 29,784 $ 3,975 $ 64,657 $ 20,127
Common stock warrant
discount -- -- -- (527)
Restructuring expenses -- (495) (100) (7,617)
Certain non-cash stock
based compensation (579) (492) (2,323) (819)
Inventory and inventory
related charge -- -- (175) (3,094)
Utilization of inventory
previously written-off -- -- 218 215
---------- ---------- ---------- ----------
GAAP net income $ 29,205 $ 2,988 $ 62,277 $ 8,285
========== ========== ========== ==========
AVICI SYSTEMS INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
(Unaudited)
December 31, December 31,
------------ ------------
2007 2006
------------ ------------
Assets
Cash, Cash equivalents and
marketable securities $ 99,988 $ 60,095
Inventories -- 5,438
Trade accounts receivable, net 11,769 3,583
Restricted cash -- 1,243
Other current assets 790 890
------------ ------------
Total current assets 112,547 71,249
Long-term marketable securities 3,000 8,504
Property and equipment, net 3,306 4,937
------------ ------------
Total assets $ 118,853 $ 84,690
============ ============
Liabilities and Stockholders' Equity
Accounts payable and accrued expenses $ 9,002 $ 8,914
Deferred revenue 2,343 9,592
Stockholders' equity 107,508 66,184
------------ ------------
Total liabilities and stockholders' equity $ 118,853 $ 84,690
============ ============
December 31, 2006 amounts are derived
from audited financial statements.
For more information, contact: Inna Vyadro Director of Investor
Relations Avici Systems 978-715-2300 Email Contact William J.
Stuart Chief Financial Officer Avici Systems 978-715-2300 Email
Contact
Avici Systems Inc. (MM) (NASDAQ:AVCI)
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