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Carrier Access Reports Unaudited Fourth Quarter and Fiscal Year 2005 Results11 March 2006
Carrier Access Corporation (NASDAQ: CACS), amanufacturer of broadband communications equipment, today reported itsanticipated results for its fourth quarter and fiscal year ended December31, 2005.
Revenue for the fourth quarter of fiscal 2005 was $21.1 million comparedwith $16.1 million for the fourth quarter of fiscal 2004. Net income forthe fourth quarter of fiscal 2005 was $662,000, or $0.02 per diluted shareas compared with net loss of $3.8 million, or $0.11 per diluted share forthe fourth quarter of fiscal 2004.
Revenue for the year 2005 was $75.6 million compared with $95.5 million forthe year 2004. Net loss for the year 2005 was $6.6 million or $0.19 perdiluted share compared with a net loss of $1.8 million or $0.05 per dilutedshare in 2004.
Carrier Access president, CEO and chairman Roger Koenig stated: "Wefinished 2005 on a strong note by meeting our goal of profitability in thefourth quarter, and we significantly improved our financial performance inthe second half of the year. The fourth quarter was a positive quarter inthat we grew both our wireless and converged access customer base. Inaddition to achieving profitability in the fourth quarter, we decreased ourDSO's and inventory and we increased our cash and marketable securities by$2.2 million to $108.4 million even while executing on our stock buyback."
Koenig further added: "Throughout 2005 we continued to expand ourtechnology solutions in VoIP and wireless for GSM and 3G applications andare pleased with the reception of our products and our technologydirection. In 2005 we increased our strategic partnerships during the yearand we successfully launched new product offerings in the United States andinternationally. We continue to believe that we are well positioned in ourconverged business and wireless access markets and that demand for newservices in these areas will continue to grow throughout 2006."
Carrier Access will hold a conference call today, February 8, at 4:30 p.m.ET to review fourth quarter results. The call is open to the public.Those who wish to participate should dial 210-234-0001, domestically orinternationally, at least fifteen minutes prior to the scheduled start timefor the call and reference Carrier Access. Investors may listen to a liveaudio webcast of the conference call at www.carrieraccess.com.
An online replay of the conference call, as well as the text of theCompany's earnings release, will be available on the Investor Relationssite at http://www.carrieraccess.com.
About Carrier Access Corporation
Carrier Access (NASDAQ: CACS) provides consolidated access technologydesigned to streamline the communication network operations of serviceproviders, enterprises and government agencies. Carrier Access productsenable customers to consolidate and upgrade access capacity, and implementconverged IP services while lowering costs and accelerating servicerevenue. Carrier Access' technologies help our customers do more with less.For more information, visit www.carrieraccess.com.
Forward-Looking Statement Caution: This press release containsforward-looking statements about our improving financial performance,technology solutions, reception of our products and technology direction,as well as our growth prospects in wireless and converged access. Thesestatements are subject to risks and uncertainties, including potentialdiscrepancies between management's current estimates and the finaloperating results for 2005. Our results of operations for the fourthquarter and fiscal year 2005 and comparative quarter over quarter and yearover year revenue are unaudited and subject to change. In addition, ourability to achieve profitability in the fourth quarter of 2005 is notnecessarily indicative of the results that may be expected for any futureperiod. We caution that actual results may differ materially from thoseindicated by theseforward-looking statements as a result of various important factorsincluding, but not limited to, continuing uncertainty regarding generaleconomic conditions, changes in capital spending by carriers andtelecommunications companies, market acceptance of our products, dependenceon a single customer and other problems with or at our customers,distributors, OEM's and/or suppliers, growth rates within our industry, thefinancial stability of our customers, the introduction of new competitionand technologies, and other risks and uncertainties including those factorsdiscussed in the Company's Annual Report on Form 10-K/A for the year endedDecember 31, 2004, and other documents periodically filed with theSecurities and Exchange Commission. We do not undertake any obligation torevise or update any forward-looking statements, whether as a result of newinformation, future events, or otherwise.
CARRIER ACCESS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except per share amounts)
December 31, December 31, 2005 2004 ---------- ----------ASSETSCurrent Assets: Cash and cash equivalents $ 55,279 $ 46,753 Marketable securities available for sale 53,165 61,930 Accounts receivable, net 10,922 11,949 Income tax receivable 56 161 Deferred income taxes 311 363 Inventory, net 24,506 32,009 Prepaid expenses and other 2,720 4,513 ---------- ---------- Total current assets 146,959 157,678
Property and equipment, net 11,002 12,239Goodwill 7,588 7,588Intangible assets, net 5,268 6,412Other assets 0 218 ---------- ---------- Total assets $ 170,817 $ 184,135 ========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities: Accounts payable $ 8,516 $ 11,246 Accrued compensation payable 3,422 2,917 Accrued expenses and other liabilities 1,021 1,116 Deferred revenue 422 352 ---------- ---------- Total current liabilities 13,381 15,631Deferred income taxes 311 363 ---------- ---------- Total liabilities 13,692 15,994 ---------- ----------Stockholders' equity:Common stock 35 34Additional paid-in capital 183,995 188,147Accumulated deficit (26,542) (19,910)Accumulated other comprehensive loss (363) (130) ---------- ---------- Total stockholders' equity 157,125 168,141 ---------- ---------- Total liabilities and stockholders' equity $ 170,817 $ 184,135 ========== ==========
CARRIER ACCESS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts)
Three Months Ended Year Ended December 31, December 31, ------------------ ------------------ 2005 2004 2005 2004 -------- -------- -------- --------Revenue, net of allowances for sales returns $ 21,145 $ 16,122 $ 75,628 $ 95,493Cost of sales 12,122 11,034 44,911 55,381 -------- -------- -------- --------
Gross profit 9,023 5,088 30,717 40,112 -------- -------- -------- --------Operating Expenses: Research and development 3,817 4,302 17,011 18,194 Sales and marketing 2,921 3,628 12,076 15,963 General and administrative 2,704 1,903 9,830 9,336 Bad debt expense (recoveries) (377) 157 47 (289) Restructuring charges - 126 452 218 Intangible asset amortization 307 307 1,229 1,268 -------- -------- -------- --------
Total operating expenses 9,372 10,423 40,645 44,690 -------- -------- -------- --------
Income (loss) from operations (349) (5,335) (9,928) (4,578)Other income, net 1,007 1,456 3,292 2,787 -------- -------- -------- -------- Income (loss) before income taxes 658 (3,879) (6,636) (1.791)Income tax provision (benefit) (4) (79) (4) (12) -------- -------- -------- -------- Net income (loss) $ 662 ($ 3,800)($ 6,632)($ 1,779) ======== ======== ======== ========
Income (loss) per share: Basic $ 0.02 ($ 0.11)($ 0.19) $ 0.05 Diluted $ 0.02 ($ 0.11)($ 0.19) $ 0.05 ======== ======== ======== ========Weighted average common shares outstanding: Basic 34,593 34,251 34,607 32,546 Diluted 35,264 34,251 34,607 32,546 ======== ======== ======== ========
CARRIER ACCESS CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
Year Ended December 31, -------------------------- 2005 2004 ------------ ------------Cash flows from operating activities:Net income (loss) $ (6,632) $ (1,779)Adjustments to reconcile net income (loss) to net cash provided (used) by operating activities: Depreciation and amortization expense 3,968 4,547 Provision for (recoveries of) doubtful accounts, net 47 (289)
Stock-based compensation 76 5 (Gain) loss on asset disposals 107 (143) Changes in operating assets and liabilities: Accounts receivable 1,060 6,589 Income tax receivable 105 (78) Inventory 7,396 (6,736) Prepaid expenses and other 1,928 228 Accounts payable, accrued expenses and other (1,777) (2,403) ------------ ------------ Net cash provided (used) by operating activities 6,278 (59) ------------ ------------
Cash flows from investing activities:Purchases of property and equipment (1,744) (9,285)Proceeds from sales of property - 368Net cash paid for acquisition - (350)Purchases of marketable securities (47,179) (88,869)Sales and maturities of marketable securities available for sale 55,400 46,151 ------------ ------------ Net cash provided (used) by investing activities 6,477 (51,985) ------------ ------------
Cash flows from financing activities:Proceeds from stock offering - 83,606Stock issuance costs - (5,227)Repurchases of common shares (4,831) -Proceeds from exercise of stock options 602 3,211 ------------ ------------ Net cash provided (used) by financing activities (4,229) 81,590
Net increase in cash and cash equivalents 8,526 29,546Cash and cash equivalents at beginning of period 46,753 17,207 ------------ ------------Cash and cash equivalents at end of period $ 55,279 $ 46,753 ============ ============
Contact:Audra Bailey(303) 218-5455
SOURCE: Carrier Access
Source: marketwire
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