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ULTICOM Reports Selected Unaudited Q1 Financial Results; Sales of $15.7 Million, Up 11% Year-Over-Year; Delay in Filing Form 10-Q13 June 2006
Ulticom, Inc. (NASDAQ: ULCM), a leadingprovider of service enabling signaling solutions for fixed, mobile, andInternet communications, today announced sales of $15,702,000 for the firstquarter of the 2006 fiscal year, ended April 30, 2006, an increase ofapproximately 11% when compared with the same quarter last year and aslight increase when compared with the prior quarter. The Company endedthe quarter with cash, cash equivalents, and short-term investments of$276,606,000.
"During the quarter, Ulticom benefited from the continued deployment of ourproducts in wireless enhanced services and next-generation broadbandinfrastructure," said Shawn Osborne, president and CEO of Ulticom Inc. "Wesaw installations of Signalware® to enable prepaid wireless solutions inemerging and developed markets as well as packet softwitch applications forresidential and wholesale Voice over IP services. In addition, we areexpanding our product offerings with the recent launch of our IMS-readysolutions including our prepackaged signaling gateway, nSignia™, to meetthe growing demand for fixed mobile convergence and increased complexity ofcarrier networks around the world. With our service essential solutions,high-value customer base, and continued financial strength, we believeUlticom is well positioned to expand our role enabling wireless andbroadband communications."
Delay in Filing of Quarterly Report on Form 10-Q and Earnings Release
As a result of the ongoing review by the Audit Committee of the Company'sBoard of Directors relating to the Company's stock option awards, theCompany will today file a Form 12b-25 report with the Securities andExchange Commission (the "SEC") indicating that its Quarterly Report onForm 10-Q for the fiscal quarter ended April 30, 2006 was not filed withthe SEC by the SEC deadline of June 9, 2006. The Company will not seek a5-day filing extension for its Quarterly Report on Form 10-Q because itdoes not expect that it will be able to file the report by the end of theextension period, primarily due to uncertainty relating to the accountingtreatment of certain options awarded by Comverse Technology, Inc., theCompany's majority shareholder, to the Company's management and employeesprior to the Company's initial public offering.
The Company intends to issue its full results for the fiscal quarter endedApril 30, 2006 and the fiscal year ended January 31, 2006, and to file itsQuarterly Report on Form 10-Q for the quarter ended April 30, 2006 andAnnual Report on Form 10-K for the fiscal year ended January 31, 2006,together with any restated historical financial statements, as soon aspracticable after the completion of the Audit Committee's review.
NASDAQ Listing Update
The Company has notified The NASDAQ Stock Market that it will not timelyfile its Quarterly Report on Form 10-Q for the fiscal quarter ended April30, 2006 and, accordingly, the Company expects to receive an additionalStaff Determination Letter from The NASDAQ Stock Market indicating that thedelay in the filing of the Form 10-Q could serve as an additional basis forthe delisting of the Company's securities from NASDAQ, under NASDAQMarketplace Rule 4310(c)(14).
As previously disclosed, on April 20, 2006 the Company announced that, dueto the delay in the filing of its Annual Report on Form 10-K for the fiscalyear ended January 31, 2006, it had received a Staff Determination Letterfrom The NASDAQ Stock Market indicating that the Company's securities weresubject to delisting based upon the delinquent Form 10-K, unless theCompany requested a hearing before the NASDAQ Listing Qualifications Panel.the Company requested a hearing and presented its plan to regain compliancewith NASDAQ's filing requirement at an in-person hearing before the NASDAQPanel on May 25, 2006. The NASDAQ Panel has not yet issued a decision as aresult of that hearing.
The Company intends to submit to the NASDAQ Panel, within the permissibletimeframe, its plan to file the Form 10-Q for the quarterly period endedApril 30, 2006. It is expected that the NASDAQ Panel's hearing decisionwill address both the late Form 10-K and late Form 10-Q filings referencedabove. However, there can be no assurance that the NASDAQ Panel will grantthe Company's request for continued listing on NASDAQ.
About Ulticom, Inc.
Ulticom provides service essential signaling solutions for wireless,wireline, and Internet communications. Ulticom's products are used byleading telecommunication equipment and service providers worldwide todeploy mobility, location, payment, switching, and messaging services.Traded on NASDAQ as ULCM, Ulticom is headquartered in Mount Laurel, NJ withadditional offices in the United States, Europe, and Asia. For moreinformation, visit www.ulticom.com.
Note: This release contains "forward-looking statements" for purposes ofthe Private Securities Litigation Reform Act of 1995 that involve risks anduncertainties. There can be no assurances that forward-looking statementswill be achieved, and actual results could differ materially from forecastsand estimates. Important factors that could cause actual results to differmaterially include: the results of the Audit Committee's review of mattersrelating to the Company's stock option awards, including but not limited tothe accuracy of the stated grant dates of option awards and whether propercorporate procedures were followed in connection with such awards; theresults of Comverse's review of its stock option awards as applicable toemployees of the Company; the impact of any restatement of the financialstatements of the Company or other actions that may be taken or required asa result of such reviews; the Company's inability to file required reportswith the Securities and Exchange Commission; the risks of dealing withpotential claims and proceedings that may be commenced concerning suchmatters; risks associated with the Company's inability to meet requirementsof the NASDAQ Stock Market for continued listing of the Company's shares;risks of litigation and of governmental investigations or proceedingsarising out of or related to the Company's stock option grants or anyrestatement of the financial statements of the Company; risks associatedwith the development and acceptance of new products and product features;risks associated with the Company's dependence on a limited number ofcustomers for a significant percentage of the Company's revenues; changesin the demand for the Company's products; changes in capital spending amongthe Company's current and prospective customers; aggressive competition mayforce the Company to reduce prices; risks associated with rapidtechnological changes in the telecommunications industry; risks associatedwith making significant investments in the expansion of the business andwith increased expenditures; risks associated with holding a largeproportion of the Company's assets in cash equivalents and short-terminvestments; risks associated with the Company's products being dependentupon their ability to operate on new hardware and operating systems ofother companies; risks associated with dependence on sales of the Company'sSignalware products; risks associated with future networks not utilizingsignaling systems and protocols that the Company's products are designed tosupport; risks associated with the products having long sales cycles andthe limited ability to forecast the timing and amount of product sales;risks associated with the integration of the Company's products with thoseof equipment manufacturers and application developers and the Company'sability to establish and maintain channel and marketing relationships withleading equipment manufacturers and application developers; risksassociated with the Company's reliance on a limited number of independentmanufacturers to manufacture boards for the Company's products and on alimited number of suppliers for board components; risks associated withbecoming subjected to, defending and resolving allegations or claims ofinfringement of intellectual property rights; risks associated with othersinfringing on the Company's intellectual property rights and theinappropriate use by others of the Company's proprietary technology; risksassociated with the Company's ability to retain existing personnel andrecruit and retain qualified personnel; risks associated with the increaseddifficulty in relying on equity incentive programs to attract and retaintalented employees and with any associated increased employment costs;risks associated with rapidly changing technology and the ability of theCompany to introduce new products on a timely and cost-effective basis;risks associated with changes in the competitive or regulatory environmentin which the Company operates; and other risks described in filings withthe Securities and Exchange Commission. These risks and uncertainties, aswell as others, are discussed in greater detail in the filings of Ulticomwith the Securities and Exchange Commission, including our most recentAnnual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q.All such documents are available through the SEC's website at www.sec.govor from Ulticom's web site at www.ulticom.com. Ulticom makes no commitmentto revise or update any forward-looking statements in order to reflectevents or circumstances after the date any such statement is made.
Contact:Chris TunnardUlticom Inc.1020 Briggs RoadMount Laurel, New Jersey 08054856-787-2700
SOURCE: Ulticom, Inc.
Source: marketwire
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