OCNW News Occam Networks Announces Revenue Growth in Third Quarter
SANTA BARBARA, Calif.--(BUSINESS WIRE)--Occam Networks Inc. (NASDAQ:OCNW), a supplier of innovative Ethernet and
IP-based loop carrier equipment to telecommunications service providers,
today reported results for the third quarter of 2006, which ended
September 24, 2006. The company reported quarterly revenue of $18.1million,
posting its fourth consecutive quarter of operating profits and its
ninth consecutive new revenue record. Third quarter 2006 revenues
represented a 69 percent increase over the same third quarter of 2005
and an increase of 12 percent over the second quarter of 2006.
“It was another substantial growth quarter for
Occam on many fronts,” said Bob
Howard-Anderson, President and CEO of Occam Networks. “Our
10Gigabit Ethernet and FTTP products showed a strong increase in
shipments during the quarter and we are pleased with the growing market
acceptance of these products.”
“Continuing our double digit new customer
capture rate, we grew our customer base to more than 180 telephone
service providers,” added Howard-Anderson.
Additional highlights for the third quarter of 2006 included:
Began shipment of the BLC 6244 and BLC 6246 24-port combination POTS
and ADSL2Plus Blades, which extend the BLC 6000 System family to serve
lower density subscriber applications;
Selection of Occam's BLC 6314 10GigE Transport and Optical Line
Termination (OLT) Blade as a 2006 Innovation Award winner from
INTERNET TELEPHONY magazine; and
Announced interoperability with the Siemens®
SURPASS® hiQ 8000 softswitch.
OCCAM CONFERENCE CALL SCHEDULED TO REPORT Q3 2006 FINANCIAL RESULTS
Starting at 4:30 p.m. EDT (1:30 p.m. PDT) today, Occam Networks will
conduct a conference call to report the results for Q3 2006. The call,
which will be open to the public, can be accessed by dialing 1-866-866-1333
(for U.S. callers) and asking the operator for the Occam Networks call.
Callers will be put on ‘music hold’
until Bob Howard-Anderson, President and CEO and Chris Farrell, CFO of
Occam Networks, join the call. The first portion of the call will
include a presentation of financial information for Q3 2006. Mr. Farrell
will then open the call to listeners for a question and answer period.
For those unable to listen at the designated time, a recording of the
call will be made available on the Occam Networks Web site (www.occamnetworks.com)
for 72 hours after the call is completed.
OCCAM NETWORKS, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
(In thousands, except per share data and liquidation preference
amounts)
September 24, 2006
December 25, 2005
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$
5,657
$
6,571
Restricted cash
4,656
3,749
Accounts receivable, net
11,937
9,403
Inventories, net
7,002
4,448
Prepaid and other current assets
1,842
1,684
Total current assets
31,094
25,855
Property and equipment, net
1,632
1,889
Other assets
183
203
Total assets
$
32,909
$
27,947
LIABILITIES, REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable
$
6,277
$
4,100
Accrued expenses
3,934
4,859
Deferred revenues
2,839
1,600
Current portion of long-term debt
-
1,233
Total current liabilities
13,050
11,792
Long-term debt
-
1,324
Total liabilities
13,050
13,116
Commitments and contingencies
Redeemable preferred stock:
Series A-2 convertible preferred stock, $.001 par value, 4,600
shares authorized; 3,757 and 3,560 issued and outstanding at
September 24, 2006 and at December 25, 2005, respectively; $113
million and $107 million liquidation preference as of September
24, 2006 and December 25, 2005, respectively
36,135
34,869
Series A-2 convertible preferred stock warrant
-
73
Stockholders’ deficit:
Common stock, $0.001 par value, 950,000 shares authorized; 7,337 and
6,871 shares issued and outstanding at September 24, 2006 and
December 25, 2005, respectively
275
275
Additional paid-in capital
91,166
87,903
Warrants
454
559
Deferred stock compensation
-
(28)
Accumulated deficit
(108,171)
(108,820)
Total stockholders’ deficit
(16,276)
(20,111)
Total liabilities, redeemable preferred stock and stockholders’
deficit
$
32,909
$
27,947
OCCAM NETWORKS, INC. AND SUBSIDIARY
GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands)
(Unaudited)
Three months ended
Nine months ended
September 24, 2006
June 25, 2006
September 25, 2005
September 24, 2006
September 25, 2005
Sales
$
18,066
$
16,249
$
10,663
$
48,525
$
26,324
Cost of sales (1)
11,690
9,989
7,709
30,068
19,597
Gross margin
6,376
6,260
2,954
18,457
6,727
Operating expenses (1):
Research and product development
2,269
2,388
1,948
7,147
5,417
Sales and marketing
2,834
2,618
2,562
7,669
6,206
General and administrative
1,118
982
1,365
3,032
2,770
Total operating expenses
6,221
5,988
5,875
17,848
14,393
Profit (loss) from operations
155
272
(2,921)
609
(7,666)
Interest income (expense), net
61
95
(46)
66
(215)
Profit (loss) before provision for income taxes
216
367
(2,967)
675
(7,881)
Provision for income taxes
13
9
-
26
-
Net Income (loss)
203
358
(2,967)
649
(7,881)
Beneficial conversion feature
-
-
-
(3,437)
(1,822)
Net income (loss) attributable to common stockholders
