Ulticom, Inc. (the "Company") (NASDAQ: ULCM) today announced its
financial results for its first quarter of fiscal 2010 (three
months ended April 30, 2010).
Revenues for the first quarter of fiscal 2010 were $8.4 million,
down 27% as compared to $11.6 million for the first quarter of
fiscal 2009. The Company reported a net loss of $1.2 million, or
($0.11) per diluted share, for the first quarter of fiscal 2010, as
compared to a net loss of $0.9 million, or ($0.08) per diluted
share, for the first quarter of fiscal 2009. Results for the first
quarter of fiscal 2010 and 2009 included $1.2 million and $2.0
million, respectively, of pre-tax costs associated with
restatement-related matters, corporate development initiatives,
workforce reductions, employee retention and non-cash share-based
payment expense.
At April 30, 2010, the Company had $75.4 million in cash, cash
equivalents and short-term investments, $87.1 million of working
capital, and $91.0 million of shareholders’ equity.
Shawn Osborne, President and Chief Executive Officer, said, “For
the quarter, Ulticom saw a decline in deployments of its products
as carrier spending for Signalware enabled services continued to
slow and certain orders were delayed. We believe that the majority
of these orders will be received in subsequent quarters and that
these delays have only affected our near-term revenues.”
Osborne continued, “Despite this challenging telecommunications
spending environment, we remain focused on increasing our market
share in the components business as well as capitalizing on the
demand for more advanced signaling system solutions that are being
driven by the growth of voice, data and video services on next
generation broadband wireless networks.”
Conference Call
The Company will host a conference today at 4:30 PM local time
to discuss these results and its outlook for 2010 and to hold a
question and answer session. Please use the following dial in
number to register your name and company affiliation for the
conference call: 800-289-0468. The conference ID# is 4007572. The
call will also be carried live on the Investor Relations page of
the Company web site at www.ulticom.com and will be available for
90 days.
About Ulticom,
Inc.
Ulticom provides service essential signaling component and
system solutions for wireless, wireline, and Internet
communications. Ulticom's products are used by leading
telecommunication equipment and service providers worldwide to
deploy broadband mobile access, multimedia transport control,
subscriber data management and enhanced communication services.
Ulticom is headquartered in Mount Laurel, NJ with additional
offices in the United States, Europe, and Asia.
Note: This Press Release contains “forward-looking statements”
for purposes of the Private Securities Litigation Reform Act of
1995 that involve risks and uncertainties, including statements
relating to the Company’s future business performance. Important
factors that could cause actual results to differ materially
include those risks described in the Company's Annual Report on
Form 10-K filed with the Securities and Exchange Commission on
April 20, 2010 and the Company’s ability to realize revenue from
orders that it believes have been delayed. The Company makes no
commitment to revise or update any forward-looking statements in
order to reflect events or circumstances after the date any such
statement is made, except as otherwise required by the federal
securities laws.
Financial Highlights
Financial highlights at and for the three months ended April 30,
2010 appear below, including comparative amounts for the first
quarter of fiscal year 2009. Readers are encouraged to review the
Quarterly Report on Form 10-Q for the first quarter of fiscal 2010
filed today, in particular the Condensed Consolidated Financial
Statements and notes thereto and Management’s Discussion and
Analysis of Financial Condition and Results of Operations.
ULTICOM, INC. AND SUBSIDIARIES CONDENSED
CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)
January 31,
April 30, 2010 2010 ASSETS Current
Assets: Cash and cash equivalents $ 13,190 $ 20,250 Short-term
investments 65,087 55,184 Accounts receivable, net 10,657 10,347
Inventories 1,019 1,526 Prepaid expenses and other current assets
7,444 9,060 Total current assets 97,397 96,367
Property and equipment, net 1,872 1,687 Other assets 1,411 1,407
Deferred income taxes 6,377 6,051 Total assets $
107,057 $ 105,512
LIABILITIES AND SHAREHOLDERS’
EQUITY Current Liabilities: Accounts payable and accrued
expenses $ 6,598 $ 4,715 Deferred revenue 2,945 4,516
Total current liabilities 9,543 9,231 Long-term Liabilities:
Deferred revenue 3,682 3,628 Unrecognized income tax benefits 1,640
1,661 Other long-term liabilities 35 - Total
long-term liabilities 5,357 5,289 Total shareholders’
equity 92,157 90,992 Total liabilities and
shareholders’ equity $ 107,057 $ 105,512
ULTICOM,
INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(Unaudited)
(In thousands, except per share
data)
Three months
ended April 30, April 30,
2009 2010 Revenues $ 11,556 $ 8,386 Cost of revenues
3,018 2,583 Gross profit 8,538
5,803 Operating expenses: Research and
development 3,490 3,046 Selling, general and administrative
7,345 5,900 Loss from operations (2,297
) (3,143 ) Interest and other income, net 853
372 Loss before income taxes (1,444 ) (2,771 ) Income
tax benefit (533 ) (1,531 ) Net loss $ (911 ) $
(1,240 ) Loss per share: Basic $ (0.08 ) $ (0.11 ) Diluted $
(0.08 ) $ (0.11 )
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