OPNET Reports Results for Q1 2003
- Continued Profitability and Positive Cash Flow
- Growth in Enterprise IT Market
Bethesda, MD– July 30, 2002 -- OPNET Technologies, Inc. (Nasdaq: OPNT), the leading provider of Intelligent Network Management software, today announced financial results for its first quarter ended June 30, 2002.
Revenues for the quarter ended June 30, 2002 were $11.2 million compared to $11.1 million reported for the same quarter in the prior year. Pro forma earnings per share for the first quarter, excluding the amortization of acquired technology, was $0.03 on a diluted basis compared to $0.06 in the comparable quarter of fiscal 2002. Reported earnings per share for the first quarter, including the amortization of acquired technology, was $0.02 on a diluted basis compared to $0.06 in the comparable quarter of fiscal 2002.
Marc Cohen, OPNET's Chairman and CEO, stated, "There is no doubt that we are in a very constrained spending environment with extended sales cycles. However, we are very pleased to see continued growth with our enterprise customers. The diversity of our customer base has allowed us to maintain profitability while continuing to invest in our R&D, marketing, and sales efforts."
Financial Highlights for the First
Quarter of Fiscal Year 2003
- Grew revenues slightly over the comparable quarter of the prior year in a challenging economy.
- Increased deferred revenues to a record $8.7 million, from $8.5 million at the end of the fourth quarter of fiscal 2002.
- Generated $900,000 in operating cash flow compared to net income of $449,000.
- Increased cash to $63.3 million, up $1.1 million from the end of the fourth quarter of fiscal 2002.
Corporate Highlights for the First Quarter
of Fiscal Year 2003
- Closed a significant number of deals with major corporate and federal enterprise IT accounts, now OPNET's largest and fastest growing markets.
- Shipped release 8.1 of our products to customers worldwide. OPNET 8.1 products contain significant new features for identifying the root causes of application performance problems, troubleshooting network routing errors, and validating both operational and strategic changes to network, application, and server configurations.
- Introduced VNE Server, a new product for managing network traffic,
topology, and configuration data in one integrated environment.
The Company will hold an investor conference call
to discuss its first quarter performance today, July 30, 2002, at
5:00 P.M. EDT. Investors will be able to listen to the call by dialing
877-407-9210 in the U.S., or 201-689-8049 for international callers
and enter password OT 730552, shortly before the scheduled starting
time. Investors may also listen to the call at www.opnet.com or
www.vcall.com by clicking on OPNT under "Today's VCalls." Investors
are advised to go to the web site at least 15 minutes early to register,
download, and install any necessary audio software. The call can
be replayed through August 2, 2002 by dialing 877-660-6853 or 201-612-7415
for international callers. For replay, enter account number 1628
and conference ID number 39101.
About OPNET Technologies, Inc.
Founded in 1986, OPNET Technologies, Inc. is the leading provider of intelligent network management software. For more information about OPNET and its products, visit www.opnet.com.
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning the Private Securities Litigation Reform Act of 1995, as amended, including statements regarding OPNET Technologies Inc.'s expectations, beliefs, intentions, or strategies regarding the future. All forward-looking statements included in this document are based upon information available to OPNET Technologies, Inc. as of the date hereof; OPNET Technologies, Inc. assumes no obligation to update any forward-looking statements it may make. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. For a discussion of such risks and uncertainties, see the Company's reports filed with the Securities & Exchange Commission, including its Form 10-K for the annual period ended March 31, 2002.
OPNET is a registered trademark of OPNET Technologies, Inc.
# # #
Note to editors: The word OPNET is spelled with all upper-case letters.
OPNET Technologies, Inc.
Pro Forma Consolidated Statements of Operations
(unaudited)
Note 1
OPNET Technologies, Inc.
Consolidated Statements of Operations
(unaudited)
OPNET Media Contact:
Margarita Castillo
OPNET Technologies, Inc.
(240) 497-3000
Media@opnet.com
www.opnet.com
OPNET Investor Relations:
Mel Wesley
OPNET Technologies
(240) 497-3000
ir@opnet.com
www.opnet.com