OPNET Reports Results for Q4 and Fiscal Year 2002
- Fiscal Year 2002 Revenues up 36%
- Q4 Pro Forma EPS of 6 Cents
- Q4 Operations Generate $2.9 Million in Cash Flow
Bethesda, MD– April 30, 2002 -- OPNET Technologies, Inc. (Nasdaq: OPNT), the leading provider of intelligent network management software, today announced financial results for its fourth quarter and fiscal year ended March 31, 2002.
Fourth Quarter 2002 Results
Revenues for the quarter ended March 31, 2002 were $11.4
million, a 14% increase over the $10.0 million reported for the
same quarter in the prior year. Pro forma earnings per share for
the fourth quarter of fiscal year 2002 and 2001, excluding the amortization
of acquired technology and purchased in-process research and development
expense, was $0.06 on a diluted basis. Reported earnings per share
for the fourth quarter, including the amortization of acquired technology
and purchased in-process research and development expense, was $0.05
on a diluted basis, compared to $0.04 in the comparable quarter
of fiscal 2001.
Fiscal Year 2002 Results
Revenues for the twelve months ended March 31, 2002 were
$44.8 million, a 36% increase over the $32.9 million reported for
the previous fiscal year. Pro forma earnings per share for fiscal
year 2002, excluding the amortization of acquired technology and
purchased in-process research and development expense, grew to $0.24
on a diluted basis, from $0.19 for fiscal year 2001. Reported earnings
per share for fiscal year 2002, including the amortization of acquired
technology and purchased in-process research and development expense,
was $0.22 on a diluted basis, compared to $0.16 in fiscal year 2001.
OPNET's Chairman & CEO, Marc Cohen, summarized by saying,
"In fiscal year 2002, OPNET demonstrated the broad applicability
of its Intelligent Network Management vision by significantly diversifying
its customer base. In particular, we saw rapid growth in our corporate
enterprise customer base, and introduced a major new product for
service provider customers. All of our products are providing compelling
ROI for our customers who have the mission of ensuring the performance
and availability of networks and networked applications. Despite
a challenging economic environment, we remained profitable and grew
our company, so we are extremely proud of our team. We plan to continue
growing through a combination of (1) selling additional licenses
and services to our significant installed customer base; (2) investing
in our best-in-class technology; and (3) expanding our sales capacity,
both domestically and internationally."
Financial Highlights for the Fourth
Quarter of Fiscal Year 2002
- Increased revenues by 14% over the comparable quarter in the prior year.
- Improved quarterly gross margins to 86%, compared to 85% in the same quarter last year.
- Increased deferred revenues by 5% from the third quarter to $8.5 million.
- Generated $2.9 million in operating cash flow compared to pro forma net income of $1.1 million.
- Increased cash to $62.2 million, up $1.4 million from the third quarter.
Corporate Highlights for the Fourth Quarter
of Fiscal Year 2002
- Closed a significant number of deals with major corporate enterprise IT accounts, OPNET's fastest growing market segment.
- Awarded $3.2 million contract by the U.S. Department of Defense to enhance NETWARS, a software application for analyzing defense-related network communications. The contract is to be completed by December 2002.
- Closed a large license and services deal with a major storage technology vendor.
- Named "Company to Watch 2002" along with six other companies by Network Computing for its significant contribution to the network and system management field, and was the only company chosen in the "Performance and Capacity Planning" sector.
- IT Guru product received the "IT Product of the Year" award from the Technology Council of Maryland in April 2002, for its best-in-class capabilities and return on investment.
The Company will hold an investor conference call
to discuss its fourth quarter performance today, April 30, 2002,
at 5:00 P.M. EDT. Investors will be able to listen to the call by
dialing 877-888-3490 in the U.S., or 416-695-5259 internationally,
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 May 3, 2002 by dialing 800-293-3630 or 416-695-5797
for international callers. For replay, enter code number 0250.
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-Q for the quarterly period ended December 31, 2001.
OPNET is a registered trademark of OPNET Technologies, Inc.
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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
Note 1 - The above
pro forma amounts exclude (i) the amortization of acquired technology
of $104 and $434 for the three and twelve months ended March 31,
2002, respectively and (ii) $770 of purchased in-process research
and development expense related to the acquisition of the NetMaker
Division of Make Systems, Inc. for the three and twelve months
ended March 31, 2001. Pro forma results also reflect an effective
tax rate of 10.9% and 24.5% for the three and twelve months ended
March 31, 2002, respectively.
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