OPNET Reports Results for Fiscal Q3 2003
- Revenue of $11.7 Million and EPS of $0.04
- Record deferred revenue of $9.7 million
- Operating Cash Flow of $2.2 million
BETHESDA, MD - January 28, 2003 --OPNET Technologies, Inc. (Nasdaq: OPNT), the leading provider of Intelligent Network Management software, today announced financial results for its fiscal quarter ended December 31, 2002. Revenue for the quarter ended December 31, 2002 was $11.7 million compared to $11 million for the same quarter in the prior year. Earnings per share for the third quarter were $0.04 on a diluted basis, compared to $0.06 in the comparable quarter of fiscal 2002.
For the nine months ended December 31, 2002, revenues were $34 million compared to $33.4 million for the same period in the prior year. Earnings per share for the nine months ended December 31, 2002 were $0.09 on a diluted basis, compared to $0.17 in the comparable period ended December 31, 2001.
OPNET Chairman & CEO, Marc A. Cohen, stated, "We
are very pleased to report a strong quarter for Fiscal Q3. We
achieved record deferred revenue, continued to generate cash from
operations, controlled costs, and strengthened our backlog and
visibility. However, we remain conservative in our outlook in
what continues to be a challenging economic environment."
Fiscal Fourth Quarter Financial Outlook
OPNET expects fiscal fourth quarter revenue
to be between $11.4 and $11.9 million, and diluted earnings to
be between 2 and 4 cents per share.
Financial Highlights for the Third Quarter of Fiscal Year 2003
- Increased revenue 4.7% sequentially in a challenging economy.
- Increased deferred revenues to a record $9.7 million, from $8.8 million at the end of the second quarter of fiscal 2003.
- Generated $2.2 million in cash flow from operations.
- Reduced DSOs 2 days from September 30, 2002 to 64 days as of December 31, 2002.
- Increased cash to $68 million, up $2.3 million from September
30, 2002.
Corporate Highlights for the Third Quarter of Fiscal Year 2003
- Selected as one of the 200 Best Small Companies in America by judges at Forbes Magazine, based on financial performance.
- Released version 9.0 of several platform products, including IT Guru, Modeler, SP Guru, and Netbiz/ODK.
- Co-hosted OPNETWORK2002 Tokyo with partner E3 Networks (owned by Mitsui & Co.); achieved record attendance from the enterprise IT community in Japan.
- Awarded re-compete contract by Department
of Defense for NETWARS project, providing for a 5-year period
of performance, an initial $2.2 million dollars for 2003, and
four additional option years.
The Company will hold an investor conference call on Tuesday, January 28, 2003 at 5:00 pm EST to review financial results for the third quarter of fiscal 2003. Investors will be able to listen to the call by calling 877-407-9210 in the U.S. or 201-689-8049 for international callers, and enter password OPN1285, or use the webcast at www.opnet.com, or at www.vcall.com (click 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. Call the replay phone number at 877-660-6853 or 201-612-7415 for international callers. For replay, enter account # 1628, conference ID # 54250. The replay will be available from 7:00 pm EST January 28th through 7:00 pm EST January 31st. The webcast will be available at www.opnet.com or at www.vcall.com, archived for seven days.
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.
OPNET and OPNET Technologies, Inc. are trademarks of OPNET Technologies, Inc. All other trademarks are the property of their respective owners.
Statements in this press release that are not purely historical facts, including statements about expected financial performance in future periods, constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. OPNET Technologies, Inc. ("OPNET") assumes no obligation to update these statements. Forward-looking statements are based upon information available to OPNET as of the date of this press release and involve risks and uncertainties; therefore, actual events or results may differ materially. For a discussion of risk factors that could affect OPNET's future performance, see OPNET's most recent 10-Q, filed with the Securities & Exchange Commission.
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Note to editors: The word OPNET is spelled with all upper-case letters.
OPNET Technologies, Inc.
Condensed Consolidated
Statements of Operations
(unaudited)
OPNET Technologies, Inc.
Condensed Consolidated
Balance Sheets
(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