OPNET Reports Results for Fiscal Q4 2003
- Record Revenue of $12.4 Million
- EPS of $0.05
- Operating Cash Flow of $2.6 million
BETHESDA, MD - April 28, 2003 --OPNET Technologies, Inc. (Nasdaq: OPNT), the leading provider of Intelligent Network Management software, today announced financial results for its fiscal quarter ended March 31, 2003. Revenue for the quarter ended March 31, 2003 was $12.4 million compared to $11.4 million for the same quarter in the prior year. Earnings per share for the fourth quarter 2003 and 2002 were $0.05 on a diluted basis.
For the fiscal year ended March 31, 2003, revenues were $46.5 million compared to $44.8 million for the previous fiscal year. Earnings per share for the fiscal year ended March 31, 2003 were $0.14 on a diluted basis, compared to $0.22 in fiscal year 2002.
OPNET Chairman & CEO, Marc A. Cohen, stated, “We are extremely pleased to report a strong fiscal Q4 and a second consecutive quarter of record revenue. We continued to generate cash from operations, increased EPS, maintained deferred revenue, reduced days sales outstanding, and strengthened our backlog and visibility. This demonstrates that we can execute in what continues to be a challenging economic environment. The growth in Q4 was driven by sales to corporate and government enterprises. We believe that this market remains very underpenetrated with Intelligent Network Management solutions, such as those provided by our IT Guru and SP Guru product suites.”
First Quarter Fiscal Year 2004 Financial Outlook
OPNET expects first quarter of fiscal year 2004 revenue to be between $12.2 and $12.8 million and diluted earnings to be between 4 and 6 cents per share.
Financial Highlights for the Fourth Quarter of Fiscal Year 2003
- Produced record quarterly revenue of $12.4 million; OPNET’s second consecutive quarter with record revenue.
- Increased revenue for the quarter 6.1% sequentially in a challenging economy.
- Maintained deferred revenues at $9.6 million, consistent from the end of the third quarter of fiscal 2003.
- Generated $2.6 million in cash flow from operations.
- Reduced DSOs 10 days from December 31, 2002 to 54 days as of March 31, 2003.
- Increased cash to $70.3 million, up $2.3 million from December 31, 2002.
The Company will hold an investor conference call on Monday, April 28, 2003 at 5:00 pm EDT to review financial results for the fourth 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 OPN428, 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 # 63793. The replay will be available from 7:00 pm EDT April 28th through 7:00 pm EDT May 1st. 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
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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