Press Releases 2004-OPNET Reports Record Revenue and Operating Margin for Fiscal Q4 2004

OPNET Reports Record Revenue and Operating Margin for Fiscal Q4 2004

Record revenue of $16.3 million
Record operating margin of 16.6%
Record deferred revenue of $13.7 million
Operating cash flow of $2.8 million

BETHESDA, MD - April 29, 2004 --OPNET Technologies, Inc. (NASDAQ: OPNT), a leading provider of management software for networks and applications, today announced financial results for its fourth fiscal quarter ended March 31, 2004. Revenue for the quarter ended March 31, 2004 was $16.3 million compared to $12.4 million for the same quarter in the prior year. Earnings per share for the fourth quarter of fiscal 2004 was $0.10 on a diluted basis, compared to $0.05 in the same quarter of the prior year.

For the twelve months ended March 31, 2004 and 2003, revenues were $56.5 million and $46.4 million, respectively. Earnings per share for the twelve months ended March 31, 2004 was $0.28 on a diluted basis, compared to $0.14 in the comparable period ended March 31, 2003.

OPNET Chairman & CEO, Marc A. Cohen, stated, “We are extremely pleased to report an outstanding quarter and fiscal year ended 31 March 2004, and would like to commend the entire OPNET staff for superb execution in a tough economic climate. Our expansion of operating margins demonstrates the significant leverage of our business model. OPNET provides a paradigm shift in network and application management, and we plan on continuing to invest to address this large market opportunity.”

First Quarter Fiscal Year 2005 Financial Outlook

OPNET expects fiscal first quarter revenue to be between $16.5 and $16.9 million and diluted earnings to be between 9 and 10 cents per share. These amounts represent management’s current expectations about the Company’s future financial performance, based on information available at this time.

Financial Highlights for the Fourth Quarter of Fiscal Year 2004

Grew revenue year over year 32% to a record $16.3 million from $12.4 million in revenue for the fourth quarter of fiscal 2003. Revenue for the quarter grew sequentially 13% from $14.4 million for the third quarter of fiscal 2004.
Expanded operating margins sequentially from 14.8% to 16.6% in the fourth quarter of fiscal 2004 resulting in record operating income of $2.7 million.
Maintained a strong balance sheet with $81.5 million in cash and marketable securities at March 31, 2004.
Increased deferred revenues to a record $13.7 million from $12.3 million at the end of the third quarter of fiscal 2004.

The Company will hold an investor conference call on Thursday, April 29, 2004 at 5:00 pm Eastern Time to review financial results for the fourth quarter of fiscal 2004. Investors will be able to listen to the call by calling 877-407-9205 in the U.S. or 201-689-8054 for international callers, and enter password OP 404, 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 #101223. The replay will be available from 7:00 pm Eastern Time April 29th through 11:59 pm Eastern Time May 2nd. 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 a leading provider of management software for networks and applications. 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. These risks include, among others, the evolving nature of our market, the length and variability of our sales cycle, and risks regarding our ability to successfully expand our sales force.

###

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

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Press Releases Archived Press Releases 2004	OPNET Reports Record Revenue and Operating Margin for Fiscal Q4 2004 Record revenue of $16.3 million Record operating margin of 16.6% Record deferred revenue of $13.7 million Operating cash flow of $2.8 million BETHESDA, MD - April 29, 2004 --OPNET Technologies, Inc. (NASDAQ: OPNT), a leading provider of management software for networks and applications, today announced financial results for its fourth fiscal quarter ended March 31, 2004. Revenue for the quarter ended March 31, 2004 was $16.3 million compared to $12.4 million for the same quarter in the prior year. Earnings per share for the fourth quarter of fiscal 2004 was $0.10 on a diluted basis, compared to $0.05 in the same quarter of the prior year. For the twelve months ended March 31, 2004 and 2003, revenues were $56.5 million and $46.4 million, respectively. Earnings per share for the twelve months ended March 31, 2004 was $0.28 on a diluted basis, compared to $0.14 in the comparable period ended March 31, 2003. OPNET Chairman & CEO, Marc A. Cohen, stated, “We are extremely pleased to report an outstanding quarter and fiscal year ended 31 March 2004, and would like to commend the entire OPNET staff for superb execution in a tough economic climate. Our expansion of operating margins demonstrates the significant leverage of our business model. OPNET provides a paradigm shift in network and application management, and we plan on continuing to invest to address this large market opportunity.” First Quarter Fiscal Year 2005 Financial Outlook OPNET expects fiscal first quarter revenue to be between $16.5 and $16.9 million and diluted earnings to be between 9 and 10 cents per share. These amounts represent management’s current expectations about the Company’s future financial performance, based on information available at this time. Financial Highlights for the Fourth Quarter of Fiscal Year 2004 Grew revenue year over year 32% to a record $16.3 million from $12.4 million in revenue for the fourth quarter of fiscal 2003. Revenue for the quarter grew sequentially 13% from $14.4 million for the third quarter of fiscal 2004. Expanded operating margins sequentially from 14.8% to 16.6% in the fourth quarter of fiscal 2004 resulting in record operating income of $2.7 million. Maintained a strong balance sheet with $81.5 million in cash and marketable securities at March 31, 2004. Increased deferred revenues to a record $13.7 million from $12.3 million at the end of the third quarter of fiscal 2004. The Company will hold an investor conference call on Thursday, April 29, 2004 at 5:00 pm Eastern Time to review financial results for the fourth quarter of fiscal 2004. Investors will be able to listen to the call by calling 877-407-9205 in the U.S. or 201-689-8054 for international callers, and enter password OP 404, 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 #101223. The replay will be available from 7:00 pm Eastern Time April 29th through 11:59 pm Eastern Time May 2nd. 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 a leading provider of management software for networks and applications. 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. These risks include, among others, the evolving nature of our market, the length and variability of our sales cycle, and risks regarding our ability to successfully expand our sales force. ### 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

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