OPNET Technologies, Inc. (NASDAQ:OPNT), a leading provider of
management software for networks and applications, today announced
that quarterly revenue for the third fiscal quarter, ended December
31, 2005, was $20.1 million, compared to $16.1 million for the same
quarter in the prior fiscal year. Earnings per share for the third
quarter of fiscal 2006 were $0.06 on a diluted basis, compared to
$0.01 for the same quarter in the prior fiscal year. Marc A. Cohen,
OPNET's Chairman and CEO, stated, "We are very pleased to report
record quarterly revenue for Q3 of 2006. Our performance was the
result of achieving record quarterly revenue across all three
revenue categories: new software licenses, software license updates
and technical support, and professional services. We achieved
record quarterly gross profit of $15.6 million, driven by new
software license revenue of $8.4 million. Operating income for Q3
improved by $298 thousand from the prior quarter. We also ended the
quarter with record deferred revenue of $16.8 million. Legal
expenses related to the lawsuit filed by Compuware Corporation in
September of 2004 continue to put considerable pressure on our
operating margin, as we incurred related legal expenses during Q3
of $1.5 million." Financial Highlights for the Third Quarter of
Fiscal Year 2006 -- Grew revenue year over year 25.1% to $20.1
million from $16.1 million for the same quarter of fiscal 2005.
Revenue for the quarter grew sequentially 10% from $18.3 million
for the second quarter of fiscal 2006. -- Grew license revenue year
over year 8.3% to $8.4 million from $7.8 million for the same
quarter of fiscal 2005. License revenue for the quarter grew
sequentially 11.2% from $7.6 million for the second quarter of
fiscal 2006. -- Ended the quarter with record deferred revenue of
$16.8 million, up sequentially from $15.3 million. -- Improved our
gross margin sequentially to 77.5% during the third quarter of
fiscal 2006 from 76.9%. Gross profit for the quarter was a record
$15.6 million. -- While operating income decreased year over year
from $583 thousand for the same quarter of fiscal 2005, our
operating income improved sequentially to $319 thousand from $21
thousand for the second quarter of fiscal 2006. Mr. Cohen
continued, "Our Q3 2006 EPS of $0.06 was positively impacted by
recording a tax benefit in the quarter of $101 thousand, which
resulted in an effective tax rate for the quarter of negative 9.5%.
The tax benefit recorded during Q3 was the result of adjusting
previously projected foreign tax credits and projected research and
development tax credits to the actual amount of the credits
computed on the company's fiscal 2005 tax return, which was
completed and filed during the quarter. The tax benefit recorded
during Q3 was also the result of adjusting similar benefits for the
current fiscal year. The company's effective tax rate for Q2 of
fiscal 2006 was 30.7%." Fourth Quarter Fiscal Year 2006 Financial
Outlook OPNET currently expects fiscal fourth quarter revenue to be
between $19.5 and $20.5 million, and earnings per share to be
between negative $0.01 and positive $0.02. These estimates
represent management's current expectations about the Company's
future financial performance, based on information available at
this time. OPNET will hold an investor conference call on
Wednesday, February 1, 2006 at 5:00pm Eastern Time to discuss the
overall results of Q3. To listen to the OPNET investor conference
call: -- Call 877-407-9205 in the U.S. or 201-689-8054 for
international callers, or -- Use the webcast at www.opnet.com, or
at www.investorcalendar.com (click on OPNT under "VCalls by Date").
Investors are advised to go to the web site at least 15 minutes
early to register, download, and install any necessary audio
software. To listen to the archived call: -- Call the replay phone
number at 877-660-6853 or 201-612-7415 for international callers.
For replay, enter account # 286, conference ID # 187082. The replay
will be available from 7:00 pm Eastern Time February 1st through
11:59 pm Eastern Time February 6th. -- The webcast will be
available at www.opnet.com or at www.investorcalendar.com, archived
for seven days. About OPNET Technologies, Inc. Founded in 1986,
OPNET Technologies, Inc. (NASDAQ:OPNT) 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 may constitute forward-looking statements
as defined in the Private Securities Litigation Reform Act of 1995.
OPNET Technologies, Inc. ("OPNET") assumes no obligation to update
statements. Forward-looking statements are predictions 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,
see OPNET's reports, including its most recent 10-Q and 10-K, filed
with the Securities & Exchange Commission. Note to editors: The
word OPNET is spelled with all upper-case letters. -0- *T OPNET
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) (unaudited) Three Months
Ended Nine Months Ended December 31, December 31, -----------------
----------------- 2005 2004 2005 2004 -------- -------- --------
-------- Revenue: New software licenses $ 8,436 $ 7,793 $22,646
$21,578 Software license updates and technical support 6,198 4,998
17,922 14,617 Professional services 5,464 3,272 14,271 10,869
-------- -------- -------- -------- Total revenue 20,098 16,063
54,839 47,064 -------- -------- -------- -------- Cost of revenue:
New software licenses 184 202 546 578 Software license updates and
technical support 639 597 1,932 1,734 Professional services 3,517
2,367 9,961 7,128 Amortization of acquired technology 192 192 575
460 -------- -------- -------- -------- Total cost of revenue 4,532
3,358 13,014 9,900 -------- -------- -------- -------- Gross profit
15,566 12,705 41,825 37,164 -------- -------- -------- --------
Operating expenses: Research and development 4,608 3,780 13,796
10,836 Sales and marketing 6,813 5,867 18,989 16,568 General and
administrative 3,826 2,475 9,867 5,865 -------- -------- --------
-------- Total operating expenses 15,247 12,122 42,652 33,269
-------- -------- -------- -------- Income (loss) from operations
319 583 (827) 3,895 Interest and other income, net 746 326 1,873
787 -------- -------- -------- -------- Income before provision for
income taxes 1,065 909 1,046 4,682 Provision (benefit) for income
taxes (101) 740 (106) 1,979 -------- -------- -------- -------- Net
income $ 1,166 $ 169 $ 1,152 $ 2,703 ======== ======== ========
======== Basic net income per common share $ 0.06 $ 0.01 $ 0.06 $
0.13 ======== ======== ======== ======== Diluted net income per
common share $ 0.06 $ 0.01 $ 0.06 $ 0.13 ======== ======== ========
======== Basic weighted average common shares outstanding 20,229
20,168 20,345 20,129 ======== ======== ======== ======== Diluted
weighted average common shares outstanding 20,523 20,758 20,607
20,626 ======== ======== ======== ======== OPNET TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per
share data) (unaudited) December 31, March 31, 2005 2005
------------ ------------ ASSETS Current assets: Cash and cash
equivalents $ 57,423 $ 38,171 Marketable securities 25,568 44,014
Accounts receivable 12,590 13,480 Unbilled accounts receivable
3,534 2,341 Deferred income taxes, prepaid expenses and other
current assets 3,172 3,729 ------------ ------------ Total current
assets 102,287 101,735 Property and equipment, net 5,948 6,227
Intangible assets, net 704 1,279 Goodwill 14,639 14,639 Deferred
income taxes and other assets 2,070 1,306 ------------ ------------
Total assets $ 125,648 $ 125,186 ============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $ 1,453 $ 828 Accrued liabilities 7,478 6,874 Deferred and
accrued income taxes 245 380 Deferred rent 67 - Deferred revenue
16,115 14,824 ------------ ------------ Total current liabilities
25,358 22,906 ------------ ------------ Notes payable 150 150
Deferred rent 1,065 1,107 Deferred revenue 727 1,058 ------------
------------ Total liabilities 27,300 25,221 ------------
------------ Commitments and contingencies (Note 7) Stockholders'
equity: Common stock 27 26 Additional paid-in capital 80,026 79,421
Deferred compensation - (15) Retained earnings 25,865 24,713
Accumulated other comprehensive loss (415) (80) Treasury stock, at
cost (7,155) (4,100) ------------ ------------ Total stockholders'
equity 98,348 99,965 ------------ ------------ Total liabilities
and stockholders' equity $ 125,648 $ 125,186 ============
============ *T
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