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, 2006, was $24.5 million, compared to $20.1 million for the same
quarter in the prior fiscal year. Earnings per share on a diluted
basis for the third quarter of fiscal 2007 were $0.14, compared to
$0.06 for the same quarter in the prior fiscal year. Marc A. Cohen,
OPNET�s Chairman and CEO, stated, �I am very pleased to report that
during fiscal Q3 we recorded our sixth consecutive quarter of
record revenue, which enabled us to record $19.4 million of gross
profit and achieve double-digit operating margin of 11.1%. We also
ended the quarter with record deferred revenue of $20 million and
increased our cash, cash equivalents and marketable securities to
$91.1 million.� Financial Highlights for the Third Quarter of
Fiscal Year 2007 Grew revenue year-over-year 22% to $24.5 million
from $20.1 million for the same quarter of fiscal 2006. Revenue for
the quarter grew sequentially 3.8% from $23.6 million for the
second quarter of fiscal 2007. Grew license revenue year-over-year
30.1% to $11 million from $8.4 million for the same quarter of
fiscal 2006. License revenue for the quarter decreased sequentially
1.9% to $11 million from $11.2 million for the second quarter of
fiscal 2007. Achieved record deferred revenue of $20 million, up
sequentially from $19.6 million. Improved our gross profit
sequentially to $19.4 million during the third quarter of fiscal
2007 from $18.7 million in the second quarter of fiscal 2007.
Improved our operating income to $2.7 million, which represents a
$937 thousand increase from the second quarter of fiscal 2007. Mr.
Cohen continued, �Legislation passed during fiscal Q3 that
retroactively reinstated the Research and Development Tax Credit
back to January 1, 2006. We adjusted our tax provision during the
quarter to reflect the estimated tax benefit of this credit back to
January 1, 2006. The sequential decrease in our effective tax rate
from 38% in Q2 to 18.8% this quarter was primarily the result of
adjusting our Q3 tax provision for this credit.� Fourth Quarter
Fiscal Year 2007 Financial Outlook OPNET currently expects fiscal
2007 fourth quarter revenue to be between $23.5 and $25.5 million,
and earnings per share to be between $0.04 and $0.10. 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, January 31, 2007 at 5:00 pm Eastern Time to discuss
the overall results of Q3. To listen to the OPNET investor
conference call: Dial 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: Dial the replay phone
number at 877-660-6853 or 201-612-7415 for international callers.
For replay, enter account # 286, conference ID # 227468. The replay
will be available from 7:00 pm Eastern Time January 31st 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. OPNET
TECHNOLOGIES, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data) (unaudited) � Three Months
Ended December 31, Nine Months Ended December 31, 2006� 2005� 2006�
2005� � Revenue: New software licenses $ 10,974� $ 8,436� $ 32,483�
$ 22,646� Software license updates and technical support 7,185�
6,198� 20,622� 17,922� Professional services 6,363� 5,464� 17,666�
14,271� Total revenue 24,522� 20,098� 70,771� 54,839� � Cost of
revenue: New software licenses 197� 184� 518� 546� Software license
updates and technical support 752� 639� 2,220� 1,932� Professional
services 4,033� 3,517� 11,556� 9,961� Amortization of acquired
technology 182� 192� 559� 575� Total cost of revenue 5,164� 4,532�
14,853� 13,014� � Gross profit 19,358� 15,566� 55,918� 41,825� �
Operating expenses: Research and development 5,512� 4,608� 16,101�
13,796� Sales and marketing 8,259� 6,813� 25,226� 18,989� General
and administrative 2,854� 3,826� 8,242� 9,867� Total operating
expenses 16,625� 15,247� 49,569� 42,652� � Income (loss) from
operations 2,733� 319� 6,349� (827) Interest and other income, net
993� 746� 2,884� 1,873� Income before provision for income taxes
3,726� 1,065� 9,223� 1,046� Provision (benefit) for income taxes
702� (101) 2,847� (106) Net income $ 3,024� $ 1,166� $ 6,386� $
1,152� � Basic net income per common share $ 0.15� $ 0.06� $ 0.32�
$ 0.06� Diluted net income per common share $ 0.14� $ 0.06� $ 0.30�
$ 0.06� Basic weighted average common shares outstanding 20,365�
20,229� 20,270� 20,345� Diluted weighted average common shares
outstanding 21,387� 20,523� 21,125� 20,607� OPNET TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except
per share data) (unaudited) � December 31, March 31, 2006� 2006�
ASSETS Current assets: Cash and cash equivalents $ 36,913� $
66,710� Marketable securities 54,200� 19,151� Accounts receivable
16,928� 12,765� Unbilled accounts receivable 3,481� 2,616� Deferred
income taxes, prepaid expenses and other current assets 3,639�
2,339� Total current assets 115,161� 103,581� � Property and
equipment, net 6,409� 6,088� Intangible assets, net 1,063� 1,240�
Goodwill 14,639� 14,639� Deferred income taxes and other assets
1,922� 1,799� Total assets $ 139,194� $ 127,347� � LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 278� $
1,019� Accrued liabilities 7,264� 8,539� Deferred and accrued
income taxes 283� 527� Notes payable --� 47� Deferred rent --� 89�
Deferred revenue 19,377� 15,800� Total current liabilities 27,202�
26,021� � Accrued liabilities 189� --� Notes payable --� 103�
Deferred rent 1,215� 1,033� Deferred revenue 652� 779� Deferred
income taxes 15� 13� Total liabilities 29,273� 27,949� �
Stockholders' equity: Common stock 27� 27� Additional paid-in
capital 84,869� 80,984� Deferred compensation --� (393) Retained
earnings 33,236� 26,850� Accumulated other comprehensive income
(loss) 361� (345) Treasury stock, at cost (8,572) (7,725) Total
stockholders� equity 109,921� 99,398� Total liabilities and
stockholders� equity $ 139,194� $ 127,347�
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