OPNET Technologies, Inc. (NASDAQ: OPNT), a leading provider of
management software for networks and applications, today announced
that quarterly revenue for the fourth quarter of fiscal 2007 was
$24.4 million, compared to $21.3 million for the same quarter in
the prior fiscal year. Earnings per share on a diluted basis for
the fourth quarter of fiscal 2007 were $0.07, compared to $0.05 for
the same quarter in the prior fiscal year. Marc A. Cohen, OPNET�s
Chairman and CEO, stated, �I am pleased to report strong
performance during Q4. We recorded revenue of $24.4 million and
increased deferred revenue to a record $23.3 million. Our operating
margin decreased sequentially from 11.1% to 5.9% primarily as a
result of an increase in sales commission expense driven by record
bookings and the impact of calendar Q1 payroll taxes. We ended the
quarter with cash, cash equivalents and marketable securities of
$91.4 million.� Financial Highlights for the Fourth Quarter of
Fiscal Year 2007 Grew revenue year-over-year 14.5% to $24.4 million
from $21.3 million for the same quarter of fiscal 2006. Revenue for
the quarter decreased sequentially 0.7% from $24.5 million for the
third quarter of fiscal 2007. Grew license revenue year-over-year
14.7% to $10.7 million from $9.3 million for the same quarter of
fiscal 2006. License revenue for the quarter decreased sequentially
2.5% to $10.7 million from $11 million for the third quarter of
fiscal 2007. Achieved record deferred revenue of $23.3 million, up
sequentially from $20 million in the third quarter of fiscal 2007.
Gross profit increased year-over-year to $18.7 million from $16.5
million for the same quarter of fiscal 2006. Gross profit decreased
sequentially to $18.7 million during the fourth quarter of fiscal
2007 from $19.4 million in the third quarter of fiscal 2007.
Operating income increased year-over-year to $1.4 million from $793
thousand for the same quarter of fiscal 2006. Operating income
decreased sequentially to $1.4 million during the fourth quarter of
fiscal 2007 from $2.7 million in the third quarter of fiscal 2007.
Mr. Cohen continued, �The $3.3 million sequential increase in our
deferred revenue was largely the result of record quarterly sales
of license updates and technical support and the deferral of
revenue associated with certain arrangements.� First Quarter Fiscal
Year 2008 Financial Outlook OPNET currently expects fiscal 2008
first quarter revenue to be between $24 million and $26 million,
and earnings per share to be between $0.02 and $0.08. 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, May 16, 2007 at 5:00 p.m. Eastern Time to discuss the
overall results of Q4. 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 201-689-8055 for international callers.
For replay, enter account # 286, conference ID # 239422. The replay
will be available from 7:00 p.m. Eastern Time May 16th through
11:59 p.m. Eastern Time May 23rd. 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
EndedMarch 31, Twelve Months EndedMarch 31, 2007� 2006� 2007� 2006�
� Revenue: New software licenses $ 10,703� $ 9,330� $ 43,186� $
31,976� Software license updates, technical support, and services
7,440� 6,304� 28,062� 24,226� Professional services � 6,216� �
5,642� � 23,882� � 19,913� Total revenue � 24,359� � 21,276� �
95,130� � 76,115� � Cost of revenue: New software licenses 120�
111� 638� 657� Software license updates, technical support, and
services 1,044� 705� 3,264� 2,637� Professional services 4,348�
3,744� 15,904� 13,705� Amortization of acquired technology � 164� �
257� � 723� � 832� Total cost of revenue � 5,676� � 4,817� �
20,529� � 17,831� � Gross profit � 18,683� � 16,459� � 74,601� �
58,284� � Operating expenses: Research and development 5,587�
4,847� 21,688� 18,643� Sales and marketing 8,907� 7,311� 34,133�
26,300� General and administrative � 2,752� � 3,508� � 10,994� �
13,375� Total operating expenses � 17,246� � 15,666� � 66,815� �
58,318� � Income (loss) from operations 1,437� 793� 7,786� (34)
Interest and other income, net � 950� � 807� � 3,834� � 2,680�
Income before provision for income taxes 2,387� 1,600� 11,620�
2,646� Provision for income taxes � 809� � 615� � 3,655� � 509� Net
income $ 1,578� $ 985� $ 7,965� $ 2,137� � Basic net income per
common share $ 0.08� $ 0.05� $ 0.39� $ 0.10� Diluted net income per
common share $ 0.07� $ 0.05� $ 0.38� $ 0.10� Basic weighted average
common shares outstanding � 20,487� � 20,111� � 20,358� � 20,374�
Diluted weighted average common shares outstanding � 21,337� �
20,380� � 21,206� � 20,604� OPNET TECHNOLOGIES, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands, except per share data)
(unaudited) � March 31, 2007 March 31, 2006 ASSETS Current assets:
Cash and cash equivalents $ 34,766� $ 66,710� Marketable securities
56,615� 19,151� Accounts receivable 21,604� 12,765� Unbilled
accounts receivable 3,696� 2,616� Deferred income taxes, prepaid
expenses and other current assets � 4,366� � 2,339� Total current
assets 121,047� 103,581� � Property and equipment, net 8,745�
6,088� Intangible assets, net 899� 1,240� Goodwill 14,639� 14,639�
Deferred income taxes and other assets � 2,328� � 1,799� Total
assets $ 147,658� $ 127,347� � LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities: Accounts payable $ 276� $ 1,019� Accrued
liabilities 8,321� 8,539� Deferred and accrued income taxes 458�
527� Notes payable --� 47� Deferred rent 210� 89� Deferred revenue
� 22,414� � 15,800� Total current liabilities � 31,679� � 26,021� �
Accrued liabilities 259� --� Notes payable --� 103� Deferred rent
1,956� 1,033� Deferred revenue 893� 779� Deferred income taxes �
--� � 13� Total liabilities � 34,787� � 27,949� � Stockholders'
equity: Common stock 27� 27� Additional paid-in capital 86,881�
80,984� Deferred compensation --� (393) Retained earnings 34,815�
26,850� Accumulated other comprehensive income (loss) 394� (345)
Treasury stock, at cost � (9,246) � (7,725) Total stockholders�
equity � 112,871� � 99,398� Total liabilities and stockholders�
equity $ 147,658� $ 127,347�
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