OPNT Opiant Pharmaceuticals Inc

OPNET Technologies, Inc. (NASDAQ: OPNT), a leading provider of management software for networks and applications, today announced that quarterly revenue for the first fiscal quarter, ended June 30, 2007, was $23.3 million, compared to $22.6 million for the same quarter in the prior fiscal year. Earnings per share on a diluted basis for the first quarter of fiscal 2008 were $0.03, compared to $0.08 for the same quarter in the prior fiscal year. Marc A. Cohen, OPNET�s Chairman and CEO, stated, �We are disappointed by the results for fiscal Q1. Fiscal Q1 historically has been the most challenging quarter for the Company to close deals. We encountered more deals with longer transaction processing time in both domestic and international accounts than we anticipated; however, transaction processing time associated with international accounts impacted us more than domestic accounts during the quarter. We do not believe our disappointing results are related to demand for our products, as our sales pipeline and customer demand for our products continues to be strong.� Financial Highlights for the First Quarter of Fiscal 2008: Grew revenue year-over-year 3.1% to $23.3 million from $22.6 million for the same quarter of fiscal 2007. Revenue for the quarter decreased sequentially 4.2% from $24.4 million for the fourth quarter of fiscal 2007. License revenue decreased year-over-year by 15.9% to $8.7 million from $10.3 million for the same quarter of fiscal 2007. License revenue for the quarter decreased sequentially 18.8% from $10.7 million for the fourth quarter of fiscal 2007. Ended the quarter with deferred revenue of $22 million, down sequentially from $23.3 million in the fourth quarter of fiscal 2007. Gross profit decreased year-over-year to $17.5 million from $17.9 million for the same quarter of fiscal 2007. Gross profit decreased sequentially from $18.7 million in the fourth quarter of fiscal 2007. Operating income decreased year-over-year to negative $59 thousand from $1.8 million for the same quarter of fiscal 2007. Operating income decreased sequentially from $1.4 million in the fourth quarter of fiscal 2007. Second Quarter Fiscal Year 2008 Financial Outlook OPNET currently expects fiscal 2008 second quarter revenue to be between $24.5 million and $26.5 million, and earnings per share to be between breakeven and $0.07. 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, August 1, 2007 at 5:00pm EDT to review financial results for the first quarter of fiscal 2008. 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 # 248027. The replay will be available from 7:00 pm Eastern Time August 1st through 11:59 pm Eastern Time August 8th. The webcast will be available at www.opnet.com or at www.investorcalendar.com, archived for seven days. More detailed financial results for the first quarter of fiscal 2008 will be released after the market closes on Wednesday, August 1, 2007. 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, including comments concerning expected revenue for the second quarter of fiscal 2008, 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. OPNET and OPNET Technologies, Inc. are trademarks of OPNET Technologies, Inc. All other trademarks are the property of their respective owners. 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 EndedJune 30, 2007 2006 � Revenue: New software licenses $ 8,689 $ 10,326 Software license updates, technical support, and services 8,191 6,454 Professional services � 6,452 � � 5,852 Total revenue � 23,332 � � 22,632 � Cost of revenue: New software licenses 210 126 Software license updates, technical support, and services 1,168 707 Professional services 4,316 3,741 Amortization of acquired technology � 164 � � 191 Total cost of revenue � 5,858 � � 4,765 � Gross profit � 17,474 � � 17,867 � Operating expenses: Research and development 6,185 5,216 Sales and marketing 8,647 8,063 General and administrative � 2,701 � � 2,768 Total operating expenses � 17,533 � � 16,047 � (Loss) income from operations (59 ) 1,820 Interest and other income, net � 1,015 � � 903 Income before provision for income taxes 956 2,723 Provision for income taxes � 309 � � 1,088 Net income $ 647 � $ 1,635 � Basic net income per common share $ 0.03 � $ 0.08 Diluted net income per common share $ 0.03 � $ 0.08 Basic weighted average common shares outstanding � 20,516 � � 20,190 Diluted weighted average common shares outstanding � 21,180 � � 20,664 OPNET TECHNOLOGIES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands, except per share data) (unaudited) � June 30, March 31, 2007 2007 ASSETS Current assets: Cash and cash equivalents $ 35,961 $ 34,766 Marketable securities 60,465 56,615 Accounts receivable 14,357 21,604 Unbilled accounts receivable 4,027 3,696 Deferred income taxes, prepaid expenses and other current assets � 3,871 � � 4,366 � Total current assets 118,681 121,047 � Property and equipment, net 9,248 8,745 Intangible assets, net 734 899 Goodwill 14,639 14,639 Deferred income taxes and other assets � 2,415 � � 2,328 � Total assets $ 145,717 � $ 147,658 � � LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 522 $ 276 Accrued liabilities 7,636 8,321 Other income taxes 510 458 Deferred rent 221 210 Deferred revenue � 21,222 � � 22,414 � Total current liabilities � 30,111 � � 31,679 � � Accrued liabilities 172 259 Deferred rent 1,935 1,956 Deferred revenue 795 893 Other income taxes � 504 � � -- � Total liabilities � 33,517 � � 34,787 � � Stockholders' equity: Common stock 27 27 Additional paid-in capital 87,234 86,881 Retained earnings 34,952 34,815 Accumulated other comprehensive income 356 394 Treasury stock, at cost � (10,369 ) � (9,246 ) Total stockholders� equity � 112,200 � � 112,871 � Total liabilities and stockholders� equity $ 145,717 � $ 147,658 �