OPNET Technologies, Inc. (Nasdaq:OPNT), the leading provider of
solutions for application and network performance management, today
announced that based on preliminary estimates it expects revenue
for the fourth fiscal quarter, ended March 31, 2012, to be in the
range of $44.4 to $44.6 million. Therefore, it expects revenue for
fiscal 2012 to be in the range of $172.6 to $172.8
million. GAAP diluted net income per common share for the
fourth quarter of fiscal 2012 is expected to be between $0.16 and
$0.17. Non-GAAP diluted net income per common share for the
fourth quarter of fiscal 2012 is expected to be between $0.20 and
$0.21. The non-GAAP diluted net income per common share
expectation for the fourth quarter excludes approximately $864,000
of expenses associated with stock-based compensation expense,
amortization of acquired intangible assets, and the related impact
of these adjustments on the provision for income taxes.
Marc A. Cohen, OPNET's Chairman and CEO, stated, "While we are
disappointed that we did not achieve our revenue guidance for the
quarter, we believe the contributing factors were isolated and not
a reflection of our overall business strength. In fact, our
application performance management, or APM, product bookings grew
37% from the same quarter last fiscal year and accelerated from the
growth rate we generated during the first three quarters of fiscal
2012. Our Q4 estimated revenue results were affected by last
minute purchasing delays associated with approximately $2.4 million
of deals we expected to close during the quarter. Two of these
deals, which account for approximately 56% of the delayed total,
have been partially booked and we expect the remaining portion of
both deals to be booked by the end of April. The deals that
make up the remaining delayed total are all in process, and are
also expected to close by the end of April."
Mr. Cohen continued, "Our preliminary full-year fiscal 2012
results reflect continued strength in APM product bookings, which
increased 32% over the prior fiscal year and represented 76% of our
total product bookings. Our network performance management, or
NPM, product bookings put pressure on our total fiscal 2012 product
bookings, declining 11% from the prior fiscal year, with Q4
declining 35% relative to Q4 of the prior fiscal year. We
believe the expansion in APM will continue to be the driver for
OPNET's growth. We remain confident that our APM market
opportunity and the competitive advantages offered by our products
will enable us to generate long-term growth in revenue and
profitability."
Based on preliminary fiscal fourth quarter
estimates:
- Product revenue decreased year-over-year by approximately 1.0%
from $21.6 million for the same quarter in fiscal
2011. Product revenue for the quarter decreased sequentially
by approximately 12.5% from $24.4 million for the third quarter of
fiscal 2012.
- Product updates, technical support and services revenue
increased year-over-year by approximately 16.5% from $14.1 million
for the same quarter of fiscal 2011. Product updates,
technical support and services revenue increased sequentially by
approximately 4.4% from $15.7 million for the third quarter of
fiscal 2012.
Based on preliminary full-year fiscal 2012
estimates:
- Product revenue increased year-over-year by approximately 18.5%
from $72.4 million for fiscal 2011.
- Product updates, technical support and services revenue
increased year-over-year by approximately 16.7% from $53.4 million
for fiscal 2011.
OPNET will hold an investor conference call on Tuesday, April
10, 2012 at 6:00pm EDT to review preliminary financial results for
the fourth quarter of fiscal 2012.
To listen to the OPNET investor conference call:
- Call 877-377-7550 in the U.S. or 408-337-0151 for international
callers, or
- Use the webcast at www.opnet.com. 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 855-859-2056 or 404-537-3406
for international callers. For replay, enter passcode #
70699205. The replay will be available from 9:00 pm Eastern
Time April 10th through 11:59 pm Eastern Time April 16th.
- The webcast will be available at www.opnet.com, archived for
seven days.
The financial results for the fourth quarter of fiscal 2012 will
be released in May 2012, date and time to be furnished.
Use of Non-GAAP Measures
OPNET uses a variety of financial measures that are not in
accordance with generally accepted accounting principles, or GAAP,
as supplemental measures to GAAP to evaluate its operational
performance. These financial measures, which include non-GAAP gross
profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP
operating margin, non-GAAP net income and non-GAAP diluted net
income per common share, exclude the impact of certain items and,
therefore, have not been calculated in accordance with GAAP. A
detailed explanation of each of the adjustments to such financial
measures is described below. A reconciliation of each of these
non-GAAP financial measures to its most comparable GAAP financial
measure is also included below. Non-GAAP gross margin is
non-GAAP gross profit expressed as a percentage of GAAP total
revenue. Non-GAAP operating margin is non-GAAP operating
income expressed as a percentage of GAAP total revenue.
Management uses non-GAAP financial measures (a) to evaluate
OPNET's historical and prospective financial performance as well as
its performance relative to its competitors, and (b) to measure
operational profitability and the accuracy of forecasting. In
addition, many financial analysts who follow OPNET focus on and
publish both historical results and future projections based on
non-GAAP financial measures. OPNET believes that it is in the best
interest of its investors to provide this information to analysts
so that they accurately report the non-GAAP financial information.
Moreover, investors have historically requested these non-GAAP
financial measures as a means of providing consistent and
comparable information with past reports of financial results.
While management believes that these non-GAAP financial measures
provide useful supplemental information to investors, there are
limitations associated with the use of these non-GAAP financial
measures. These non-GAAP financial measures are not prepared in
accordance with GAAP, are not reported by all of OPNET's
competitors and may not be directly comparable to similarly titled
measures of OPNET's competitors due to potential differences in the
exact method of calculation. OPNET compensates for these
limitations by using these non-GAAP financial measures only as
supplements to GAAP financial measures and by providing the
reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.
The adjustments we use to derive these non-GAAP financial
measures, and the basis for such adjustments, are outlined
below:
Amortization of intangibles and its related tax impact. OPNET
incurs amortization of intangibles related to various acquisitions
it has made in recent years. This amortization is included in the
following line items of its GAAP presentation:
- cost of revenue -- amortization of acquired technology and
customer relationships
- operating expenses -- research and development
Management excludes these expenses and their related tax
impact for the purpose of calculating non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income, non-GAAP
operating margin, non-GAAP net income and non-GAAP diluted net
income per common share when it evaluates the continuing
operational performance of OPNET because these costs are fixed at
the time of an acquisition, are then amortized over a period of
three to five years after the acquisition and generally cannot be
changed or influenced by management after the acquisition.
Accordingly, management does not consider these expenses for
purposes of evaluating the performance of OPNET during the
applicable time period after a given acquisition, and it excludes
such expenses when evaluating OPNET's financial performance.
Stock-based compensation expense and its related tax impact.
OPNET incurs expense related to stock-based compensation, which is
included in the following line items of its GAAP presentation:
- cost of revenue -- product updates, technical support and
services
- cost of revenue -- professional services
- operating expenses --research and development
- operating expenses -- sales and marketing
- operating expenses – general and administrative
Although stock-based compensation is an expense of OPNET and is
viewed as a form of compensation, management excludes these
expenses for the purpose of calculating non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating income, non-GAAP
operating margin, non-GAAP net income and non-GAAP diluted net
income per common share when it evaluates the continuing
operational performance of OPNET. Specifically, OPNET excludes
stock-based compensation during its quarterly and annual
assessments of OPNET's and management's performance. In evaluating
the performance of senior management, stock-based compensation is
excluded from expenditure and profitability results.
Diluted weighted average common shares
outstanding. Non-GAAP diluted net income per common
share reflects the elimination of amortization of intangibles,
stock-based compensation expense and the related tax impacts, all
as discussed above. In addition, in cases in which the
non-GAAP net income changes from negative to positive when compared
to the GAAP net income, or vice versa, the non-GAAP per-share
calculation also gives effect to an adjustment to the number of
diluted weighted average common shares outstanding reflecting the
application of the treasury method and the fact that shares
previously considered anti-dilutive would now be considered
dilutive, or vice versa.
About OPNET Technologies, Inc.
Founded in 1986, OPNET Technologies, Inc. (Nasdaq:OPNT) is the
leading provider of solutions for application and network
performance management. For more information about OPNET and its
products, visit www.opnet.com.
OPNET, OPNET Technologies, Inc. and all OPNET software product
names 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 statements
concerning expected revenue, diluted net income per share, and
non-GAAP diluted net income per share for the fourth quarter of
fiscal 2012 and fiscal 2012, 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. Factors that may cause OPNET's actual results,
levels of activity, performance or achievements to be materially
different from any future results, levels of activity, performance
or achievements expressed or implied by such forward-looking
statements include, among others, those factors listed under the
caption "Risk Factors" in OPNET's Annual Report on Form 10-K for
the fiscal year ended March 31, 2011, as filed with the Securities
and Exchange Commission on June 3, 2011. The risk factors set forth
in the Company's Form 10-K under the caption "Risk Factors" are
specifically incorporated by reference into this press release. The
Company undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Note to editors: The word OPNET is spelled with all upper-case
letters.
CONTACT: OPNET Media Contact:
Sue Cole
OPNET Technologies, Inc.
(919) 461-2445
Media@opnet.com
www.opnet.com
OPNET Investor Relations:
Mel Wesley
OPNET Technologies, Inc.
(240) 497-3000
ir@opnet.com
www.opnet.com
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