OPNET Technologies, Inc. (Nasdaq:OPNT), the leading provider of
solutions for application and network performance management today
announced that revenue for the fourth fiscal quarter, ended March
31, 2012, was $44.6 million, compared to $41.1 million for the same
quarter in the prior fiscal year. Diluted earnings per share for
the fourth quarter of fiscal 2012 were $0.18, compared to $0.17 for
the same quarter in the prior fiscal year. The Company also
announced today a quarterly dividend of $0.15 per share payable on
June 28, 2012 to stockholders of record as of the close of business
on June 14, 2012. The $0.15 dividend represents one quarter of the
Company's fiscal 2013 annual dividend target of $0.60 per share.
During fiscal 2012, the Company paid aggregate quarterly dividends
of $0.48 per share and a one-time special dividend of $0.85 per
share.
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 are pleased to report that $2.2 million of the $2.4
million in delayed March deals discussed during our last conference
call have been closed. Our application performance management (APM)
products continue to drive our business. APM product bookings
accounted for 78% of our total product bookings during the March
quarter, and grew 37% from the same quarter last fiscal year. The
growth in demand for our APM products, together with strong
maintenance renewal bookings, allowed us to end the quarter with
record deferred revenue of $54.9 million."
Mr. Cohen continued, "Fiscal 2012 was a significant year of
growth. APM product sales accounted for 76% of our total product
bookings during the year, and increased 32% over fiscal
2011. Strong demand for our APM products during fiscal 2012
enabled us to grow product revenue year-over-year by 18.5%, and
increase operating income year-over-year by 48.4%. We believe
that demand for our APM products is being driven both by superior
analytics and by our end-to-end solutions that span applications,
systems, and networks within a broad range of deployment scenarios,
including public and private clouds. We believe that these
competitive advantages will generate sustained growth in product
revenue and profitability over the long term. We believe in the
strength of our business and the opportunities in front of us,
which is also reflected by the increase in our quarterly
dividend."
The Company's fourth quarter fiscal 2012 financial results are
presented below. The non-GAAP results exclude the income statement
effects of stock-based compensation and acquisition-related
amortization of intangible assets. A reconciliation of GAAP
results to non-GAAP results has been provided in the financial
statement table following the text of the press release. For
further information, please refer to the section of the press
release titled "Use of Non-GAAP Measures."
GAAP Financial Highlights for the Fourth Quarter of
Fiscal 2012:
- Total revenue increased year-over-year 8.4% to $44.6 million
from $41.1 million for the same quarter of fiscal 2011. Total
revenue for the quarter decreased sequentially 3.1% from $46.0
million for the third quarter of fiscal 2012.
- Product revenue decreased year-over-year by 1.0% to $21.4
million from $21.6 million for the same quarter of fiscal
2011. Product revenue for the quarter decreased sequentially
12.5% from $24.4 million for the third quarter of fiscal 2012.
- Deferred revenue increased year-over-year by 15.5% to $54.9
million from $47.5 million at the end of the same quarter of fiscal
2011. Deferred revenue for the quarter increased sequentially
10.2% from $49.8 million at the end of the third quarter of fiscal
2012.
- Gross margin decreased year-over-year to 76.8% from 79.1% for
the same quarter of fiscal 2011. Gross margin decreased
sequentially from 77.3% in the third quarter of fiscal
2012.
- Operating margin decreased year-over-year to 13.6% from 15.2%
for the same quarter of fiscal 2011. Operating margin
decreased sequentially from 18.0% in the third quarter of fiscal
2012.
- Diluted earnings per share increased year-over-year to $0.18
from $0.17 for the same quarter of fiscal 2011. Diluted
earnings per share decreased sequentially from $0.23 in the third
quarter of fiscal 2012.
Non-GAAP Financial Highlights for the Fourth Quarter of
Fiscal 2012:
- Non-GAAP gross margin decreased year-over-year to 78.1% from
80.5% for the same quarter of fiscal 2011. Non-GAAP gross
margin decreased sequentially from 78.6% in the third quarter of
fiscal 2012.
- Non-GAAP operating margin decreased year-over-year to 16.8%
from 17.8% for the same quarter of fiscal 2011. Non-GAAP
operating margin decreased sequentially from 20.8% in the third
quarter of fiscal 2012.
- Non-GAAP earnings per share increased year-over-year to $0.21
from $0.20 for the same quarter of fiscal 2011. Non-GAAP
earnings per share decreased sequentially from $0.26 in the third
quarter of fiscal 2012.
First Quarter Fiscal Year 2013 Financial
Outlook
OPNET currently expects fiscal 2013 first quarter GAAP revenue
to be between $42.5 million and $45.0 million, GAAP diluted
earnings per share to be between $0.13 and $0.19, and non-GAAP
diluted earnings per share to be between $0.16 and $0.23. The
non-GAAP diluted earnings per share expectation excludes
approximately $795,000 of expense for the quarter associated with
stock-based compensation expense, amortization of acquired
intangible assets, and the related impact of these adjustments on
the provision for income taxes. 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 Monday, May 14,
2012 at 6:00pm Eastern Time to review 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/news. 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 #
72917244. The replay will be available from 9:00 pm Eastern
Time May 14, 2012 through 11:59 pm Eastern Time May 21, 2012.
- The webcast will be available at www.opnet.com/news. The
webcast will be archived for seven days.
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 statement of operations
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.
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 statement of
operations 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., AppMapperXpert,
AppResponseXpert, and AppInternalsXpert 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 such
statements. Forward-looking statements, including statements
regarding our competitive position and our ability to sustain
growth in product revenue and profitability in the future and
statements concerning expected revenue and diluted net income per
common share and Non-GAAP diluted net income per common share for
the first quarter of fiscal 2013, 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, as updated
from time to time in subsequent SEC filings. The risk factors set
forth in the Company's Form 10-K under the caption "Risk Factors,"
as updated from time to time in subsequent SEC filings, 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.
OPNET TECHNOLOGIES,
INC. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS (in thousands, except per share
data) (unaudited) |
|
|
|
Three Months
Ended March 31, |
Year Ended March
31, |
|
2012 |
2011 |
2012 |
2011 |
|
|
|
|
|
|
Revenue: |
|
|
|
|
|
Product |
$ 21,366 |
$ 21,570 |
$ 85,820 |
$ 72,392 |
|
Product updates, technical
support, and services |
16,445 |
14,112 |
62,299 |
53,392 |
|
Professional services |
6,752 |
5,423 |
24,599 |
22,202 |
|
Total revenue |
44,563 |
41,105 |
172,718 |
147,986 |
|
|
|
|
|
|
|
Cost of revenue: |
|
|
|
|
|
Product |
3,459 |
2,621 |
14,177 |
9,293 |
|
Product updates, technical
support, and services |
1,607 |
1,433 |
5,922 |
5,260 |
|
Professional services |
4,713 |
3,997 |
16,407 |
16,183 |
|
Amortization of acquired
technology and customer relationships |
548 |
539 |
2,159 |
2,050 |
|
Total cost of revenue |
10,327 |
8,590 |
38,665 |
32,786 |
|
|
|
|
|
|
|
Gross profit |
34,236 |
32,515 |
134,053 |
115,200 |
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Research and development |
10,176 |
9,320 |
37,781 |
34,718 |
|
Sales and marketing |
14,420 |
13,616 |
55,413 |
48,733 |
|
General and administrative |
3,577 |
3,340 |
12,948 |
12,947 |
|
Total operating expenses |
28,173 |
26,276 |
106,142 |
96,398 |
|
|
|
|
|
|
|
Income from operations |
6,063 |
6,239 |
27,911 |
18,802 |
|
Interest and other expense, net |
(23) |
(66) |
(87) |
(151) |
|
Income before provision for income taxes |
6,040 |
6,173 |
27,824 |
18,651 |
|
Provision for income taxes |
2,005 |
2,350 |
9,491 |
6,250 |
|
Net income |
$ 4,035 |
$ 3,823 |
$ 18,333 |
$ 12,401 |
|
|
|
|
|
|
|
Basic net income per common share |
$ 0.18 |
$ 0.17 |
$ 0.81 |
$ 0.57 |
|
Diluted net income per common share |
$ 0.18 |
$ 0.17 |
$ 0.80 |
$ 0.55 |
|
Basic weighted average common shares
outstanding |
22,347 |
21,929 |
22,220 |
21,429 |
|
Diluted weighted average common shares
outstanding |
22,741 |
22,507 |
22,675 |
22,130 |
|
|
OPNET TECHNOLOGIES,
INC. |
RECONCILIATION OF
NON-GAAP RESULTS TO GAAP RESULTS |
(in thousands, except
per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
Three Months
Ended March 31, |
|
Three Months Ended December
31, |
|
2012 |
|
2011 |
|
2011 |
|
|
|
|
|
|
|
|
GAAP gross profit |
$ 34,236 |
|
$ 32,515 |
|
$ 35,568 |
|
Stock-based compensation
expense included in cost of revenue |
37 |
|
22 |
|
27 |
|
Amortization of intangibles
included in cost of revenue |
547 |
|
540 |
|
536 |
|
Non-GAAP gross profit |
$ 34,820 |
|
$ 33,077 |
|
$ 36,131 |
|
|
|
|
|
|
|
|
GAAP income from operations |
$ 6,063 |
|
$ 6,239 |
|
$ 8,292 |
|
Stock-based compensation
expense -- total (included in cost of revenue and in
operating expenses) |
844 |
|
533 |
|
699 |
|
Amortization of
intangibles -- total (included in cost of revenue and
in research and development expenses) |
573 |
|
565 |
|
561 |
|
Non-GAAP income from operations |
$ 7,480 |
|
$ 7,337 |
|
$ 9,552 |
|
|
|
|
|
|
|
|
GAAP net income |
$ 4,035 |
|
$ 3,823 |
|
$ 5,323 |
|
Stock-based compensation
expense -- total |
844 |
|
533 |
|
699 |
|
Amortization of intangibles --
total |
573 |
|
565 |
|
561 |
|
Provision for income
tax |
(553) |
(1) |
(439) |
(2) |
(492) |
(1) |
Non-GAAP net income |
$ 4,899 |
|
$ 4,482 |
|
$ 6,091 |
|
|
|
|
|
|
|
|
Diluted net income per common share: |
|
|
|
|
|
|
GAAP |
$ 0.18 |
|
$ 0.17 |
|
$ 0.23 |
|
Non-GAAP |
$ 0.21 |
|
$ 0.20 |
|
$ 0.26 |
|
|
|
|
|
|
|
|
Diluted weighted average common shares
outstanding |
|
|
|
|
|
|
GAAP |
22,741 |
|
22,507 |
|
22,304 |
|
Non-GAAP |
22,741 |
|
22,507 |
|
22,304 |
|
(1) Reflects
the tax effect of non-GAAP adjustments above at the statutory rate
of 39% based on projected taxable income. |
|
|
|
|
|
|
(2) Reflects
the tax effect of non-GAAP adjustments above at the statutory rate
of 40% based on actual taxable income. |
|
|
|
|
|
|
|
OPNET TECHNOLOGIES,
INC. |
CONDENSED CONSOLIDATED
BALANCE SHEETS |
(in thousands,
except per share data) |
(unaudited) |
|
|
|
|
March 31, 2012 |
March 31,
2011 |
ASSETS |
|
|
|
|
|
Current assets: |
|
|
Cash and cash
equivalents |
$ 72,357 |
$ 83,296 |
Marketable securities |
38,975 |
31,432 |
Accounts receivable, net |
40,787 |
32,597 |
Unbilled accounts
receivable |
1,864 |
1,915 |
Inventory |
1,704 |
666 |
Deferred income taxes, prepaid
expenses and other current assets |
5,084 |
4,289 |
Total current assets |
160,771 |
154,195 |
|
|
|
Property and equipment, net |
13,936 |
12,701 |
Intangible assets, net |
2,970 |
4,507 |
Goodwill |
15,406 |
15,406 |
Deferred income taxes and other assets |
5,182 |
5,014 |
Total assets |
$ 198,265 |
$ 191,823 |
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
Current liabilities: |
|
|
Accounts payable |
$ 1,175 |
$ 1,247 |
Accrued liabilities |
17,717 |
14,698 |
Other income taxes |
754 |
186 |
Deferred rent |
222 |
182 |
Deferred revenue |
47,909 |
42,282 |
Total current liabilities |
67,777 |
58,595 |
|
|
|
Accrued liabilities |
9 |
107 |
Deferred rent |
2,745 |
2,422 |
Deferred revenue |
6,950 |
5,215 |
Other income taxes |
790 |
661 |
Total liabilities |
78,271 |
67,000 |
|
|
|
Stockholders' equity: |
|
|
Common stock |
30 |
30 |
Additional paid-in capital |
129,439 |
121,230 |
Retained earnings |
13,748 |
25,348 |
Accumulated other comprehensive
loss |
(995) |
(649) |
Treasury stock, at
cost |
(22,228) |
(21,136) |
Total stockholders' equity |
119,994 |
124,823 |
Total liabilities and
stockholders' equity |
$ 198,265 |
$ 191,823 |
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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