Reports Q4 Revenues of $20.7 Million CHICAGO, June 15
/PRNewswire-FirstCall/ -- Stratos International, Inc.
(NASDAQ:STLW), today announced financial results for its fourth
quarter ended April 29, 2006. Sales for the fourth quarter of
fiscal 2006 were $20.6 million. Stratos also recorded license fees
and royalty income of $0.1 million. Total revenues were $20.7
million in the fourth quarter of fiscal 2006, a sequential increase
of 8% over total revenues of $19.2 million in the third quarter of
fiscal 2006. For comparison, fourth quarter fiscal 2005 revenues
for the three months ended April 30, 2005 were $21.5 million. The
net loss attributable to common shareholders for the fourth quarter
of fiscal 2006 was $1.3 million, or $0.09 per share. Fourth quarter
results include a net benefit of $0.4 million related to a
litigation settlement, and $0.2 million of restructuring charges.
By comparison, in the fourth quarter of fiscal 2005, Stratos
reported a net loss attributable to common shareholders of $2.4
million or $0.18 per share. Andy Harris, President and CEO of
Stratos, remarked, "We are pleased with the measured progress this
company is making reflected in the 8% growth in total revenues from
the third to fourth quarter of fiscal 2006. Fiscal 2006 was a
transition year for Stratos. We reduced our recurring operating
expenses by $7.6 million compared to the prior year and ended the
year with a healthy balance sheet and a cash balance of $30.7
million. We remain very optimistic about our future." Revenues for
the fiscal year 2006 were $79.6 million, compared to $80.5 million
for the same period last year. Included in revenues were license
fees and royalties of $0.5 million in 2006, and 2005. The net loss
attributable to common shareholders for 2006 was $4.0 million or
$0.29 per share compared to $15.7 million or $1.16 per share for
2005. Common shares outstanding as of April 29, 2006 were
14,640,643 shares. Cash and short-term investments at April 29,
2006 were $30.7 million compared to $31.8 million at April 30,
2005. Capital expenditures were $0.2 million in the fourth quarter
of fiscal 2006, and $1.0 million in the full fiscal year 2006,
compared to $0.3 million in the fourth quarter of fiscal 2005, and
$1.0 million in the full fiscal year 2005. Stratos repurchased
105,566 shares of its common stock in the open market at a cost of
$0.8 million during the fourth quarter, and repurchased 248,036
shares of its common stock during the fiscal year 2006 in the open
market at a cost of $1.6 million. Stratos repurchased 30,210 shares
of its preferred stock at a cost of $3.8 million during the fourth
quarter. Webcast of Investor Call Available Today Chief Executive
Officer, Andy Harris, and Chief Financial Officer, Barry
Hollingsworth will discuss Stratos' earnings and operations.
Investors and other interested parties may listen to the live
webcast by visiting the investor relations section of the Stratos
International website at http://www.stratosinternational.com/ . An
audio replay of the call will be accessible to the public two hours
after the call's completion by calling (800) 642-1687 or (706)
645-9291 and then following the prompts to enter Conference ID
Number 9817139. The replay will be available for two days following
the call. A web cast replay will also be available on Stratos'
website. ABOUT STRATOS INTERNATIONAL Stratos International, Inc. is
a leading designer, developer and manufacturer of RF and Microwave,
as well as optical subsystems, components and interconnect products
used in telecom, enterprise, military and video markets. Stratos
has a rich history of optical and mechanical packaging expertise
and has been a pioneer in developing several optical devices using
innovative form factors for telecom, datacom and harsh environments
application. This expertise, coupled with several strategic
acquisitions, has allowed Stratos to amass a broad range of
products and build a strong IP portfolio of more than 100 patents.
Stratos currently serves more than 1,300 active customers, who are
primarily in telecom/datacom, military/aerospace and video markets.
Stratos' headquarters is in Chicago, Illinois, USA. Safe Harbor
Statement This press release contains predictions and other
forward-looking statements. All forward-looking statements in this
press release are based on information available to Stratos as of
the date hereof, and we assume no obligation to update any such
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties and actual results may differ materially
from any future performance suggested. These factors include rapid
technological change in the optical communications industry;
fluctuations in operating results; Stratos' dependence on a few
large customers; and competition. Other risk factors that may
affect the Company's performance are listed in Stratos' annual
report on Form 10-K and other reports filed from time to time with
the Securities and Exchange Commission. STRATOS INTERNATIONAL INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited) (In
thousands, except per share amounts and shares outstanding) Three
Months Ended Twelve Months Ended April 29 April 30 April 29 April
30 2006 2005 2006 2005 Revenues: Net sales $20,620 $21,297 $79,042
$79,931 License fees and royalties 129 171 540 523 Total revenues
20,749 21,468 79,582 80,454 Cost of revenues 13,071 12,989 50,090
52,642 Gross profit 7,678 8,479 29,492 27,812 37.0% 39.5% 37.1%
34.6% Operating expenses Research and development 2,128 2,308 8,270
9,518 Sales and marketing 2,739 2,605 10,212 10,467 General and
administrative 3,993 4,229 15,781 21,907 Restructuring and other
charges 182 404 1,023 4,679 Litigation settlements, net (400) 1,536
(1,100) (2,553) Total operating expenses 8,642 11,082 34,186 44,018
Loss from operations (964) (2,603) (4,694) (16,206) Investment
income, net 332 251 1,219 553 Other income 440 120 838 464 Loss
before income taxes (192) (2,232) (2,637) (15,189) Income tax
(provision) credit (226) (118) (194) (118) Net loss (418) (2,350)
(2,831) (15,307) Preferred Stock Dividends ($884) ($87) ($1,147)
($350) Net loss attributable to Common shareholders ($1,302)
($2,437) ($3,978) ($15,657) Net loss per share attributable to
common shareholders ($0.09) ($0.18) ($0.29) ($1.16) Weighted
average number of Common Shares outstanding: Basic and diluted
13,827,000 13,642,000 13,888,000 13,546,000 STRATOS INTERNATIONAL
INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (In
thousands, except per share amounts and shares outstanding) April
29 April 30 2006 2005 Assets Current assets Cash and cash
equivalents $11,742 $13,276 Short term investments 19,000 18,552
Accounts receivable - net 13,806 12,926 Inventories 15,482 15,974
Prepaid expenses 390 6,139 Refundable income taxes 1,837 4,267
Total current assets 62,257 71,134 Property plant and equipment,
net 16,437 21,338 Intangible assets, net of amortization 11,932
13,462 Goodwill and other long lived assets 5,664 6,110 Assets held
for sale 2,864 2,936 Total assets $99,154 $114,980 Liabilities and
shareholders' equity: Current liabilities Accounts payable $4,724
$6,987 Accrued expenses 6,028 11,259 Income taxes payable 216 -
Current portion of long-term debt 815 Total current liabilities
10,968 19,061 Deferred Income Taxes - 446 Redeemable Preferred
Stock 1,979 5,000 Total liabilities 12,947 24,507 Shareholders'
equity Preferred stock, $0.01 par value, authorized 1,000,000
shares, issued and outstanding 19,790 shares at April 30, 2006 and
50,000 shares at April 30, 2005. - - Common stock, $0.01 par value,
authorized 20,000,000 shares, issued and outstanding 14,640,643 and
14,559,348 at April 30, 2006 and April 30, 2005 respectively. 149
146 Cost of shares in treasury (1,871) (259) Additional paid in
capital 322,607 320,410 Unearned Compensation (4,400) (3,505)
Accumulated other comprehensive income (9) (29) Accumulated deficit
(230,269) (226,290) Total shareholders' equity 86,207 90,473 Total
liabilities and shareholders' equity $99,154 $114,980 DATASOURCE:
Stratos International, Inc. CONTACT: Barry Hollingsworth, Vice
President & Chief Financial Officer of Stratos,
+1-708-457-2379, or email, Web site:
http://www.stratosinternational.com/
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