Tut Systems, Inc. Announces First Quarter 2006 Results
10 Mai 2006 - 12:00AM
PR Newswire (US)
Reports 63.4% Year-Over-Year Increase in First Quarter Revenue LAKE
OSWEGO, Ore., May 9 /PRNewswire-FirstCall/ -- Tut Systems, Inc.
(NASDAQ:TUTS), today announced its first quarter results for 2006.
Revenue for the quarter ended March 31, 2006, was $11.5 million
compared with revenue of $7.1 million for the quarter ended March
31, 2005. This represents an increase in revenue of 63.4% when
compared with the first quarter of 2005, and a 7.7% increase when
compared with fourth quarter 2005 revenue of $10.7 million. Revenue
related to video processing systems was $10.5 million and $5.9
million for the quarters ended March 31, 2006 and 2005,
respectively. Revenue relating to private broadband network
products was $1.0 million and $1.1 million for the quarters ended
March 31, 2006 and 2005, respectively. International sales
represented 19.2% and 18.0% of total sales for the quarters ended
March 31, 2006 and 2005, respectively. Gross profit for the quarter
ended March 31, 2006, was $4.0 million, an increase of 60%,
compared with gross profit of $2.5 million for the quarter ended
March 31, 2005. Included in gross profit was a charge for
amortization of intangibles of $0.4 million for each of the
quarters ended March 31, 2006 and 2005. Gross margin for the
quarter ended March 31, 2006, was 34.3%, a sequential quarterly
improvement of 6.4 percentage points when compared with fourth
quarter 2005 gross margin of 27.9%. Net loss for the three months
ended March 31, 2006, was $(3.1) million or $(0.09) per basic and
diluted share. This compares with the net loss for the three months
ended March 31, 2005, of $(3.3) million or $(0.13) per basic and
diluted share. First Quarter Conference Call Information Tut
Systems will host a conference call to discuss first quarter
results on May 10, 2006 beginning at 5:30 am Pacific time.
Participants of the conference call should dial in at least five
minutes before the start time. Conference ID # 8355765 U.S. and
Canada dial (877) 356-8058 International participants dial (706)
634-2465 Online at http://www.tutsys.com/ A replay will be
available two hours after the call ends for one week dial (800)
642-1687 or (706) 645-9291 and enter the conference ID number. A
replay will also be available at http://www.tutsys.com/. Recent
Announcements: Significant announcements from Tut Systems since the
fourth quarter earnings release include: 1/30/06 Tut Systems Wins
$3m+ Contract to Expand IPTV Headend with MPEG-4 AVC at Iowa
Network Services 2/1/06 Tut Systems to Highlight Industry-Leading
IPTV Solutions at Annual NTCA Event 2/2/06 Tut Systems Sponsors
IPTV Forum in Miami 2/6/06 Tut Systems Named Reseller of Siemens
SURPASS Home Entertainment Middleware and Services to Help Expand
IPTV Market Leadership in U.S. Independent Operator Market 2/16/06
Tut Systems Expands Sales Channels Into China 3/7/06 Tut Systems
Deploys IPTV Headend with OEN 3/9/06 Tut Systems Delivers Academy
Awards with China Netcom 3/14/06 Tut Systems to Demonstrate and
Present at TelecomNEXT 3/16/06 Tut Systems Unleashes Third Wave of
IPTV Deployments 3/21/06 Tut Systems and Verimatrix Win Content
Protection and Access Security Contract at MBO Video 4/3/06 Tut
Systems Hits Home Run with Major League Baseball 4/4/06 Tut Systems
Introduces Revolutionary Power-over-Broadband Product Line for
Remote Surveillance and Wi-Fi Applications 4/11/06 Tut Systems
Astria(R) Platform Named Most Deployed IPTV Headend Solution
Globally 4/13/06 Tut Systems' IPTV Solutions Selected as InfoVision
Award Finalist 4/18/06 Tut Systems Announces New T2 Product Line to
Power Quad-Play Services for Hotels 4/20/06 Tut Systems Previews
MPEG-4 AVC High Definition Compression Technology at NAB 2006
4/27/06 Tut Systems to Release Q1 2006 Results on May 9, 2006,
Followed by a Conference Call on May 10, 2006 Forward-Looking
Statements Safe Harbor Statement under the U.S. Private Securities
Litigation Reform Act of 1995: This press release contains
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Specifically, without
limitation, forward-looking statements include statements relating
to our anticipation of future worldwide growth in the IPTV market.
Forward- looking statements are based on management's current
expectations and beliefs, and are subject to risks and
uncertainties. As a result, actual results may differ materially
from the forward-looking statements contained herein. Risks that
relate to these forward-looking statements include the risks
inherent in new and developing technologies and markets, the risk
that competitors will introduce rival technologies and products,
and the risk that the expected financial benefits of the IPTV
deployment will not be achieved as a result of unforeseen costs or
events. Further detailed information about risk factors that may
impact our business is set forth in our periodic filings with the
Securities and Exchange Commission. We expressly disclaim any
obligation to update or alter our forward-looking statements,
whether as a result of new information, future events or otherwise.
About Tut Systems, Inc. Tut Systems, Inc. delivers advanced content
processing and distribution products as well as comprehensive
system integration services for deploying next-generation data and
video services over broadband networks. Service providers, content
providers and government agencies worldwide use Tut Systems
solutions to deliver broadcast-quality video over broadband
networks. Tut Systems is headquartered in Lake Oswego, OR with
regional offices across North America, Europe and Asia. For more
information visit http://www.tutsys.com/ or call 971-217-0400. TUT
SYSTEMS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in
thousands, except per share amounts) (unaudited) Three months ended
March 31, 2005 2006 Revenue $7,053 $11,522 Cost of goods sold 4,515
7,571 Gross profit 2,538 3,951 Operating expenses: Sales and
marketing 2,488 2,565 Research and development 2,121 3,210 General
and administrative 1,175 1,280 Total operating expenses 5,784 7,055
Loss from operations (3,246) (3,104) Interest and other (expense),
net (74) (32) Net loss $(3,320) $(3,136) Net loss per share, basic
and diluted $(0.13) $(0.09) Shares used in computing net loss,
basic and diluted 25,187 33,563 TUT SYSTEMS, INC. CONDENSED
CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) December 31,
March 31, 2005 2006 ASSETS Current assets: Cash and cash
equivalents $12,111 $11,432 Short-term investments 1,693 --
Accounts receivable, net 14,873 16,217 Inventories, net 6,719 8,238
Prepaid expenses and other 983 1,321 Total current assets 36,379
37,208 Property and equipment, net 2,827 2,957 Intangibles and
other assets 7,977 7,557 Total assets $47,183 $47,722 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities: Line of credit $7,080
$8,149 Accounts payable and accrued liabilities 8,952 11,141
Deferred revenue 527 516 Total current liabilities 16,559 19,806
Note payable and other long term liabilities 4,222 4,285 Total
liabilities 20,781 24,091 Stockholders' equity 26,402 23,631 Total
liabilities and stockholders' equity $47,183 $47,722 DATASOURCE:
Tut Systems, Inc. CONTACT: Scott Spangenberg, Chief Financial
Officer, +1-971-217-0400, or , or Keith Wymbs, Director of
Strategic Marketing, +1-971-217-0363, or , both of Tut Systems Web
site: http://www.tutsys.com/
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