Tut Systems, Inc. Announces Preliminary Second Quarter 2006 Results
12 Juli 2006 - 1:00PM
PR Newswire (US)
LAKE OSWEGO, Ore., July 12 /PRNewswire-FirstCall/ -- Tut Systems,
Inc. (NASDAQ:TUTS), today announced that based on a preliminary
analysis of its quarterly financial results, it expects its
financial results for the second quarter ended June 30, 2006 to be
below previously issued guidance. Preliminary estimate of second
quarter revenue is approximately $8.2 million. Gross margins will
also be impacted as fixed costs become a higher percentage of total
cost of goods sold. The Company stated that sales for the quarter
were adversely affected by several large digital TV headend orders
that did not close in this quarter as expected and by lower than
planned revenue from its new T2 products. "We are disappointed in
the preliminary results for the quarter, as a number of potential
new IOC/PTT customers extended their IPTV purchase decisions into
later periods and revenue from our new T2 products was impacted by
production ramping issues," said Sal D'Auria, Chairman, President
and CEO of Tut Systems. "Nevertheless, we are encouraged by the
continued high level of IOC/PTT interest in deploying video
services, existing customer upgrades to our MPEG-4 AVC High
Definition solutions, and the initial interest we are seeing in our
new innovative T2 products. We have also made meaningful progress
this quarter with the various tier 1 opportunities that we have
been pursuing." The Company plans to announce its final second
quarter 2006 results and host a conference call later this month.
As previously announced, Sal D'Auria is presenting on Tut Systems'
IPTV solution at the C.E. Unterberg, Towbin Emerging Growth
Conference in New York, NY today, July 12, 2006, at 11:18 am EDT.
Following the live event, an archive of the webcast and slides will
be available for replay at http://www.tutsys.com/ for 30 days. 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 revenue, gross margins, and future growth in the
IPTV market, demand for our T2 products and the success of our tier
1 opportunities. 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. For more
information, call +1-971-217-0400, or visit http://www.tutsys.com/
DATASOURCE: Tut Systems, Inc. CONTACT: Tut Systems, Inc.,
+1-971-217-0400 Web site: http://www.tutsys.com/
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