LAKE OSWEGO, Ore., Aug. 10 /PRNewswire-FirstCall/ -- Tut Systems,
Inc. (NASDAQ:TUTS), today announced its second quarter results for
2006. Revenue for the quarter ended June 30, 2006, was $8.1 million
compared with revenue of $9.7 million for the quarter ended June
30, 2005. This represents a decrease in revenue of 16.3% when
compared with the second quarter of 2005, and a 29.7% decrease when
compared with first quarter 2006 revenue of $11.5 million. Revenue
for the six months ended June 30, 2006 was $19.6 million compared
with revenue of $16.7 million for the six months ended June 30,
2005. This represents a year-over-year increase in revenue of
17.3%. Revenue related to video processing systems was $6.8 million
and $6.9 million for the quarters ended June 30, 2006 and 2005,
respectively. Revenue relating to private broadband network
products was $1.2 million and $1.3 million for the quarters ended
June 30, 2006 and 2005, respectively. Revenue related to legacy
product sales from the Copper Mountain Networks merger was $0.1
million and $1.5 million for the quarters ended June 30, 2006 and
2005, respectively. International sales represented 10.4% and 15.6%
of total sales for the quarters ended June 30, 2006 and 2005,
respectively. Gross profit for the quarter ended June 30, 2006, was
$2.4 million, a decrease of 31.2% compared with gross profit of
$3.5 million for the quarter ended June 30, 2005. Included in gross
profit was a charge for amortization of intangibles of $0.4 million
for each of the quarters ended June 30, 2006 and 2005. Gross profit
for the six months ended June 30, 2006, was $6.3 million compared
with $6.0 million for the six months ended June 30, 2005. Gross
margin for the quarter ended June 30, 2006, was 29.6%, compared
with second quarter 2005 gross margin of 36.0%. Gross margin was
32.3% and 36.0% for the six months ended June 30, 2006 and 2005,
respectively. Net loss for the three months ended June 30, 2006,
was $(4.6) million or $(0.14) per basic and diluted share. This
compares with the net loss for the three months ended June 30,
2005, of $(4.5) million or $(0.17) per basic and diluted share. Net
loss for the six months ended June 30, 2006 was $(7.8) million or
$(0.23) per basic and diluted share compared with $(7.8) million or
$(0.31) per basic and diluted share for the six months ended June
30, 2005. Second Quarter Conference Call Information Tut Systems
will host a conference call on August 11, 2006 beginning at 5:30 am
Pacific time to discuss its second quarter operating results,
balance sheet, cash flows and current business activities.
Participants of the conference call should dial in at least five
minutes before the start time. Conference ID # 3722804 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
first quarter earnings release include: 5/1/06 Tut Systems, Inc.
Announces Preliminary First Quarter 2006 Results 5/2/06 Tut
Systems, Kasenna, and SecureMedia Partner to Provide IPTV Solution
to ComSpan Bandon 5/9/06 Tut Systems, Inc. Announces First Quarter
2006 Results 5/16/06 Tut Systems Launches World's First MPEG-4 AVC
High Definition Transcoder at GLOBALCOMM 2006 5/19/06 Tut Systems
CEO to Speak at the Lehman Brothers Worldwide Wireless and Wireline
Conference 5/25/06 Tut Systems' Customer Cavalier Telephone
Commercially Launches North America's First MPEG-4 AVC IPTV Headend
5/31/06 Tut Systems Brings Improved Reliability and Quality to
CP-TEL's IPTV Headend 7/6/06 Tut Systems to Speak at the C. E.
Unterberg, Towbin Emerging Growth Conference 7/12/06 Tut Systems,
Inc. Announces Preliminary Second Quarter 2006 Results 7/27/06 Tut
Systems, Inc. Announces Preliminary Second Quarter 2006 Results
7/28/06 Tut Systems and WEGENER Co-Sponsor Webinar on MPEG-4
Technology 8/7/06 Tut Systems CEO to Speak at the CanaccordAdams
2006 Summer Seminar 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 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 Six months ended June 30, June 30, 2005 2006 2005 2006
Revenue $9,674 $8,095 $16,727 $19,617 Cost of goods sold 6,194
5,701 10,709 13,272 Gross profit 3,480 2,394 6,018 6,345 Operating
expenses: Sales and marketing 2,745 2,340 5,232 4,905 Research and
development 3,216 2,975 5,337 6,185 General and administrative
1,965 1,417 3,124 2,680 Restructuring costs -- 359 -- 359
Amortization of intangible assets 17 17 32 34 Total operating
expenses 7,943 7,108 13,725 14,163 Loss from operations (4,463)
(4,714) (7,707) (7,818) Interest and other (expense) income, net
(54) 71 (128) 39 Net loss $(4,517) $(4,643) $(7,835) $(7,779) Net
loss per share, basic and diluted $(0.17) $(0.14) $(0.31) $(0.23)
Shares used in computing net loss, basic and diluted 26,013 33,699
25,602 33,631 TUT SYSTEMS, INC. CONDENSED CONSOLIDATED BALANCE
SHEETS (in thousands) (unaudited) December 31, June 30, 2005 2006
ASSETS Current assets: Cash and cash equivalents $12,111 $7,353
Short-term investments 1,693 -- Accounts receivable, net 14,873
13,911 Inventories, net 6,719 11,353 Prepaid expenses and other 983
1,077 Total current assets 36,379 33,694 Property and equipment,
net 2,827 2,617 Intangibles and other assets 7,977 7,147 Total
assets $47,183 $43,458 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Line of credit $7,080 $7,711 Accounts payable and
accrued liabilities 8,952 11,312 Deferred revenue 527 586 Total
current liabilities 16,559 19,609 Note payable and other long term
liabilities 4,222 4,288 Total liabilities 20,781 23,897
Stockholders' equity 26,402 19,561 Total liabilities and
stockholders' equity $47,183 $43,458 DATASOURCE: Tut Systems, Inc.
CONTACT: Scott Spangenberg, Chief Financial Officer, Tut Systems,
Inc., +1-971-217-0400, or Web site: http://www.tutsys.com/
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