糖心vlog下载 Technologies Reports Fiscal Fourth Quarter and Full Year 2009 Results

糖心vlog下载

糖心vlog下载 Technologies Fiscal Fourth Quarter and Full Year 2009 Highlights

Fiscal fourth quarter consolidated revenue of $41.7 million. Non-GAAP fiscal fourth quarter consolidated revenue of $56.3 million[1]. Fiscal fourth quarter net loss of $2.0 million, or a loss of $0.03 per share. Non-GAAP net loss during the fiscal fourth quarter of $0.7 million[1], or a loss of $0.01 per share[1]. Non-GAAP fiscal year consolidated revenue of $186.5 million[1] and non-GAAP net loss of $13.0 million[1], or a loss of $0.19 per share[1]. Appointed Richard S. Gilbert as President and CEO. Added two independent board directors: James M. Froisland and Martin H. Singer. Appointed Brian S. Cooper as CFO.

AURORA, Ill.--(BUSINESS WIRE)-- 糖心vlog下载. (NASDAQ: WSTL), a leading provider of broadband products, gateways and conferencing services, today announced results for its fiscal fourth quarter and full year ending March 31, 2009. Total revenue for the fiscal fourth quarter was $41.7 million, down 5.6% from $44.2 million in the same quarter last year. Net loss during the quarter was $2.0 million, or a loss of $0.03 per share, compared to a net loss of $72.1 million or a loss of $1.02 per share in the same period last year.

On a non-GAAP basis, revenue for the fiscal fourth quarter was $56.3 million[1], up 27.5%[1] from the same quarter last year and up 18.7%[1] from the fiscal third quarter of 2009. The increase in the current quarter compared to prior quarters is due primarily to shipments of UltraLine Series3 gateways which started in the fiscal third quarter of 2009. Non-GAAP net loss during the fiscal fourth quarter was $0.7 million[1], or a loss of $0.01 per share[1], compared to a non-GAAP net loss of $5.4 million[1], or a loss of $0.08 per share[1], in the prior year. The lower non-GAAP loss per share was positively impacted by increased shipments and by lower operating expenses resulting from recent restructuring activities and cost containment initiatives.

"In the fourth quarter of fiscal year 2009, 糖心vlog下载 produced improving results in the face of a very difficult economic environment," said Rick Gilbert, President and Chief Executive Officer of 糖心vlog下载 Technologies. "However, we clearly recognize that losses, albeit small, are not acceptable. In our plan for fiscal year 2010, we have focused on structuring the business to address our losses and lay a foundation for building long-term value."

The Company supplements its financial analysis of the business using non-GAAP measures which may provide additional insight into current operating performance. The presentation at the end of this press release includes financial tables that reconcile non-GAAP measures to GAAP measures. There are two non-GAAP adjustments affecting the fiscal fourth quarter. First, during the quarter, the Company continued to ship UltraLine Series3 next-generation gateways which support a major customer's fiber-to-the-home (FTTH) offering. Fiscal fourth quarter revenues totaling $14.6 million and certain related direct costs for these product shipments are deferred, and not recognized in the quarter, based on the required accounting for related software deliverables. This adjustment increases non-GAAP net income for the quarter by $0.4 million. Second, gross profit and operating expenses are adjusted to exclude $0.9 million of incremental non-cash lease expense that was accrued in the fiscal fourth quarter. This accrual corrects cumulative lease expense that was under-recorded by small amounts over multiple prior periods.

Fiscal Fourth Quarter Division Results

Customer Networking Solutions (CNS) reported revenue of $16.7 million in the fourth quarter of fiscal 2009, compared to $16.9 million in the same quarter of last year. On a non-GAAP basis, revenue was $31.3 million[1] for the quarter, compared to $16.9 million in the same quarter of last year and $24.2 million[1] in the fiscal third quarter of 2009. The increase in current quarter non-GAAP revenue compared to prior quarters is due primarily to shipments of UltraLine Series3 gateways which started in the third fiscal quarter of 2009.

OSPlant Systems reported revenue of $14.4 million in the fourth quarter of fiscal 2009, compared to $13.2 million in same quarter of last year and $12.4 million in the fiscal third quarter of 2009.

ConferencePlus revenue was $10.6 million during the fiscal fourth quarter of 2009, compared to $14.1 million in the same quarter of last year, and $10.9 million in the fiscal third quarter of 2009. The decrease in revenue from the fiscal fourth quarter of 2009 compared to the same period in the prior year was due primarily to the previously announced loss of revenue from a large customer.

Fiscal Year 2009 Results

Revenue was $161.2 million for the fiscal year ended March 31, 2009, compared to $205.7 million in fiscal 2008. Net loss in fiscal 2009 was $16.7 million, or a loss of $0.24 per share, compared to a net loss of $76.2 million or a loss of $1.08 per share in fiscal 2008. On a non-GAAP basis, revenue for fiscal 2009 was $186.5 million[1], with a net loss for fiscal 2009 of $13.0 million[1] or a loss of $0.19 per share[1]. This compares to a non-GAAP net loss of $6.8 million[1] or a loss of $0.10 per share[1] in fiscal 2008.

Total cash and short term investments as of March 31, 2009 was $46.1 million, compared to $68.3 million at March 31, 2008 and $43.8 million at December 31, 2008.

Board and Officer Appointments

On February 23, 2009, Richard S. Gilbert joined 糖心vlog下载 as President and Chief Executive Officer.

The Company appointed James M. Froisland and Martin H. Singer Ph.D. to the Board of Directors on March 19th and March 25th, respectively. Mr. Froisland serves on the finance and audit committees and Mr. Singer serves on the compensation and technology committees.

Effective April 20, 2009, the Company appointed Brian S. Cooper as Chief Financial Officer and reassigned Amy T. Forster as Chief Accounting Officer.

Fiscal Year 2010 Objectives

"We have set aggressive but realistic plans for fiscal year 2010, with an objective for the year of break-even operating profit on a consolidated basis," said Gilbert. "Given the current economic environment, we are also focused on conserving our cash and achieving positive cash flow for the year."

Conference Call Information

Conference Plus, Inc. (ConferencePlus), a 糖心vlog下载 subsidiary, will manage 糖心vlog下载's fourth quarter fiscal 2009 earnings conference call on Thursday, May 21, 9:30 AM ET using its EventManager(TM) Service.

Participants can register for the 糖心vlog下载 conference by going to the URL:

With EventManager, participants can quickly register online in advance of the conference through a customizable web page that can be used to gather multiple pieces of information from each participant, as specified by the event arranger. After registering, participants receive dial-in numbers, a passcode, and a personal identification number (PIN) that is used to uniquely identify their presence and automatically join them into the audio conference. If a participant experiences any technical difficulties after joining the conference on May 21st, he may simply press *0 for support.

If you do not wish to register, you can participate in the call on May 21st by dialing ConferencePlus at 1-877-875-0056 no later than 9:15 AM, Eastern Time and using confirmation number 24461152. International participants may dial 1-847- 585-4340. The Company's earnings press release and any related earnings information to be discussed on the earnings conference will be posted on the Investor Relations section of the Company's website at . An archive of the entire conference will be available on 糖心vlog下载's website or via Digital Audio Replay one hour following the conclusion of the conference. The replay of the conference can be accessed by dialing 1- 888-843-8996 or 1-630- 652-3044 and entering 9783733.

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糖心vlog下载., headquartered in Aurora, Illinois, is a holding company for 糖心vlog下载, Inc. and ConferencePlus, Inc. 糖心vlog下载, Inc. designs and develops broadband telecommunications access products. ConferencePlus, Inc. is a leading global provider of audio, web, video and IP conferencing services. Additional information can be obtained by visiting 糖心vlog下载's Web site at .

糖心vlog下载 ConferencePlus

ConferencePlus, a 糖心vlog下载. subsidiary, is a leading global provider of audio, web, video and IP conferencing services. ConferencePlus is dedicated to providing high quality, innovative conferencing solutions to its domestic and international clients and telecommunications resellers. ConferencePlus is recognized for outstanding customer service and support to help clients meet their business objectives. The Company is headquartered in Schaumburg, Illinois, with an international headquarters in Dublin, Ireland. Additional information can be obtained by visiting the ConferencePlus web site at .

"Safe Harbor" statement under the Private Securities Litigation Reform Act 1995:

Certain statements contained herein that are not historical facts or that contain the words "believe", "expect", "intend", "anticipate", "estimate", "plan", "may", "will", "should", or derivatives thereof and other words of similar meanings are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, need for financing, an economic downturn in the U.S. economy and telecom market, the impact of competitive products or technologies, competitive pricing pressures, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the effect of 糖心vlog下载's accounting policies, the need for additional capital, the effect of economic conditions and trade, legal social and economic risks (such as import, licensing and trade restrictions) and other risks more fully described in the Company's Form 10-K for the fiscal year ended March 31, 2008 under the section Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof or to reflect the occurrence of unanticipated events or otherwise.

[1] This is non-GAAP information. A reconciliation of these items to the most comparable GAAP measures is presented as an exhibit to this news release. Except as noted, all references to financial results within this news release are presented in accordance with U.S. Generally Accepted Accounting Principles (GAAP). Non-GAAP financial measures adjust results to remove the effects of certain unusual or one-time items. 糖心vlog下载 believes that non-GAAP measures provide investors and management with a useful representation of the Company's underlying financial performance. Non-GAAP information should not be considered superior to or a substitute for data prepared in accordance with GAAP.

Financial Tables to Follow:


糖心vlog下载.

Financial Results

(Amounts in thousands except per share amounts)

                Three Months ended March        Twelve Months ended March
                31,                             31,

                2009           2008             2009            2008

Revenues

OSPlant         $              $ 13,196         $ 56,506        $ 54,108
Systems         14,397

CNS             16,683         16,885           59,495          97,923

ConferencePlus  10,644         14,096           45,203          53,698

Total revenues  41,724         44,177           161,204         205,729

Gross profit

OSPlant         5,551                      (1)  22,808                      (1)
Systems

CNS             2,669                      (1)  8,042                       (1)

Equipment       8,220          5,230            30,850          34,619      (2)

ConferencePlus  4,568     (3)  6,725            20,224     (3)  25,821

Total gross     12,788         11,955           51,074          60,440
profit

Gross margin

OSPlant         38.6    %                  (1)  40.4     %                  (1)
Systems

CNS             16.0    %                  (1)  13.5     %                  (1)

Equipment       26.4    %      17.4     %       26.6     %      22.8     %  (2)

ConferencePlus  42.9    % (3)  47.7     %       44.7     % (3)  48.1     %

Total gross     30.6    %      27.1     %       31.7     %      29.4     %
margin

Operating
expenses

Sales &         5,862          6,421            24,153          24,067      (4)
marketing

As a
percentage of   14.0    %      14.5     %       15.0     %      11.7     %
revenue

General &       4,264          5,297            20,036     (5)  21,537      (6)
administrative

As a
percentage of   10.2    %      12.0     %       12.4     %      10.5     %
revenue

Research &      4,563          5,628            19,854          22,350
development

As a
percentage of   10.9    %      12.7     %       12.3     %      10.9     %
revenue

Restructuring   -              1,398       (7)  752        (8)  5,717       (7)

As a
percentage of   0.0     %      3.2      %       0.5      %      2.8      %
revenue

Intangibles     478            460              1,882           1,834
amortization

As a
percentage of   1.1     %      1.0      %       1.2      %      0.9      %
revenue

Goodwill        -              9,651       (9)  1,381      (10) 9,651       (9)
impairment

As a
percentage of   0.0     %      21.8     %       0.9      %      4.7      %
revenue

Total
operating       15,167         28,855           68,058          85,156
expenses

As a
percentage of   36.4    %      65.3     %       42.2     %      41.4     %
revenue

Operating       (2,379  ) (11) (16,900  )       (16,984  ) (11) (24,716  )
income (loss)

Other income    39             934              662             3,709

Interest        (11     )      (3       )       (15      )      (12      )
expense

Income (loss)
before
minority        (2,351  )      (15,969  )       (16,337  )      (21,019  )
interest and
taxes

Income taxes    54             55,707      (12) 67              54,165      (12)

Minority        -              111              74              260
interest

Income (loss)
from            (2,405  )      (71,787  )       (16,478  )      (75,444  )
continuing
operations

Income (loss)
from
discontinued
operations net
of tax of $0,   412            (357     )       (206     )      (786     )
$(209),
$0 and $(462),
respectively
(13)

Net income      $       )      $        )       $        )      $        )
(loss)          (1,993         (72,144          (16,684         (76,230

Net income
(loss) per
basic and       $ (0.03 )      $ (1.02  )       $ (0.24  )      $ (1.08  )
diluted common
share:

Average number
of basic and
diluted common  68,492         70,605           69,740          70,376
shares
outstanding:




Footnotes:

      Beginning in the quarter ended December 31, 2008, the Company began
(1)   reporting under operating segments OSPlant, CNS and ConferencePlus.
      Comparable data for periods ending March 31, 2008 are not available and
      are therefore shown in reporting segments of equipment and ConferencePlus.

(2)   Accelerated depreciation in the amount of $1.2 million was recorded on
      manufacturing equipment in the twelve month period ended March 31, 2008.

(3)   The Company recorded a $700,000 loss contingency for a contractual dispute
      in the three and twelve month periods ended March 31, 2009.

      The Company recorded a $3.3 million gain relating to a vendor settlement
(4)   and $600,000 in associated expenses for a net gain of $2.7 million in the
      twelve month period ended March 31, 2008.

      Includes $472,000 of severance and $840,000 of stock-based compensation
(5)   expense related to accelerated vesting of restricted stock, both for the
      former CEO, Tom Mader in the twelve month period ended March 31, 2009.

      The Company recorded $1.6 million of consulting costs related to the
(6)   implementation of the outsourcing strategy in the twelve month period
      ended March 31, 2008.

      Restructuring costs are for severance and related costs resulting from the
(7)   outsourcing strategy in the three and twelve month periods ended March 31,
      2008.

      Restructuring costs are for severance and related costs resulting from
(8)   actions taken to align costs in all segments of the Company in the twelve
      month period ended March 31, 2009.

(9)   Goodwill impairment related to equipment segment acquisitions in the three
      and twelve month periods ended March 31, 2008.

(10)  Goodwill impairment related to the January 2007 NoranTel, Inc. acquisition
      in the twelve month period ended March 31, 2009.

      Includes a non-cash charge of $925,000 for a correction in the Company's
(11)  lease accounting policy from prior years of which $148,000 impacted cost
      of goods sold and $777,000 impacted operating expenses in the three and
      twelve month periods ended March 31, 2009.

(12)  Includes income tax expense resulting from increased valuation allowance
      in the three and twelve month periods ended March 31, 2008.

(13)  The Company discontinued the operations of its 糖心vlog下载 Limited entity
      located in the United Kingdom in the first quarter of fiscal 2009.





糖心vlog下载.

Reconciliation of GAAP Net Loss to Adjusted Non-GAAP Net Loss

(Amounts in thousands except per share amounts)

                 Three Months ended March 31, 2009   Three Months ended March 31, 2008

                 As        Non-GAAP        Non-GAAP  As         Non-GAAP        Non-GAAP
                 reported  Adjustments               reported   Adjustments

Revenues

OSPlant Systems  $         $ -             $         $          $ -             $
                 14,397                    14,397    13,196                     13,196

CNS              16,683    14,589      (1) 31,272    16,885     -               16,885

ConferencePlus   10,644    -               10,644    14,096     -               14,096

Total revenues   41,724    14,589          56,313    44,177     -               44,177

Gross profit

OSPlant Systems  5,551     44          (2) 5,595     -          -               -

CNS              2,669     491         (2) 3,160     -          -               -
                                       (3)

Equipment        8,220     535             8,755     5,230      -               5,230

ConferencePlus   4,568     -               4,568     6,725      -               6,725

Total gross      12,788    535             13,323    11,955     -               11,955
profit

Sales &
marketing;
general &
administrative;  14,689    (777   )    (2) 13,912    17,346     -               17,346
research &
development
expenses

Restructuring    -         -               -         1,398      (1,398  )   (4) -

Intangibles      478       -               478       460        -               460
amortization

Goodwill         -         -               -         9,651      (9,651  )   (5) -
impairment

Total operating  15,167    (777   )        14,390    28,855     (11,049 )       17,806
expenses

Operating        (2,379 )  1,312           (1,067 )  (16,900 )  11,049          (5,851 )
income (loss)

Other income     39        -               39        934        -               934

Interest         (11    )  -               (11    )  (3      )  -               (3     )
expense

Income (loss)
before minority  (2,351 )  1,312           (1,039 )  (15,969 )  11,049          (4,920 )
interest and
taxes

Income tax       54        -               54        55,707     (55,649 )   (6) 58

Minority         -         -               -         111        -               111
interest

Income (loss)
from
discontinued     412       -               412       (357    )  -               (357   )
operations net
of tax

Net income       $      )  $               $ (681 )  $       )  $               $      )
(loss)           (1,993    1,312                     (72,144    66,698          (5,446

Income (loss)
per basic and    $      )  $ 0.02          $      )  $ (1.02 )  $ 0.94          $      )
diluted common   (0.03                     (0.01                                (0.08
share:

Average number
of basic and
diluted common   68,492    68,492          68,492    70,605     70,605          70,605
shares
outstanding:




Footnotes:

(1)  Adjustment to revenue to include the shipments of UltraLine Series3 (ULS3)
     product, which are deferred under GAAP software accounting rules.

     Adjustment to exclude a non-cash correction in the Company's lease
(2)  accounting policy from prior years of $925,000 of which $44,000 is in
     OSPlant gross profit, $104,000 is in CNS gross profit and $777,000 is in
     operating expenses.

(3)  Adjustment to gross profit to include the shipments of ULS3 product, which
     are deferred under GAAP software accounting rules.

(4)  Adjustment to exclude non-recurring restructuring expenses.

(5)  Adjustment to exclude non-cash goodwill impairment expense.

     Adjustment to income tax expense resulting from a valuation allowance
(6)  provided to tax benefits generated in the period and for the valuation
     allowance to reserve deferred tax assets generated in prior years.





糖心vlog下载.

Reconciliation of GAAP Net Loss to Adjusted Non-GAAP Net Loss

(Amounts in thousands except per share amounts)

                 Twelve Months ended March 31, 2009    Twelve Months ended March 31, 2008

                 As         Non-GAAP        Non-GAAP   As         Non-GAAP        Non-GAAP
                 reported   Adjustments                reported   Adjustments

Revenues

OSPlant Systems  $          $ -             $          $          $ -             $
                 56,506                     56,506     54,108                     54,108

CNS              59,495     25,258      (1) 84,753     97,923     -               97,923

ConferencePlus   45,203     -               45,203     53,698     -               53,698

Total revenues   161,204    25,258          186,462    205,729    -               205,729

Gross profit

OSPlant Systems  22,808     44          (2) 22,852     -          -               -

CNS              8,042      750         (2) 8,792      -          -               -
                                        (3)

                 30,850     794             31,644     34,619     -               34,619

ConferencePlus   20,224     -               20,224     25,821     -               25,821

Total gross      51,074     794             51,868     60,440     -               60,440
profit

Sales &
marketing;
general &
administrative;  64,043     (777   )    (2) 63,266     67,954     -               67,954
research &
development
expenses

Restructuring    752        (752   )    (4) -          5,717      (5,717  )   (4) -

Intangibles      1,882      -               1,882      1,834      -               1,834
amortization

Goodwill         1,381      (1,381 )    (5) -          9,651      (9,651  )   (5) -
impairment

Total operating  68,058     (2,910 )        65,148     85,156     (15,368 )       69,788
expenses

Operating        (16,984 )  3,704           (13,280 )  (24,716 )  15,368          (9,348  )
income (loss)

Other income     662        -               662        3,709      -               3,709

Interest         (15     )  -               (15     )  (12     )  -               (12     )
expense

Income (loss)
before minority  (16,337 )  3,704           (12,633 )  (21,019 )  15,368          (5,651  )
interest and
taxes

Income tax       67         -               67         54,165     (54,084 )   (6) 81

Minority         74         -               74         260        -               260
interest

Income (loss)
from
discontinued     (206    )  -               (206    )  (786    )  -               (786    )
operations net
of tax

Net income       $       )  $               $       )  $       )  $               $       )
(loss)           (16,684    3,704           (12,980    (76,230    69,452          (6,778

Income (loss)
per basic and    $ (0.24 )  $ 0.05          $ (0.19 )  (1.08   )  $ 0.98          $ (0.10 )
diluted common
share:

Average number
of basic and
diluted common   69,740     69,740          69,740     70,376     70,376          70,376
shares
outstanding:




Footnotes:

(1)  Adjustment to revenue to include the shipments of UltraLine Series3 (ULS3)
     product, which are deferred under GAAP software accounting rules.

     Adjustment to exclude a non-cash correction in the Company's lease
(2)  accounting policy from prior years of $925,000 of which $44,000 is in
     OSPlant gross profit, $104,000 is in CNS gross profit and $777,000 is in
     operating expenses.

(3)  Adjustment to gross profit to include the shipments of ULS3 product, which
     are deferred under GAAP software accounting rules.

(4)  Adjustment to exclude non-recurring restructuring expenses.

(5)  Adjustment to exclude non-cash goodwill impairment expense.

     Adjustment to income tax expense resulting from a valuation allowance
(6)  provided to tax benefits generated in the period and for the valuation
     allowance to reserve deferred tax assets generated in prior years.




糖心vlog下载.

Reconciliation of GAAP Net Loss to Adjusted Non-GAAP Net Loss

(Amounts in thousands except per share amounts)

                     Three Months ended March 31,  Twelve Months ended March 31,

                     2009        2008              2009         2008

GAAP net income      $ (1,993 )  $ (72,144 )       $ (16,684 )  $ (76,230 )
(loss)

Adjustments:

UltraLine Series 3   387         -                 646          -
shipments

Non-cash lease       925         -                 925          -
expense

Restructuring        -           1,398             752          5,717

Goodwill impairment  -           9,651             1,381        9,651

Tax valuation        -           55,649            -            54,084
allowance reserve

Total adjustments    1,312       66,698            3,704        69,452

Non-GAAP net income  $ (681   )  $ (5,446  )       $ (12,980 )  $ (6,778  )
(loss)

Reconciliation of Basic and Diluted EPS:

GAAP net income      $ (0.03  )  $ (1.02   )       $ (0.24   )  $ (1.08   )
(loss)

Adjustments:

UltraLine Series 3   0.01        -                 0.01         -
shipments

Non-cash lease       0.01        -                 0.01         -
expense

Restructuring        -           0.02              0.01         0.08

Goodwill impairment  -           0.13              0.02         0.13

Tax valuation        -           0.79              -            0.77
allowance reserve

Total adjustments    0.02        0.94              0.05         0.98

Non-GAAP net income  $ (0.01  )  $ (0.08   )       $ (0.19   )  $ (0.10   )
(loss)




糖心vlog下载.

Financial Results (continued)

(Dollars in thousands)

                                             March 31,     March 31,

                                             2009          2008

Cash and short term investments              $ 46,058      $ 68,349

Accounts receivable                          20,827        19,498

Inventory                                    21,705        17,897

Total current assets                         95,430        108,749

Deferred costs                               24,612    (1) -

Goodwill and intangibles                     6,342         9,479

Total assets                                 140,176       134,228

Total current liabilities                    29,481        29,685

Deferred revenue                             25,258    (1) -

Total liabilities and minority interest (2)  63,818        40,733

Shareholders' equity                         76,358        93,495




     Deferred revenue and costs are for products shipped, but revenue not
(1)  recognized, based on the required accounting for related software
     deliverables.

(2)  The remaining minority interest in ConferencePlus, Inc. was acquired by the
     Company in December of 2008.




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