Network Equipment Technologies, Inc. Announces Preliminary Results for Q4 Fiscal 2005
March 29 2005 - 5:30PM
PR Newswire (US)
Network Equipment Technologies, Inc. Announces Preliminary Results
for Q4 Fiscal 2005 FREMONT, Calif., March 29 /PRNewswire-FirstCall/
-- Telecommunications equipment maker Network Equipment
Technologies, Inc. (NYSE:NWK), doing business as net.com, announced
today it expects to report revenue for the quarter ended March 25,
2005, its fiscal fourth quarter, of between $23.0 and $24.0
million, falling short of the guidance it had provided. The Company
expects to report a loss for the quarter in the range of $0.15 to
$0.20 per share. During the conference call held in January 2005
following the release of results for its fiscal third quarter, the
Company had stated that it expected revenue for the fourth quarter
to be roughly $28-$32 million. The Company expects revenue from new
products, including SCREAM, SHOUT and netMS, to be over 20% of the
Company's product revenue for the fourth quarter of 2005. For the
year ended March 25, 2005, the Company expects cash and investment
balances to have increased more than $6.0 million from the prior
year, and to end fiscal 2005 at over $108 million. The Company also
announced today that its Board of Directors approved the repurchase
of up to an aggregate of $10 million of its common stock. The
repurchases will be made from time to time on the open market at
prevailing market prices or in negotiated transactions off the
market. The repurchase program is expected to continue for up to
the next twenty-four months, subject to changes by the Board of
Directors. Hubert "Bert" Whyte, president and CEO of net.com, said,
"We believe that enacting this repurchase program is in the best
interest of the shareholders. During the past six quarters, the
Company has consistently added to its cash balance, while
positioning itself to take advantage of a promising market,
enterprise 'Voice over IP' migration." net.com will report its
fourth quarter and fiscal year 2005 results on Wednesday, April 13,
2005 at the close of market. In conjunction with this announcement,
net.com will host a discussion of its preliminary fiscal fourth
quarter results with investors and financial analysts tomorrow,
March 30, at 8:30 a.m. EST/5:30 a.m. PST. To access the call,
listeners should dial 800-603-9684 from the U.S. or Canada and
706-643-1389 from International locations at least 10 minutes prior
to the scheduled start time. No access number or password is
required. A limited number of dial-in lines will be available.
Alternatively, the discussion will be broadcast live via net.com's
website at http://www.net.com/ on the Investor Relations page. A
replay of the call will be available by approximately 10:30 a.m.
EST Wednesday by calling 800-642-1687 or 706-645-9291, access code
5088525 for the replay only. An archived version of the discussion
will also be available on the Investor Relations page of net.com's
website (http://ir.net.com/) shortly after the conclusion of the
live broadcast. About net.com Network Equipment Technologies, doing
business as net.com, is a leading provider of networking equipment
that enables enterprises, governments and carriers to adapt to a
broadband future. An architect of the networking industry, net.com
has been supplying service providers, governments and enterprises
around the world with bulletproof networking technology for more
than 20 years. net performance. net results. net.com. Visit
http://www.net.com/ for more information. NOTE: SCREAM is a
registered trademark, and SHOUT, netMS, and net.com are trademarks
of Network Equipment Technologies, Inc. Forward looking statements
Statements made in this press release other than statements of
historical fact are forward-looking, including those relating to
the financial results the Company expects to report, the Company's
positioning for the future, and the timing of recognition of
revenues. Investors are cautioned that these statements are based
upon current estimates and assumptions that involve risks and
uncertainties that might cause actual results to differ materially
from those expressed or implied in the forward-looking statements.
These risks and uncertainties include the ability to deliver
products in a timeframe sufficient to allow for recognition of
revenue in a particular quarter, possible discrepancy between
preliminary results and final results to be announced on April 13,
2005, and other risks, including those identified in the Company's
filings with the Securities and Exchange Commission, including
Forms 10-K and 10-Q, and in other press releases and
communications. Network Equipment Technologies, Inc. disclaims any
intention or obligation to update or revise any forward looking
statements, whether as a result of new information, future events
or otherwise. DATASOURCE: Network Equipment Technologies, Inc.
CONTACT: Brenda Ropoulos, Director of Corporate Relations of
net.com, +1-510-574-2508, or Web site: http://www.net.com/
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