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Terayon Receives Letter From NASDAQ Regarding Delayed Filing of Form 10-K
Tuesday March 28, 4:30 pm ET
SANTA CLARA, Calif., March 28 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News) today announced that it received a letter from the staff of The NASDAQ Stock Market on March 22, 2006, notifying Terayon that NASDAQ has not received Terayon's Annual Report on Form 10-K for the fiscal year ended December 31, 2005 as required by NASDAQ Marketplace Rule 4310(c)(14), and that this filing delinquency has been referred to the NASDAQ Listing Qualifications Panel (the "Panel") as an additional basis for de-listing Terayon's common stock from The NASDAQ National Market. Previously, the Panel had agreed to continue the listing of Terayon's common stock on The NASDAQ National Market, provided that Terayon satisfied certain conditions, including the filing of its Form 10-Q for the quarterly period ended September 30, 2005, and all required restatements, on or before March 31, 2006. As previously disclosed, Terayon will restate its financial statements for the fiscal year ended December 31, 2004, the four quarters of fiscal 2004 and the first two quarters of fiscal 2005. Terayon has concluded that the restatement will not be completed by the March 31, 2006 deadline, and has communicated this information to the Panel. Terayon expects that the Panel will issue its decision within the next several days and that Terayon's common stock will be de-listed from The NASDAQ National Market. Upon de-listing, Terayon expects that quotations for its common stock will appear in the Pink Sheets, a centralized quotation service that collects and publishes market maker quotes for over-the-counter securities in real time. Terayon is continuing to work diligently to complete the restatement of the periods mentioned above and to file its outstanding Form 10-K and Form 10-Q reports as soon as possible.
Terayon takes a tumble
A change in auditors brought to the surface a lot of problems that were in the company over the years.
Shlomo Greenberg
Six months ago, at the end of September 2005, the auditors of Terayon Communications Systems (NasdaqNM: TERNE), Ernst & Young, informed the company that they would be ending their engagement with it. In the report filed back then by the company with the authorities, the company noted that since the auditors had not asked for permission to resign but had done so on their own volition, the company’s own audit committee were not required to respond. It immediately followed this with the announcement of Stonefield Josephson as the new auditors.
Back in September it appeared the spat between Terayon and Ernst & Young related to one miserable quarter only. But this was the prelude to the tumble of one of the hottest stocks of the end of last century. It has since lost 56% and the end does not appear to be in sight. The involuntary change in auditors brought to the surface a lot of problems that were in the company during the years following the crash on the Wall Street and it now appears that these are lot more serious than a row over one miserable quarter.
Terayon, for anyone who has forgotten, was a sort of miniature JDS Uniphase (NasdaqNM: JDSU) and just like the Canadian company, it shot up like a rocket at the end of the 1990s, thanks a string of acquisitions and mergers. At the end of the boom, JDS wrote off $52 billion in investment while Terayon wrote off a sum which, relative to its size, was larger than that written off by JDS (which was the record holder for write offs during the crisis in 2000-2002).
At the beginning of January this year, Terayon announced it was halting all software and product manufacturing and would be focusing solely on video modems. As a result, the stock jumped 75% from $1.6 to $2.8 on March 1. But on March 2, it announced that it would have to restate its accounts for the six previous quarters and this triggered a rapid downslide, which deteriorated even further on Monday.
It would appear that from the business standpoint, the company’s position improved over the last five quarters. Sales totaled $122 million, cash reserves reached $104 million and the losses were narrowing. But the prospect of the company finding itself embroiled in all kinds of accounting and legal actions, plus the risk of sanctions by Nasdaq have painted a picture which, to put it mildly, would not encourage anyone to invest in the company’s shares. Since the stock value is backed almost 75% by cash, speculators could find the situation very tempting. It could well be that the fall of recent days was caused by some institution which had had enough and bolted out the door. I personally will not be touching the stock as long as the uncertainty prevails.
http://www.globes.co.il/serveen/globes/docview.asp?did=1000074829&fid=1052
Dubi
Nortel, Minerva Find IPTV Partners
MARCH 23, 2006
http://www.lightreading.com/document.asp?doc_id=91328
The recently announced relationship between Minerva Networks Inc. and Nortel Networks Ltd. (NYSE/Toronto: NT - message board) could be the smaller company's entrée into large telco accounts and Nortel's chance to interlock one chosen middleware vendor with its IMS offering.
At this week's TelecomNEXT conference, Minerva and Nortel announced they have begun integrating Nortel's SIP and IMS capabilities with Minerva’s iTVManager middleware product. ”We’re writing code, they’re writing code, and we’re working together to make sure they work well together,” says Minerva marketing VP Matt Cuson. (See Nortel, Minerva Team on IPTV.)
The relationship is not exclusive in either direction and has not been written in a contract, the companies say. But Nortel salespeople are out selling the Minerva middleware platform alongside Nortel's IMS. "As of today we have one official middleware provider which is Minerva,” confirms Ken Couch, Nortel's director of marketing for IPTV and broadband networks.
Other pieces of Nortel's IPTV "ecosystem" include Amino Communications Ltd. and Tilgin AB (formerly i3 micro) set-top boxes; Kasenna Inc. VOD servers; Terayon Communication Systems Inc. (Nasdaq: TERN - message board) grooming and ad insertion gear; and Irdeto Access conditional access technology, Couch says.
With less than 60 employees, Minerva has made its living thus far selling to IOCs. But the company says it's now showing up with Nortel at Tier 1 and Tier 2 carriers.
“The bigger guys are very much into working with integrators,” Cuson says of Tier 1 and Tier 2 carriers. “That’s how they’ve traditionally worked in the past and just because it's IPTV doesn’t mean they’re going to do something different.” (See Will IPTV Bloom in 2006?.)
Nortel's Couch says his company had previously been working with three middleware platforms -- Minerva, Myrio Corp. , and Orca Interactive Ltd. -- before "focusing in" on Minerva.
Myrio might be the strongest of the three, says Heavy Reading analyst Rick Thompson. "I think, quite frankly, out of those three, Myrio is the only back-end middleware player that has a significant chance of competing with Microsoft Corp. (Nasdaq: MSFT - message board)," he says. (See Myrio's Quiet Quandary and Microsoft Wins IPTV Deal at DT.)
Thompson believes Nortel's choice was influenced by the fact that Minerva's competitors have already found dance partners. Lucent Technologies Inc. (NYSE: LU - message board) has teamed up with Orca, while Alcatel (NYSE: ALA - message board; Paris: CGEP:PA) picked Microsoft and Siemens AG (NYSE: SI - message board; Frankfurt: SIE) chose Myrio -- all part of a trend where large integrators have glommed onto smaller IPTV middleware partners. (See Expect More IPTV M&A and Siemens Boasts IPTV Success.)
Among the top carriers in Minerva's sights is Verizon Communications Inc. (NYSE: VZ - message board), which has been testing Nortel's IMS technology in its labs since at least December. (See Verizon Tests Nortel's IMS.)
Minerva's Cuson says Verizon has begun looking more closely at the IPTV aspect of its IMS plans. “For the last two months we’ve been more involved," Cuson says. “The goal is to get a lab system in there and get them playing with it and try to get them to commit to a trial.”
Cuson says Verizon has always intended to select two IPTV platforms as part of its normal vendor selection procedure. “Microsoft was one, so the question is who is number two. We’re just trying to make sure we’re number two,” Cuson says.
Verizon is currently selling a cable-like video service as part of its FiOS rollout. The carrier chose that approach so that it could roll out quickly using older, proven technology. But analysts say Verizon probably will move to IPTV later on because of the decidedly better consumer experience of an IP-based offering.
— Mark Sullivan, Reporter, Light Reading
Thank you, Sebass, I went in and out today for a small profit.
I am just going to swing trade this for awhile. If it goes down on my buy I will continue buying on the downside.
As far as the latest news goes that they paid off the loan.....what other alternative did they have? (Now real good news would have been the bond holders decided not to excercise thier option...it would show that they have faith in the success of the company).
As far as settling the class action law suit. That is always good news...but if they get delisted or don't meet the March 31, earnings report deadline that is not good. If they do report thier earnings before the deadline, that could be a reason for another class action lawsuit after they stated they do not believe they will be able to file the 10K by March 31. So that is a double edge sword so to speak.
Only my opinion. I am not into stocks to make a fortune only to make a few dollars here and there. This is a good stock running into some bad times and I am sure it will be over $4.00 before the end of the year, I just hope I can time things right. Good luck All!
That was good call but your missed today's buy in price. If I were you I would start thinking about my buy in price again. Just my opinion. Good luck to you.
JEFFERIES TERNe RESEARCH MATERIAL. PART 2
http://www.knobias.com/research.pdf?id=4317
http://www.knobias.com/research.pdf?id=4069
http://www.knobias.com/research.pdf?id=3449
http://www.knobias.com/research.pdf?id=3161
http://www.knobias.com/research.pdf?id=3087
http://www.newratings.com/analyst_news/article_1028498.html
http://www.knobias.com/individual/public/quote.htm?ticker=TERNE
Terayon Pays Off Bondholders in Full and Reaches Agreement to Settle Shareholder Suit
Wednesday March 22, 4:15 pm ET
SANTA CLARA, Calif., March 22 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News), today announced that it received a notice of acceleration from bondholders of Terayon's 5% Convertible Subordinated Notes due 2007, and on March 21, 2006, paid in full the entire principal amount of the outstanding Notes, including all accrued and unpaid interest thereon and related fees, for a total of $65.6 million. Separately, Terayon has reached an agreement to settle a shareholder class action lawsuit initially filed in April 2000.
"These two separate business decisions were made in the best interests of Terayon," said Jerry Chase, CEO, Terayon. "On the bond issue, we reviewed several restructuring options, and chose the most cost-effective -- paying off the bonds now. We have also reached agreement to settle our six-year-old shareholder suit after determining that it, too, was more cost-effective to settle rather than continue to litigate. These were the right decisions to make, and we intend to execute on our business plan without the further distraction of these two issues."
Bondholder Repayment
As previously disclosed, on January 12, 2006, Terayon received a letter from holders of more than 25% in aggregate principal amount of Notes outstanding providing written notice to Terayon of default under the Indenture for the Notes based on the company's failure to file its Form 10-Q for the quarterly period ended September 30, 2005. Terayon was unable to cure the default within 60 days of the written notice, March 13, 2006, which triggered an Event of Default under the Indenture. The Event of Default enabled the holders of at least 25% in aggregate principal amount of Notes outstanding to accelerate the maturity of the Notes by written notice and declare the entire principal amount of the Notes, together with all accrued and unpaid interest thereon, to be due and payable immediately.
Shareholder Settlement
On March 17, 2006, Terayon entered into a Memorandum of Understanding (MOU) providing for the settlement of the securities class action entitled In re Terayon Communication Systems, Inc. Securities Litigation, Case No. C-00- 1967-MHP, pending in the United States District Court, Northern District of California. As previously disclosed, the amended complaint alleged that Terayon and certain of its officers and directors (collectively, the "Defendants") violated the federal securities laws by issuing materially false and misleading statements and failing to disclose material information regarding Terayon's technology. The class action included claims for damages on behalf of those who purchased or otherwise acquired Terayon's securities (the "Affected Securities") during the class period of November 15, 1999 to April 11, 2000 (the "Plaintiff Class").
In accordance with the settlement outlined in the MOU, the Defendants shall pay or cause to be paid to the Plaintiff Class an amount of fifteen million dollars ($15,000,000). Payment will be paid within 45 days of the execution of the MOU or 15 days after court approval of the Settlement, whichever is later, but in no event earlier than May 10, 2006. Terayon expects to pay approximately $2.3 million of this amount, and its insurance carriers have agreed to pay the remaining settlement amount. The settlement is subject to final approval by the court.
In consideration of the payment of the settlement funds described above, the Plaintiff Class has agreed, upon final court approval, to dismiss the class action with prejudice and release all known and unknown claims arising out of or relating to, or in connection with the purchase or acquisition of the Affected Securities during the class period which have been or could have been asserted by any member of the Plaintiff Class.
All parties have agreed to use their best efforts to finalize and execute the Stipulation and such other documentation as may be required or appropriate to obtain court approval of the settlement upon the terms set forth in the MOU.
About Terayon
Terayon Communication Systems, Inc. provides real-time digital video networking applications to cable, satellite and telecommunication service providers worldwide, which have deployed more than 6,000 of Terayon's digital video systems to localize services and advertising on-demand and brand their programming, insert millions of digital ads, offer HDTV and other digital video services. Terayon maintains its headquarters in Santa Clara, California; has sales and support offices worldwide and is on the web at www.terayon.com
OUT - Looks to me that it is slowly being taken down. I expect a bigger drop once everyone gets the news about not being able to make the March 31 deadline. Stock in being munipulated. Very hard to sell this stock at the ask price, you need to sell it by making your limit at the bid price. Good Luck All! Hope to be back in soon.
STOCKS UNDER $10 UPDATE PART 2
Terayon (TERNE:Nasdsaq, $2.26, 2,500 shares, 5.09%, Inflection Point): Terayon makes a line of products called CherryPicker, which enable video providers to control video streams and insert advertisements to targeted audiences. Shares traded flat for the week and remain 14% below our cost basis. We view the recent selloff as overdone. This selloff was caused by the company saying that is restating its financials for 2004 and the first half of 2005 due to revenue recognition timing issues. We were not surprised by the restatement and are pleased that the company's cash balance remains unchanged. Terayon is in the process of restructuring its operations to focus on its CherryPicker product line. Successful completion of this restructuring will significantly boost gross margins into the 60% range, which should enable the company to meet, or beat, 2006 analyst earnings estimates of 18 cents a share. Given the upside potential from strong execution and limited downside from a valuation standpoint, we view the current quote as solid price to start new positions.
Here is a match made for each other Sonus and Teradyne. They could both merge perfect.
http://www.bankerandtradesman.com/pub/5_221/commercial/192574-1.html
Boston’s Northwest Suburban Submarket Begins to Pick Up
Equity Office Properties reportedly is putting the Crosby Corporate Center in Bedford up for sale.
By Joe Clements
Plenty of holes remain in suburban Boston’s Northwest commercial real estate market, but a couple of major blocks of space are being taken out of circulation via six-figure subleases to Sonus Networks and Raytheon Inc. Sonus will take all of 7 Technology Drive in Westford from Teradyne Inc., while defense giant Raytheon Co. reportedly is expanding to 185,000 square feet in Billerica in two buildings leased to Nortel Networks.
BOTTOM LINE ON TERAYON AND RESTRUCTURING SUMMARIZED.
Stocks under $10 service
- "stock's selloff this morning is an overreaction"
- "the restatement should have no impact on Terayon's cash balance"
- "there is no evidence that the errors made by the company were intentional"
- "Plus, we believe the company will file its restated financial results and third- and fourth-quarter filings by the Nasdaq's March 31 delisting deadline"
- "we don't foresee a liquidity problem any time soon"
- "This should have a meaningful impact on the company's gross margins"
- "If successful, we believe the company can meet the Street's 2006 EPS estimate of 18 cents, which makes shares a compelling value at the current quote."
Terayon (TERNEe:Nasdaq) announced last night that its financial results for 2004 and the first two quarters of 2005 should not be relied upon because of a revenue- recognition error. Shares are trading 16.7% lower to $2.25, and so we are going to add 500 shares to our position in the model portfolio. While the headline that prior financial results should no longer be relied upon can spook investors, we believe the stock's selloff this morning is an overreaction. Although the company will restate its financial results because of errors made in recognizing revenue, the net impact on total revenue for the period in question should be zero, and the restatement should have no impact on Terayon's cash balance. The company had $105 million in cash and investments at the end of June, and $65 million in convertible debt due in 2007. According to the company's press release, there is no evidence that the errors made by the company were intentional. Plus, we believe the company will file its restated financial results and third- and fourth-quarter filings by the Nasdaq's March 31 delisting deadline, though there are no assurances. In other news, Terayon announced the hiring of a financial adviser to restructure its convertible debt. The company has received default notices from holders because of its failure to file timely financial results. Even so, the company had a net cash position of approximately $40 million at the end of June (though slightly less today as we suspect the company lost money in both the third and fourth quarters), so we don't foresee a liquidity problem any time soon. Terayon is in the process of restructuring its business model to focus on its CherryPicker line of products that enable video providers to control video streams and insert advertisements directed at targeted audiences. This should have a meaningful impact on the company's gross margins as the CherryPicker line carries gross margins upward of 60% vs. just 15% to 20% for its Home Access Solutions products, such as cable modems. If successful, we believe the company can meet the Street's 2006 EPS estimate of 18 cents, which makes shares a compelling value at the current quote.
Terayon Announces Expected Restatement of Prior Periods
Wednesday March 1, 10:15 pm ET
SANTA CLARA, Calif., March 1 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News) today announced that the Audit Committee of the Board of Directors has concluded that the Company's consolidated financial statements for the year ended December 31, 2004 and for the four quarters of 2004 and the first two quarters of 2005 should no longer be relied upon and will be restated. This conclusion was based in part on the final results of the previously announced Audit Committee inquiry. The inquiry focused on the circumstances surrounding the timing of revenue recognition in the second half of 2004 from a customer of the Company. The principal findings of the inquiry were: that there was no intent by Company personnel to recognize revenue in contravention of what Company personnel understood to be the applicable accounting rules at the time; that Company personnel nevertheless did not consider or sufficiently focus on the application of certain relevant accounting rules; and that there was no intent by Company personnel to mislead the Company's auditors or engage in other wrongful conduct. The Audit Committee inquiry noted that counsel was not able to interview a senior official of the customer involved in the transaction. Based on the results of the inquiry, the Audit Committee did not recommend any actions against current or former Company personnel. The Audit Committee and management are continuing to consider possible enhancements to the Company's internal controls in light of the results of the Audit Committee inquiry.
The Audit Committee and management have reviewed the Company's revenue recognition practices and policies with respect to the delivery of certain products and services (including the development and customization of software) to a single customer under a series of contractual arrangements. Management and the Audit Committee have also discussed management's conclusions with Stonefield Josephson, Inc., the Company's independent auditor. It was previously determined under the SEC Staff Accounting Bulletin 104, "Revenue Recognition," that revenue under this series of contractual arrangements was to be recognized in two phases under two separate revenue arrangements. Based on the guidance under American Institute of Certified Public Accountants Statement of Position (SOP) 97-2, "Software Revenue Recognition," and SOP 81-1, "Accounting for Performance of Construction-Type and Certain Production-Type Contracts," management has determined that this series of contractual arrangements should have been treated as a single contract, and therefore a single revenue arrangement for accounting purposes.
Using the completed-contract method as indicated under SOP 81-1, all revenue from this series of contractual arrangements should have been deferred until the completion of all Company obligations under these arrangements in the fourth quarter of 2005. Accordingly, revenue recognized in the third and fourth quarters of 2004 and in the first two quarters of 2005 under this series of contractual arrangements should be deferred to the fourth quarter of 2005. Also, under SOP 81-1 in relation to contract costs, expenses previously recognized in each quarter of 2004 and in the first two quarters of 2005 should be deferred to the fourth quarter of 2005.
The Company has also reviewed its revenue recognition policies relating to the recognition of the sales of software and other products bundled with post customer service contracts and has considered the guidance under SOP 97-2, Financial Accounting Standards Board Technical Bulletin 90-1, "Accounting for Separately Priced Extended Warranty and Product Maintenance Contracts," as well as Financial Accounting Standards Board, Emerging Issues Task Force 00- 21, "Accounting for Revenue Arrangements with Multiple Deliverables," in relation to multiple-element revenue arrangements. Under this guidance management has determined that during 2004, the Company did not establish vendor specific objective evidence for its post contract service revenue element as it related to digital video customer service. Consequently, management anticipates an additional deferral of revenue from each quarter of 2004 in which the revenue was recognized, in order to recognize the revenue from software bundled with post customer service contracts over the life of the customer service contract period.
The actual amounts of revenue and expenses to be deferred are being reviewed by the Company and its independent auditors. The restatement will have no impact on the Company's cash balances for the restated periods. There can be no assurance that the Company or its independent auditors will not identify additional issues or other considerations in connection with the restatement and continuing review, and that these issues or considerations will not require additional adjustments to the Company's prior financial results for one or more prior annual or quarterly periods.
The filing of the Company's Form 10-Q for the quarter ended September 30, 2005 will be further delayed pending the completion of the restated consolidated historical financial statements. Because of the delay in filing the Form 10-Q, the Company is not in compliance with The Nasdaq Stock Market's continued listing requirement set forth in Nasdaq Marketplace Rule 4310(c)(14). As previously announced, the Company received letters from The Nasdaq Stock Market dated November 17, 2005 and January 4, 2006 regarding the Company's failure to file its Form 10-Q for the quarter ended September 30, 2005, and its failure to solicit proxies and hold an annual meeting of shareholders on or before December 31, 2005, respectively. On January 17, 2006, a NASDAQ Listing Qualifications Panel agreed to continue the listing of the Company's common stock on The Nasdaq National Market subject to three conditions: (1) on or before January 31, 2006, the Company was required to provide NASDAQ with certain information related to the Audit Committee's inquiry; (2) on or before March 31, 2006, the Company must file the Form 10-Q for the quarter ended September 30, 2005 and all required restatements; (3) on or before March 31, 2006, the Company must file the proxy statement for the 2005 annual meeting, with a record date set and a meeting to be held as soon thereafter as possible. While the Company provided NASDAQ with a response to questions relating to the internal accounting review on January 31, 2006 and is making every effort to comply with the remaining requirements, there can be no assurance that the Company will be able to do so within the Panel's deadlines, or that the Company's common stock will continue to be listed on the Nasdaq National Market.
Management and the Audit Committee have concluded that the restatement constitutes a material weakness within the meaning of the PCAOB's Audit Standard No. 2. In addition to this material weakness, additional control deficiencies may be identified which individually or in the aggregate may constitute additional material weaknesses. Management and the Audit Committee are continuing to evaluate whether there are additional material weaknesses.
Additionally, the Company has engaged a financial advisor, Chanin Capital Partners, to explore alternatives with respect to restructuring its outstanding 5% Convertible Subordinated Notes due 2007. The Notes currently outstanding have an aggregate principal amount of $65 million. As previously announced, on January 12, 2006, the Company received a letter from holders of more than 25% in aggregate principal amount of Notes outstanding providing written notice to the Company that it is in default based on the Company's failure to file its Form 10-Q for the quarter ended September 30, 2005. If the default is not cured within 60 days of this notice, March 13, 2006, an event of default will occur and the trustee or holders of at least 25% in aggregate principal amount of the Notes then outstanding, upon notice to the Company, may accelerate the maturity of the Notes and declare the entire principal amount of the Notes, together with all accrued and unpaid interest thereon, to be due and payable immediately.
The Company previously announced in November 2005 that the SEC had initiated an informal inquiry with regard to the subject matter of the Company's accounting review. The Company understands that the SEC has since issued a formal order of investigation with regard to this matter. The Company has been and is continuing to cooperate fully with the SEC.
Naaa bro you are just clueless about stock market as usual.
Close at $2.69 is higher then support line of $2.67 which has been tested and held up which is very good. Some profit taking after huge run is normal. Now the resistance is at $2.88 which is 200MA. That is always hard to break after downtrend but we broke through 50MA and we will soon break trough 200MA. What's going to be sweet when 50MA will cross over 200MA. White Morabazu candle stick will form then which I look forward to since it will propel PPS way much higher. Everything including reversal tend of Head and shoulders bottom is bullish and when earnings and buy out will be announced I will be laughing at those that pump BS stocks and spit on biggest opportunities. Facts will show who is the looser then.
http://stockcharts.com/def/servlet/SC.web?c=TERNE,uu[w,a]daclyiay[db][pb50!b200!f][vc60][iut!Ul3!Ub1...
always nice to close near low of day....OUCH.
<I am getting a feeling you guys are just being polite>
Polite i indeed am, but this is not the most important
point, Sebass.
I read the multiple attacks on the company, some of which
before you had the chance to delete. I sure do hope some
of them are eating their hats while i post.
GLTY as well, on TERN and your other holdings as well
Regards,
Dubi
Seabass, I don't believe in being polite, one of the reasons I don't post much on any board. I have made 65 trades so far this year, but have never sold Terne. They have a great product and at the right time, when every TV is going digital within the next few years, The only thing they have yet to prove is do they know how to make money from a great product. I am bullish on this stock until $3.40 or March 21st. If the accounting problems are not solved by then I will sell. The $5.00 commission I pay sure helps, now I can sell if the stocks go up a nickel and buy back if it goes down.
Date Type Symbol Quantity Price Commission Amount
Have on hand
02/03/06 BOUGHT TERNE 2000 2.17 $5.00
02/02/06 BOUGHT TERNE 2000 2.29 $5.00
01/12/06 BOUGHT TERNE 2000 1.95 $5.00
01/10/06 BOUGHT TERNE 2000 2.06 $5.00
01/17/06 BOUGHT TERNE 2000 1.84 $5.00
marketgainer.com: Issues Coverage on Terayon Communication Systems Inc.
http://www.knobias.com/individual/public/news.htm?eid=3.1.04bd48f526729ab28df4ce3252e45aa85355311e4e...
Monday , February 27, 2006 10:44 ET
Feb 27, 2006 (M2 PRESSWIRE via COMTEX) -- Market Gainer is quickly emerging as the one stop shop for international small-cap investors looking to stay a step ahead of the markets. Terayon Communication Systems, Inc. (NASDAQ:TERNE), activity this morning has gotten the attention of our research team. Our goal is to create a community of international investors who consistently and effectively capitalize on the enormous gains that the small-cap Canadian and American exchanges offer.
Terayon Communication Systems, Inc. (NASDAQ:TERNE), a leading provider of digital video networking applications that enable service providers to localize content on-demand, is demonstrating its latest 'Localization on Demand' applications here at the annual winter conference of CableLabs, the cable television industry's research and development consortium.
Terayon's ability to localize programming, advertising and information through applications like grooming channel line- ups, local digital ad insertion and all-digital graphical overlays means their customers can customize services tailored to the needs of regions and locales. Following this announcement Terayon's shares have increased over 8% on higher than average volume.
M.G will continue doing research on Terayon Communication Systems, Inc. (NASDAQ:TERNE), both short term and long term, and invite any shareholders to our site, where you can partake in communicating with other investors on the company.
The information provided is brief and informative however becoming a member to our site will give you access to all the on-going information we come across on both of the above mentioned companies.
Investors seeking a resource to further their investment knowledge and be informed of exciting opportunity should take the easy step of becoming a member to www.marketgainer.com. Our service is free and at no time will we ever push any sort of annual subscription on you. The Market Gainer motto is "Our Success depends on Yours!"
This information has been brought to your attention by the research team at www.marketgainer.com and comes from an unbiased perspective. Although we are a boutique research firm, we have not made any investments in the above mentioned companies.
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Terayon Demonstrates Innovative Localization on Demand Applications at CableLabs(R) Winter Conference
Monday February 27, 8:00 am ET
COLORADO SPRINGS, Colo., Feb. 27 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News), a leading provider of digital video networking applications that enable service providers to localize content on-demand, is demonstrating its latest 'Localization on Demand' applications here at the annual winter conference of CableLabs®, the cable television industry's research and development consortium.
"CableLabs' Winter Conference offers us an excellent venue to introduce our latest innovations to key cable decision makers," said Kanaiya Vasani, Terayon Vice President, Marketing. "Terayon's ability to localize programming, advertising and information through applications like grooming channel line- ups, local digital ad insertion and all-digital graphical overlays means our customers can customize services tailored to the needs of regions and locales."
Terayon's CableLabs Winter Conference demonstrations include:
-- MPEG-4/AVC ad insertion using the Terayon DM 6400 Network
CherryPicker®, which enables service providers to seamlessly
insert ads into their MPEG-4/AVC programming using proven cable
industry ad insertion standards.
-- Targeted Advertising which makes it dramatically easier for cable
operators to customize national ads for simultaneous distribution to
multiple locations. This is done by sending an ad from a central
location and localizing it with graphics or text specific to each
region, which are added at the edge of the network just before the
ad reaches subscribers. Terayon accomplishes this completely within
the compressed MPEG domain, preserving picture quality and reducing
production costs.
-- On-Demand Content Localization which enables operators to present
viewers with Emergency Alert System (EAS), weather, sports and other
time-sensitive information by overlaying directly on top of their
MPEG-2 programming. This is done in real-time and completely within
the compressed digital domain using output from standard character
generator (CG) servers that support the industry standard Serial
Digital Interface (SDI) video transport format.
Midastouch and followingte thank you. I think leak occured that is why we saw over 1000% increase in volume from 230,000 on friday to over 3.2 million today. Leaks always occur and question is if people have balls to pull the trigger. I don't have to. I had shares from a while ago and all i have to do is smile and seat preety right now. 200MA is our resistance line. If we break that $3.00+ is the initial target. Soon annoucment to be made anyway so time is our friend now. Good luck guys if you hold any shares. I am getting a feeling you guys are just being polite, but either way good luck with your stocks.
Nice Volume, steady climb, Should be some news before the week is out. Be nice to see an announcement like accounting problems over, sales and earnings climbing and in talk with a takeover, all in one announcement. Just could happen----I hope.
Nice action today, Sebass.
Hats-off!
Dubi
CMTS market is forecast to grow 50% between 2005 and 2009.
CMTS Market Up 10% in 2005
http://sys-con.com/read/187276.htm
CAMPBELL, CA -- (MARKET WIRE) -- 02/23/06 -- Worldwide CMTS revenue and port shipments were up for the year but down for the quarter, as Cisco, Motorola, and Arris led the market to a 25% port gain and a 10% revenue gain, from $667 million to $736 million, between 2004 and 2005, says Infonetics Research's latest CMTS Hardware report.
The worldwide CMTS market is forecast to grow 50% between 2005 and 2009, when it will top $1.1 billion.
After a 15% jump in revenue between the second and third quarters of 2005, CMTS revenue dropped 6% in 4Q05 to $198 million, but steady growth is expected for the next few years, with revenue hitting $234 million in 4Q06, a 18% increase over 4Q05. Port shipments were also down for the quarter, with upstream port shipments dropping 6% and downstream port shipments down 10% in 4Q05 from 3Q05.
The number of worldwide cable broadband subscribers totaled 46.4 million in 2005, a 14% jump from 2004, and is expected to increase another 50% between 2005 and 2009, when it will reach 69.6 million.
"Cable subscribers continue to grow at a healthy clip around the world, particularly in North America and EMEA, despite the growing momentum behind lower-cost xDSL offerings and the rollout of PON and fiber-based services by incumbent telcos," said Jeff Heynen, directing analyst at Infonetics Research. "North American MSOs continue to chip away at incumbent telcos by rolling out bundled voice, data, and video services with broadband data speeds far exceeding what most DSL providers can offer today. With CMTS vendors adding enhanced capabilities and bandwidth to their existing platforms, MSOs are in a good position to make further inroads over the next few years."
More Highlights
-- On the 2005 leadership board, Cisco maintained its number-one position
in worldwide CMTS revenue, followed by Motorola and Arris; the three CMTS
titans improved their revenue market share from a combined 85% in 2004 to
95% in 2005
-- For the quarter, Cisco's worldwide CMTS revenue share dropped 7%,
Motorola's increased 5%, Arris's increased 6%, and BigBand dropped 4%
-- In 2005, 81% of CMTS ports were upstream, and 19% were downstream
-- 53% of 2005 CMTS revenue came from North America, 21% from EMEA, 19%
from Asia Pacific, and 7% from CALA
CMTS Hardware tracks CMTS manufacturer revenue, upstream ports, and downstream ports, and follows Arris, BigBand, C9, Cableway, Cisco, Motorola, and Terayon.
Forecasts and regional market share are updated quarterly and cover all regions (worldwide, North America, EMEA, Asia Pacific, CALA).
Download sample data at www.info.infonetics.com. For sales, contact Larry Howard, vice president, at larry@infonetics.com or +1 (408) 583-3335.
Infonetics Research (www.infonetics.com) is the premier international market research and consulting firm specializing in data networking and telecom. Services include market share and forecasting, end-user survey research, service provider survey research, and service provider capex analysis.
Press Contact:
Jeff Heynen
Directing Analyst, Broadband & IPTV
Infonetics Research
+1 408.583.3359
Email Contact
© 2006 SYS-CON Media Inc.
TERNe TA Confirmed Buy by Japanees Candlesticks
on 02/15/06
http://www.americanbulls.com/StockPage.asp?CompanyTicker=TERNE&MarketTicker=NASD&TYP=S
INSTITUTIONAL OWNERSHIP UP 7% THIS MONTH
From 48% last month to 55% this month
http://www.nasdaq.com/asp/holdings.asp?mode=&kind=&symbol=NCTI&symbol=GTE&symbol=TER...
http://moneycentral.msn.com/investor/invsub/ownership/ownership.asp?Symbol=TERNE
Kern Capital Management Increased their ownership just yeasterday.
http://xml.10kwizard.com/filing_raw.php?repo=tenk&ipage=3967750
http://knobias.10kwizard.com/files.php
BULLISH HEAD&SHOULDERS BOTTOM REVERSAL CHART
First look at 6 month chart and notice high of $4.10 before H&S formed. Now look at H&S patterns highs after neck line is broken. Based on classic setup I expect initial price target of $3.00 and month to 4 months from now $5.00-$6.00 price target. That would be classic Head and Sholders Bottom reversal if no buyout occurs earlier which i do expect to occur when earnings are released or little after that.
High price before H&S formation. $4.10
http://stockcharts.com/def/servlet/SC.web?c=TERNE,uu[w,a]daclyiay[dc][pb50!d20,2!f][vc60][iut!Ul3!Uc...
TERNe Head and Shoulders bottom reversal. Bullish.
EXAMPLE OF CLASSIC H&S BOTTOM.
References to H&S formation
http://stockcharts.com/education/ChartAnalysis/headShouldersBottom.html
http://chart-patterns.netfirms.com/hsbot.htm
http://www.chartpatterns.com/invtdheadandshoulderschrts.htm
Ken. I'm glad to hear that. You will be blown away when PPS will double or triple in next few months. Thanks for all your help by the way.
Hello Sebass
I opened a small portfolio of TERNE giving it $1000 in Smartmoney buying in at $2.25, as I mentioned to you that I think the next week will be good for you. Let's see how it goes over the next 5 to 8 days. Good luck
Ken
Terayon Extends Presence in Europe Through Partnership With Dimetis
Tuesday February 7, 8:00 am ET
SANTA CLARA, Calif., Feb. 7 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News), a leading provider of video localization-on-demand solutions, today announced that Dimetis, a provider and integrator of broadcast and telecommunications solutions, has joined the Terayon Partner Program.
As a Terayon Partner Program member, Dimetis, based in Dietzenbach, Germany, will resell Terayon's complete line of digital video products to its customers, and will offer systems integration and networking planning services to support the product line.
"The addition of Dimetis to the Terayon Partner Program expands our reach within the European market, a key area of growth for digital video networks," said Kanaiya Vasani, Terayon Vice President of Marketing. "Dimetis' commitment to the application of new technological trends and services, coupled with their strong relationships in Germany, Austria and beyond, are great fits for the Terayon Partner Program."
"Cable operators, telecom carriers, broadcasters and other service providers throughout Europe are offering new digital video services, which require the kinds of solutions that Dimetis and Terayon can offer," said Willi Striegl, Director of Business Development, Dimetis. "Partnering with Terayon helps us provide the best value-added digital video solutions to our customers, in order to ensure that they are able to capitalize on these changes and see a return on their investment."
Terayon Partner Program Overview
The Terayon Partner Program consists of three categories: Solutions Partners, Authorized Resellers and Technology Partners. In all cases, Terayon works closely with its partners to develop optimal solutions for customers. Terayon Partner Program members include a broad range of industry leaders, such as ADB, ADDvantage, Adtec, Aviva, Capella, C-COR, Chyron, Concurrent, Digital Fountain, EVS, Frontiers, Harmonic, Latens, Miranda Technologies, Modulus Video, NDS, SeaChange International, SEG, TANDBERG Television and Triveni Digital. Additional information on the Terayon Partner Program is available at www.terayon.com/partners or by email at partners@terayon.com.
About Dimetis
Dimetis GmbH is an innovative IT systems integrator and provides comprehensive IT solutions that manage, monitor and control networks, facilities and equipment. These flexible solutions for the broadcast, enterprise and telecommunications market are built to meet each customer's exacting specifications. Dimetis' network management and planning and information systems are designed for video, audio, data networks and DVB/ATSC platforms. Users are broadcasters, network providers, playout centers, multimedia providers, production companies and event companies. Dimetis is based in Dietzenbach, Germany and its website is www.dimetis.de.
About Terayon
Terayon Communication Systems, Inc. provides real-time digital video networking applications to cable, satellite and telecommunication service providers worldwide, which have deployed more than 6,000 of Terayon's digital video systems to localize services and advertising on-demand and brand their programming, insert millions of digital ads, offer HDTV and other digital video services. Terayon maintains its headquarters in Santa Clara, California; has sales and support offices worldwide and is on the web at www.terayon.com.
EARNINGS TIMELINES
http://www.knobias.com/individual/public/news.htm?eid=3.1.e31e20d51d95e6a1e590f391c9c39fb44c28676ced...
Corporate Announcement: Terayon Communication Systems
Thursday , February 02, 2006 17:05 ET
Feb 02, 2006 (Wall Street Horizon via COMTEX) -- Earnings Quarter: Q4
Next Earnings Date: 2/9/2006
Earnings Date: Tentative
Announcement Time: After Market
Date Q1: 5/3/2005 - FILLED
Date Q2: 7/28/2005 - FILLED
Date Q3: 11/8/2005 - DELAYED
Date Q4: 2/9/2006
Last Confirmation Date: 2/1/2006
Conference Call Date: 11/8/2005
Conference Call Time: 5:00 PM
Conference Number: (866)314-5050
Conference Passcode: 93318482
Broadcast Address: http://www.terayon.com/investor
Board Meeting Date: 8/18/2004
(C) 2006 Wall Street Horizon, Inc. All rights reserved
Another Look at Exit out of Modem business.
Terayon Exits DOCSIS Business to Focus on Video
http://www.cabledatacomnews.com/feb06/feb06-8.html
Terayon Communication Systems Inc. announced a restructuring late last month to focus solely on its CherryPicker digital video products, repositioning the company as a "pure-play video business." Although Terayon was one of the first suppliers of cable modem products, the company's position in the segment has deteriorated over the last few years in the face of intense competitive pressure.
Shortly after taking the helm at Terayon, CEO Jerry Chase led the charge to dump the company's struggling CMTS business in October 2004. Now the other shoe has dropped. Terayon said it's "reviewing strategic alternatives for its Home Access Solutions product line." It expects to record a modest charge of about $600,000 in restructuring costs, mostly in the first quarter.
Separately, Terayon announced a win last month with Chunghwa Telecom, Taiwan's largest telecommunications provider. Through the deal, Chungwa is deploying the Terayon DM 6400 Network CherryPicker for its Multimedia on Demand (MOD) architecture. The MOD service is now available to 13 cities and counties throughout Taiwan and counts some 200,000 subscribers. The DM 6400 units are aggregating and distributing MPEG-2 video streams via Gigabit Ethernet, performing such functions as rate shaping multiple standard-definition programs and video-on-demand feeds, as well as digital ad insertion.
Internet protocol coming to the tube
Mon Jan 30, 2006 06:17 AM ET
By Antony Bruno
NEW YORK (Billboard) - TV viewers in select areas of the United States are experiencing what is expected to be the next evolution of digital entertainment -- IPTV. Short for Internet protocol TV, IPTV is one of many efforts to bring Web-like interactivity to home entertainment centres.
IPTV subscribers can view and record several programs simultaneously, access detailed program information like sports statistics, send and receive instant messages and order a broad array of on-demand movies. What separates IPTV from broadcast technology is its two-way nature: Viewers actively request IPTV content.
IPTV networks keep programming on centralised servers and deliver only the individual channel requested by the viewer at any given time. This is the way Web sites are stored and accessed, and that is no accident: IPTV programming is formatted using the Internet protocol that powers the World Wide Web.
Because IPTV is not constantly serving up all programming options, it frees bandwidth to offer services and other information along with the show. If record labels and other entertainment providers have their wish, IPTV will offer a new path to purchasing.
"You might hear a song you like on 'Desperate Housewives' and automatically download it, watch the video, send it to your handheld device and burn it to a CD," says Paul Greenberg, senior VP of business development and partner relations at MusicNet. "All those things are possible in the fairly near future."
Today, IPTV availability is limited by geography and capability, with no specific timeline for when purchase-oriented interactivity will become a reality. But the basic IPTV rollout has begun.
Earlier this month, AT&T launched an IPTV service in San Antonio with 200 channels, including HBO, MTV, ESPN and the Discovery Channel. It also offers hours of on-demand movies, but few other interactive features at this time.
Verizon introduced its fibre optic-based FiOS IPTV service last September, available on a restricted basis in areas of Florida, Texas and Virginia. It offers 330 channels, 20 high-definition channels, 1,800 video-on-demand titles and 180 digital video and music channels. Verizon plans to expand the service to parts of California, Massachusetts and New York in the coming weeks.
Telecoms like AT&T and Verizon see IPTV as their chance to compete with cable operators like Comcast and Time Warner. As such, IPTV providers are currently focussed on a first step of acquiring the basic content needed to compete with the cable industry.
But the technical building blocks are being put into place that later will enable a host of new business models for content acquisition in the future.
Warner Music Group late last year signed a content deal with British Telecom for an IPTV service expected to begin this fall in the United Kingdom, which could include downloadable songs and music videos. BT says it hopes to sign all the major record labels by launch.
"This isn't blue sky speculation," says Ted Cohen, senior VP of digital development and distribution for EMI Music. "We're actually doing something with this. It's top of mind with everybody."
Research group Infonetics Research projected worldwide IPTV subscribers to explode to 53.7 million by 2009.
IPTV competitors are already in the works. Cable providers that also offer broadband Internet services may develop their own solutions to introduce interactivity and purchasing power to the viewing experience.
And, just to add some more confusion to the mix, the greatest competitor for IPTV may be something called TV over Internet protocol, or TVOIP. As similar as the two may sound, they are actually worlds apart in how they work.
Strictly speaking, IPTV refers only to the services offered on closed "walled garden" networks like AT&T and Verizon. These providers control what programming they will carry on their IPTV networks, and only those subscribing to them will have access.
"IPTV doesn't mean you can fire up your Web browser and get all this video programming," Motorola spokesman Paul Alfieri says. "It's not on the Internet."
But TVOIP is on the Internet, and could be delivered to set-top TV boxes in much the same way as cable TV is now, without the need to subscribe to a closed IPTV network.
Such TVOIP upstarts as Brightcove and Aeon Digital, and existing portals like Yahoo and Google, will compete with IPTV services by offering the same programming and functionality, but made available over the open Internet.
This makes available a wider variety of content--not just the limited programs offered inside a walled garden--all of which can be aggregated into a customised home page on the TV, similar to TiVo's "Now Playing" guide.
This has the music industry equally excited; as long as its content will be protected and monetised, major content companies, including record labels, do not seem to care which formats win. Since IPTV and TVOIP use the Internet protocol format, music labels and others in the entertainment industry can easily contribute content to both.
EMI's Cohen says: "It basically frees up how you deliver content to a consumer, no matter where they are."
Sony BMG late last year licensed its catalogue to an Australian Web-based TV show called Crank TV. Other such upstarts are expected to emerge and compete with the established networks once viewers can access them from their TV and not just their PC.
"It puts the consumer in control and gives the content owner the ability to create their own channel to the consumer," Cohen says. "This is the opportunity to reach the consumer directly and not be constrained by gatekeepers, whether it's satellite or cable."
Reuters/Billboard
No bro you got it all wrong same as you do with the other stock. Swap the sentimentals and you will make money. We will see very soon anyway and no i don't speak french.
I disagree. Terayon by all accounts is on its way out and just like the reporting is neglecting to be upfront and honest to its shareholders.
IT'S NON-ISSUE. YOU WILL SEE SOON. Nice try. Try to be more original then to copy me.
Incorrectly recording customer in wrong period and initiating public review by themselves only shows the strength of the integrity of the CEO and Co. Also:
"Terayon initiated the review after determining that certain revenues recognized in the second half of fiscal year 2004 from a customer may have been recorded in incorrect periods..."
"We are committed to accurate and transparent financial reporting and are taking this matter very seriously," said Jerry Chase, CEO, Terayon. "I want to emphasize that our cash position and market leadership remain strong and are not affected by the accounting issues under review. We remain focused on executing on our strategies and continuing to expand our product innovations to strengthen the overall position of the company."
Also today's restructuring did just that strengthened the company by eliminating bleeding modem business and downsizing workforce not needed anymore. Pure 70% gross margin business is now only pure play. Cram of the crop. Compare those margins to the other company. The numbers might be right but with(-)70%.LOL
YET ANOTHER REASON TO QUESTION TERAYON INTEGRITY
"previously announced on November 7, 2005 that the filing of its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (Form 10-Q) would be delayed and that it had commenced an accounting review after determining that certain revenues recognized in the second half of fiscal year 2004 may have been recorded in incorrect periods."
Now you can see in what type of company Terayon is running. How is that reflect on Company, leadership and integrity of Terayon as company? How many more signs do you need. Globetel, CEO have no integrity. This confirmed another shadiness associated with this company and it's operations.
Terayon Restructures to Pure-Play Digital Video Company
Thursday January 26, 4:34 pm ET
SANTA CLARA, Calif., Jan. 26 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News), a leading provider of video localization-on-demand solutions, today announced a restructuring to focus the company's strategy solely on its digital video applications and reduce its overall cost structure as a pure-play video business.
"Our decision to concentrate solely on digital video applications enables us to laser-focus the company on a growing market for real-time network digital video processing and expand our applications and services," said Jerry Chase, Terayon, CEO. "Network operators worldwide in cable, satellite, telco and mobile, understand that they must customize digital video programming services and advertising to become more relevant to their individual customers. The move to customizing content the instant before viewing creates substantial opportunity for Terayon, particularly in the area of digital video advertising, as it builds on our existing core competencies and market leadership. Localizing services and advertising plays strongly to the core strength exhibited in our award winning CherryPicker® product line."
As part of the company's move to a pure-play video business, Terayon is reviewing strategic alternatives for its Home Access Solutions product line including the opportunity to monetize its current investment in working capital. As part of the restructuring, Terayon expects to record charges of approximately $0.6 million for employee related costs in addition to other restructuring costs, the majority of which are expected to occur in the first quarter of 2006.
Chase continued, "We are now structured to take advantage of what we do best. By focusing on digital video, we expect to drive our strategic goals of increased market penetration and improved financial performance. With the savings we obtain from the restructuring, we intend to allocate additional resources for digital video software application development to pursue new revenue-generating video opportunities. Through our focus and partnerships with key industry players and existing customer relationships in the cable, satellite and telco markets, Terayon is well positioned for success."
About Terayon
Terayon Communication Systems, Inc. provides real-time digital video networking applications to cable, satellite and telecommunication service providers worldwide, which have deployed more than 6,000 of Terayon's digital video systems to localize services and advertising on-demand and brand their programming, insert millions of digital ads, offer HDTV and other digital video services. Terayon maintains its headquarters in Santa Clara, California; has sales and support offices worldwide and is on the web at www.terayon.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995:
Except for historical information contained in this press release, the matters discussed in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements relating to the nature and expected outcome of Terayon's accounting review, statements relating to the strategic alternatives for the HAS product line, statements related to the expected reduction in operating expenses and expected charges associated with the restructuring, and other statements that are not historical facts.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the timing and success of any hearing before a NASDAQ Listing Qualifications Panel, the timing and results of the completed review into possible accounting errors, the timing of the filing of Terayon's Form 10-Q for the third quarter of fiscal year 2005, the timing and filing of Terayon's proxy statement for its 2005 annual shareholders meeting, the need for any corrective actions in connection with Terayon's accounting practices, the actual timing and extent of any restatement of prior financial results, the reaction to any such restatement by Terayon's stockholders and customers, the timing and extent of actual restructuring charges, as well as changes in economic, business, competitive, technological and/or regularly factors and trends. Additional factors that may affect future results are contained in Terayon's SEC reports, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, particularly in the "Risk Factors" and "Management Discussion and Analysis of Financial Condition and Results of Operations" sections. Such filings are available at the SEC's website www.sec.gov. Terayon disclaims any obligation or intent to update and revise the statements contained in this release based on new information or otherwise.
Note: Terayon and the Terayon logo are registered trademarks of Terayon Communication Systems, Inc. All other trademarks are property of their respective owners.
--------------------------------------------------------------------------------
Source: Terayon Communication Systems, Inc.
Nortel Powers IPTV, Video and Advanced Communications for Service Providers
http://www.iptv-news.com/content/view/385/64/
November 9th, 2005 -Nortel (http://www.nortel.com) has launched an end-to-end IPTV solution designed to help speed the deployment of new IPTV services and enable additional revenue generating opportunities.
Nortel’s IPTV solution uses a service provider’s broadband network to deliver television, video, and other advanced services to subscribers. By integrating Nortel’s SIP-based multimedia communication technology into the television experience, IPTV subscribers can use their TVs to communicate and interact with their friends and family through a variety of media, such as voice, instant messaging, video, and picture sharing. In addition, Nortel’s solution works with wireless devices such as PDAs and cell phones.
Nortel has established a strategic ecosystem of IPTV providers and products to form a complete end-to-end solution. Extensive testing in Nortel’s IPTV lab in Ottawa helps ensure that the solution will meet the demanding functionality, reliability and security requirements of service providers. The end-to-end solution, including the underlying Ultra Broadband access network, will be sold and supported by Nortel, which has proven experience and the extensive professional services required to support the deployment of large service provider networks.
Security and reliability are two items critical to IPTV’s success in the carrier environment. As such, Nortel is committed to identifying and addressing security issues, as well as providing superior reliability in its IPTV network designs. Another challenge that IPTV introduces for telco service providers is the complexity of integrating the many new components that are required to acquire, process, and deliver high-quality video services. Nortel is helping customers eliminate this added complexity by providing a single point of contact to manage the entire network build-out, as well as a broad range of professional services geared to removing the risks associated with planning, operating, and managing an IPTV network.
"As telcos move to deploy IPTV services to compete with cable triple-play offerings, network complexity and time-to-market delays are a real obstacle to success," said Matt Davis, director, Broadband Access Technologies, Yankee Group. "Service providers are looking at a variety of integration options, and companies like Nortel can support and speed up the rollout of next generation services by helping them fuse together voice, data and IPTV."
Nortel’s current end-to-end IPTV solution ecosystem includes: IPTV middleware from Minerva Networks and Orca Interactive; video-on-demand (VoD) from Kasenna and BitBand; content security solutions from Irdeto; encoders from Harmonic and Optibase; a Web browser interface from Espial; digital program insertion (DPI) from Terayon; an emergency alert system (EAS) from Trilithic; xDSL modems from Westell; and set-top boxes from Amino.
Market Gainer updates Terayon Communication Systems Inc.
http://www.knobias.com/individual/public/news.htm?eid=3.1.444d242d236b0e0b0bb62b3b59d3a844b27d956ed0...
Friday , January 20, 2006 04:02 ET
Jan 20, 2006 (M2 PRESSWIRE via COMTEX) -- Terayon Communication Systems, Inc. (NASDAQ:TERNE), a leading provider of digital video networking applications and home access solutions, announced today that The NASDAQ Listing Qualifications Panel has granted its request for continued listing, subject to certain conditions. As previously announced, NASDAQ had earlier notified Terayon of its intention to delist Terayon's stock based on the Company's failure to timely file its quarterly report on Form 10-Q for the quarter ended September 30, 2005, and the Company's failure to solicit proxies and hold an annual shareholders' meeting during 2005. As previously announced, the Company was unable to timely file the Form 10-Q and to solicit proxies and hold the annual meeting due to the review the Company is performing on the recognition of revenue for certain transactions during prior periods.
There are three conditions to the Panel's grant of continued listing(1) on or before January 31, 2006, Terayon must provide NASDAQ with a copy of the final investigatory report, if any, and a response to questions relating to the Company's internal accounting review; (2) on or before March 31, 2006, Terayon shall file its Form 10-Q for the period ended September 30, 2005 and all required restatements; and (3) on or before March 31, 2006, Terayon shall file its proxy statement for the 2005 annual meeting, with a record and meeting date as soon thereafter as possible.
The Company is making every effort to comply with these requirements; however, there can be no assurance that it will be able to do so within the Panel's deadlines, or that it will avoid delisting from NASDAQ.
Terayon's trading symbol will remain TERNE pending a determination that the Company is in full compliance with NASDAQ's filing requirements and has evidenced compliance with all other requirements for continued listing on NASDAQ.
NASDAQ Panel Grants Terayon's Request for Continued Listing
Thursday January 19, 5:00 pm ET
SANTA CLARA, Calif., Jan. 19 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News), a leading provider of digital video networking applications and home access solutions, announced today that The NASDAQ Listing Qualifications Panel has granted its request for continued listing, subject to certain conditions. As previously announced, NASDAQ had earlier notified Terayon of its intention to delist Terayon's stock based on the Company's failure to timely file its quarterly report on Form 10-Q for the quarter ended September 30, 2005, and the Company's failure to solicit proxies and hold an annual shareholders' meeting during 2005. As previously announced, the Company was unable to timely file the Form 10-Q and to solicit proxies and hold the annual meeting due to the review the Company is performing on the recognition of revenue for certain transactions during prior periods.
There are three conditions to the Panel's grant of continued listing: (1) on or before January 31, 2006, Terayon must provide NASDAQ with a copy of the final investigatory report, if any, and a response to questions relating to the Company's internal accounting review; (2) on or before March 31, 2006, Terayon shall file its Form 10-Q for the period ended September 30, 2005 and all required restatements; and (3) on or before March 31, 2006, Terayon shall file its proxy statement for the 2005 annual meeting, with a record and meeting date as soon thereafter as possible.
The Company is making every effort to comply with these requirements; however, there can be no assurance that it will be able to do so within the Panel's deadlines, or that it will avoid delisting from NASDAQ.
Terayon's trading symbol will remain TERNE pending a determination that the Company is in full compliance with NASDAQ's filing requirements and has evidenced compliance with all other requirements for continued listing on NASDAQ.
About Terayon
Terayon Communication Systems, Inc. provides digital video networking applications and home access solutions that enable the delivery of advanced digital video, voice and data services. Service providers worldwide have deployed more than 6,000 of Terayon's digital video systems to brand their programming, insert millions of digital ads, offer HDTV and other digital video services. More than five million Terayon cable modems and other home access solutions have been deployed by cable operators globally to provide broadband Internet access and VoIP telephony. Terayon maintains its headquarters in Santa Clara, California; has sales and support offices worldwide and is on the web at www.terayon.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995:
Except for historical information contained in this press release, the matters discussed in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements relating to the nature of Terayon's accounting review, statements relating to the expected outcome of Terayon's accounting review, and other statement that are not historical facts.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the timing and success of any hearing before a NASDAQ Listing Qualifications Panel, the timing and results of the completed review into possible accounting errors, the timing of the filing of Terayon's Form 10-Q for the third quarter of fiscal year 2005, the timing of the filing of Terayon's proxy statement for its 2005 annual shareholders meeting, the need for any corrective actions in connection with Terayon's accounting practices, the actual timing and extent of any restatement of prior financial results, the reaction to any such restatement by Terayon's stockholders and customers, as well as changes in economic, business, competitive, technological and/or regularly factors and trends. Additional factors that may affect future results are contained in Terayon's SEC reports, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, particularly in the "Risk Factors" and "Management Discussion and Analysis of Financial Condition and Results of Operations" sections. Such filings are available at the SEC's website www.sec.gov. Terayon disclaims any obligation or intent to update and revise the statements contained in this release based on new information or otherwise.
NOTE: Terayon and the Terayon logo are registered trademarks of Terayon Communication Systems, Inc. All other trademarks are property of their respective owners.
--------------------------------------------------------------------------------
Source: Terayon Communication Systems, Inc.
Account review repost
by: luckycoin04 01/17/06 03:34 pm
Msg: 86835 of 86866
There is probably more to the accounting story, but still don't feel criminal action is at hand here.
Terayon has historically been a "hardware" company. After restructuring, and given that their star product is really now a "software" product, they need to change their accounting practices from those of a "hardware" company to those of a "software" company.
That's first... second, the rules of accounting have become quite stringent lately, and compliance to SarbOx always takes quite a bit of pain especially with a new accountant, a change of company type, and a flag on incorrectly accounted for revenue.
Accounting for public companies has become a nightmare ever since SarbOx, but hopefully it will prevent the next Enron from happening. If it doesn't, it will be one of the biggest foibles in American economic history... sucking tons of money out of our economy and especially hard hit would be the smaller companies.
Just my opinion.
Another piece of opinion: Only a damn fool would go around screaming "bankruptcy" and "crooks" at this point... or someone who wants to put their own shallow spin on the recent events. All the knee-jerk shouting back and forth is what makes these message boards so tiresome, and it's one main reason nobody with anything useful to say hardly ever comes around. Good job.
followingte thanks so much for posting it. It was very helpful. If you come across more insightfull data please post.
Darn, is Jefferies a Jinx?
Jefferies & Company Maintains Buy Rating
Copy and Paste: http://www.knobias.com/research.pdf?id=3087
Event
Terayon, on Friday afternoon, announced that it has received a
60-day notice of default on its convertible debt from bondholders. The
news adds another wrinkle to Terayon's current accounting woes.
Key Points
VIOLATION OF DEBT COVENANTS ...Terayon, on Friday
afternoon, announced that it has received notice of default on its
convertible debt. As noted previously, Terayon is no longer in
compliance with its Indenture regarding its 5% convertible debt due in
2007 because it has not filed its Q3 10Q on time. On January 12th,
the company was given written notice from bondholders. It now has
60 days to remedy its Q3 10Q filing delinquency. If Terayon cannot
comply, the bondholders may accelerate the debt's maturity. The
debt currently totals $65 million versus current cash of $101 million
ending Q4.
DELISTING TIMELINE...ANOTHER TWO MONTHS? We expect that
Terayon will get one more extension from the NASDAQ for the filing
of Q3 10Q. We believe the organization may get as much as another
two months to complete this before it could get delisted. Our view is
based on our analysis of two precedents -- Sonus and Carrier
Access.
WE STILL LIKE THE COMPANY AND THE MARKETPLACE THEY
COMPETE IN. Accounting issues aside, our thesis on the Digital
Video business is unchanged. Cable Operators are moving towards
digital video simulcasting. Other drivers of Terayon's business
include: 1) penetration of Digital Video products into the broadcast
market; 2) incremental new sales into the telco marketplace; and 3)
development of the international market for Digital Video platforms. In
total, our view of Terayon's opportunity remains unchanged.
MAINTAINING BUY RATING... Since late Q3, Terayon has lost 51%
of its market cap. We continue to believe the stock may tread water
while investors wait for resolution on the accounting issue. The good
news is that we still like the company and the market it competes in.
From a valuation perspective, the company now trades at 1.2x EV /
2006 Digital Video revenue. We continue to believe this represents
an attractive valuation for a business that should generate attractive
operating margins and has significant growth potential.
Valuation/Risks
Risks: 1) New Digital Video competition; 2) Financial restatement risk;
and 3) Lumpiness / customer concentration
Impact on Other Companies
NA
Communications Equipment
United States of America
Company Update
Terayon Comm. Sys. (NASDAQ: TERNE)
When it Rains it Pours, Maintain Buy Rating
Investment Summary
We're maintaining our Buy rating on Terayon shares in spite of
current accounting problems. Fundamentally, we still like the
business as we believe the Digital Video market will grow over time
with Terayon executing to capture its fair share of the market.
Rating: BUY
Price: $1.91
Price Target: $4.00
Bloomberg: NASDAQ: TERNE
Market Data
52-Week Range: $4.10-$1.83
Insider Ownership: 10%
Institutional Ownership: 45%
Shares Out. (MM): 77.1
Market Cap. (MM): $147.2
Float (%): NA
Avg. Daily Vol.: 937,000
Financial Summary
Net Debt (MM): NM
Net Debt/Capital: NM
USD 2003A 2004A 2005E 2006E
Rev. (MM) 133.50 150.50 114.00 128.40
EV/Rev. NM NM NM NM
EPS
Mar (0.31) (0.09) 0.03A 0.03
Jun (0.21) (0.02) 0.01A 0.05
Sep (0.11) (0.06) 0.01 0.06
Dec (0.08) (0.03) 0.01 0.06
FY Dec (0.70) (0.19) 0.00 0.20
FY P/E NM NM NM 9.5x
Consensus — — (0.02) 0.16
George C. Notter
(415) 229-1522, gnotter@Jefferies.com
Rajiv Jenveja
(415) 229-1528, rjenveja@Jefferies.com
Note holders may demand Terayon pay $60m on the spot
15.1.06 | 11:26 By Omri Cohen
TERN may lose most of the cash it has, about a year and a half earlier than planned. The company admitted on Friday that it received a Notice of Default from the holders of 25% of its convertible bonds: either the company publishes its belated third-quarter 2005 financial statement in full within 60 days, or they may call in their loan.
In July 2000, Terayon raised $500 million through a five-year offering of convertible subordinated notes. The notes bore 5% interest and were convertible into shares for $84 per share.
At the time, Terayon stock was trading in the range of $50 to $80 and the conversion price seemed reasonable. But afterwards came the tech stocks crash and Terayon's value was all but wiped out. In January 2001, its share price dwindled to just $3.50 and its bonds remained far, far outside the money, effectively turning into straight bonds with not-small interest of 5% a year.
Terayon fought back against the fates by buying back its bonds. By the end of 2002 it had repurchased most of them: $435 million worth. But $65 million worth remained outstanding and comes due to August 2007.
Recently however Terayon committed a breach of the bonds terms. It failed to file its expanded third-quarter financial statement on Form 10-Q on time. Terayon said it had commenced an accounting review "after determining that certain revenues recognized in the second half of fiscal year 2004 may have been recorded in incorrect periods".
Because Form 10-Quarter is late, Terayon admitted, it is not in compliance with its obligation to its note-holders.
In short, the bondholders may decide to accelerate the maturity of the notes and declare the entire principal amount of the notes, together with all accrued and unpaid interest thereon, to be due and payable immediately.
At the end of 2005, Terayon said, it had about $101 million cash and cash equivalents plus short-term investments which represents a $3 million increase over year end 2004 balances of about $98 million.
Terayon stock from 2000
"We were aware of our obligations under the Indenture and have already considered alternative actions," stated Mark Richman, Terayon's chief financial officer. "Given our cash position and reduction in cash usage as a result of our restructuring of the business we are comfortable with our cash position and we have several options available."
He didn't mention what Terayon's performance in 2005 looked like. For the first half of 2005, it is known that its revenues dived 38% to $24.7 million, compared with $40.1 million in the same period of 2004. It slashed costs and its loss shrank to $508,000, from $4.9 million in the parallel period of 2004.
From the end of 2004, Terayon stock has lost almost 30%, reducing its share price to $1.90 and its market cap to $147 million.
And - Terayon stock from 2003
http://www.haaretz.com/hasen/spages/670510.html
Dubi
Please enlighten me with your intelligence. When I posted I always provided facts and link and intelligent posts. You people just slam me because it does not fit your agenda with non-sense and no-proof statements. You have no clue and can't read info box based on your statement. You can't follow analyst either. Also this CEO has not promised anything that he didn't deliver. Also CEO has explained situation and is not hiding like other CEO who is ripping investors. Cash and finances look stellar comparing to your co. Your Co burns threw cash like crazy with no future profit at all. This company has 100MM in cash. Learn how to read and think first before you open your mouth and invest because it reflect on you intelligence. Enlighten me or shut up. We'll see soon anyway. I expect another bad storm in TERNE before dust settles and then you will see stock price way higher then your scam Co. At least TERN has product to sell. Your company does not have one product to sell. It reroutes traffic. Everything else is a promise which has been broken many times in last 2 yrs. Whow. Dude the dream made you people blind to reality. It’s better to see grey reality then colorful false but dreams feel better then reality so I understand people’s dreams. Bottom line is history, facts and financial situation is the reality not promise which are not delivered upon. Wake up and smell the coffee. You're the joke and last laugh will be mine and I promise you that.
Your a joke dude.
You take creative license with other companies PR's and their CEO when this PR reads like a rap sheet.
Why aren't you pissed at this CEO? Everything in this PR says "hey sorry we ripped you off, we lied and we burned you".
dik
Terayon Receives Notice of Default From Bondholders
Friday January 13, 5:30 pm ET
SANTA CLARA, Calif., Jan. 13 /PRNewswire-FirstCall/ -- Terayon Communication Systems, Inc. (Nasdaq: TERNE - News), a leading provider of digital video networking applications and home access solutions, previously announced on November 7, 2005 that the filing of its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2005 (Form 10-Q) would be delayed and that it had commenced an accounting review after determining that certain revenues recognized in the second half of fiscal year 2004 may have been recorded in incorrect periods. As a result of the delay in filing its Form 10-Q, Terayon is not in compliance with its obligation under the Indenture with respect to Terayon's 5% Convertible Subordinated Notes due 2007 (Notes) to file with the Securities and Exchange Commission (SEC) and the trustee of the Notes (Trustee) all reports, information and other documents required pursuant to Sections 13 or 15(d) of the Securities Exchange Act of 1934.
On January 12, 2006, Terayon was provided written notice of default from holders of over 25% in aggregate principal amount of the Notes outstanding based on Terayon's failure to file its Form 10-Q. If such default is not cured within 60 days of this notice, an event of default will occur and the Trustee or holders of at least 25% in aggregate principal amount of the Notes then outstanding, upon notice to the Company, may accelerate the maturity of the Notes and declare the entire principal amount of the Notes, together with all accrued and unpaid interest thereon, to be due and payable immediately. The Notes currently outstanding have an aggregate principal amount of approximately $65 million. The company ended 2005 with approximately $101 million of cash and cash equivalents plus short-term investments which represents a $3 million increase over year end 2004 balances of approximately $98 million.
"We were aware of our obligations under the Indenture and have already considered alternative actions," stated Mark Richman, Terayon's Chief Financial Officer. "Given our cash position and reduction in cash usage as a result of our restructuring of the business we are comfortable with our cash position and we have several options available."
About Terayon
Terayon Communication Systems, Inc. provides digital video networking applications and home access solutions that enable the delivery of advanced digital video, voice and data services. Service providers worldwide have deployed more than 6,000 of Terayon's digital video systems to brand their programming, insert millions of digital ads, offer HDTV and other digital video services. More than five million Terayon cable modems and other home access solutions have been deployed by cable operators globally to provide broadband Internet access and VoIP telephony. Terayon maintains its headquarters in Santa Clara, California; has sales and support offices worldwide and is on the web at www.terayon.com.
"Safe Harbor" Statements under the Private Securities Litigation Reform Act of 1995:
Except for historical information contained in this press release, the matters discussed in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to a number of risks and uncertainties that may cause actual results to differ materially from those contained in the forward-looking information. Such forward-looking statements include, but are not limited to, statements relating to the nature of Terayon's accounting review, statements relating to the expected outcome of Terayon's accounting review, and other statement that are not historical facts.
The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: the timing and success of any hearing before a NASDAQ Listing Qualifications Panel, the results of the completed review into possible accounting errors, the timing of the filing of Terayon's Form 10-Q for the third quarter of fiscal year 2005, the need for any corrective actions in connection with Terayon's accounting practices, the actual timing and extent of any restatement of prior financial results, the reaction to any such restatement by Terayon's stockholders and customers, as well as changes in economic, business, competitive, technological and/or regularly factors and trends. Additional factors that may affect future results are contained in Terayon's SEC reports, including its most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q, particularly in the "Risk Factors" and "Management Discussion and Analysis of Financial Condition and Results of Operations" sections. Such filings are available at the SEC's website www.sec.gov. Terayon disclaims any obligation or intent to update and revise the statements contained in this release based on new information or otherwise.
Note: Terayon and the Terayon logo are registered trademarks of Terayon Communication Systems, Inc. All other trademarks are property of their respective owners.
--------------------------------------------------------------------------------
Source: Terayon Communication Systems, Inc.
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