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If the COMP hits 2800 in 2006 or this year, they should hit those targets. Should CSCO should hit newer highs this year or next, the rest of the networkers will follow IMO. 3x to 5x moves are nothing compared to the moves of the previous bull market rallies. HLIT moved from 2.50'ish to 17 after it got slaughtered down from 150. It subsequently went from 17 to 1 and change. I've aded a ton from the low range(1 and 2's)) and still holding it at 12.
They are not aggressive targets, those price targets are close or even to the 2004 Jan highs for most of them. Some of them have better fundamentals, don't follow your reasoning here
Cisco Set For 'Solid Growth' For Next 12-18 Months
02.02.05, 11:58 AM ET
Morgan Stanley maintained an "overweight" rating for Cisco Systems (nasdaq: CSCO - news - people ) and said the networking company will likely post in-line results for the second quarter. "We think upside to our $6.1 billion revenue estimate for Cisco's fiscal second quarter is limited, but expect positive guidance for the second half of 2005 as Cisco benefits from product and spending cycles in the enterprise and carrier markets," Morgan Stanley said. "Information from the supply chain indicates that orders in November and December were lighter than planned, but supply chain guidance suggests business improved in the last month of the quarter." The research firm predicts second-quarter earnings of 21 cents per share. The largest local-area network, or LAN, upgrade cycle since the "Y2K-driven spending spree" in 1999 will occur in 2005, according to Morgan Stanley. "While part of the growth we see in 2005 is mere necessity, as older products need upgrading, a large portion is due to new applications creating network demand," it said. "Cisco competitor Extreme Networks (nasdaq: EXTR - news - people ) echoed this demand theme at its analyst day on Feb. 1. Voice-over-Internet protocol (VoIP), security, storage and additional bandwidth all contribute to the increased level of spending in 2005, in our opinion. The adoption of VoIP and growing importance of security, in particular, play to Cisco's advantage, we think." Morgan Stanley raised the target price for Cisco to $23 from $22 and lifted its 2005 earnings forecast to 91 cents per share from 89 cents. "We think the LAN upgrade cycle should benefit Cisco ahead of other enterprise networking names and look for the company to report solid growth over the next 12 to 18 months," Morgan Stanley said. Cisco will announce second-quarter earnings on Feb. 8 after the close of trading.
http://www.forbes.com/markets/2005/02/02/0202automarketscan09.html
This could set things off for the networkers. Cisco has always been to watch in this segment and if Cisco turns the rest should follow
The Bull Market of the NE Pats ends right here. I'll take the Eagles with the 7 1/2 points. People need to understand, this is the best Eagles defense in the last 5 years. New England defense is overrated IMO,especially the secondary. I think we'll see if Philly's coaching staff is really good or not.McNabb and Owens should be able to exploit NE overrated defense.I think it's going to be a close game and hopefully Philly wins becasue NE doesn't deserve to be mentioned with the all time great teams like the niners,cowboys,packers,etc. Either way the top is in for NE.
Warren Buffett sees no way but down for US dollar
Thursday January 20, 3:28 AM
The dollar cannot avoid further declines against other major currencies unless the US trade and current account deficits improve, legendary investor and businessman Warren Buffett said.
"I think, over time, unless we have a major change in trade policies, I don't see how the dollar avoids going down," the world's second-richest individual told CNBC television.
"I don't know when it happens. I don't have any idea whether it will be this month or this year or next year, but we are force-feeding dollars on to the rest of the world at the rate of close to a couple billion dollars a day, and that's going to weigh on the dollar."
Buffett noted the record US deficit of 164.7 billion dollars in the third quarter of 2004 in the current account, which measures trade and investment flows.
Buffett, nicknamed the Oracle of Omaha for his investment acumen, has a net worth of some 41 billion dollars, second only to Microsoft chief Bill Gates, according to Forbes magazine. But he said he saw few opportunities in the near term.
"I'm having a hard time finding things to buy, if that says anything about the market," he said.
"If I find something ... tomorrow to buy, I don't give a thought as to whether the market is going up," he added. "I barrel in."
http://sg.news.yahoo.com/050119/1/3pyjn.html
Britney Spears would be the #1 short.Easy money here
Let me get this straight, GW spends 100B+ on Iraq
and has pledged to give only 30 M for this horrible tragedy? The US is not stingy, it's flat out embarrassing. I'm ashamed to be an American
Zeev predicting "$12 to $13.5 for INTC this year"
Unbelievable
http://www.investorshub.com/boards/read_msg.asp?message_id=4948299
Hey straw man, if that works for u than so be it. Reggie White , as deeply religious as he is , would never take it. IF you knew anything bout the NFL , you would know he'd never take it. He was a rarity in the NFL. He was a good Christian man who did a lot of good in the NFL and for u to make a joke out of it is pretty disgusting.
No, he doesn't look like a steroid freak.NFL drug testing is stringent. A deeply religious man,such as White, doesn't take steroids
Reggie White Dies At 43- RIP big fella
You were the greatest lineman ever
Ciena Reports Fourth Quarter and Fiscal Year 2004 Results
Thursday December 9, 7:00 am ET
Revenue Increases 8.5% Sequentially, 16.1% Year-over-Year
LINTHICUM, Md.--(BUSINESS WIRE)--Dec. 9, 2004--Ciena® Corporation (NASDAQ:CIEN - News), the network specialist, today reported its fourth quarter and fiscal year 2004 results for the period ending October 31, 2004. Revenue for the fourth quarter totaled $82.0 million, representing an 8.5% sequential increase, and an increase of 16.1% over the same period a year ago. For the year, Ciena's revenue totaled $298.7 million, representing an increase of 5.5% over 2003 revenue of $283.1 million.
On a generally accepted accounting principles (GAAP) basis, Ciena's reported net loss for the fiscal fourth quarter was $495.1 million, or a net loss of $0.87 per share. This loss includes a goodwill impairment of $371.7 million and compares to a GAAP net loss of $115.0 million, or a net loss of $0.24 per share, in the same period a year ago. On a GAAP basis, Ciena's reported net loss for the fiscal year was $789.5 million, or a net loss of $1.51 per share. This compares to a GAAP net loss of $386.5 million, or a net loss of $0.87 per share, in fiscal 2003.
NEWP should be on your add list with the other semiconductors. It's 30% of their business , so they will get a nice return when semi-equipment orders show sustained growth. The other parts of their business are even more likely to surprise.
Kerry lost BIGTIME on moral issues. Rule of thumb - Liberal senators from the NE states will never win an election. They are absolutely the worst possible candidates. A liberal senator in a ticket automatically loses 25-30 states. This is the equivalent to having Shaquille O'neal(bad FT%) on a fantasy basketball team- a complete disaster. The Democrat party is inept and full of rainman who don't know how to run/win an election. They are pathetic and this marks the beginning of the end of our exclusive 2 party system. Hopefully, a viable 3rd candidate will emerge in 2012.2008 is going to another republican candidate -McCain/Guiliani/Arnold/whoever is there will take advantage of the economy that will thrive around that period.
Yep,nice game. The Steelers are going to make it interesting in the AFC,even with a rookie QB.
Not a chance for that Lee-like I said before the Steelers were easy money
I'd take the Steeelers with whatever points they give me.Sooner or later, teams are going to figure out their gimmicky offense. Their talent level doesn't equate with there record, me thinks. Cowher is going to run on them today , it will be a nice physcial game
SBC Applauds Report Of Key FCC Broadband Vote
SAN ANTONIO--(BUSINESS WIRE)--Oct. 8, 2004--SBC Communications Inc. (NYSE: SBC - News):
Note: Following is SBC's reaction to a media report that a majority of FCC commissioners have now voted to unleash investment in advance broadband networks with a clarification and ruling that allows companies to invest in these new networks without requiring them to share them with competitors. The statement may be attributed to Forrest Miller, Group President External Affairs and Planning at SBC Communications Inc.:
We are very encouraged by the new account that a majority of the FCC has voted in favor of jobs, innovation and consumers by allowing companies that risk investing in new advanced networks to protect that investment.
The U.S. telecommunications industry is ready, willing and able to launch a new era of investment in new broadband and IP networks and new services. One of the biggest hurdles so far has been the specter of outdated telecom rules that have drained the incentive for companies to make those investments.
As rulings like this one become final, new jobs, new fiber-rich networks and innovative services will follow, all of which will boost the economy and benefit American consumers. The U.S. Chamber of Commerce estimates that appropriate telecom reform, including updating of rules on network sharing, would generate more than 200,000 jobs over five years, while boosting capital investment by nearly $60 billion.
With the right rules in place, SBC is prepared to invest billions of dollars in a fiber-rich network, providing cutting-edge IP-based services to 19 million customer locations, beginning right away.
News that the FCC is moving in the right direction by providing much needed clarification of rules that apply to new broadband and IP networks gives us more reason for optimism that this agency and the Administration recognize the potential of next generation networks and are moving to usher in a new era of communications for all.
http://biz.yahoo.com/bw/041008/85210_1.html
If a dip is to occur in October, why not wait? SONS should be cheaper. Then again, I could be wrong- Sonus Networks to Host Conference Call to Discuss Q3 FY2004 Financial Results today.
So Sherlock , why do you frequent here? So you can post gems like this
http://www.investorshub.com/boards/read_msg.asp?message_id=4132597
http://www.investorshub.com/boards/read_msg.asp?message_id=4131758
http://www.investorshub.com/boards/read_msg.asp?message_id=4140541
http://www.investorshub.com/boards/read_msg.asp?message_id=4091260
I would post more but you get the idea. For someone who claims this is a Ta board, why are a majority of your posts, if not all, are not TA related...ROFLMAO
Lee, I will stack Buffett's percentage of successes versus failures over traders any day. It really is not that hard to identify companies moving fundamentally in the right direction. The trick is to realize that stocks fluctuate all over the lot versus intrinsic value, and buy only when that value is underpriced. Then it usually only requires patience to make a very good return. Many people can pick companies, fewer know what underpriced means, and almost none have patience.
Did TA predict Adaptive Broadband to 200 on 2000? That company is bankrupt. Did TA predict Commerce One to 200 after a 4 for 1 split? The answer is NO. TA doesn't move the stock market, pure human emotion does. Like I said before, why aren't there any TA billionaires? You ought to ask yourself why there are no chartists rich as Buffett or (fundamentalist) guys like him?If you look at the Forbes 400, or anything similar, you will predominantly see people who got rich on fundamentals - growth in value of a business, industry, real estate, oil, etc - not trading. Many of them started the business, but so what. Stock ownership allows you to ride along with a lot of them, as did many people who rode along with Buffett, or Gates, or Andy Grove. Get a grip Sherlock
If technical analysis was very good at anything but predicting the past, computer programs would have long since made TA people the richest in the world by far, by just scanning for chart patterns that reliably led in the past to gains. No skill whatever would be required. If TA patterns were predictive of even small 10% gains, you do that 100 times in a row and you turn $1,000 into $14M. Even far less predictability would still give enormous returns. You ought to ask yourself where are all the TA billionaires.
Well , Bonds is the best PLAYER ever- speed, power,fielding,hitting,etc. I think it's debatable whether Babe was a better hitter,but as a overall player-NOT CLOSE. What he has accomplished is simply incredible. He's 40 years old and is taking a MINOR league team around him possibly to the MLB playoffs.
Avanex discloses that auditor Ernst & Yound has resigned (AVNX) 2.14 -0.10: Co discloses in today's 8-K that on Sept 17 Ernst & Young, the independent registered public accounting firm engaged to audit AVNX's consolidated financial statements, resigned effective upon the earlier of the filing date of, or the due date for, the co's 10-Q for the qtr ending Sept 30, 2004. The reports of Ernst & Young on the co's consolidated financial statements for the years ended June 30, 2003 and 2004 did not contain an adverse opinion or a disclaimer of opinion and were not qualified or modified as to uncertainty, audit scope or accounting principles. In connection with the audits of AVNX's consolidated financial statements, there were no disagreements between the co and Ernst & Young on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure, which, if not resolved to the satisfaction of Ernst & Young, would have caused Ernst & Young to make reference thereto in its report. There were no "reportable events" during the years ended June 30, 2003 and 2004, or during the subsequent interim period.
Trading below 2 after hours
Joe, I'm not getting "China can pull as many folks into their prosperity whenever they need them". That sounds strange. Where are these immigrants coming from? My argument still stands- China has more problems ahead - Aging population, poor financial system, weak consumer.
No doubt about it-China has some serious long term problems.Unlike the US, China does not have a immigration policy that can remedy that.
<If you think the foreign countries intend to make the U.S. their welfare state continously propping our insane consumerism debt based economy then you believe in a fantasy>
Your entire post is nothing but fantasy.Guess what-we are the world economy, well 25% of it. They are all welfare states of the US as long they depend on exports being a major part of their economy. We go down, there is no economy ready to take the top spot that has a consumer base like ours. Once again, you can't have REAL economy without consumerism. Unless, you like many of the China BS'ers on this board believe in this Chinese fantasy. I'll stand by my statement -China will be in trouble well before ours.You can't fight demographics and consumers who rather save than spend.
Similarities
Export based economy
Declining birth rates
Weak consumers (they will never consumer like the US).They love to save and not spend.That will probably not change for a long time.
Worse than Japan
Government
Better than Japan
Population- maybe a larger aging population
I'm not buying the China hype. There is NOTHING to stop factories/manufacturing to go from China to India,Africa,or South America.
Better demographics? Unlikely.Not as long as they have declining birth rates.China will see a depression before the US, I'd bet the house on that. If the US has a depression, the entire world is in trouble. Haven't you figured that China is an export economy-that is not how you build a REAL economy?
China will have a major recession in the next 5-6 years, that growth rate of 8-10% will be known as a fluke-Count on it.They are very similar to Japan and will fall similar paths.
Bearmove-It might be possible, given the destruction across FL, that 250K new jobs will be a piece of cake this month. To say this hurricane is going to hurt the economy in Florida is
absurd. You sound like the negative spin artsists in the media.
Medical workers, construction projects from mobile homes to window treatments,yada yada ......Geez this is so bad for the economy...
LOL Diesel -Make sure you bookmark that post of his cuz it's gonna look real funny by 2006.The man thinks he knows more about the stock market than Wahz, who has been trading for 4 decades?
UHHHH OK.....
Read the thread header
Started By: wahz
Assistants: Chris McConnel, WinLoseOrDraw
Created: 2/8/2003 11:21:28 AM
This is a no politics board for intermediate to long term traders. Posts not directly related to the stock market will be deleted.....
Report: Ethernet Momentum To Push Fiber Growth
The growing momentum of Ethernet usage in the enterprise is propelling much of the boom in fiber that, in turn, will propel a 37 percent compound annual growth rate of fiber-access networks, according to a new study.
• More On Storage
• More On Security & Privacy
• More On Servers
• More On Small Biz
• More On Mobile & Wireless
• More On Data Center Mgmt
Missed Tech Tuesday?
Watch this: Tomorrow's TV displays will be flat and portable, your DVR will disappear, and you may even want to use TV to flip through future e-books.
"Ethernet is encroaching on ATM-based technologies," said Sterling Perrin of IDC in an interview Thursday. "Ethernet has matured. It's simple. It's well-known. It's ubiquitous. It's very low cost." In a new study authored by Perrin, who is senior research analyst of Optical Networks at the market-research firm, IDC predicted that the fiber-access-equipment market will jump from $503 million, in 2003, to $2.4 billion, by 2008.
Noting that a wholesale migration from copper to fiber began relatively recently, Perrin said the changeover will take decades to accomplish. He added that the market will be somewhat skewed with different regions, different telecommunications service providers, and different technologies logging different growth timetables.
"The RBOCs [former regional Bell operating companies] are looking to push fiber anywhere they have DSL today," he said. "They are looking at high-speed broadband and at doing video over fiber." Perrin added that the RBOCs tend to be somewhat skewed in their approach to fiber--their consumer markets tend to be more ATM-based (asynchronous transfer mode), while their business customers are more interested in Ethernet-based solutions.
Enterprise and business customers who already have Ethernet LANs are more attuned to adding Ethernet in their WLANs, and the best way to accomplish the build-out is to add fiber. Gradually, Ethernet will become the dominant technology replacing ATM-based passive optical networks (APON) and G.983 technologies, Perrin said.
Another finding of the IDC study is that fiber installation driven by Ethernet usage is roaring ahead in the Asia/Pacific region, propelled by low-cost deployment and a distancing from older APON technologies. Perrin found that millions of Asian subscribers are being connected to fiber at very low costs. He also observed that revenue from fiber from business customers accounted for the biggest piece of fiber revenue, although the number of residential subscribers using fiber is higher than is the number of business users.
At the same time, the U.S. RBOCs remain committed to the older APON technology meaning that "fiber-access networks will not roll out as homogenously as the Ethernet supporters would like," Perrin said.
Of the RBOCs, Verizon is the most aggressive in rolling out fiber, Perrin said, noting that the RBOC has begun unveiling a high-speed optical-fiber network. The Verizon Fiber To the Premises (FTTP) program calls for one million homes in nine states to be passed by the technology by the end of the year.
OT Pat Tillman ,what an incredible American. Here's what McCain had to say
Sen. John McCain, R-Ariz., said Friday he was "heartbroken" by the news of TILLMAN's death. "The tragic loss loss of this extraordinary young man will seem a heavy blow to out nation's morale, as it is surely a grievous injury to his loved ones," said McCain, whose latest book is on the subject of bravery. "Many American families have suffered the same terrible sacrifice that Pat's family must now bear, and the patriotism that their loved ones exemplified is as fine and compelling as Pat's. But there is in Pat TILLMAN's example, in his unexpected choice of duty to his country over the riches and other comforts of celebrity, and in his humility, such an inspiration to all of us to reclaim the essential public-spiritness of Americans that many of us, in low moments, had worried was no longer our common distinguishing trait."
Network Engines Reports Financial Results for Its Second Quarter of Fiscal 2004
Thursday April 22, 8:25 am ET
Company Exceeds Prior Guidance With Revenues of $35.6 Million and Net Income of $975,000, or $0.02 per share
CANTON, Mass.--(BUSINESS WIRE)--April 22, 2004-- Network Engines, Inc. (NASDAQ: NENG - News), a leading development, manufacturing and distribution partner for storage and security software and network equipment providers, today reported its financial results for the period ended March 31, 2004.
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Net revenues for the second quarter of fiscal 2004 were $35.6 million, compared to $35.9 million in the first quarter of fiscal 2004 and $19.4 million reported in the second quarter of fiscal 2003. The Company reported net income of $975,000, or $0.02 per share, compared to a net loss of ($2.1) million, or ($0.06) per share for the first quarter of fiscal 2004, which included a non-cash intangible asset impairment charge of $3.6 million related to the previously announced amendment to the distribution agreement with EMC Corporation for the sale of EMC-approved host bus adapters (HBAs). Net income in the second quarter of fiscal 2004 also compares with a net loss of ($684,000), or ($0.02) per share, for the second quarter of fiscal 2003. At the end of the second quarter of fiscal 2004, the Company had a cash and cash equivalent balance of $35.1 million.
Net revenues for the six months ended March 31, 2004 were $71.5 million, compared to $25.4 million for the six months ended March 31, 2003. The net loss for the first six months of fiscal 2004 was ($1.1) million, or ($.03) per share, including the aforementioned $3.6 million non-cash intangible asset impairment charge. The net loss for the six months ended March 31, 2004 compared to a net loss of ($2.9) million, or ($0.09) per share for the six months ended March 31, 2003, which included $884,000 of restructuring charges for unused leased facilities.
"A stronger than expected quarter in both our distribution business and our OEM business fueled our results in the second quarter," said John Curtis, President and Chief Executive Officer of Network Engines. "We were particularly pleased with our results as they exceeded our expectations for both revenue and net income despite an element of uncertainty related to our storage networking component distribution business as we entered the quarter. Although we experienced some heightened competition in that portion of our business, it had minimal impact on our distribution revenue."
Second Quarter Financial Performance Highlights
Net revenues were $35.6 million in the second quarter of fiscal 2004 compared to $35.9 million in the first quarter of fiscal 2004 - exceeding previous guidance. Sales of OEM appliances to EMC Corporation were 54 percent of total net revenues in the fiscal second quarter, compared to 47 percent in the first quarter of fiscal 2004.
Gross profit was 17.7 percent compared to 19.7 percent in the first quarter of fiscal 2004 - in line with previous guidance. The expected gross margin decline was the result of the previously announced amendment to the distribution agreement with EMC Corporation for the sale of EMC-approved HBAs that became effective January 1, 2004.
Operating expenses were $5.4 million, compared with $9.2 million in the first quarter of fiscal 2004 - below previous guidance. Operating expenses for the first quarter of fiscal 2004 included the aforementioned $3.6 million non-cash intangible asset impairment charge.
Net income was $975,000, or $0.02 per share, compared to a net loss of ($2.1) million, or ($0.06) per share, in the first quarter of fiscal 2004 - exceeding previous guidance. The net loss for the first quarter of fiscal 2004 included the aforementioned $3.6 million non-cash intangible asset impairment charge.
Cash and cash equivalents totaled $35.1 million at the close of the quarter, equal to the cash and cash equivalent balance as of December 31, 2003.
OEM Appliance Operations
OEM Appliance revenues increased 10 percent to $22.0 million, compared with $19.9 million in the first quarter of fiscal 2004 and $9.2 million in the second quarter of fiscal 2003.
During the quarter, the Company announced a new OEM Appliance customer, FaceTime Communications, which broadens Network Engines presence in the security market. Network Engines is developing and manufacturing a security appliance for FaceTime that will protect FaceTime's customers' corporate networks from the vulnerabilities of instant messaging and peer-to-peer technology.
Distribution Operations
Distribution revenues decreased, as expected primarily due to March quarter seasonality in the storage industry, to $13.6 million during the second quarter of fiscal 2004 from $15.9 million in the prior quarter and increased compared to revenues of $10.2 million in the second quarter of fiscal 2003. Substantially all of the revenues were generated from the traditional TidalWire distribution business consisting of the sale of third-party storage networking components. Recent achievements include:
Announced the availability of the Mobile Backup Appliance, a co-branded appliance with Computer Associates® for the backup and restore of laptop and desktop computers.
Announced a new partnership with IntelliReach Corporation to develop, manufacture and distribute IntelliReach's MessageScreen(TM) appliance, an anti-spam, anti-virus and content filtering solution. The IntelliReach-branded security appliance, when available, will be distributed by the Company's TidalWire distribution operation.
Announced the general availability of the BackupReport® Appliance, a backup reporting and analysis appliance co-branded with Bocada.
Announced a distribution agreement with Sourcefire for its Network Sensor appliance that monitors and analyzes network traffic.
Announced a partnership with MTI Technology Corporation to provide professional services, including installation and configuration services, to help ease the deployment of our Virtual Tape Library Appliance powered by IPStor®.
The Company also recently announced that it had signed an OEM contract with Microsoft® to license certain Microsoft software including the Microsoft Internet Security and Acceleration (ISA) Server and Storage Server 2003.
"During the third quarter of fiscal 2004, we will be focusing on the successful launch and introduction of our co-branded server appliances, in particular the Firewall for Microsoft® Exchange Server and the Mobile Backup Appliance with Computer Associates®," continued Curtis. "We will be making a significant investment in building core competencies based on Microsoft storage and security technologies. As a Microsoft Certified Partner, we intend to build our intellectual property around value-added appliances leveraging key features of ISA Server and Windows Storage Server 2003."
Business Outlook
Based on current forecasts from certain partners and historical and seasonal trends, Network Engines currently anticipates the following results for its fiscal third quarter ending June 30, 2004:
Net revenues in the range of $34 million to $38 million.
OEM Appliance revenues between $20 million and $23 million.
Distribution revenues in the range of $14 million to $15 million.
Gross profit in the range of 16 percent to 18 percent.
Operating expenses between $5.6 million and $5.8 million.
Net income between $400,000 to $800,000.
Cash position between $33 million and $35 million.
"Our March quarter's revenue and net income showed better than expected strength, primarily due to the timing of shipments to certain OEM Appliance partners," stated Doug Bryant, Vice President of Finance and Administration and Chief Financial Officer. "Profitability remains one of our top priorities while we carefully continue to invest in the business. This is a critical time for the Company as we are rolling out our co-branded appliances, which we expect to start to contribute to revenues in subsequent quarters."
Conference Call Details
In conjunction with this announcement, Network Engines will host a conference call today at 10:00 a.m. ET to discuss its financial results for the period ended March 31, 2004. The conference call will be available live at the Company's website at www.networkengines.com and will be archived on the site.
About Network Engines
Network Engines (NASDAQ: NENG - News) is a leading development, manufacturing and distribution partner for storage and security software and network equipment providers. The Company works with its software partners to develop, manufacture, and distribute server appliances for mission-critical storage and security networking applications. Network Engines' distribution operations offer a full complement of server appliances, related products and components to over 400 value-added resellers and systems integrators who provide storage and security networking solutions to the enterprise. Headquartered in Canton, Massachusetts, Network Engines was founded in 1997. For additional information on the Company's products and services visit www.networkengines.com.
Safe Harbor Regarding Forward-Looking Statements
Statements in this press release regarding Network Engines' ("the "Company") future financial performance including statements regarding future revenues, gross profit, operating expenses, net income, and cash position, and any other statements about Network Engines' management's future expectations, beliefs, goals, plans or prospects constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company's actual results could differ materially from those stated or implied in forward-looking statements due to a number of factors, including those factors contained in the Company's most recent Annual Report on Form 10-K for the year ended September 30, 2003 and the quarter ended December 31, 2003 under the section "Factors That May Affect Future Operating Results" as well as other documents that may be filed by the Company from time to time with the Securities and Exchange Commission. Forward-looking statements include statements regarding the Company's expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate", "believe", "could", "estimate", "expect", "intend", "may", "should", "will", and "would" or similar words. The Company assumes no obligations to update the information included in this press release.
Network Engines and the Network Engines logo are trademarks of Network Engines, Inc. All other trademarks are the property of their respective holders.
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Network Engines, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
---------------------------------------------
March 31, December March 31, March 31,
31,
2004 2003 2003 2004 2003
------- ------- ------- ------- -------
Net revenues $35,619 $35,851 $19,427 $71,470 $25,415
Cost of revenues 29,300 28,777 15,366 58,077 20,002
------- ------- ------- ------- -------
Gross profit 6,319 7,074 4,061 13,393 5,413
Operating expenses:
Research and
development 1,486 1,229 917 2,715 1,711
Selling and marketing 2,147 2,246 1,564 4,393 2,439
General and
administrative 1,619 1,721 1,899 3,340 2,882
Stock compensation 127 211 279 338 471
Amortization of
intangible assets 31 203 254 234 254
Impairment of
intangible assets - 3,614 - 3,614 -
Restructuring and other
charges - - (30) - 884
------- ------- ------- ------- -------
Total operating
expenses 5,410 9,224 4,883 14,634 8,641
Income (loss) from
operations 909 (2,150) (822) (1,241) (3,228)
Other income 66 78 138 144 365
------- ------- ------- ------- -------
Net income (loss) $ 975 $(2,072) $ (684) $(1,097) $(2,863)
======= ======= ======= ======= =======
Net income (loss) per
share - basic $ 0.03 $ (0.06) $ (0.02) $ (0.03) $ (0.09)
======= ======= ======= ======= =======
Net income (loss) per
share - diluted $ 0.02 $ (0.06) $ (0.02) $ (0.03) $ (0.09)
======= ======= ======= ======= =======
Shares used in computing
basic net income (loss)
per share 36,578 35,712 33,524 36,232 32,050
Shares used in computing
diluted net income
(loss) per share 40,537 35,712 33,524 36,232 32,050
Network Engines, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
March 31, September 30,
2004 2003
-------------- --------------
ASSETS
Current assets:
Cash and cash equivalents $ 35,084 $ 36,788
Restricted cash 47 47
Accounts receivable, net 17,710 13,948
Inventories 20,724 14,937
Other current assets 1,259 1,946
-------------- --------------
Total current assets 74,824 67,666
Property and equipment, net 1,528 1,849
Goodwill 7,701 7,786
Intangible assets 462 4,310
Other assets 291 121
----------------------------
Total assets $ 84,806 $ 81,732
============== ==============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 15,364 $ 13,864
Accrued liabilities 3,815 2,763
Current portion of accrued
restructuring and other charges 130 218
Deferred revenue 830 603
-------------- --------------
Total current liabilities 20,139 17,448
Long-term portion of accrued
restructuring and other charges - 60
Stockholders' equity:
Common stock 393 382
Treasury stock (2,838) (2,838)
Additional paid-in capital 177,242 176,061
Deferred stock compensation (85) (433)
Accumulated deficit (110,045) (108,948)
-------------- --------------
Total stockholders' equity 64,667 64,224
----------------------------
Total liabilities and
stockholders' equity $ 84,806 $ 81,732
============== ==============
Greenspam is as big a rainman as there is in the world.This moron has created a bubble in the late 90's and now has foolishly created another one in the biotech area.The first bubble busted and the economy recovered.When this bubble busts it will take the economy with it. Who the hell is Greenscum to think Bush is a "tard"? Greenscum makes GW look like Einstein.Anyone who foolishly follows Ayn Rand should not be allowed to be to run the federal reserve. He is a failed economist who couldn't land a job in the private sector so he got a job in the government.
HAUP spiked up to 8.25+