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Sonus Networks, Inc. (Nasdaq: SONS), a leading supplier of service provider voice over IP (VoIP) infrastructure solutions, today reported its financial results for the first quarter ended March 31, 2005.
Revenues for the first quarter of fiscal 2005 were $33.6 million compared with $45.1 million in the fourth quarter of fiscal 2004. Net loss for the first quarter of fiscal 2005 was $3.7 million or a loss of $0.01 per share compared with net income for the fourth quarter of fiscal 2004 of $6.3 million or $0.02 per diluted share. Revenues for the first quarter of fiscal 2004 were $36.5 million, and net income was $3.0 million or $0.01 per diluted share.
"We achieved a number of key objectives in the quarter, including strong order activity, the expansion of our customer base, establishment of new global partnerships and the introduction of new software for the ISP market. We are, of course, disappointed that our progress is not reflected in our revenue result this quarter," said Hassan Ahmed, chairman and CEO, Sonus Networks. "Looking ahead, the world's service providers will continue their migrations to VoIP, and we are pleased that Sonus has a leading position in this important market."
During the first quarter, Sonus announced four new customer deployments in North America and in Europe. In the U.S., America Online is deploying Sonus' technology to deliver its new Internet Phone Service, which is changing the very nature of voice service, making it a pathway not just for conversations, but also for a wide range of next-generation interactive applications. Also in the U.S., WebEx Communications is augmenting its WebEx MediaTone Network with a VoIP solution from Sonus to deliver new IP-based conferencing services to its customers. In Mexico, Marcatel is building out a VoIP network with Sonus to provide access services to businesses and cable operators. In Europe, Slovak Telecom has implemented a Sonus-based network to support the delivery of prepaid and postpaid calling services.
Demonstrating the scalability and reliability of the Sonus solution, three existing customers extended their Sonus-based networks during the first quarter. XO Communications announced their new business service, XOptions(R) Flex, which is the first in a series of the carrier's new enhanced services delivered over the XO national IP network and Sonus technology. Leveraging the Sonus Open Services
Architecture(TM) (OSA), XO Communications will deliver a broad range of IP telephony applications and features to businesses throughout the United States. South Carolina-based NuVox also announced that it is introducing a new business VoIP service that will be delivered over its Sonus-based network. Further, Global Crossing, one of the first providers to decommission a legacy switch in the core of its network and replace it with a VoIP switch, announced that it is continuing to decommission legacy switches in four additional cities. This project is expected to create increased network efficiencies and enhance the seamless delivery of converged IP services.
Underscoring Sonus' success with both existing and new customers, the company was again ranked the number one provider of carrier-class packet voice equipment for the fourth quarter of 2004. Industry research firms reported that Sonus increased its market share in several segments of the carrier packet voice market, growing faster than the market and the competition in 2004. In-Stat/MDR and Synergy Research Group named Sonus the market share leader, recognizing Sonus as the top equipment vendor in several major service provider packet telephony market segments. Additionally, Sonus estimated that at the end of Q1, service providers globally were carrying an estimated 12 billion minutes per month of customer traffic on their Sonus-based networks.
In January 2005, Sonus entered into a global reseller agreement with Samsung Electronics Company. Under the terms of this non-exclusive agreement, Samsung is able to sell and support Sonus VoIP solutions to mobile operators around the world.
Continuing the expansion of its worldwide presence, Sonus announced the opening of a software development and regional support center in Bangalore, India. Sonus Networks India Pvt. Ltd. will concentrate on the development of VoIP applications, software design and quality assurance services in support of Sonus' product portfolio.The establishment of Sonus' center in India represents another phase in the company's commitment to providing VoIP applications and services to customers around the globe.
About Sonus Networks
Sonus Networks, Inc. is a leading provider of voice over IP (VoIP) infrastructure solutions for wireline and wireless service providers.With its Open Services ArchitectureTM (OSA), Sonus delivers end-to-end solutions addressing a full range of carrier applications, including trunking and tandem switching, residential and business access, network border switching and enhanced services. Sonus' voice infrastructure solutions, including media gateways, softswitches and network management systems, are deployed in service provider networks worldwide. Founded in 1997, Sonus is headquartered in Chelmsford, Massachusetts of U.S. Additional information on Sonus is available at http://www.sonusnet.com.
This release may contain forward-looking statements regarding future events that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results.Readers are referred to the "Risk Factors" section of Sonus' Annual Report on Form 10-K, dated March 15, 2005, filed with the SEC, which identifies important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Risk factors include among others: the impact of material weaknesses in our disclosure controls and procedures and our internal control over financial reporting on our ability to report our financial results timely and accurately; the unpredictability of our quarterly financial results; risks associated with our international expansion and growth; consolidation in the telecommunications industry; risks associated with the investigation of the company by the SEC; and potential costs resulting from pending securities litigation against the company. Any forward-looking statements represent Sonus' views only as of today and should not be relied upon as representing Sonus' views as of any subsequent date. While Sonus may elect to update forward-looking statements at some point, Sonus specifically disclaims any obligation to do so.
Sonus is a registered trademark of Sonus Networks. Open Services Architecture is a trademark of Sonus Networks. All other company and product names may be trademarks of the respective companies with which they are associated
SONUS NETWORKS, INC.
Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
March 31, December 31, March 31,
2005 2004 2004
-------- --------- --------
Revenues $ 33,610 $ 45,083 $ 36,532
Cost of revenues 12,112 13,757 12,400
-------- --------- --------
Gross profit 21,498 31,326 24,132
-------- --------- --------
Gross profit % 64.0% 69.5% 66.1%
Operating expenses:
Research and development 11,017 9,348 8,928
Sales and marketing 9,027 8,935 6,860
General and administrative 6,800 7,385 4,827
Stock-based compensation - 65 379
Amortization of purchased intangible
assets - 601 600
-------- --------- --------
Total operating expenses 26,844 26,334 21,594
-------- --------- --------
Income (loss) from operations (5,346) 4,992 2,538
-------- --------- --------
Interest expense (128) (119) (122)
Interest income 1,875 1,477 765
-------- --------- --------
Income (loss) before provision for
income taxes (3,599) 6,350 3,181
Provision for income taxes 96 89 167
-------- --------- --------
Net income (loss) $ (3,695) $ 6,261 $ 3,014
======== ========= ========
Net income (loss) per share:
Basic $ (0.01) $ 0.03 $ 0.01
Diluted $ (0.01) $ 0.02 $ 0.01
Shares used in computation:
Basic 247,877 247,134 244,607
Diluted 247,877 256,443 255,592
SONUS NETWORKS, INC.
Condensed Consolidated Balance Sheets
(In thousands)
March 31, December 31,
2005 2004
----------- -------------
Assets
Current assets:
Cash, cash equivalents and marketable
securities $303,824 $292,076
Accounts receivable, net 27,631 32,486
Inventory, net 31,256 28,346
Other current assets 11,653 10,891
----------- -------------
Total current assets 374,364 363,799
Property and equipment, net 11,145 8,217
Long-term marketable securities 7,488 21,029
Other assets 864 783
----------- -------------
$393,861 $393,828
=========== =============
Liabilities and Stockholders' Equity Current liabilities:
Accounts payable and accrued expenses $26,942 $26,894
Accrued restructuring expenses 189 186
Current portion of deferred revenue 69,267 65,105
Current portion of long-term liabilities 25 30
----------- -------------
Total current liabilities 96,423 92,215
----------- ------------- Long-term deferred revenue, less current
portion 22,746 25,960
Long-term liabilities, less current portion 614 613
Convertible subordinated note 10,000 10,000
Stockholders' equity:
Common stock 250 250
Capital in excess of par value 1,051,875 1,049,142
Accumulated deficit (787,780) (784,085)
Treasury stock (267) (267)
----------- -------------
Total stockholders' equity 264,078 265,040
----------- -------------
$393,861 $393,828
=========== =============
SONUS NETWORKS, INC.
Condensed Consolidated Statements of Cash Flows
(In thousands)
Three Months Ended
March 31, December 31, March 31,
2005 2004 2004
--------- ------------ -------- Cash flows from operating activities:
Net income (loss) $ (3,695) $ 6,261 $ 3,014
Adjustments to reconcile net income
(loss) to net cash provided by
(used in) operating activities:
Depreciation 1,476 1,617 1,632
Tax benefit from stock options
exercised - 67 -
Stock-based compensation - 65 379
Amortization of purchased intangible
assets - 601 600
Changes in current assets and
liabilities
Accounts receivable 4,855 2,916 (8,308)
Inventory (2,910) (780) (1,553)
Other current assets (762) 1,970 (1,455)
Accounts payable 1,334 (2,445) 2,403
Accrued expenses (1,330) 38 (1,169)
Deferred revenue 948 3,076 7,760
--------- ---------- --------- Net cash provided by (used in)
operating activities (84) 13,386 3,303
--------- ---------- --------- Cash flows from investing activities:
Purchase of property and equipment (4,303) (2,696) (2,230)
Maturities (purchases) of marketable
securities, net 2,977 (8,118) 15,910
Other assets (81) (20) 136
--------- ---------- --------- Net cash provided by (used in)
investing activities (1,407) (10,834) 13,816
--------- ---------- ---------
Cash flows from financing activities:
Sales of common stock in connection
with employee stock purchase plan 2,313 - 796
Proceeds from exercise of stock
options 420 2,565 400
Payments of long-term liabilities (58) (31) (59)
--------- ---------- --------- Net cash provided by financing
activities 2,675 2,534 1,137
--------- ---------- --------- Net increase in cash and cash
equivalents 1,184 5,086 18,256
--------- ---------- --------- Cash and cash equivalents, beginning
of period 121,931 116,845 133,715
--------- ---------- --------- Cash and cash equivalents, end of
period $ 123,115 $ 121,931 $151,971
========= ========== =========
Sonus Networks（纳斯达克股票代码：SONS）是一家领先的服务提供商，其为基于IP语音传输（VoIP）基础设施解决方案的服务供应商提供服务，今天公布了其截止于2005年3月31日的2005年第一季度财政业绩。
2005财年第一季度的收益是3360万美元，而2004财年的第四季度的收益是4510万美元。与2004财年第四季度的净收益630万美元，即摊薄后每股0.02美分相比，2005财年第一季度的净损耗是370万美元，即每股损耗0.01美分。2004财年第一季度的收益是3650万美元，净收益是300万美元，即摊薄后每股0.01美分。
Sonus Networks的董事长兼首席执行官Hassan Ahmed说：“在本季度，我们实现了许多关键的目标，包括大量的订单、我们客户基础的扩大、新的全球合作伙伴关系的建立以及为ISP市场推出了新的软件。当然，我们所取得的进步在我们的收益结果中没有反映出来，我们还是感到遗憾的。展望未来，世界上的服务供应商将不断的采用VoIP，我们高兴的是Sonus公司在这个重要的市场上已经具有了领先的地位。”
第一季度，Sonus公司宣布在北美和欧洲地区有4家新客户部署了其技术。在美国，美国在线服务公司正在配置Sonus公司的技术以交付新型因特网电话服务，这一配置改变了语音服务的本质，使得它成为不仅仅是用于通话的工具，其还可用在下一代交互应用上。与此同时，美国的WebEx通信公司正在采用Sonus公司的VoIP解决方案扩大其WebEx MediaTone网络，从而可向其客户交付新型的基于IP的会议服务。在墨西哥，Marcatel正在与Sonus公司构建一个VoIP网络以向商业和有线运营商提供接入服务。在欧洲，Slovak通信已经采用了基于Sonus公司技术的网络，以支持预付和付讫呼叫服务。
基于Sonus解决方案的可测量性和可靠性，现有的三家客户在第一季度扩大了他们基于Sonus公司技术的网络。XO通信宣布他们的新型业务服务Xoptions® Flex，这个服务是首个通过XO国内IP网络和Sonus技术所提供的系列式承运商新型增强服务。利用Sonus公司的开放式服务架构（TM）(OSA)，XO通信将交付范围广泛的IP电话应用，并在整个美国都有业务。位于南卡罗莱纳州的NuVox 宣布其正在引入通过基于Sonus公司技术的网络进行交付的新型商业VoIP服务。此外，第一家在其核心网络中停止使用旧式转换而采用了VoIP转换的公司Global Crossing宣布在4个其他城市，公司也将不再使用旧式的转换。这一计划将提高网络效率，增强集中IP服务的无缝交付。
Sonus公司在现有的和新的客户方面所取得的成功，助力公司在2004年第四季度再次成为承运级信息包语音设备的一号供应商。行业研究公司报告称Sonus公司承运信息包语音市场有一些市场份额在提高。与2004年相比，其市场增长更为快速。In-Stat/MDR和Synergy Research Group指出Sonus公司是市场份额的领先者，认为Sonus公司是信息包电话市场部门中几个主要服务供应商的顶级设备服务商。此外，Sonus公司估计在第一季度末，全球服务供应商将通过他们基于Sonus公司技术的网络每月承运120亿分钟的客户流量。
在2005年1月，Sonus公司与三星电子公司达成了全球转售商协议。根据此非独占协议，三星公司可以向全球的电话运营商销售和支持Sonus公司的VoIP解决方案。
为了持续扩大其全球业务，Sonus公司宣布在印度的班加罗尔市开办软件开发和区域支持中心。Sonus Networks India Pvt. Ltd.将致力于VoIP应用、软件设计和质量保证服务的开发以支持Sonus公司的产品业务。Sonus公司印度中心的建立代表了公司致力于向全球的客户提供VoIP应用的又一个阶段。
关于Sonus Networks
Sonus Networks, Inc.是一家为无线及有线服务供应商提供基于IP语音传输（VoIP）基础设施解决方案的领先供应商。通过其开放式服务基础架构(TM) (OSA)，Sonus公司提供了终端到终端的、全方位的承运应用解决方案，其中包括中级及串接转换、住宅和商务接入，网络宽带开关和增强服务等。Sonu公司的语音基础设施解决方案中含有媒体通路、软件开关和网络管理系统，这些方案被用于全世界的服务提供商网络中。Sonus成立于1997年，总部位于美国马萨诸塞州的切姆斯德。想要获取更多关于Sonus公司的信息请登陆 http://www.sonusnet.com 。
本新闻发布中可能包含有包括风险及不确定性因素在内的关于未来事件的前瞻性陈述。警告读者这些前瞻性的陈述仅为预测并且可能会与未来事实及业绩有着实质性的区别。读者可参见Sonus公司截止于2005年3月15日的提交给证券交易委员会（SEC）的年度报表Form 10-K中所描述的“风险因素”部分，此部分指明了可以导致事实业绩与前瞻性陈述中不一致的重要风险因素。包含在其他部分中的风险因素有：我们对于揭露控制、执行缺陷的影响以及及时和准确报告财务业绩的内部控制能力；我们季度业绩的不可预测性；与公司国际扩张和成长相关的风险；远程通信产业的合并；由证券交易委员会调查所产生的相关风险；以及悬而未决的有关公司保证金的立法可能会带来的成本增长等。所有前瞻性陈述仅代表Sonus公司目前的观点，不应当作为今后任何时期Sonus公司观点的依据。尽管Sonus公司可能会更新前瞻性陈述中的部分观点，但公司特别指名不承担更新陈述的任何责任。
Sonus是Sonus Networks的注册商标。开放式服务架构（Open Services Architecture）是Sonus Networks的商标。所有其它公司和产品名称是与那些公司有关系的公司的商标。
SONUS NETWORKS, INC.
简明综合运营表
（以千为单位，不包括每股数据）
截至三个月月末
2005年 2004年 2004年
3月31日 12月31日 3月31日
-------- --------- --------
收益 $ 33,610 $ 45,083 $ 36,532
收益成本 12,112 13,757 12,400
-------- --------- --------
毛利 21,498 31,326 24,132
-------- --------- --------
毛利百分比 64.0% 69.5% 66.1%
运营费用：
研发 11,017 9,348 8,928
销售和营销 9,027 8,935 6,860
总体及管理 6,800 7,385 4,827
存储开支 - 65 379
购买无形资产的摊销 - 601 600
-------- --------- --------
运营费用总额 26,844 26,334 21,594
-------- --------- --------
运营收益（损耗） (5,346) 4,992 2,538
-------- --------- --------
支付利息 (128) (119) (122)
应收利息 1,875 1,477 765
-------- --------- --------
备付所得税收益（损耗） (3,599) 6,350 3,181
备付所得税 96 89 167
-------- --------- --------
净收益（损耗） $ (3,695) $ 6,261 $ 3,014
======== ========= ========
每股净收益（损耗）：
基本 $ (0.01) $ 0.03 $ 0.01
摊薄后 $ (0.01) $ 0.02 $ 0.01
计算所有股份：
基本 247,877 247,134 244,607
摊薄后 247,877 256,443 255,592
SONUS NETWORKS, INC.
简明资产负债表
(以千为单位)
2005年 2004年
3月31日 12月31日
----------- -------------
资产：
当前资产
现金，等同现金及可售证券 $303,824 $292,076
应收帐款，净值 27,631 32,486
存货，净值 31,256 28,346
其他当前资产： 11,653 10,891
----------- -------------
当前总资产 374,364 363,799
财产和设备，净值 11,145 8,217
长期可售证券 7,488 21,029
其他资产 864 783
----------- -------------
$393,861 $393,828
=========== =============
债务和股东资产净值债务：
应付款及应计支出 $26,942 $26,894
应计调整支出 189 186
递延收入当前份额 69,267 65,105
长期负债当前份额 25 30
----------- -------------
当前负债总额 96,423 92,215
----------- -------------
长期递延收益，今后部分 22,746 25,960
长期负债，今后部分 614 613
可兑换次级券 10,000 10,000
股东资产净值：
普通股 250 250
资本超出票面价值 1,051,875 1,049,142
累计赤字 (787,780) (784,085)
库存股份 (267) (267)
----------- -------------
股东资产净值合计 264,078 265,040
----------- -------------
$393,861 $393,828
=========== =============
SONUS NETWORKS, INC.
简明资产现金流量表
(以千为单位)
截至三个月月末
2005年 2004年 2004年
3月31日 12月31日 3月31日
--------- ------------ --------
运营活动产生流动资金：
净收益（损耗） $ (3,695) $ 6,261 $ 3,014
根据运营活动净资金调整的纯收入：
贬值 1,476 1,617 1,632
已执行股票认股权产生的纳税收益
已产生的 - 67 -
股市补偿 - 65 379
购买无形资产的摊消 - 601 600
现有资产和债务变动
应收帐款 4,855 2,916 (8,308)
存货 (2,910) (780) (1,553)
其他流动资产 (762) 1,970 (1,455)
应付帐款 1,334 (2,445) 2,403
应计费用 (1,330) 38 (1,169)
递延收入 948 3,076 7,760
--------- ---------- ---------
运营活动产生的净现金 (84) 13,386 3,303
--------- ---------- ---------
投资活动产生的现金流：
购买财产和设备 (4,303) (2,696) (2,230)
购买可流通证券，净值 2,977 (8,118) 15,910
其他资产 (81) (20) 136
--------- ---------- --------
投资活动产生的净现金 (1,407) (10,834) 13,816
--------- ---------- ---------
融资活动产生的现金流：
销售与雇员股票购买计划相关的普通股 2,313 - 796
股票购买权的执行 420 2,565 400
支付长期负债 (58) (31) (59)
--------- ---------- ---------
由融资活动产生的现金流 2,675 2,534 1,137
--------- ---------- ---------
现金和现金等价物的净增长 1,184 5,086 18,256
--------- ---------- ---------
现金和现金等价物，开始时 121,931 116,845 133,715
--------- ---------- ---------
现金和现金等价物，结束时 $ 123,115 $ 121,931 $151,971
========= ========== =========
文字/资料/新闻等独家整理：专业翻译翻译公司提供商 智联文通
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