TMCnet News
|
[January 29, 2004] Packeteer, Inc. Announces Record Fourth Quarter And Full Year Financial Packeteer(R), Inc., a provider of application traffic management systems, announced record revenues and results of operations for the quarter and year ended December 31, 2003.Net revenues for the fourth quarter 2003 were $20.0 million, compared with $18.4 million for the third quarter 2003, an increase of 9%. Net revenues for the fourth quarter 2002 were $15.6 million. Net income for the fourth quarter 2003 was $3.3 million or $0.10 per diluted share. This compares to third quarter 2003 net income of $3.0 million or $0.09 per diluted share. The fourth quarter 2002 net income was $1.9 million or $0.06 per diluted share. Net revenues for year 2003 were $72.7 million, an increase of 32%, compared to $55.0 million for year 2002. Net income for year 2003 was $11.0 million or $0.32 per diluted share compared to net income of $3.7 million or $0.12 per diluted share for year 2002. The balance sheet at the end of Q4 2003 remained strong. Cash, cash equivalents and investments of $86.7 million at December 31, 2003 were $7.2 million higher than the balances of $79.5 million at September 30, 2003. Accounts receivable of $11.0 million at December 31, 2003 represented 51 days sales outstanding compared to 44 days sales outstanding at September 30, 2003. Total inventories of $2.7 million at December 31, 2003 were $400,000 higher than the September 30, 2003 balance of $2.3 million. "We are pleased to report another solid quarter in a challenging market. I believe the continued sequential revenue and profit growth is directly linked to the value that our application traffic management systems provide to customers by enabling them to better maximize their existing IT infrastructure," stated Dave Cote, President and CEO. In other news, Brett Galloway, a co-founder and director since Packeteer's inception, resigned from the Board of Directors earlier this month. Galloway's resignation was prompted by the significant time commitment arising out of his duties and responsibilities as President and CEO of Airespace, Inc., a wireless LAN networking infrastructure company. Dave Cote, Packeteer's President and CEO stated "We appreciate Brett's significant contributions over his years of service to the Company and wish him well in the future." A Conference Call with company management will be held Thursday, January 29, 2004 at 2:00 pm Pacific Time. The call will be simulcast on the Internet at www.packeteer.com and www.fulldisclosure.com. A replay of the call will be available on the website until February 5, 2004. Management's accompanying script will remain on the website. Additional investor information can be accessed at www.packeteer.com or by calling Packeteer's Investor Relations Department at (408) 873-4422. |