Business Editors
PALO ALTO, Calif.--(BUSINESS WIRE)--April 18, 2000
Corsair Communications, Inc. (Nasdaq: CAIR), a leading provider of software and system solutions for the global wireless industry, today announced results for the first quarter ended March 31, 2000.
Net income for the first quarter of 2000 was $2.8 million, compared with a net loss of $2.1 million reported in the first quarter of 1999. Excluding charges that are not expected to recur, aggregating $3.0 million, Corsair reported a net income of $898,000 in the first quarter of 1999.
Net revenues for the first quarter of 2000 were $16.1 million, compared with net revenues of $15.3 million recorded in the first quarter of 1999.
First quarter of 2000 earnings per share were $0.15 on approximately 18.5 million shares outstanding, compared with a loss of $0.12 per share on approximately 18.0 million shares outstanding in the first quarter of 1999. Excluding charges that are not expected to recur, the 1999 first quarter earnings would have been approximately $0.03 per share compared with the 2000 first quarter earnings of $0.15 per share. All per share amounts are computed on a diluted basis.
"I am very proud of our achievements in the first quarter," said Tom Meyer, president and chief executive officer. "Our continued profitability was largely due to the strong acceptance and continued success of our PrePay product. Our PrePay installations now support over 9.0 million subscribers around the world. Furthermore, at the CTIA/Wireless 2000 show, we showcased key product and partnership initiatives designed to leverage our strengths and expand our market opportunities.
"First, we announced a significant new implementation of our PrePay product called PrePay Open, which will greatly expand our addressable market. This new product now supports mixed-infrastucture environments as well as the more broadly-based GSM, CDMA and TDMA networks and allows carriers to offer roaming solutions in these mixed environments. Secondly, we announced PhoneFuel, our first mobile commerce application for the PrePay platform, which allows carriers to provide enhanced account management services to their subscribers via the Web or WAP (Wireless Application Protocol) enabled phones. As the convergence of voice and data drive the wireless phone to become the next key access technology for the Internet, applications such as PhoneFuel will allow carriers to meet user demand for increased functionality and convenience.
"Finally, we announced a strategic alliance and joint distribution agreement with Lightbridge, Inc. This new alliance will provide immediate benefits to wireless carriers by allowing them to quickly enhance their service offerings. We believe that this relationship will yield very positive results for both companies in the coming months," he said.
Conference Call
Corsair's management will hold a conference call to discuss these results today, April 18, at 1:30 p.m. Pacific Standard Time. Those wishing to join should dial 703/871-3077 at approximately 1:20 p.m. A replay will be available for one week by calling 703/925-2533, passcode 3685198.
About Corsair Communications, Inc.
Corsair is a leading provider of software and system solutions for the global wireless industry. The company's products include systems for fraud prevention and prepaid billing. Corsair's PhonePrint wireless fraud prevention system is currently installed in over 180 markets worldwide, and has prevented more than 300 million fraudulent cellular calls. The company's PrePay(tm) wireless billing system supports more than 9 million wireless subscribers. More information can be found on the company's website at http://www.corsair.com.
Note: This press release contains forward-looking statements regarding the future financial performance of the company, acceptance of the Company's PrePay product, future products and the benefits of the company's relationship with Lightbridge, Inc. that involve risks and uncertainties. Actual results may differ materially because of various risks, including risks associated with product sales and installation, the ability to bring new products to market, successful completion of potential transactions, economic and political instability in international markets, demand for Corsair's products and services, continued growth of the wireless telecommunications industry, and other risks associated with Corsair's business. For an expanded discussion on such risks, please see the documents filed by Corsair Communications, Inc. with the U.S. Securities and Exchange Commission.
Condensed Consolidated Statement of Operations (In thousands, except share data; unaudited) Three Months Ended March 31 2000 1999 -------- -------- Revenues: Hardware revenue $ 4,712 $ 8,519 Software revenue 7,192 2,923 Service revenue 4,204 3,836 -------- -------- Total revenues 16,108 15,278 Cost of revenues: Hardware revenue costs 3,882 3,985 Software revenue costs 329 231 Service revenue costs 1,027 1,538 -------- -------- Total cost of revenues 5,238 5,754 -------- -------- Gross profit (deficit) 10,870 9,524 Operating costs and expenses: Research and development 2,855 3,482 Sales and marketing 3,310 3,942 General and administrative 1,463 1,601 Business discontinuation -- 856 -------- -------- Total operating costs and expenses 7,628 9,881 -------- -------- Operating income (loss) 3,242 (357) Loss on sale of assets -- (2,176) Interest income (expense), net 801 399 -------- -------- Income (loss) before income taxes 4,043 (2,134) Income taxes 1,253 -- Loss on debt extinguishment -- -------- -------- Net income (loss) $ 2,790 $ (2,134) ======== ======== Basic net income (loss) per share $ 0.16 $ (0.12) ======== ======== Shares used in basic per share calculation 17,178 18,032 ======== ======== Shares used in diluted per share calculation 18,508 18,032 ======== ======== Condensed Consolidated Balance Sheet Information (In thousands; unaudited) March 31, December 31, 2000 1999 ------- ------- Assets Current assets: Cash and cash equivalents $ 6,286 $13,686 Short-term investments 52,873 39,263 Trade accounts receivable, net 9,156 11,548 Evaluation inventory 486 1,163 Inventories, net 3,206 3,183 Prepaids and other assets 2,074 1,475 Current portion-notes receivable 395 385 ------- ------- Total current assets 74,476 70,703 Notes receivable 1,223 1,325 Property and equipment, net 3,424 3,458 Other assets 1,195 1,197 ------- ------- $80,318 $76,683 ======= ======= Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 1,602 $ 2,273 Accrued expenses 9,510 10,245 Current portion of notes payable 764 737 Current portion of capital lease obligations 41 80 Deferred revenue 8,648 6,063 ------- ------- Total current liabilities: 20,565 19,398 ------- ------- Notes payable, net of current portion 469 670 ------- ------- Total liabilities 21,034 20,068 ------- ------- Total stockholders' equity 59,284 56,615 ------- ------- $80,318 $76,683 ======= =======
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