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ThinkEngine Networks, Inc. (AMEX: THN), today reported results for its
fiscal second quarter ended June 30, 2007.
Revenue for the second quarter and six months ended June 30, 2007 was
$1.7 million and $3.7 million, respectively, compared to $1.6 million
and $5.0 million, respectively, for the three and six-month periods
ended June 30, 2006.
Product revenue for the second quarter of 2007 decreased $0.6 million
versus 2006 primarily due to lower shipments of the CX4000 product.
Product revenue for the six months ended June 30th
decreased $2.7 million due to the fact that 2006 revenues included $1.9
million related to CX4000 shipments made to one customer in August 2005
that were not recognized as revenue until the first quarter of 2006, and
also due to lower shipments of the CX product line. Service revenue
increased $0.7 million and $1.4 million, respectively, reflecting
increases in maintenance contract revenue and sales of spare parts.
Net loss for the second quarter ended June 30, 2007 was $1.7 million, or
$0.25 per share, compared to a net loss of $2.6 million, or $0.36 per
share, in the prior year's second quarter.
Net loss for the six months ended June 30, 2007 was $3.2 million, or
$0.47 per share, compared to a net loss of $3.3 million, or $0.45 per
share, for the six months ended June 30, 2006.
Michael Mitchell, President and Chief Executive Officer, stated, “Revenue
for the quarter was below our expectations due to the delay of several
large orders for both CX and VSR products. We have acquired 8 new VSR
customers through Q2 of this year, and hope to continue this growth.”
ThinkEngine Networks, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
(unaudited)
June 30,
Dec. 31,
Assets
2007
2006 (A)
Cash and cash equivalents
$
2,909
$
2,764
Accounts receivable, net
562
1,354
Inventory, net
818
1,439
Other current assets
156
270
Total current assets
4,445
5,827
Loans to officers
0
444
Fixed assets, net
872
970
Other assets, net
3,269
3,405
Total assets
$
8,586
$
10,646
Liabilities and Stockholders’ Equity
Accounts payable and accrued expenses
$
1,949
$
1,712
Notes payable – current portion
731
300
Deferred service revenues
401
522
Total current liabilities
3,081
2,534
Non-current liabilities
1,707
964
Stockholders’ equity
3,798
7,148
Total liabilities and stockholders’ equity
$
8,586
$
10,646
(A) December 31, 2006 amounts are derived from audited financial
statements.
ThinkEngine Networks, Inc.
Condensed Statements of Operations
(in thousands, except share data amounts)
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
2007
2006
2007
2006
Revenue
$
1,673
$
1,576
$
3,726
$
5,041
Cost of revenues
745
1,381
1,428
2,777
Gross margin
928
195
2,298
2,264
Research and development
1,247
1,535
2,629
3,048
Selling, general and administrative
1,282
1,291
2,771
2,688
Interest expense
94
0
158
0
Other income, net
(39
)
(74
)
(109
)
(180
)
Total expenses
2,584
2,752
5,449
5,556
Operating loss
(1,656
)
(2,557
)
(3,151
)
(3,292
)
Income taxes
0
15
0
30
Loss from operations
(1,656
)
(2,572
)
(3,151
)
(3,322
)
Cumulative effect of change in accounting principle, net of tax
0
0
0
36
Net loss
($1,656
)
($2,572
)
($3,151
)
($3,286
)
Net loss per share:
Continuing operations
($0.25
)
($0.36
)
($.47
)
($0.46
)
Cumulative effect of change in
accounting principle, net of tax
0
0
0
$
0.01
Net loss
($0.25
)
($0.36
)
($.47
)
($0.45
)
Weighted average common shares used in computing net loss
Basic and diluted
6,714,980
7,231,053
6,758,837
7,290,265
About ThinkEngine Networks
ThinkEngine Networks is a leading provider of TDM and IP capable
conferencing bridges and media servers. The VSR1000 includes both TDM
and IP interfaces as standard equipment and is capable of processing 968
simultaneous sessions in a compact 1U platform. This NEBS 3 certified
platform has been deployed by customers to implement reservationless
conferencing, prepaid calling, and IVR applications. The Company's CX
Series - Exchange Network Media Servers are a cost-effective and highly
scalable family of carrier-class media server platforms. They deliver
advanced network media solutions in VoIP networks as well as in
traditional AIN and TDM circuit switched and mixed network environments.
ThinkEngine is a disruptive force in the marketplace –
drastically reducing the cost of implementation while giving customers a
migration path from TDM to VoIP. For more information about the Company,
visit http://www.thinkengine.com.
Safe Harbor Statement
This news release contains forward-looking statements that involve
risks, uncertainties and assumptions. All statements contained
herein which are not historical facts are forward-looking statements.
The forward-looking statements in this release are made pursuant to
the safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Such forward-looking statements are subject to risks
and uncertainties, which could cause actual results to differ materially
from those anticipated. Such risks and uncertainties include, but
are not limited to, the continuance of reduced capital expenditures
throughout the telecommunications market, variability of sales volume
from quarter to quarter, product demand, market acceptance, litigation,
dependence on significant customers, third party suppliers and
intellectual property rights, risks in product and technology
development and other risk factors detailed in the company's most recent
Form 10-K, and other subsequent Securities and Exchange Commission
filings. ThinkEngine Networks does not undertake any duty to update
forward-looking statements.