Tut Systems (NASDAQ:TUTS)
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Reports 63.4% Year-Over-Year Increase in First Quarter Revenue
LAKE OSWEGO, Ore., May 9 /PRNewswire-FirstCall/ -- Tut Systems, Inc. (NASDAQ:TUTS), today announced its first quarter results for 2006. Revenue for the quarter ended March 31, 2006, was $11.5 million compared with revenue of $7.1 million for the quarter ended March 31, 2005. This represents an increase in revenue of 63.4% when compared with the first quarter of 2005, and a 7.7% increase when compared with fourth quarter 2005 revenue of $10.7 million.
Revenue related to video processing systems was $10.5 million and $5.9 million for the quarters ended March 31, 2006 and 2005, respectively. Revenue relating to private broadband network products was $1.0 million and $1.1 million for the quarters ended March 31, 2006 and 2005, respectively. International sales represented 19.2% and 18.0% of total sales for the quarters ended March 31, 2006 and 2005, respectively.
Gross profit for the quarter ended March 31, 2006, was $4.0 million, an increase of 60%, compared with gross profit of $2.5 million for the quarter ended March 31, 2005. Included in gross profit was a charge for amortization of intangibles of $0.4 million for each of the quarters ended March 31, 2006 and 2005.
Gross margin for the quarter ended March 31, 2006, was 34.3%, a sequential quarterly improvement of 6.4 percentage points when compared with fourth quarter 2005 gross margin of 27.9%.
Net loss for the three months ended March 31, 2006, was $(3.1) million or $(0.09) per basic and diluted share. This compares with the net loss for the three months ended March 31, 2005, of $(3.3) million or $(0.13) per basic and diluted share.
First Quarter Conference Call Information
Tut Systems will host a conference call to discuss first quarter results on May 10, 2006 beginning at 5:30 am Pacific time. Participants of the conference call should dial in at least five minutes before the start time.
Conference ID # 8355765
U.S. and Canada dial (877) 356-8058
International participants dial (706) 634-2465
Online at http://www.tutsys.com/
A replay will be available two hours after the call ends for one week
dial (800) 642-1687 or (706) 645-9291 and enter the conference ID
number. A replay will also be available at http://www.tutsys.com/.
Recent Announcements:
Significant announcements from Tut Systems since the fourth quarter earnings release include:
1/30/06 Tut Systems Wins $3m+ Contract to Expand IPTV Headend with
MPEG-4 AVC at Iowa Network Services
2/1/06 Tut Systems to Highlight Industry-Leading IPTV Solutions at
Annual NTCA Event
2/2/06 Tut Systems Sponsors IPTV Forum in Miami
2/6/06 Tut Systems Named Reseller of Siemens SURPASS Home Entertainment
Middleware and Services to Help Expand IPTV Market Leadership in
U.S. Independent Operator Market
2/16/06 Tut Systems Expands Sales Channels Into China
3/7/06 Tut Systems Deploys IPTV Headend with OEN
3/9/06 Tut Systems Delivers Academy Awards with China Netcom
3/14/06 Tut Systems to Demonstrate and Present at TelecomNEXT
3/16/06 Tut Systems Unleashes Third Wave of IPTV Deployments
3/21/06 Tut Systems and Verimatrix Win Content Protection and Access
Security Contract at MBO Video
4/3/06 Tut Systems Hits Home Run with Major League Baseball
4/4/06 Tut Systems Introduces Revolutionary Power-over-Broadband
Product Line for Remote Surveillance and Wi-Fi Applications
4/11/06 Tut Systems Astria(R) Platform Named Most Deployed IPTV Headend
Solution Globally
4/13/06 Tut Systems' IPTV Solutions Selected as InfoVision Award
Finalist
4/18/06 Tut Systems Announces New T2 Product Line to Power Quad-Play
Services for Hotels
4/20/06 Tut Systems Previews MPEG-4 AVC High Definition Compression
Technology at NAB 2006
4/27/06 Tut Systems to Release Q1 2006 Results on May 9, 2006, Followed
by a Conference Call on May 10, 2006
Forward-Looking Statements
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, forward-looking statements include statements relating to our anticipation of future worldwide growth in the IPTV market. Forward- looking statements are based on management's current expectations and beliefs, and are subject to risks and uncertainties. As a result, actual results may differ materially from the forward-looking statements contained herein.
Risks that relate to these forward-looking statements include the risks inherent in new and developing technologies and markets, the risk that competitors will introduce rival technologies and products, and the risk that the expected financial benefits of the IPTV deployment will not be achieved as a result of unforeseen costs or events. Further detailed information about risk factors that may impact our business is set forth in our periodic filings with the Securities and Exchange Commission. We expressly disclaim any obligation to update or alter our forward-looking statements, whether as a result of new information, future events or otherwise.
About Tut Systems, Inc.
Tut Systems, Inc. delivers advanced content processing and distribution products as well as comprehensive system integration services for deploying next-generation data and video services over broadband networks. Service providers, content providers and government agencies worldwide use Tut Systems solutions to deliver broadcast-quality video over broadband networks.
Tut Systems is headquartered in Lake Oswego, OR with regional offices across North America, Europe and Asia. For more information visit http://www.tutsys.com/ or call 971-217-0400.
TUT SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
Three months ended
March 31,
2005 2006
Revenue $7,053 $11,522
Cost of goods sold 4,515 7,571
Gross profit 2,538 3,951
Operating expenses:
Sales and marketing 2,488 2,565
Research and development 2,121 3,210
General and administrative 1,175 1,280
Total operating expenses 5,784 7,055
Loss from operations (3,246) (3,104)
Interest and other (expense), net (74) (32)
Net loss $(3,320) $(3,136)
Net loss per share, basic and diluted $(0.13) $(0.09)
Shares used in computing net loss,
basic and diluted 25,187 33,563
TUT SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
(unaudited)
December 31, March 31,
2005 2006
ASSETS
Current assets:
Cash and cash equivalents $12,111 $11,432
Short-term investments 1,693 --
Accounts receivable, net 14,873 16,217
Inventories, net 6,719 8,238
Prepaid expenses and other 983 1,321
Total current assets 36,379 37,208
Property and equipment, net 2,827 2,957
Intangibles and other assets 7,977 7,557
Total assets $47,183 $47,722
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Line of credit $7,080 $8,149
Accounts payable and accrued liabilities 8,952 11,141
Deferred revenue 527 516
Total current liabilities 16,559 19,806
Note payable and other long term liabilities 4,222 4,285
Total liabilities 20,781 24,091
Stockholders' equity 26,402 23,631
Total liabilities and stockholders'
equity $47,183 $47,722
DATASOURCE: Tut Systems, Inc.
CONTACT: Scott Spangenberg, Chief Financial Officer, +1-971-217-0400, or
, or Keith Wymbs, Director of Strategic Marketing,
+1-971-217-0363, or , both of Tut Systems
Web site: http://www.tutsys.com/