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Ditech Communications Provides Increased Revenue Outlook For Second Quarter
FY2004
New Outlook Predicts Quarter over Quarter Revenue Growth of 25-30%
MOUNTAIN VIEW, Calif., Oct. 27 /PRNewswire-FirstCall/ -- Ditech Communications
Corporation, a leader in the development of voice quality assurance solutions
for communications networks, today revised upwards its outlook for revenues for
the current fiscal quarter. The Company anticipates revenues for its second
fiscal quarter ending October 31, 2003 will be in the range of $13.4 to $13.9
million, an increase of 25-30% from the previous quarter, compared to its
earlier estimates of a 10% increase.
"We believe that our improved outlook reflects a rise in key account deployments
and an increase in end-of-budget-year spending," said Tim Montgomery, chairman,
president and CEO. "Although the overall market climate continues to be
challenging, we believe that these factors, our continued focus on customers'
requirements, and crisp execution will drive Ditech's growth in the third
quarter as well."
The Company further believes that gross margins and operating expenses will be
in line with its operating model and that second quarter EPS from continuing
operations should be in the range of $0.06 to $0.08.
Ditech plans to hold a conference call on November 20th to discuss its Q2 fiscal
2004 results for the quarter ended October 31, 2003, as well as its future
outlook. President and CEO Tim Montgomery and Chief Financial Officer Bill
Tamblyn will conduct the briefing.
The conference call will begin at 4:20 pm Eastern Time/1:20 pm Pacific Time. Any
member of the public can listen to the conference call by calling the following
number: 706-634-5581. The conference call will also be broadcast live over the
Internet and can be accessed by going to the Investors section of the Ditech
Communications web site at http://www.ditechcom.com/ . A replay of the Q2
conference call will be available via Ditech's website and can be accessed by
going to the Investors section of the Ditech Communications web site at
http://www.ditechcom.com/ and selecting 'Events.' A replay of the call can also
be accessed by calling the Encore replay number at 706-645-9291. The conference
call ID is: 3588600. The replay of this call will be available two hours after
the call is completed until the next earnings announcement.
Ditech Communications Corporation
Ditech Communications Corporation is a global telecommunications equipment
supplier for voice networks. Ditech's voice products are high-capacity echo
canceller and voice enhancement products that utilize advanced software and
digital signal processor (DSP) technology. This combination of software and
hardware allows Ditech to deliver Voice Quality Assurance(TM) (VQA(TM)), a
robust and cost-effective solution for voice enhancement (including noise
reduction) and echo cancellation. Ditech (DITC) is listed on the Nasdaq National
Market and is headquartered in Mountain View, California (web site:
http://www.ditechcom.com/ ).
Forward-Looking Statements
The statements in this press release regarding Ditech's expected financial
results for the second quarter of fiscal 2004, and Ditech's growth in the third
quarter of fiscal 2004, are forward-looking statements. Actual results could
differ materially as a result of numerous risks and uncertainties, including:
the quarter is not completed, and unanticipated events may occur prior to the
end of the quarter, or unknown facts may be discovered, that may cause the
second quarter financial results to differ from Ditech's current expectations;
the risk that shipment of products Ditech expects to ship before the end of the
third quarter may be delayed or cancelled due to unexpected factors and events
affecting Ditech's customers; Ditech may experience weakening in demand for its
voice and echo cancellation products; component supply problems may occur as a
result of factors beyond its control; infrastructure demand could continue to
weaken or remain flat due to the weakness in the economy or for other
unanticipated reasons; Ditech's competitors will develop products that compete
favorably with Ditech's new products; Ditech has a limited number of customers,
the loss of any one which could cause its revenues to decrease materially; as
well as those detailed in the "Future Growth and Operating Results Subject to
Risk" section of Ditech's Form 10-Q for the quarter ended July 31, 2003 (filed
September 15, 2003 with the Securities and Exchange Commission).
DATASOURCE: Ditech Communications Corporation
CONTACT: Janine Fogal, +1-650-623-1469, or investors, Bill Tamblyn,
+1-650-623-1309, both of Ditech Communications Corporation
Web site: http://www.ditechcom.com/