10/20/2003 - Paradyne Networks, Inc. (NASDAQ:PDYN), a leading provider of broadband voice, data and video network access solutions, reported its third quarter 2003 financial results.
Paradyne's pro forma net loss for the third quarter of 2003 was ($2.3 million) or ($0.05) per diluted share, exceeding the First Call consensus estimates of a pro forma net loss of ($0.07) per share. GAAP net loss reported for the third quarter of 2003 was ($2.2 million), also ($0.05) per share.
Total revenues for the third quarter were $20.3 million with broadband revenues representing the major portion of total revenues at $16.3 million or 80 percent. Narrowband revenues were $2 million, and service and royalties accounted for the remaining $2 million. Paradyne's cash position remained strong at $42.7 million at the end of the third quarter.
"We are very pleased with our Q3 results. In particular, we are happy with the market acceptance of our newer products and the ability to grow revenue with less expense," said Sean Belanger, president and CEO of Paradyne.
Highlights for the third quarter include:
Third Quarter Results Conference Call and Webcast
As previously announced, Paradyne will host a conference call on Friday, October 17, 2003 at 10:00 a.m. (ET) to discuss third quarter 2003 results and its outlook for the fourth quarter of 2003. The call will be broadcast live on the Internet for investors and the general public. This listen-only Webcast can be accessed through the Company section of the Paradyne Web site. Participants should go to the Web site at least ten minutes before this event to download and install any necessary audio software. Or, participants may dial into the call at 416-695-6120, and the pin number is T453080P.
Paradyne is a leading developer of carrier-class, high-speed network access solutions for broadband voice, data and video. A recognized market leader in digital subscriber line (DSL), service level management (SLM), and Broadband Voice and Media Gateway solutions, Paradyne markets its award-winning GranDSLAM and BitStormTM DSL systems, ReachDSL and EtherLoop® products, Jetstream® Media Gateway systems and iMarc Service Level Management systems to service providers and business customers worldwide. More information may be obtained by visiting www.paradyne.com or by calling +1-727-530-8623.
Information about Forward-Looking Statements:
This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements are made pursuant to the "safe-harbor" provisions of the Private Securities Litigation Reform Act of 1995 and are made based on management's current expectations and beliefs as well as on assumptions made by, and information currently available to, management. Among the factors that could cause actual future events to differ materially include: the court's decision on preliminary approval of the settlement; the number of stockholders who elect to opt out of the settlement; the objections that are filed against the settlement; and the final approval by the court and any appeal from the judgment.
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