2/7/2003 - Interphase Corporation (NASDAQ: INPH) reported financial results for its fourth quarter and fiscal year ended December 31, 2002.
For the fourth quarter ended December 31, 2002, Interphase reported revenues of $6.8 million compared with revenues of $7.1 million for the fourth quarter of 2001. Telecom controller revenues increased 181% to $3.3 million from $1.2 million one year ago. The net loss for the quarter was $5.6 million and included a charge of approximately $5.2 million to establish a full valuation allowance on the Company's deferred tax assets. Accounting rules govern how to evaluate the future realizability of such items when negative factors exist, such as cumulative losses in recent years. Net loss per share was $1.02, versus $0.34 in the previous year's fourth quarter.
For the year ended December 31, 2002, the Company achieved revenues of $25.1 million compared to $28.7 million during fiscal year 2001. Telecom controller revenues for the twelve months ended 2002 were $11.8 million compared to $6.4 million in the prior year. SlotOptimizer® product revenue increased 27% for the year to $8.6 million versus $6.7 million in 2001. However, overall revenue decreased slightly for the year as storage products and older LAN/WAN products combined fell to $3.7 million versus $14.6 million in 2001. The Company reported a net loss of $8.4 million, or $1.51 per share, for the twelve months ended 2002, compared to a net loss of $9.6 million, or $1.68 per share for 2001. The Company's balance sheet remains solid. Cash and securities were $18.9 million at December 31, 2002, a $256,000 decrease during the year, while total liabilities, including debt, stood at $7.9 million.
"We continue to be encouraged by both sequential and year over year growth in our telecommunications products during an extraordinary downturn in the sector," stated Greg Kalush, President and Chief Executive Officer. "We are very excited about our future, and continue to pursue opportunities in which our products may help our telecom customers, suffering from significantly reduced resources, to speed their time-to-market with new solutions and assist their own companies' return to growth."
About Interphase Corporation
Interphase Corporation (NASDAQ: INPH) designs and delivers high performance connectivity adapters for computer and telecommunication networks. The company's products connect computer and telecommunication servers to storage area networks (SAN), wide area networks (WAN) and local area networks (LAN) utilizing Fibre Channel, Asynchronous Transfer Mode (or ATM), SS7, Frame Relay and ISDN technologies. Headquartered in Plano, Texas with offices in Paris, London, and Bangkok, Interphase 2002 revenues were $25 million. Clients include Hewlett Packard, Ericsson, Compaq Computer Corp., Motorola Inc., Fujitsu Ltd., Nortel Networks Ltd., Lucent Technologies, Inc., Lockheed Martin Corp and Raytheon. Additional information about Interphase and its products is available through the company's web site at http://www.iphase.com.
The Interphase logo is a registered trademark of Interphase Corporation.
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