Ulticom Announces Fourth Quarter of Fiscal 2002 Results

3/14/2003 - Ulticom, Inc. (NASDAQ: ULCM), a leading provider of service enabling signaling software for wireless, wireline, and Internet communications, announced financial results for the fourth quarter of fiscal year 2002, ended January 31, 2003.

For the quarter, Ulticom had sales of $8,267,000, compared to sales of $10,184,000 in the fourth quarter of fiscal year 2001. Sales increased approximately 6% sequentially, compared with $7,764,000 for the third quarter of fiscal year 2002. The Company posted net income of $859,000 ($0.02 per diluted share), compared with net income of $1,012,000 ($0.02 per diluted share) for the fourth quarter of fiscal year 2001 and net income of $579,000 ($0.01 per diluted share) for the third quarter of fiscal year 2002.

For fiscal year 2002, sales were $29,231,000 compared to sales of $58,156,000 for fiscal year 2001. Net loss for the year was $1,735,000 ($0.04 per diluted share), compared to net income of $10,837,000 ($0.25 per diluted share) for the prior year. Excluding nonrecurring charges, the loss for fiscal year 2002 was $292,000 ($0.01 per diluted share).

"We are pleased to have finished our fiscal year on a positive note having achieved profitability for the second consecutive quarter. We have responded to the dramatic downturn in our industry by reducing our costs and focusing on the opportunities within our target markets," said Shawn Osborne, President and CEO of Ulticom. "With our strong balance sheet, essential signaling products and high-value customers, we believe that Ulticom is well positioned to take market share and to play an expanding role in the evolution to packet networks and wireless data services."

The Company ended the quarter with cash, cash equivalents, and short-term investments of $218,746,000, working capital of $215,946,000, total assets of $237,102,000, and shareholders' equity of $223,152,000.

About Ulticom
Ulticom provides service-enabling signaling software for wireless, wireline, and Internet communications. Ulticom's products are used by leading telecommunication equipment and service providers worldwide to deploy mobility, location, payment, switching and messaging services. Traded on NASDAQ, as ULCM, Ulticom is headquartered in Mount Laurel, NJ with additional offices in the United States, Europe and Asia. For more information visit, http://www.ulticom.com.

Ulticom, Signalware and Programmable Network are trademarks or registered trademarks of Ulticom, Inc.

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