7/18/2003 - Interphase Corporation (NASDAQ: INPH) reported financial results for its second quarter ended June 30, 2003. Revenues for the quarter increased 22% to $7.4 million, versus $6.0 million in the second quarter of 2002. Telecom controller revenue, our predominant product line, rose 35% over the same quarter last year and represented 52% of second quarter revenue. The company recorded a net loss of $521,000 in the second quarter; an improvement of nearly one million dollars compared to the prior year’s second quarter net loss of $1.5 million, and on a per share basis, the net loss was $(0.09) in the current quarter versus $(0.27) in last year’s second quarter.
Sequential revenues were down from $7.5 million to $7.4 million, but our core product revenue rose for the fourth consecutive quarter and was up 5% in the quarter from $7.0 million in the first quarter. Total first quarter 2003 revenue of $7.5 million included $500,000 of software services revenue, a milestone contract for Interphase that did not recur in the second quarter. Sequentially, the bottom line improved $300,000, representing a $.06 improvement on a per share basis.
On a year to date basis, revenues have grown 21% over the prior year’s first half to $14.9 million versus $12.3 million in the first half of 2002. For the first six months of 2003, the net loss was $1.3 million or $(0.24) per share, versus a net loss of $2.1 million or $(.37) per share in the first half of 2002. With sequentially improving income statement performance, the Company was able to increase its balance of cash and securities by $473,000 during the quarter to $17.7 million.
“Our 2Q revenues grew 22% year over year, and our core product lines grew for the fourth consecutive quarter, resulting in a bottom line improvement on a sequential basis of $300,000. I couldn’t be more pleased with the progress this team has made,” stated Greg Kalush, President and Chief Executive Officer. “Design wins are beginning to turn into revenue as our customers urgently are coming to market with next generation solutions including our T1/E1/J1 controllers … and our Asian sales are contributing to our second quarter/first half success. We continue to invest our R&D in high growth markets, prudently managing our balance sheet, while aggressively marketing our industry-leading telecommunications and enterprise products to new and existing customers. For instance, today’s introduction of our iNavä appliance product family, a totally new breed of box-level telecommunications gateways, demonstrates our ability to create new product solutions that meet the market’s demand for flexible, more efficient and less costly I/O. With the progress we have achieved in market acceptance, fiscal responsibility and key product revenue growth, we are confident we can maintain our positive revenue trend and return to profitability.”
About Interphase Corporation
Interphase enables rapid platform design and integration for the global voice and data communications markets through custom and off-the-shelf communications equipment, embedded software development suites, and systems integration and consulting services for telecom and enterprise networks. The company's products connect computer and telecommunication servers to Wide Area Networks (WANs), Local Area Networks (LANs) and Storage Area Networks (SANs) using Asynchronous Transfer Mode (ATM), Ethernet, Signaling System 7 (SS7), IP, Fibre Channel, HDLC, Frame Relay, and Integrated Services Digital Network (ISDN) technologies. Headquartered in Plano, Texas with offices across the United States, Paris, Munich, Helsinki, Beijing, and Bangkok, Interphase 2002 revenues were $25.1 million. Clients include Lucent Technologies, Nortel Networks, Ericsson, Hewlett-Packard, Alcatel, IBM, Motorola, Fujitsu, Lockheed Martin, and Raytheon. Additional information about Interphase and its products is available through the company’s web site at www.interphase.com.
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