7/18/2003 - RadiSys Corporation (Nasdaq: RSYS), a leading global provider of embedded systems, reported revenues of $48.9 million for the quarter ended June 30, 2003, a 1% increase from $48.4 million last quarter, and down 6% versus the same period a year ago. Net income for the quarter was $1.8 million, or $.10 per diluted share, versus a net loss of $4.2 million or $.24 per share last quarter, and a net loss of $3.1 million, or $.18 per share, a year ago.
"The results for the quarter are a testament to the dedication of our team in returning the Company to profitability," stated Scott Grout, CEO. "We grew our revenue sequentially in the quarter and delivered our strongest earnings performance in over two years, while generating over $4 million in cash flow. We also continued to diversify our revenue base. Design wins this quarter include solutions for products such as: wireless security switches, clinical diagnostic systems, security monitoring systems, medical imaging systems, and test and measurement systems."
RadiSys achieved nine new design wins in the quarter. A design win is defined by RadiSys as a project estimated at the time of the design win to produce more than $500 thousand in revenue per year assuming full production. Three of the wins are estimated to produce more than $2 million each in revenue per year, assuming full production. Of the nine wins, seven are in Commercial Systems, one is in Enterprise Systems and one is in Service Provider Systems. Design wins that ramp into production do so at varying rates, on average the ramp begins about twelve months after the win occurs.
RadiSys is also pleased to announce that Kevin C. Melia has been elected to serve on the RadiSys Board of Directors effective July 15, 2003. Mr. Melia is currently Chairman of the Board of Lightbridge Corporation, a global enabler of mobile and online business solutions and Iona Technologies, a leading middleware software company. He is also a member of the Board of Directors of Horizon Technologies, a European systems integration and distribution company. Most recently, he was the Co-Founder, Chairman and CEO of Manufacturers' Services Ltd. (MSL), a leading company in the Electronics Manufacturing Services Industry. Prior to establishing MSL, he held a number of senior executive positions over a five-year period at Sun Microsystems, initially as their Executive Vice President of Operations, then as President of Sun Microsystems Computer Company, a Sun Microsystems subsidiary, and finally as CFO of Sun Microsystems Corporation. Mr. Melia also held a number of senior executive positions in operations and finance over a sixteen-year career at Digital Equipment Corporation. Mr. Melia is a Chartered Accountant and holds a joint diploma in Management Accounting from the Accounting Institutes of the U.K and Ireland.
"We are very pleased to have Kevin join our board," said Scott Grout, President and CEO of RadiSys. "Kevin's deep experience and knowledge in enterprise systems, global operations, corporate finance and in pioneering new customer-focused business models will be of significant value in guiding RadiSys growth."
The following statements are based on current expectations. These statements are forward-looking, and actual results may differ materially.
Commenting on the outlook, Scott Grout, CEO, said "We currently expect revenue and earnings for the third quarter to be similar to that of our second quarter."
"We are pleased with the results for the quarter and the progress we've made. The goal of the Company will continue to be profitable growth, while spending significant resources on both design wins and standard products that are aligned with our three strategic markets."
RadiSys will provide more details about second quarter results and current outlook during a conference call scheduled for 5 PM Eastern Time today. The public is invited to participate in the conference call by either calling 1-800-362-0571, password is RadiSys, or listening via live audio webcast on the RadiSys web-site at www.radisys.com. Replays of the call will be available through September 9, 2003 at 1-888-566-0186 or via audio webcast at www.radisys.com.
RadiSys is a leading global provider of embedded solutions to the Commercial Systems, Enterprise Systems, and Service Provider Systems markets. RadiSys focuses on industry-leading architecture while working in a close "virtual division" relationship with its customers -- improving their time-to-market advantage and reducing cost. The broad range of RadiSys product offerings include board-level embedded computers; blade servers; motherboards; network interfaces and packet processing engines; communications middleware and software such as SS7/IP internetworking and protocol stacks; platforms based on PCI, CompactPCI, CompactPCI 2.16 and ATCA; turnkey gateway systems and professional services.
For more information, contact RadiSys at email@example.com or call 800-950-0044 or 503-615-1100. For press information only: Lyn Pangares, RadiSys Corporation, 503-615-1220.
RadiSys is a registered trademark.
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