9/10/2003 - Ulticom, Inc. (NASDAQ: ULCM), a leading provider of service enabling signaling software for wireless, wireline, and Internet communications, announced financial results for the second quarter of fiscal year 2003, ended July 31, 2003.
For the quarter, Ulticom had sales of $9,434,000, an increase of 55% over sales of $6,103,000 in the second quarter of fiscal year 2002. Sales increased approximately 3% sequentially, compared with $9,129,000 for the first quarter of fiscal year 2003. The Company posted net income on a generally accepted accounting principles ("GAAP") basis for the quarter of $1,273,000 ($0.03 per diluted share) compared to a net loss of $2,094,000 ($0.05 per share) for the second quarter of fiscal 2002 and net income of $981,000 ($0.02 per diluted share) for the first quarter of fiscal year 2003. The GAAP results for the second quarter of fiscal 2003 included a credit of $233,000 resulting from the reversal of a previously taken workforce reduction and restructuring charge. The GAAP results for the second quarter of fiscal 2002 included a charge of $2,290,000 related to the Company's workforce reduction and restructuring plan. Excluding these credits and charges, on a pro forma basis, the net income was $1,119,000 ($0.03 per diluted share) in the second quarter of fiscal 2003 and the net loss was $651,000 ($0.02 per share) in the second quarter of fiscal 2002.
While capital expenditures on telecommunications equipment remains weak, Ulticom continues to benefit from targeted spending on services that carriers view as vital for revenue growth and operational efficiency," said Shawn Osborne, President and CEO of Ulticom. "The utility of our products and diversity of their application has allowed us to deliver increased results over the last four quarters as carriers shift investments among Ulticom's five key market segments. With wireless services and packet networking as our strategic guideposts, we believe that Ulticom is well positioned to take advantage of the eventual recovery and next growth cycle in our industry."
The Company ended the quarter with cash, cash equivalents, and short-term investments of $219,197,000, working capital of $219,397,000, total assets of $238,983,000, and shareholders' equity of $225,422,000.
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.
Conference Call Information
The Company will be conducting a conference call to discuss results for the second quarter fiscal year 2003 on Monday, September 8, 2003 at 4:30 p.m. EDT. The dial-in number is 973-582-2732 and the conference ID number is 4151981. A live webcast of the call will be available by visiting the Ulticom website at www.ulticom.com. The web cast will be archived on the Ulticom website and available for replay for 7 days. A digital replay of the call will be available for 72 hours, the replay dial-in number is 877-519-4471, and the replay PIN number is 4151981.
Ulticom, Signalware and Programmable Network are trademarks or registered trademarks of Ulticom, Inc.
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