DGAP-News: OPNET Announces Financial Results for the Second Quarter of Fiscal 2013
(firmenpresse) - OPNET Technologies, Inc.
29.10.2012 13:52
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BETHESDA, Md., 2012-10-29 13:51 CET (GLOBE NEWSWIRE) --
OPNET Technologies, Inc. (Nasdaq:OPNT), the leading provider of solutions for
application and network performance management, today announced that revenue
for the second fiscal quarter, ended September 30, 2012, was $47.1 million.
GAAP diluted earnings per share for the second quarter of fiscal 2013 were
$0.17.
Non-GAAP diluted earnings per share for the second quarter of fiscal 2013 were
$0.22. Non-GAAP results exclude the income statement effects of stock-based
compensation and acquisition-related amortization of intangible assets. A
reconciliation of non-GAAP results to GAAP results has been provided in the
financial statement table following the text of the press release. For further
information, please refer to the section of this press release titled 'Use of
Non-GAAP Measures.'
Separately, the company today announced that OPNET has signed a definitive
agreement to be acquired by Riverbed Technology. Additional information about
this transaction is available at the following link:
http://www.riverbed.com/us/company/news/press_releases/2012/press_102912.php.
As a result of this agreement OPNET will not conduct the investor conference
call previously scheduled for Wednesday, November 7, 2012 at 5:00 p.m. Eastern
Time to review financial results for the second quarter of fiscal 2013.
Use of Non-GAAP Measures
OPNET uses a variety of financial measures that are not in accordance with
generally accepted accounting principles, or GAAP, as supplemental measures to
GAAP to evaluate its operational performance. These financial measures, which
include non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net
income per common share, exclude the impact of certain items and, therefore,
have not been calculated in accordance with GAAP. A detailed explanation of
each of the adjustments to such financial measures is described below. A
reconciliation of each of these non-GAAP financial measures to its most
comparable GAAP financial measure is also included below. Non-GAAP gross margin
is non-GAAP gross profit expressed as a percentage of GAAP total revenue.
Non-GAAP operating margin is non-GAAP operating income expressed as a
percentage of GAAP total revenue.
Management uses non-GAAP financial measures (a) to evaluate OPNET's historical
and prospective financial performance as well as its performance relative to
its competitors, and (b) to measure operational profitability and the accuracy
of forecasting. In addition, many financial analysts who follow OPNET focus on
and publish both historical results and future projections based on non-GAAP
financial measures. OPNET believes that it is in the best interest of its
investors to provide this information to analysts so that they accurately
report the non-GAAP financial information. Moreover, investors have
historically requested these non-GAAP financial measures as a means of
providing consistent and comparable information with past reports of financial
results.
While management believes that these non-GAAP financial measures provide useful
supplemental information to investors, there are limitations associated with
the use of these non-GAAP financial measures. These non-GAAP financial measures
are not prepared in accordance with GAAP, are not reported by all of OPNET's
competitors and may not be directly comparable to similarly titled measures of
OPNET's competitors due to potential differences in the exact method of
calculation. OPNET compensates for these limitations by using these non-GAAP
financial measures only as supplements to GAAP financial measures and by
providing the reconciliations of the non-GAAP financial measures to their most
comparable GAAP financial measures.
The adjustments we use to derive these non-GAAP financial measures, and the
basis for such adjustments, are outlined below:
Amortization of intangibles and its related tax impact. OPNET incurs
amortization of intangibles related to various acquisitions it has made in
recent years. This amortization is included in the following line items of its
GAAP presentation:
-- cost of revenue -- amortization of acquired technology and customer
relationships
-- operating expenses -- research and development
Management excludes these expenses and their related tax impact for the purpose
of calculating non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net
income per common share when it evaluates the continuing operational
performance of OPNET because these costs are fixed at the time of an
acquisition, are then amortized over a period of three to five years after the
acquisition and generally cannot be changed or influenced by management after
the acquisition. Accordingly, management does not consider these expenses for
purposes of evaluating the performance of OPNET during the applicable time
period after a given acquisition, and it excludes such expenses when evaluating
OPNET's financial performance.
Stock-based compensation expense and its related tax impact. OPNET incurs
expense related to stock-based compensation, which is included in the following
line items of its GAAP presentation:
-- cost of revenue -- product updates, technical support and services
-- cost of revenue -- professional services
-- operating expenses -- research and development
-- operating expenses -- sales and marketing
-- operating expenses -- general and administrative
Although stock-based compensation is an expense of OPNET and is viewed as a
form of compensation, management excludes these expenses for the purpose of
calculating non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating
income, non-GAAP operating margin, non-GAAP net income and non-GAAP diluted net
income per common share when it evaluates the continuing operational
performance of OPNET. Specifically, OPNET excludes stock-based compensation
during its quarterly and annual assessments of OPNET's and management's
performance. In evaluating the performance of senior management, stock-based
compensation is excluded from expenditure and profitability results.
Diluted weighted average common shares outstanding. Non-GAAP diluted net income
per common share reflects the elimination of amortization of intangibles,
stock-based compensation expense and the related tax impacts, all as discussed
above. In addition, in cases in which the non-GAAP net income changes from
negative to positive when compared to the GAAP net income, or vice versa, the
non-GAAP per-share calculation also gives effect to an adjustment to the number
of diluted weighted average common shares outstanding reflecting the
application of the treasury method and the fact that shares previously
considered anti-dilutive would now be considered dilutive, or vice versa.
Additional Information and Where to Find It
The exchange offer for the outstanding common stock of OPNET Technologies, Inc.
('OPNET') referred to in this press release has not yet commenced. This
announcement is neither an offer to purchase nor a solicitation of an offer to
sell shares of OPNET. OPNET stockholders are urged to read the relevant
exchange offer documents when they become available because they will contain
important information that stockholders should consider before making any
decision regarding tendering their shares. At the time the offer is commenced,
Riverbed Technology, Inc. ('Riverbed') will file exchange offer materials with
the U.S. Securities and Exchange Commission and OPNET will file a
Solicitation/Recommendation Statement with respect to the offer. The exchange
offer materials (including a Prospectus and certain other offer documents) and
the Solicitation/Recommendation Statement will contain important information,
which should be read carefully before any decision is made with respect to the
exchange offer. The Prospectus and certain other offer documents, as well as
the Solicitation/Recommendation Statement, will be made available to all
shareholders of OPNET at no expense to them. The exchange offer materials and
the Solicitation/Recommendation Statement will be made available for free at
the Securities and Exchange Commission's web site at www.sec.gov. Free copies
of the Offer to Purchase, the related Letter of Transmittal and certain other
offering documents will be made available by Riverbed by mail to Riverbed
Technologies, Inc., 199 Fremont Street, San Francisco, CA 94105, attention:
Investor Relations, and free copies of the Solicitation/Recommendation
Statement will be made available by OPNET by mail to OPNET Technologies, Inc.,
7255 Woodmont Avenue, Bethesda, Maryland 20814-7900, attention: Investor
Relations.
Interests of Certain Persons in the Offer and the Merger
Riverbed will be, and certain other persons may be, soliciting OPNET
stockholders to tender their shares into the exchange offer. The directors and
executive officers of Riverbed and the directors and executive officers of
OPNET may be deemed to be participants in Riverbed's solicitation of OPNET's
stockholders to tender their shares into the exchange offer.
Investors and shareholders may obtain more detailed information regarding the
names, affiliations and interests of the directors and officers of Riverbed and
OPNET in the exchange offer by reading the Prospectus and certain other offer
documents, as well as the Solicitation/Recommendation Statement, when they
become available.
About OPNET Technologies, Inc.
Founded in 1986, OPNET Technologies, Inc. (Nasdaq:OPNT) is the leading provider
of solutions for application and network performance management. For more
information about OPNET and its products, visit www.opnet.com.
OPNET and OPNET Technologies, Inc. are trademarks of OPNET Technologies, Inc.
All other trademarks are the property of their respective owners.
Statements in this press release that are not purely historical facts may
constitute forward-looking statements as defined in the Private Securities
Litigation Reform Act of 1995. OPNET Technologies, Inc. ('OPNET') assumes no
obligation to update such statements. Forward-looking statements are
predictions based upon information available to OPNET as of the date of this
press release and involve risks and uncertainties; therefore, actual events or
results may differ materially. Factors that may cause OPNET's actual results,
levels of activity, performance or achievements to be materially different from
any future results, levels of activity, performance or achievements expressed
or implied by such forward-looking statements include, among others, those
factors listed under the caption 'Risk Factors' in OPNET's Annual Report on
Form 10-K for the fiscal year ended March 31, 2012, as filed with the
Securities and Exchange Commission on June 8, 2012, as updated from time to
time in subsequent SEC filings. The risk factors set forth in the Company's
Form 10-K under the caption 'Risk Factors,' as updated from time to time in
subsequent SEC filings, are specifically incorporated by reference into this
press release. The Company undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.
Note to editors: The word OPNET is spelled with all upper-case letters.OPNET TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
September 30, September 30,
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2012 2011 2012 2011
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Revenue:
Product $ 21,996 $ 20,599 $ 42,115 $ 40,028
Product updates, technical support, and 17,953 15,413 35,004 30,105
services
Professional services 7,111 5,909 13,972 12,035
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Total revenue 47,060 41,921 91,091 82,168
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Cost of revenue:
Product 3,794 3,928 6,734 6,399
Product updates, technical support, and 1,667 1,380 3,311 2,827
services
Professional services 4,786 3,751 9,360 7,617
Amortization of acquired technology and 800 537 1,418 1,076
customer relationships
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Total cost of revenue 11,047 9,596 20,823 17,919
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Gross profit 36,013 32,325 70,268 64,249
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Operating expenses:
Research and development 10,986 9,088 21,346 18,330
Sales and marketing 15,236 13,471 29,458 26,070
General and administrative 3,695 2,504 7,179 6,293
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Total operating expenses 29,917 25,063 57,983 50,693
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Income from operations 6,096 7,262 12,285 13,556
Interest and other expense, net 34 -- 44 (59)
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Income before provision for income taxes 6,130 7,262 12,329 13,497
Provision for income taxes 2,275 2,476 4,681 4,522
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Net income $ 3,855 $4,786 $ 7,648 $ 8,975
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Basic net income per common share $ 0.17 $ 0.21 $ 0.33 $ 0.40
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Diluted net income per common share $ 0.17 $ 0.21 $ 0.33 $ 0.39
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Basic weighted average common shares 22,642 22,240 22,528 22,149
outstanding
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Diluted weighted average common shares 22,924 22,687 22,843 22,646
outstanding
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OPNET TECHNOLOGIES, INC.
RECONCILIATION OF NON-GAAP RESULTS TO GAAP RESULTS
(in thousands, except per share data)
(unaudited)
Three Months Ended Three
September 30, Months
Ended
June 30,
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2012 2011 2012
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GAAP gross profit $ 36,013 $ 32,325 $ 34,255
Stock-based compensation expense included in cost 50 27 43
of revenue
Amortization of intangibles included in cost of 800 537 618
revenue
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Non-GAAP gross profit $ 36,863 $ 32,889 $ 34,916
=============================
GAAP income from operations $ 6,096 $ 7,262 $ 6,189
Stock-based compensation expense - total 1,381 606 987
(included in cost of revenue and in operating
expenses)
Amortization of intangibles - total (included in 825 562 643
cost of revenue and in research and development
expenses)
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Non-GAAP income from operations $ 8,302 $ 8,430 $ 7,819
=============================
GAAP net income $ 3,855 $ 4,786 $ 3,794
Stock-based compensation expense - total 1,381 606 987
Amortization of intangibles - total 825 562 643
Provision for income tax (1) (861) (456) (635)
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Non-GAAP net income $ 5,200 $ 5,498 $ 4,789
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Diluted net income per common share:
GAAP $ 0.17 $ 0.21 $ 0.16
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Non-GAAP $ 0.22 $ 0.24 $ 0.21
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Diluted weighted average common shares outstanding
GAAP 22,924 22,687 22,781
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Non-GAAP 22,924 22,687 22,781
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(1) Reflects the tax effect of non-GAAP adjustments above at the statutory rate
of 39% based on projected taxable income.
OPNET TECHNOLOGIES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except per share data)
(unaudited)
September March 31,
30,
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2012 2012
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ASSETS
Current assets:
Cash and cash equivalents $ 54,736 $ 72,357
Marketable securities 39,862 38,975
Accounts receivable, net 41,073 40,787
Unbilled accounts receivable 2,710 1,864
Inventory 1,286 1,704
Deferred income taxes, prepaid expenses and other 13,571 5,084
current assets
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Total current assets 153,238 160,771
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Property and equipment, net 16,227 13,936
Intangible assets, net 7,001 2,970
Goodwill 22,416 15,406
Deferred income taxes and other assets 5,930 5,182
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Total assets $ 204,812 $ 198,265
========================
LIABILITIES AND STOCKHOLDERS' EQUITYCurrent liabilities:
Accounts payable $ 1,533 $ 1,175
Accrued liabilities 16,986 17,717
Other income taxes 1,163 754
Deferred rent 225 222
Deferred revenue 46,301 47,909
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Total current liabilities 66,208 67,777
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Accrued liabilities 44 9
Deferred rent 3,655 2,745
Deferred revenue 6,799 6,950
Other income taxes 811 790
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Total liabilities 77,517 78,271
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Stockholders' equity:
Common stock 31 30
Additional paid-in capital 136,393 129,439
Retained earnings 14,478 13,748
Accumulated other comprehensive loss (1,245) (995)
Treasury stock, at cost (22,362) (22,228)
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Total stockholders' equity 127,295 119,994
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Total liabilities and stockholders' equity $ 204,812 $ 198,265
========================
CONTACT: OPNET Media Contact:
Sue Cole
OPNET Technologies, Inc.
(919) 461-2445
Media(at)opnet.com
www.opnet.com
OPNET Investor Relations:
Mel Wesley
OPNET Technologies, Inc.
(240) 497-3000
ir(at)opnet.com
www.opnet.com
News Source: NASDAQ OMX
29.10.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: OPNET Technologies, Inc.
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: US6837571081
WKN:
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