Business Services Industry
Path 1 Network Technologies Reports Second Quarter 2005 Financial Results
Business Wire, August 10, 2005
Path 1 Network Technologies Inc.
Consolidated Balance Sheets
(in thousands, except shares data)
June 30, December 31,
2005 2004
(unaudited) (audited)
------------- ------------
ASSETS
Current assets
Cash and cash equivalents $2,852 $929
Accounts receivable, net 985 810
Inventory 312 541
Other current assets 238 468
------------ -----------
Total current assets 4,387 2,748
------------ -----------
Property and equipment, net 299 352
Issuance costs for debt and
mandatorily-redeemable
preferred stock, net 535 4
Other assets 133 60
------------ -----------
Total assets $5,354 $3,164
============ ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable and accrued
liabilities $630 $752
Accrued compensation and benefits 129 176
Deferred revenue 104 256
Current portion of leases payable 11 21
Current portion of notes payable 0 78
------------ -----------
Total current liabilities 874 1,283
------------ -----------
Mandatorily-redeemable preferred
shares 2,071 0
------------ -----------
Total liabilities 2,945 1,283
------------ -----------
Stockholders' equity
Preferred stock, $0.001 par value;
10,000,000 shares authorized; 1,656,535
and nil shares issued and outstanding
at June 30, 2005 and December 31, 2004,
respectively 2 0
Common stock, $0.001 par value;
40,000,000 shares authorized;
6,931,604 and 6,820,606 shares issued
and outstanding at June 30, 2005, and
December 31, 2004, respectively;
2,777 shares held in treasury at June
30, 2005, and December 31, 2004 7 7
Additional paid in capital 52,678 48,743
Deferred compensation (550) (1,357)
Accumulated deficit 49,728) (45,512)
----------- ----------
Total stockholders' equity 2,409 1,881
----------- ----------
Total liabilities and stockholders' equity $5,354 $3,164
=========== ==========
Path 1 Network Technologies Inc.
Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
Three Months Six Months
Ended Ended
June 30, June 30,
---------------------------------
2005 2004 2005 2004
Revenues
Product Revenue $1,139 $1,508 $1,968 $1,859
License Revenue 0 0 0 20
Contract Revenue 0 0 16 0
Royalty Revenue 2 1 6 1
Services Revenue 0 0 3 0
Other Revenues 1 0 13 18
---------------------------------
Total revenues 1,142 1,509 2,006 1,898
---------------------------------
Cost of revenues
Cost of product sales 507 1,222 773 1,595
---------------------------------
Gross profit 635 287 1,233 303
---------------------------------
Operating expenses
Engineering research and
development 1,065 526 2,005 1,006
Sales and marketing 636 681 1,444 1,844
General and administrative 408 733 755 1,909
Stock-based compensation 892 272 892 272
---------------------------------
Total operating expense 3,001 2,212 5,096 5,031
---------------------------------
Operating loss (2,366) (1,925) (3,863) (4,728)
Other expense
Interest expense, net (167) (20) (255) (50)
Other expense (1) 0 (4) (3)
---------------------------------
Total other expense (168) (20) (259) (53)
---------------------------------
---------------------------------
Net loss ($2,534)($1,945) ($4,122)($4,781)
---------------------------------
Accumulated preferred dividends (94) 0 (94) 0
---------------------------------
Net loss available to common
shareholders ($2,628)($1,945) ($4,216)($4,781)
=================================
Net loss per share ($0.38) ($0.29) ($0.61) ($0.72)
=================================
Weighted average shares used in loss
per share calculation 6,898 6,684 6,891 6,684
Path 1 Network Technologies Inc.
Reconciliation of GAAP To Non-GAAP Net Loss
(in thousands, except per share amounts)
(unaudited)
The information below is not intended to be considered in isolation or
as a substitute for results computed under GAAP, and is not
necessarily comparable to non-GAAP results published by other
companies.
Three Months Ended Six Months Ended
30-Jun-05 30-Jun-04 30-Jun-05 30-Jun-04
-----------------------------------------
GAAP Net Loss ($2,628) ($1,945) ($4,216) ($4,781)
Less: Items Charged to
Operating Expense
Stock-Based Compensation 892 272 892 272
---------- --------- --------- ---------
Non-GAAP Net Loss ($1,736) ($1,673) ($3,324) ($4,509)
========== ========= ========= =========
Net Loss per share
GAAP ($0.38) ($0.29) ($0.61) ($0.72)
Non-GAAP ($0.25) ($0.25) ($0.48) ($0.67)
COPYRIGHT 2005 Business Wire
COPYRIGHT 2008 Gale, Cengage Learning
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