SAN JOSE, Calif., March 29 /PRNewswire/ --
Hybrid Networks Inc. (Nasdaq: HYBR), the worldwide leader in high-capacity MMDS fixed broadband wireless Internet access systems, today reported net sales of $12.9 million for the fourth quarter ended Dec. 31, 2000, compared to $2.6 million for the fourth quarter of 1999, a 396-percent increase. Gross sales for the three months ending Dec. 31, 2000, were $17.6 million. Of the gross sales recognized in the fourth quarter of 2000, $6.6 million, or 38 percent, was attributed to shipments in previous quarters that Sprint accepted during the fourth quarter.
The net loss for the quarter was $5.6 million, or ($0.26) a share, compared to a net loss of $9.8 million, or ($0.88) a share, in the same period a year earlier. Hybrid's net loss for the quarter included $4.7 million in non-cash sales discounts relating to the purchase warrants associated with the shipment of products to Sprint.
For the year ended Dec. 31, 2000, Hybrid reported gross sales of $29.9 million, compared to $13.4 million for fiscal 1999, a 123-percent increase. Net sales for fiscal 2000 were $22.8 million, compared to $13 million for fiscal 1999, a 75-percent increase. Gross sales in 2000 were reduced by a non-cash sales discount of $7.1 million as a result of the vesting in 2000 of the warrants Hybrid issued to Sprint. The net loss for fiscal 2000 was $37.2 million, or ($2.03) a share, compared to a net loss of $22.2 million, or ($2.08) a share, in 1999. Hybrid reported that the net loss for fiscal 2000 included $13.7 million in non-cash sales and marketing expenses related to the vesting of the warrants issued to Sprint.
"Hybrid leads the market with the most fixed broadband wireless deployments worldwide," said Michael D. Greenbaum, president and CEO of Hybrid Networks. "Our field-proven experience enables us to provide our customers with a competitive advantage: more reliable, cost-effective systems. Our recently obtained equity financing permits us to continue developing new technology that answers the public's demand for high-speed Internet access. Hybrid's new near-line-of-sight router, ThruWAVE, dramatically improves system coverage, capacity and scalability and is a significant step in the ongoing evolution of our technology."
A live Webcast of the management team's discussion of fourth-quarter and fiscal year 2000 earnings can be accessed at 10:30 a.m. EST today at http://www.videonewswire.com/HYBRID/032901. A replay of the Webcast will be available until April 30 at the same Web address. An audio replay will be available until April 30 at 800-568-0017, passcode 6291.
About Hybrid Networks
Headquartered in San Jose, Calif., Hybrid Networks Inc. designs, develops, manufactures and markets fixed broadband wireless systems that enable telecommunications companies, wireless systems operators and network providers to offer high-speed Internet access to businesses and residences. Hybrid was first to market with patented two-way wireless products that focus on the MMDS and WCS spectrum in the United States. The company has also deployed systems in the 3.5 GHz band and similar spectrum abroad. Hybrid is a promoting member of the Wireless DSL consortium, an industry association created to establish a common set of open interfaces for products operating in the MMDS and 3.5 GHz bands. The company's customers include Sprint, WorldCom, Look Communications, Thomcast Communications and Andrew Corp. With systems in use in 75 markets across six continents, Hybrid is part of more fixed broadband wireless deployments than all of its competitors combined.
For more information, call 408-323-6252 or visit www.hybrid.com.
Some of the statements in this news release regarding Hybrid Networks Inc. are forward-looking statements, and we caution our stockholders and others that these statements involve certain risks and uncertainties. Factors that may cause actual results to differ from expected results include, but are not limited to, the proposed rollouts not proceeding as currently anticipated, changing plans and circumstances at our significant customers, the impact of evolving industry standards and technological change, our need to raise additional working capital, the effects of competitive products and pricing, economic and political conditions that may impact customers' ability to fund purchases of our products and services, the company's ability to achieve the costs savings anticipated from cost-reduction programs, fluctuations in international exchange rates, the timing of cash payments and receipts, end- use demands for wireless communication services, and other business factors. For information regarding these risks and other related risks, see the "Risk Factors" section of Hybrid's most recent Form 10-K and Form 10-Q on file with the SEC.
HYBRID NETWORKS, INC.
Condensed Statements of Operations
(Amounts in thousands, except per share data)
Three Months Ended Twelve Months Ended
December December December December
31, 31, 31, 31,
2000 1999 2000 1999
Gross Sales $17,562 $2,570 $29,924 $13,423
Sales Discounts (4,666) --- (7,129) (407)
Net sales 12,896 2,570 22,795 13,016
Cost of goods sold 12,485 1,668 23,139 13,341
Gross profit (loss) 411 902 (344) (325)
Operating expenses:
Research and development 1,832 1,060 6,715 4,191
Sales and marketing 798 362 16,491 1,740
General and administrative 3,428 3,401 11,625 7,660
Total operating
expenses 6,058 4,823 34,831 13,591
Profit (loss) from
operations (5,647) (3,921) (35,175) (13,916)
Other, net 13 (5,866) (2,028) (8,276)
Net profit (loss) $(5,634) $(9,787) $(37,203) $(22,192)
Basic and diluted net profit
(loss) per share $(0.26) $(0.88) $(2.03) $(2.08)
Shares used in basic and diluted
per share calculations 21,804 11,082 18,309 10,678
HYBRID NETWORKS, INC.
Condensed Balance Sheets
(Amounts in thousands)
December December
31, 31,
2000 1999
Assets
Cash and cash equivalents $1,878 $13,394
Accounts receivable, net 7,699 1,138
Inventories 7,303 3,755
Other current assets 519 234
Total current assets 17,399 18,521
Property and equipment, net 2,000 2,244
Other assets, net 265 387
Total assets $19,664 $21,152
Liabilities and shareholders'
equity
Current liabilities $11,075 $6,994
Convertible debenture 5,500 5,500
Other long term liabilities 132 18,478
Shareholders' equity 2,957 (9,820)
Total liabilities and
shareholders' equity $19,664 $21,152
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