Excluding this charge, the Company's net income was approximately $3.0 million, or $0.06 per share on a basic and fully-diluted basis, in the second quarter of 2005, and, for the six months ended June 30, 2005, the Company's net income was approximately $4.5 million, or $0.10 per share on a basic and fully-diluted basis.
Gross margin in the second quarter was 54% compared to 58% in the second quarter of 2004. Excluding the UPlink(R) charge, gross margin was 63% for the quarter. The adjusted gross margin was positively affected by more efficient utilization of the Company's manufacturing capacity.
Operating expenses for the second quarter of 2005 increased to approximately $8.5 million from approximately $7.7 million in the comparable period in 2004. This increase was primarily attributable to increased charges for non-cash stock-based compensation and higher staffing related charges in both the sales and marketing and general and administrative areas, partially offset by a reduction in research and development expenses. Operating expenses for the six months ended June 30, 2005 were $16.7 million, compared to $15.3 million for the comparable period in 2004.
Cash, cash equivalents and short-term investments totaled approximately $71.5 million and working capital equaled approximately $74.8 million at June 30, 2005, compared to approximately $66.7 million and $68.9 million, respectively, at December 31, 2004.
Cash flow from operations was approximately $4.3 million for the second quarter of 2005, up substantially from the $1.7 million reported for the second quarter of 2004. Cash flow from operations for the six months ended June 30, 2005 was $4.8 million, compared to $1.9 million for the comparable period in 2004.
Condensed Financial Data
(In thousands, except per-share
data and percentages)
Unaudited
Three months ended Six months ended
June 30, June 30,
----------------- -----------------
2005 2004 2005 2004
-------- -------- -------- --------
Results of Operations
Revenues $17,430 $13,215 $33,258 $25,623
Cost of products sold 7,970 5,525 14,340 10,715
-------- -------- -------- --------
Gross profit 9,460 7,690 18,918 14,908
Operating expenses:
Research and development 1,254 1,514 2,453 3,281
Sales and marketing 4,456 3,781 8,324 7,431
General and administrative 2,788 2,446 5,964 4,572
-------- -------- -------- --------
Total operating expenses 8,498 7,741 16,741 15,284
-------- -------- -------- --------
Operating income (loss) 962 (51) 2,177 (376)
Other income, net 481 193 827 356
-------- -------- -------- --------
Net income (loss) $1,443 $142 $3,004 $(20)
======== ======== ======== ========
Basic and diluted earnings
(loss) per share $0.03 $0.00 $0.07 $(0.00)
======== ======== ======== ========
Weighted average shares:
Basic 44,784 44,465 44,715 44,368
======== ======== ======== ========
Diluted 45,872 45,334 45,475 44,368
======== ======== ======== ========
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