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Pliant Systems Announces Second Quarter Financial Results RESEARCH TRIANGLE PARK, N.C., Jul 13, 2001 /PRNewswire via COMTEX/ -- Pliant Systems, Inc. (OTC Bulletin Board: PLNS) today announced results for the second quarter ended June 30, 2001. Net revenues for the quarter were $5.7 million, up from $3.9 million in the same period last year. Product sales and contract revenues increased in the current quarter due to sales of the Pliant 3000(TM) Integrated Access Platform and end-of-life orders for older products. Services revenues decreased by $0.95 million to $1.7 million in the current quarter due to the completion of all but one project letter for the Lucent Anymedia Research & Development contract. The company also received a $1.6 million one-time payment in April from a legacy product customer for completion of a licensing fee agreement. The company reported a first quarter net loss of $6.5 million or $(0.47) per share, compared to a net loss of $9.6 million or $(0.71) per share for the same period in 2000. The reduced net loss was due primarily to the one time license payment of $1.6 million and the restructuring and cost reduction activities, primarily the reduction of the workforce by 140 employees on April 30, 2001. The quarterly loss was also impacted by financial and legal advisory fees and other costs and charges associated with the Company`s unsuccessful efforts to restructure its debt as well as the filing of a voluntary petition under Chapter 11 of Title 11 of the United States Code. Net revenues for the six months ended June 30, 2001 increased to $14.7 million compared with $10.5 million for the same period last year. The current period results reflect the one-time payment of a $1.6 million license fee from a legacy product customer. Product revenues increased in the current period due to sales of the Pliant 3000(TM) Integrated Access Platform and end- of-life orders for older products. The company reported a net loss of $14.6 million or $(1.06) per share, compared to a net loss of $16.3 million or $(1.20) per share for the same period in 2000. The net loss for 2001 reflects the reduced operating expenses associated with the April 30th restructuring and cost reduction activities as well as the advisory fees and other costs associated with the Chapter 11 filing on May 1st. On May 1, 2001, Pliant Systems Inc. filed a voluntary petition under Chapter 11 of the United States Bankruptcy Code. The company has continued to operate the business and manage its assets as a debtor in possession and no trustee or examiner has been appointed in the case. The company sought Chapter 11 protection in order to facilitate an orderly sale of its business and assets to a third party. The company announced on July 6, 2001 that it has agreed in principal to sell substantially all of its assets to mPhase Technologies Inc. (OTC Bulletin Board: XDSL), subject to the negotiation and completion of final documentation and the approval by the United States Bankruptcy Court for the Eastern District of North Carolina. mPhase is a leading designer of broadcast digital television and high-speed data solutions for the telecommunications industry. The proposed transaction`s purchase price is approximately $3.6 million. About Pliant Systems Pliant Systems Inc. designs, manufactures and markets integrated multi- service access platforms for the telecommunications industry. The company provides competitive local exchange carriers and incumbent local exchange carriers with integrated access systems capable of delivering voice, data and video services over diverse network topologies. The company`s primary product, the Pliant 3000 Integrated Access Platform, is designed to relieve the strain on digital loop carrier systems caused by the Internet explosion, utilizing a distributed architecture to deliver traditional telephony and merging high-bandwidth services deep into the access network. The company`s web site is www.pliantsystems.com. This release may contain forward-looking statements about the company`s performance. Forward-looking statements contained in this release include statements about the Pliant 3000 and legacy product sales, cost reduction activities, sales of the company`s assets, the sales price, the timing of approval by the Bankruptcy Court and the closing of the sale. However, the outcome of forward-looking statements are beyond the ability of the company to control and in many cases could cause actual results to differ materially from those indicated by the forward-looking statements. The company`s Form 10-K, 10-Qs and other documents on file with the Securities and Exchange Commission identify important factors that could cause actual results to differ materially from those indicated by forward-looking statements. The company undertakes no obligation to update any forward-looking statements as a result of new information, future events or otherwise, unless required by law. PLIANT SYSTEMS, INC. STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended Six Months Ended June 30 June 30 (In thousands except per share amounts) 2001 2000 2001 2000 Revenues: Product sales and contract revenue $ 2,359 $ 1,288 $ 6,424 $ 2,846 Services revenue 1,700 2,649 6,648 7,685 License agreement 1,600 -- 1,600 -- Net revenues 5,659 3,937 14,672 10,531 Costs and expenses: Cost of sales 3,226 1,707 8,104 4,698 Research and development 3,350 7,497 9,796 13,692 Selling, general and administrative 4,030 3,605 7,834 7,132 Total costs and expenses 10,606 12,809 25,734 25,522 Loss from operations (4,947) (8,872) (11,062) (14,991) Other income and (expense): Net interest income (expense) (742) (773) (1,993) (1,356) Other (expense) (825) -- (1,590) -- Total other income (expense) (1,567) (773) (3,583) (1,356) Net loss $ (6,514) $(9,645) $(14,645) $(16,347) Net loss per share $ (0.47) $ (0.71) $ (1.06) $ (1.20) Average number of shares used in per share calculations 13,815 13,642 13,780 13,621 PLIANT SYSTEMS, INC. BALANCE SHEETS June 30 December 31 2001 2000 (In thousands ) (Unaudited) (Audited) Assets Current assets: Cash and short-term investments $ 8,184 $ 25,569 Restricted cash 400 400 Accounts receivable trade, net 1,455 5,185 Inventories 8,077 4,514 Prepaid and other current assets 1,284 908 Total current assets 19,400 36,576 Furniture, fixtures and equipment 26,535 25,234 Accumulated depreciation and amortization (20,247) (18,517) Net furniture, fixtures and equipment 6,288 6,717 Deferred debt issuance costs -- 283 Other noncurrent assets 1,708 2,134 Total assets $ 27,396 $ 45,710 Liabilities and stockholders` deficit Current liabilities: Accounts payable $ 4,335 $ 5,309 Accrued expenses 3,853 4,102 Convertible debt 115,000 115,000 Deferred revenue and other 732 3,314 Total current liabilities 123,920 127,725 Stockholders` deficit: Common stock and additional paid-in capital 157,085 156,949 Accumulated deficit (253,609) (238,964) Total stockholders` deficit (96,524) (82,015) Total liabilities and stockholders` deficit $ 27,396 $ 45,710 PLIANT SYSTEMS, INC. STATEMENTS OF OPERATIONS (Unaudited) 2001 (In thousands except per share amounts) 1st Quarter 2nd Quarter Year To Date Revenues: Product sales and contract revenues $ 4,065 $ 2,359 $ 6,424 Services revenue 4,948 1,700 6,648 License agreement -- 1,600 1,600 9,013 5,659 14,672 Costs and expenses: Cost of sales 4,878 3,226 8,104 Research and development 6,446 3,350 9,796 Selling, general and administrative 3,804 4,030 7,834 15,128 10,606 25,734 Loss from operations (6,115) (4,947) (11,062) Other income and (expense): Net interest income (expense) (1,251) (742) (1,993) Other (expense) (765) (825) (1,590) Total other income (expense) (2,016) (1,567) (3,583) Net loss $ (8,131) $ (6,514) $(14,645) Net loss per share $ (0.59) $ (0.47) $ (1.06) Average number of shares used in per share calculations 13,773 13,815 13,780 MAKE YOUR OPINION COUNT - Click Here http://tbutton.prnewswire.com/prn/11690X53428894 SOURCE Pliant Systems Inc. CONTACT: John Autrey, CFO of Pliant Systems Inc., 919-405-4780 URL: http://www.pliantsystems.com http://www.prnewswire.com Copyright (C) 2001 PR Newswire. All rights reserved. -0- KEYWORD: North Carolina INDUSTRY KEYWORD: TLS OTC SUBJECT CODE: ERN Mfg MH |
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