DALLAS, Nov. 2 /PRNewswire-FirstCall/ -- Somera Communications
(NASDAQ:SMRA), a global provider of telecommunications equipment,
asset management, and recovery services, today announced financial
results for the quarter ended September 30, 2005. Total revenue for
the third quarter of 2005 was $21.8 million, compared with $18.7
million in the second quarter of 2005. This also compares with
$22.7 million in the third quarter of 2004. Net loss was $4.2
million, or ($0.08) per share, for the third quarter of 2005,
compared with a net loss of $7.9 million, or ($0.16) per share, for
the second quarter of 2005. This also compares to a net loss of
$8.5 million, or ($0.17) per share, for the third quarter of 2004.
David Heard, CEO of Somera, commented on the third quarter results,
"We are very pleased that we were able to meet our top- and
bottom-line financial targets in the third quarter, which is
typically a period in which seasonality tends to apply downward
pressure on our top line. We successfully increased our penetration
into major carriers for our brokerage business, and also increased
revenues driven by our asset management services, highlighted by
our RecoveryPLUS program. Additionally, through tighter business
execution, we have increased our gross profit by almost twice the
level it was in the third quarter of 2004. "We also continued to
streamline our operations by completing the transition of our
corporate headquarters to Dallas and consolidating our European
facilities. We believe these actions, as well as other expense
reduction initiatives, have reduced our breakeven level to
approximately $30 million in revenue per quarter, and solidified
our drive to profitability," said Mr. Heard. Third Quarter
Financial Highlights Gross margin for the third quarter of 2005 was
33.0% and in line with the Company's expectations. This compares
with a gross margin of 33.6% in the second quarter of 2005 and
17.2% in the third quarter of 2004. Operating expenses for the
third quarter of 2005 were $11.5 million, compared with $14.1
million in the second quarter of 2005 and $12.6 million in the
third quarter of 2004. The reduction in operating expenses from the
prior year is primarily attributable to a reduction in General and
Administrative expenses, partially offset by continued investment
in Sales and Marketing to drive further growth in the business.
Somera's balance sheet at September 30, 2005 included $22.5 million
in cash, cash equivalents, and short-term investments, a current
ratio of 1.9 and no long-term debt. Outlook In the fourth quarter
of 2005, Somera expects to generate continued sequential quarter
revenue growth and further reduce its net loss to a range of a net
loss of ($0.04) to ($0.07) per share. Mr. Heard commented on the
outlook for Somera, "We expect our fourth quarter revenue to be
positively impacted by a growing pipeline of brokerage
opportunities, our improved inventory position, at least one new
RecoveryPLUS implementation, and the typical seasonal strength that
we experience at the end of the year." Conference Call and Webcast
Management will hold a teleconference with simultaneous webcast
today at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) to discuss
third quarter results. Please dial 800-240-2134 for domestic
callers, or 303-262-2194 for international callers. The call will
be webcast on the Investor Relations page of the Somera web site at
http://www.somera.com/. Listeners will need to have Microsoft Media
Player installed on their computers. A telephonic replay will be
available from one hour after the call ends through November 9,
2005, at 800-405-2236 for domestic callers, or 303-590-3000 for
international callers, passcode 11041276. About Somera Somera
Communications is a telecom asset management firm that assists
service providers generate greater value from their network assets
in the form of lower operating costs, longer product life, higher
productivity, and real measurable savings. Somera provides
immediate availability of quality, warranted new and refurbished
equipment at savings of 25% to 60%. Extending these benefits is
Somera RecoveryPLUS(TM), which deploys knowledgeable personnel,
proven processes and proprietary software to each client location
to provide professional discovery, valuation and asset cataloging,
thereby enhancing ongoing network efficiency while improving the
accuracy and quality of reports required of today's regulatory
environment. In addition, Somera offers outsourced network
operations, logistics, and technical service, as well as
comprehensive repair services for wireless, wireline, and data
products -- all at significant savings and reduced cycle times.
Founded in 1995, Somera has developed an impressive base of over
1,100 customers worldwide, including the industry leaders from each
segment of the telecommunications market. Visit Somera on the web
at http://www.somera.com/. This news release contains
forward-looking statements as that term is defined in Section 27A
of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended, including statements
about Somera's expected revenue and net loss per share levels for
the fourth quarter of 2005, Somera's brokerage and services
businesses, inventory position, and expected seasonality in the
fourth quarter of 2005. Actual results in future periods are
subject to risks and uncertainties that could cause actual results
to differ materially from those projected in the forward-looking
statements contained in this release, including, but not limited
to, general economic conditions particularly affecting the
telecommunications industry; capital equipment spending levels in
the telecommunications industry, including the risk of continued
customer spending delays associated with carrier consolidation; the
impact of competition in the market for supplying equipment and
equipment lifecycle management services to telecommunications
operators; the risk of potential shortage of product supply; and
Somera's ability to build its lifecycle management services
capabilities; and other factors fully described in the company's
reports to the Securities and Exchange Commission (SEC), including
but not limited to, the Annual Report on Form 10-K for the fiscal
year ended December, 31, 2004, and Quarterly Reports on Form 10-Q.
The company does not undertake to update any forward-looking
statements that may be made by or on behalf of the company. Copies
of Somera's Securities & Exchange Commission filings may be
obtained by contacting Financial Relations Board at 617-520-7064 or
by visiting the Investor section of Somera's web site at
http://www.somera.com/. Contact: Jim Gardner Vice President,
Marketing Somera Communications 972-304-5660, ext. 317 SOMERA
COMMUNICATIONS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in
thousands, except per share data) (unaudited) September 30,
December 31, 2005 2004 ASSETS Current assets: Cash and cash
equivalents $3,926 $7,654 Short-term investments 18,600 32,757
Accounts receivable, net of allowance for doubtful accounts of $454
and $574 at September 30, 2005 and December 31, 2004, respectively
17,379 16,217 Inventories, net 13,847 10,027 Other current assets
1,535 1,876 Total current assets 55,287 68,531 Property and
equipment, net 4,109 4,600 Other assets 3,413 148 Goodwill -- 1,760
Intangible assets, net -- 50 Total assets $62,809 $75,089
LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts
payable $15,761 $12,396 Accrued compensation 2,439 2,503 Other
accrued liabilities 9,418 11,139 Deferred revenue 1,416 723 Total
current liabilities 29,034 26,761 Commitments and Contingencies
Stockholders' equity: Preferred stock ($0.001 par value per share;
authorized 20,000 shares, no shares issued) Common stock ($0.001
par value per share; authorized 200,000 shares, shares issued and
outstanding: 50,331 and 49,872 at September 30, 2005 and December
31, 2004, respectively) 50 49 Additional paid-in capital 75,230
74,652 Unearned stock-based compensation (203) (72) Accumulated
other comprehensive income (loss) 192 (191) Accumulated deficit
(41,494) (26,110) Total stockholders' equity 33,775 48,328 Total
liabilities and stockholders' equity $62,809 $75,089 CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per
share data) (unaudited) Three Months Ended Nine Months Ended
September 30, September 30, 2005 2004 2005 2004 Revenues: Equipment
revenue $18,832 $20,736 $53,837 $66,496 Service and program revenue
2,945 1,957 7,155 10,352 Total revenues 21,777 22,693 60,992 76,848
Cost of revenues: Equipment cost of revenue 12,902 17,346 35,960
51,935 Service and program cost of revenue 1,683 1,455 3,882 7,554
Total cost of revenues 14,585 18,801 39,842 59,489 Gross profit
7,192 3,892 21,150 17,359 Operating expenses: Sales and marketing
6,896 5,288 19,527 16,847 General and administrative 4,521 7,309
13,817 16,932 Impairment of goodwill -- -- 1,760 -- Other operating
expenses 102 17 1,306 50 Total operating expenses 11,519 12,614
36,410 33,829 Loss from operations (4,327) (8,722) (15,260)
(16,470) Other income (expense), net 163 241 (87) 91 Loss before
income taxes (4,164) (8,481) (15,347) (16,379) Income tax provision
13 8 37 42 Net loss (4,177) (8,489) (15,384) (16,421) Net loss per
share: basic and diluted $(0.08) $(0.17) $(0.31) $(0.33) Weighted
average shares: basic and diluted 50,301 49,808 49,973 49,695
DATASOURCE: Somera Communications CONTACT: Jim Gardner, Vice
President, Marketing of Somera Communications, +1-972-304-5660,
ext. 317, Web site: http://www.somera.com/
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Somera Communications (NASDAQ:SMRA)
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