Clarent Corporation Reports Record Fourth Quarter Results Revenue up 17% to $53.2 Million Friday 19 January 2001 PDF Print REDWOOD CITY, Calif., January 19, 2001 -- Clarent® Corporation (Nasdaq: CLRN), a leading provider of Internet protocol (IP) communications solutions, today reported financial results for the fourth quarter and full year ended December 31, 2000. Net revenue for the fourth quarter of 2000 was $53.2 million, representing an increase of 17% from $45.5 million in the third quarter of 2000 and an increase of 186% from $18.6 million in the fourth quarter of 1999. Excluding the amortization of deferred compensation and intangible assets, the Company reported pro forma net loss of $2.1 million or $0.05 per basic and diluted share for the fourth quarter of 2000, compared to net income of $1.6 million or $0.04 per diluted share in the third quarter of 2000 and a net loss of $1.5 million or $0.05 per basic and diluted share in the fourth quarter of 1999. Including the amortization of deferred compensation and intangible assets, the Company reported a net loss of $14.1 million or $0.36 per basic and diluted share for the fourth quarter of 2000, compared to a net loss of $39.5 million or $1.08 per basic and diluted share in the third quarter of 2000 and a net loss of $3.5 million or $0.13 per basic and diluted share in the fourth quarter of 1999. For the full year 2000, Clarent reported revenues of $151.6 million, a 217% increase over the $47.8 million reported in 1999. Excluding the amortization of deferred compensation and intangible assets and one-time charges related to the ACT Networks acquisition, the Company reported pro forma net income of $1.7 million, or $0.04 per diluted share, as compared to a net loss of $11.3 million, or $0.68 per basic and diluted share in 1999. Including the amortization of deferred compensation and intangible assets and one-time charges related to the ACT Networks acquisition, the Company reported a net loss of $54.1 million, or $1.54 per share, as compared to a loss of $30.8 million or $1.87 per share reported in 1999. "We have seen a number of developments this quarter that demonstrate our market opportunity and validate the strategic choices we have made," said Jerry Chang, Clarent's president and chief executive officer. "We've made significant early inroads in the Local Access market, with initial software shipments to support deployments in multiple geographies, and we've seen healthy growth and development of our distribution channels. We continue to sharpen our focus to seize the tremendous and expanding global market opportunities." "Our outstanding fourth quarter results demonstrate that Clarent continues to lead the revolution in the delivery of next generation communication solutions," commented Rich Heaps, Clarent's chief operating officer and chief financial officer. "These results also demonstrate the impact that a software-based solution has on the time-to-market for delivery of new services and applications central to the future success of our customers." Quarterly Highlights During the fourth quarter of 2000, Clarent Corporation strengthened its position as the worldwide leader in IP telephony solutions with the announcement of key strategic partnerships and customers. Specifically, Clarent: * Was named by iLocus as the leader in phone-to-phone IP telephony market in 2000, for the third year in a row. In 2000, Clarent products handled 31.6 percent of the estimated 13 billion phone-to-phone IP telephony minutes worldwide, according to iLocus. * Announced that Australian telecommunications service provider, Cable & Wireless Optus, chose Clarent communications products to power its Global VoIP (Voice over IP) network management platform for long-distance calling services. * Announced, with Cadant and Future Networks, the interoperability of our respective products to meet the needs of hybrid-fiber coax (HFC) network operators who intend to deploy voice services to the home via cable networks. * Demonstrated the delivery of packetized voice services based upon the CableLabs' PacketCable(tm) set of specifications at the Western Cable Show. * Announced a collaboration with ThinWEB to provide its customers with a rich graphical user interface (GUI) for remotely accessing their VoIP network databases via any secure Web browser, making network management and configuration easier and more efficient. * Announced a collaboration with Java City Technologies, whose application suite is expected to offer carriers pre-configured hardware and software for building VoIP services on Clarent's communications platform. About Clarent Clarent Corporation (Nasdaq: CLRN) is the world leader in providing intelligent, software-driven products for new generation, IP-based communications networks. Clarent solutions enable interconnection among communications service providers' disparate networks and foster the creation of global footprints for more than 300 telecom service providers worldwide, including AT&T, NTT and China Telecom. Clarent's software platform encourages innovation by allowing carriers to develop multiple new features for consumers and enterprises. Founded in 1996, Clarent is headquartered in Redwood City, Calif. and has offices in Asia, Europe, Latin America and North America. To learn more about Clarent, visit its Web site at http://www.clarent.com Forward Looking Statements This release contains forward-looking statements that involve risks and uncertainties, including statements about the expected development of the communications market and the rate and extent of acceptance of IP-based enhanced communications services. These statements involve risks and uncertainties, including the Company's ability to introduce new products and product enhancements, the successful development of enhanced IP-based communications services and features, the rate and extent of consumer acceptance of these services and features, as well as potential issues relating to interoperability, ability to retain customers, changes in market conditions, technological changes, and other factors which could cause actual results to vary materially from those expressed in or indicated by the forward-looking statements. These risks and uncertainties are described further in the risk factors discussed in Clarent's periodic filings with the SEC. Clarent, the Clarent logo, NetPerformer, DynaStar, Clarent Command Center, Clarent ThroughPacket, PowerCell, SkyPerformer, ACTview and ServiceXchange are trademarks or registered trademarks, and "The Clearer. The Better" is a service mark of Clarent Corporation in the United States and other jurisdictions. All other trademarks, registered trademarks and service marks are the property of their respective owners. NOTE: THE FULL FINANCIAL TABLES ARE AVAILABLE ON REQUEST This press release was distributed by ResponseSource Press Release Wire on behalf of eclat Marketing in the following categories: Consumer Technology, Personal Finance, Business & Finance, Computing & Telecoms, for more information visit https://pressreleasewire.responsesource.com/about.