CONTACT:
Anita Vazquez
8x8, Inc.
(408) 727-1885
Anita.Vazquez@8x8.com
8x8 ANNOUNCES FOURTH QUARTER AND FISCAL YEAR END 2003 RESULTS
SANTA CLARA, Calif. (May 29, 2003) - 8x8, Inc. (Nasdaq: EGHT) today announced financial results for its fourth quarter and fiscal year ended March 31, 2003.
Total revenues for the fourth quarter of fiscal 2003 were $2.9 million, compared with $2.2 million for the same period of the prior year. The net loss for the quarter, including restructuring charges and other non-cash items, was $3.8 million, or $0.13 per share, compared with a net loss of $3.1 million, or $0.11 per share for the same period last year.
Total revenues for the year ended March 31, 2003 were $11 million, compared with $14.7 million for fiscal 2002. The net loss for fiscal 2003, including restructuring charges and other non-cash items, was $11.4 million, or $0.40 per share, compared with a net loss of $9.1 million, or $0.33 per share for fiscal 2002.
For detailed financial results and other disclosures, see 8x8's Annual Report on Form 10-K for the year ended March 31, 2003 as filed with the Securities and Exchange Commission on May 29, 2003.
About 8x8, Inc.
8x8, Inc. offers the Packet8 broadband telephone service (www.packet.net), consumer videophones, hosted iPBX solutions (through its subsidiary Centile, Inc.), and voice and video semiconductors and related software (through its subsidiary Netergy Microelectronics, Inc.). For more information, visit 8x8's web site at www.8x8.com.
Editors: 8x8 is a trademark of 8x8, Inc.
Financial Tables To Follow
8x8, Inc.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts; unaudited)
Three months ended Twelve months ended
March 31, March 31,
-------------------- --------------------
2003 2002 2003 2002
--------- --------- --------- ---------
Product revenues............................. $ 1,875 $ 1,364 $ 5,739 $ 6,044
License and other revenues................... 1,032 857 5,264 8,647
--------- --------- --------- ---------
Total revenues..................... 2,907 2,221 11,003 14,691
--------- --------- --------- ---------
Cost of product revenues..................... 1,068 651 2,781 2,626
Cost of license and other revenues........... 624 41 1,509 197
--------- --------- --------- ---------
Total cost of revenues............. 1,692 692 4,290 2,823
--------- --------- --------- ---------
Gross profit....................... 1,215 1,529 6,713 11,868
--------- --------- --------- ---------
Operating expenses:
Research and development................... 1,540 2,705 7,835 12,559
Selling, general and administrative........ 1,383 1,956 7,441 8,560
Restructuring and other charges............ 2,097 -- 3,437 --
Amortization of intangibles................ -- 191 -- 763
--------- --------- --------- ---------
Total operating expenses........... 5,020 4,852 18,713 21,882
--------- --------- --------- ---------
Loss from operations......................... (3,805) (3,323) (12,000) (10,014)
Other income, net............................ 27 218 597 145
Provision for income taxes................... -- 15 -- 15
--------- --------- --------- ---------
Net loss before extraordinary gain........... (3,778) (3,120) (11,403) (9,884)
Extraordinary gain on extinguishment
of debt, net............................... -- -- -- 779
--------- --------- --------- ---------
Net loss..................................... $ (3,778) $ (3,120) $ (11,403) $ (9,105)
========= ========= ========= =========
Net loss per share before extraordinary gain:
Basic and diluted......................... $ (0.13) $ (0.11) $ (0.40) $ (0.36)
Net income per share on extraordinary
gain from extinguishment of debt:
Basic and diluted......................... $ -- $ -- $ -- $ 0.03
Net loss per share after extraordinary gain:
Basic and diluted......................... $ (0.13) $ (0.11) $ (0.40) $ (0.33)
Weighted average number of shares:
Basic and diluted......................... 28,460 28,156 28,386 27,271
8x8, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
March 31,
--------------------
2003 2002
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents.................. $ 3,371 $ 12,422
Short term investments..................... 208 --
Accounts receivable, net................... 1,290 1,239
Inventory.................................. 352 733
Other current assets....................... 595 612
--------- ---------
Total current assets............... 5,816 15,006
Property and equipment, net.................. 841 2,740
Intangibles and other assets................. 48 1,907
--------- ---------
$ 6,705 $ 19,653
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable........................... $ 652 $ 548
Accrued compensation....................... 847 921
Accrued warranty........................... 477 478
Deferred revenue........................... 545 2,421
Other accrued liabilities.................. 1,125 958
Income taxes payable....................... 226 280
--------- ---------
Total current liabilities.......... 3,872 5,606
--------- ---------
Contingently redeemable common stock......... 669 813
--------- ---------
Total stockholders' equity................... 2,164 13,234
--------- ---------
$ 6,705 $ 19,653
========= =========