Netscout posts $17.8 M Q2 revenue

By siliconindia   |   Thursday, 17 October 2002, 19:30 IST
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WESTFORD: NetScout Systems Inc. (Nasdaq:NTCT) has posted revenues of $17.9 million in the second quarter of fiscal 2003, up sequentially from $17.8 million in quarter one and down from $19.7 million in the second quarter of fiscal 2002. On a GAAP basis, the net loss for the quarter was $710,000, or ($0.02) per basic and diluted share, compared to a net loss of $1.1 million, or ($0.04) per basic and diluted share, for the previous quarter and compared to a net loss of $2.9 million, or ($0.10) per basic and diluted share, in the second quarter of fiscal 2002. Pro forma net loss for the second quarter of fiscal 2003 was $373,000, or ($0.01) per pro forma basic and diluted share, versus pro forma net loss of $163,000, or ($0.01) per pro forma basic and diluted share, in the previous quarter and compared to pro forma net income of $271,000, or $0.01 per pro forma diluted share, in the second quarter of fiscal 2002. Pro forma net income excludes acquisition and stock-based compensation costs. "Despite the challenging market conditions we continue to generate positive cash flow from operations and our results underscore the long-term strength and importance of our products in helping our customers improve the performance of their networks and increase ROI," said Anil Singhal, President and CEO of NetScout Systems. "We will be delivering new products at an increasing pace over the next few quarters. We are encouraged by our customers' enthusiasm with our new CDM(TM) strategy that provides a truly integrated solution reducing the need for multiple tools and controlling hidden costs. That customer enthusiasm is reflected in strong interest in our first upcoming User Forum scheduled in November, 2002." The cash flow from operations was positive, with cash and short and long-term marketable securities increasing by $300,000 in the second quarter to $70.0 million. The company added 38 new customers worldwide contributing 20% of orders in the second quarter. Sales to 282 repeat customers were approximately 80% of orders in the second quarter.