AlphaSmart Announces Preliminary Second Quarter Results, Revises Full Year 2004 Guidance
01 Julho 2004 - 10:00AM
PR Newswire (US)
AlphaSmart Announces Preliminary Second Quarter Results, Revises
Full Year 2004 Guidance LOS GATOS, Calif., July 1
/PRNewswire-FirstCall/ -- AlphaSmart, Inc. (NASDAQ:ALSM) today
announced its preliminary expectations of operating results for the
second quarter ended June 30, 2004 and revised its forward-looking
guidance for the fiscal year ending December 31, 2004. For the
second quarter of 2004, the company expects to report net revenue
ranging from $11.0 million to $11.2 million and net income of $0.09
to $0.11 per share on a fully diluted basis, calculated in
accordance with generally accepted accounting principles (GAAP).
"Spending by certain school districts, particularly those that rely
on federal funding, was not as high as expected," said James M.
Walker, vice president, chief financial officer and chief operating
officer of AlphaSmart. "As a result, we were unable to realize the
quarterly revenue and earnings that we had anticipated.
Nonetheless, we remain optimistic that our classroom solutions will
enable us to continue to penetrate the K-12 educational market."
AlphaSmart acknowledges that the second quarter results announced
today are preliminary and subject to change as a result of final
review by management and independent auditors and closing
adjustments for the quarter. AlphaSmart expects to report final
second quarter results on July 15, 2004. Management plans to
conduct its regular quarterly conference call following the release
of final results. Details of the public webcast of this call will
be announced shortly. Revised Forward-Looking Guidance AlphaSmart
also announced today a revision of its guidance for full year 2004
results, as disclosed publicly with first quarter results on April
14, 2004. The company now expects 2004 net revenue to be in the
range of $40 to $42 million, compared with prior guidance of $42 to
$44 million. GAAP net income per share on a fully diluted basis is
now expected to be in the range of $0.27 to $0.31, compared with
prior guidance of $0.31 to $0.35. Excluding the effect of $588,000
in interest and a redemption premium paid on mandatorily redeemable
preferred stock in the first quarter of 2004, AlphaSmart now
expects pro forma net income per share on a fully diluted basis for
the full year to be in the range of $0.32 to $0.36, compared with
prior guidance of $0.36 to $0.40. Use of Non-GAAP Financial
Measures AlphaSmart believes that the supplemental presentation of
projected net income per share calculations, excluding the effects
of interest and a redemption premium paid on mandatorily redeemable
preferred stock in the first quarter of 2004, provides meaningful
non-GAAP financial measures to help investors understand and
compare business trends among different reporting periods on a
consistent basis, independently of events impacted by the company's
initial public offering in February 2004 or other infrequent or
unusual events. AlphaSmart management also uses pro forma financial
measures to plan and forecast results for future periods. Readers
are cautioned not to view non-GAAP results as an alternative to
GAAP results or as being comparable to results reported or
forecasted by other companies. Readers should refer to the
reconciliation information provided above in reviewing the non-GAAP
guidance. AlphaSmart, Inc. AlphaSmart, Inc. is a provider of
technology solutions for the education market. AlphaSmart's
portable computer-companion products are used by students in 8,000
U.S. school districts to enhance writing, keyboarding and
comprehension. Based in Los Gatos, California, AlphaSmart was
founded in 1992 by former Apple Computer engineers. Forward-Looking
Statements Safe Harbor This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934,
including statements regarding (i) AlphaSmart's expected net
revenue and net income per share on a fully diluted basis for the
second quarter of 2004, (ii) AlphaSmart's forecasted net revenue
and net income per share for full year 2004, and (iii) AlphaSmart's
optimism that its classroom solutions will enable it to continue to
penetrate the K-12 educational market. AlphaSmart's expectations
and beliefs regarding these matters may not materialize. Actual
results in future periods are subject to risks and uncertainties
that could cause actual results to differ materially from those
projected. These risks include: the potential impact of spending by
certain school districts, particularly those that rely on federal
funding, on AlphaSmart's quarterly revenue and earnings; fewer
teachers and administrators embracing technology solutions and
one-to-one computing than AlphaSmart expects; AlphaSmart's
platforms failing to obtain broad market acceptance; a decline in
investment in, or a loss or reduction of funding for, educational
institutions; AlphaSmart's need to maintain and develop strong
brand identity; AlphaSmart's potential customers choosing the
greater functionality offered by PCs over its platforms; the risk
that some government initiatives may not endorse, or be
complementary to, AlphaSmart's platforms; risks associated with the
lack of diversity among AlphaSmart's product offerings; the Dana by
AlphaSmart platform's dependence on AlphaSmart's license with
PalmSource; and AlphaSmart's dependence on its suppliers,
particularly its single-source suppliers, among other risks. The
forward-looking statements contained in this press release are also
subject to other risks and uncertainties, including those more
fully described in AlphaSmart's filings with the Securities and
Exchange Commission, including its quarterly report on Form 10-Q
related to the three-month period ended March 31, 2004. AlphaSmart
does not undertake to update any forward-looking statements. NOTE:
AlphaSmart is a registered trademark of AlphaSmart, Inc. All other
trademarks are the property of their respective owners. DATASOURCE:
AlphaSmart, Inc. CONTACT: investors, Manish Kothari, President of
AlphaSmart, Inc., +1-408-355-1029, or Web site:
http://www.alphasmart.com/
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