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Product category: Embedded Software and Operating Systems
News Release from: Wind River Systems
Edited by the Electronicstalk Editorial Team on 27 February 2003

Wind River results exceed expectations

Wind River Systems has reported its fourth quarter fiscal 2003 operating results

Total revenues for the fourth quarter ended 31st January 2003 were $60.9 million, a 4.5% sequential increase from revenues of $58.3 million in the third quarter of fiscal 2003 and a 24% decrease compared with revenues of $80.5 million in the fourth quarter of fiscal 2002. "We exceeded our expectations in Q4 by focusing on execution and on our customers", said Tom St Dennis, President and Chief Executive Officer.

"We also introduced new products, new pricing and a new way of doing business, all of which are being well received by our customers".

In accordance with generally accepted accounting principles (GAAP), fourth quarter of fiscal 2003 net loss was $37.5 million, compared with a net loss of $14.3 million for the third quarter of fiscal 2003 and a net loss of $50.0 million for the fourth quarter of fiscal 2002.

Net loss per share was $0.47 for the fourth quarter of fiscal 2003, compared with a net loss of $0.18 per share for the third quarter of fiscal 2003 and a net loss of $0.64 per share for the fourth quarter of fiscal 2002.

Pro forma net loss for the fourth quarter of fiscal 2003 was $3.2 million, or a net loss of $0.04 per share, compared with a net loss of $7.4 million, or a net loss of $0.09 per share, for the third fiscal quarter of 2003, and a net loss of $1.5 million, or a net loss of $0.02 per share, reported for the fourth fiscal quarter of 2002.

Revenues for fiscal year 2003 were $249.1 million, a 29% decrease from $351.1 million in fiscal year 2002.

"The decrease in our overall revenue was driven primarily by the challenges that persisted in the communications and networking sectors.

With three of our five markets, aerospace/defence, industrial and automotive delivering growth in the year, the diversity of the five end-markets we serve is increasingly important", stated St Dennis.

On a GAAP basis, net loss for fiscal year 2003 was $106.9 million, or a net loss of $1.35 per share, compared with net loss of $375.6 million, or a net loss of $4.84 per share, for fiscal year 2002.

Pro forma net loss for fiscal year 2003 was $28.2 million, compared with pro forma net loss of $4.1 million in fiscal year 2002, or a net loss of $0.36 per share in fiscal year 2003, compared with a net loss of $0.05 per share in fiscal year 2002.

"In a year filled with uncertainties in the macro environment, we focused on running a fiscally responsible company", stated Michael Zellner, Chief Financial Officer.

"While we accomplished many exciting initiatives during the year, we also made some hard decisions to appropriately align our cost structure to the current levels of business.

Once the benefit of the reduction measures are fully realised in the second quarter of fiscal 2004, our organisational structure should enable us to reach cash flow neutral from continuing operations at a quarterly revenue level of approximately $55 million".

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