CONTACT:
Anita Vazquez
8x8, Inc.
(408) 727-1885
Anita.Vazquez@8x8.com
8X8 ANNOUNCES RESULTS OF FIRST QUARTER OF FISCAL 2004
SANTA CLARA, Calif. (July 25, 2003) - 8x8, Inc. (Nasdaq: EGHT) today announced financial results for its first fiscal quarter ended June 30, 2003.
Total revenues for the first quarter of fiscal 2004 were $1.6 million, compared with $3.3 million for the same period of the prior year. The net loss for the quarter was $1.5 million, or $0.05 per share, compared with a net loss of $2.1 million, or $0.8 per share for the same period last year.
For detailed financial results and other disclosures, see 8x8's Report on Form 10-Q for the quarter ended June 30, 2003 as filed with the Securities and Exchange Commission on July 25, 2003.
Additionally, the company announced that it has promoted Dr. Barry Andrews to President, and Marc Petit-Huguenin to Chief Technology Officer and Vice President, Engineering. Dr. Andrews most recently served as Chief Technology Officer and Vice President, Engineering, and Mr. Petit-Huguenin formerly served as Packet8's Chief Software Architect. Huw Rees, in addition to his role as CEO of Centile, Inc., will assume the role of Vice President, Sales and Marketing of 8x8, Inc.
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 atwww.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
June 30,
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2003 2002
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Product revenues............................. $ 861 $ 1,374
License and other revenues................... 762 1,894
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Total revenues..................... 1,623 3,268
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Cost of product revenues..................... 363 605
Cost of license and other revenues........... 391 256
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Total cost of revenues............. 754 861
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Gross profit....................... 869 2,407
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Operating expenses:
Research and development................... 1,044 2,392
Selling, general and administrative........ 1,266 2,183
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Total operating expenses........... 2,310 4,575
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Loss from operations......................... (1,441) (2,168)
Other income (expense), net.................. (59) 43
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Net loss..................................... $ (1,500) $ (2,125)
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Net loss per share:
Basic and diluted......................... $ (0.05) $ (0.08)
Weighted average number of shares:
Basic and diluted......................... 28,475 28,246
8x8, Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, unaudited)
June 30, March 31,
2003 2003
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ASSETS
Current assets:
Cash and cash equivalents.................. $ 1,903 $ 3,371
Short-term investments..................... 879 208
Accounts receivable, net................... 419 1,290
Inventory.................................. 380 352
Other current assets....................... 719 595
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Total current assets............... 4,300 5,816
Property and equipment, net.................. 524 841
Intangibles and other assets................. 31 48
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$ 4,855 $ 6,705
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable........................... $ 833 $ 652
Accrued compensation....................... 656 847
Accrued warranty........................... 476 477
Deferred revenue........................... 292 545
Other accrued liabilities.................. 1,049 1,125
Income taxes payable....................... 214 226
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Total current liabilities.......... 3,520 3,872
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Contingently redeemable common stock......... 488 669
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Total stockholders' equity................... 847 2,164
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$ 4,855 $ 6,705
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