TippingPoint Reports Results for First Quarter 2004
AUSTIN, Texas – June 1, 2004 – TippingPoint Technologies, Inc. (NASDAQ: TPTI) today reported financial results for its first quarter ended April 30, 2004. The company reports revenues of $3.9 million for the three months ended April 30, 2004, an increase of 42% from the previous quarter ended January 31, 2004. Net loss for the quarter was $4.8 million, compared with $4.6 million a year ago and $3.3 million for the previous quarter. Included in the net loss were $835,000, $124,000 and $626,000 of stock-based compensation for the three-month periods ended April 30, 2004, April 30, 2003 and January 31, 2004, respectively.
The company’s cash and cash equivalents were $30.2 million at April 30, 2004. Guidance
Below are estimates of certain financial data for the company’s second quarter ending July 31, 2004. Although TippingPoint believes the expectations reflected in this forward-looking information are reasonable, such expectations are based upon assumptions and anticipated results that are subject to numerous uncertainties. Please see the discussion regarding forward-looking statements at the end of this press release.
Based on the company’s performance and the current market conditions, TippingPoint expects revenues of $5.2 to $5.4 million for the second quarter. The net loss per share for the second quarter is expected to be $0.57 to $0.59.
Earnings Call
Today, TippingPoint will host a conference call discussing first quarter results. The call will be broadcast live over the Internet at 10:00 a.m. Eastern Time and may be accessed through the Investor Relations section of TippingPoint’s Web site at www.tippingpoint.com/investors.html or by phone at 800-223-9488 Conference ID#: Q1EARN. For those unable to listen to the live call, a replay will be available on TippingPoint’s Web site at www.tippingpoint.com/investors.html.
About TippingPoint Technologies
TippingPoint is the leading provider of network-based intrusion prevention systems that deliver in-depth Application Protection, Infrastructure Protection and Performance Protection for corporate enterprises, government agencies, service providers and academic institutions. Our innovative approach offers customers unmatched network-based security with unrivaled economics, ultra-high performance, scalability and reliability. TippingPoint is based in Austin, Texas, and can be contacted through its Web site at www.tippingpoint.com or by telephone at 1- 88UNITYONE.