-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, CWEAOBAys2wH6x71DByO7SEuGlPoScobNp4hHGuLudagukpjmpHHie4cQnnZXIIy Y4aCT19wmOfmkKR3E0RgAQ== 0000929624-01-500021.txt : 20010416 0000929624-01-500021.hdr.sgml : 20010416 ACCESSION NUMBER: 0000929624-01-500021 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20010411 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20010413 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REDBACK NETWORKS INC CENTRAL INDEX KEY: 0001081290 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-BUSINESS SERVICES, NEC [7389] IRS NUMBER: 770438443 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-25853 FILM NUMBER: 1602176 BUSINESS ADDRESS: STREET 1: 1195 BORREGAS AVE CITY: SUNNYVALE STATE: CA ZIP: 94089-1306 BUSINESS PHONE: 4085483500 MAIL ADDRESS: STREET 1: 1195 BORREGAS AVE CITY: SUNNYVALE STATE: CA ZIP: 94089 8-K 1 d8k.txt FORM 8-K UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K Current Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event Reported): April 11, 2001 REDBACK NETWORKS INC. -------------------------------------------------------------------- (Exact Name of Registrant as Specified in its Charter) Delaware 000-25853 77-0438443 - ---------------------------- ------------------------ ---------------------- (State or Other Jurisdiction (Commission File Number) (I.R.S. Employer of Incorporation) Identification Number) 250 Holger Way San Jose, CA 95134 (408) 571-5000 -------------------------------------------------------------------- (Addresses, including zip code, and telephone numbers, including area code, of principal executive offices) ITEM 5. OTHER EVENTS. On April 11, 2001, Redback Networks Inc., a Delaware corporation ("Redback"), announced its financial results for the fiscal quarter ending March 31, 2001. A portion of Redback's press release announcing these financial results is attached as Exhibit 99.1 hereto and incorporated by reference herein. The press release filed as an exhibit to this report includes "safe harbor" language pursuant to the Private Securities Litigation Reform Act of 1995, as amended, indicating that certain statements about the Company's business contained in the press release are "forward-looking" rather than "historic." The press release also states that these and other risks relating to Redback's business are set forth in the documents filed by Redback with the Securities and Exchange Commission, specifically the most recent report on Form 10-K, and the other reports filed from time to time with the Securities and Exchange Commission. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS. (c) EXHIBITS. 99.1 Press Release dated April 11, 2001 SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. REDBACK NETWORKS INC. DATE: April 11, 2001 By: /s/ Dennis P. Wolf --------------------- Dennis P. Wolf Senior Vice President of Finance and Administration, Chief Financial Officer and Corporate Secretary EX-99.1 2 dex991.txt PRESS RELEASE DATED 04/11/2001 Exhibit 99.1 Redback Networks Announces First Quarter 2001 Operating Results SAN JOSE, Calif.--(BUSINESS WIRE)--April 11, 2001--Redback Networks Inc. (NASDAQ: RBAK), a leading provider of next-generation equipment for metro access networks, today announced results for the fiscal quarter ending March 31, 2001. Net revenue for the first quarter of 2001 was $90.9 million, compared with $34.2 million for the same period in the prior year, an increase of 166 percent. Pro forma net loss for the first quarter of 2001 was $18.4 million or $0.13 per share, which excludes acquisition-related charges, stock compensation charges, restructuring and certain inventory charges. This compares to pro forma diluted net income of $0.05 per share for Q4 2000 and $0.01 per share for the same period one year ago. Before pro forma adjustments, net loss for the first quarter of 2001 was $400.5 million or $2.92 per share compared to a net loss of $85.2 million or $0.96 per share for the same period in the prior year. About Redback Networks Inc. Founded in 1996 and headquartered in San Jose, Calif., Redback Networks Inc., is a leading provider of innovative networking solutions for metro optical and broadband networks. The Company's Subscriber Management Systems(TM) (SMS) connect and manage large numbers of broadband subscribers, and is widely deployed around the world. To deliver next generation services for metropolitan optical networks, the Redback(R) SmartEdge(TM) multi-service platforms leverage powerful advances in application-specific integrated circuit, IP, and optical technology. The Company's Network and Service Management family of products enable rapid provisioning and faster time to market for new services, while reducing operational expenses. With this product portfolio, Redback Networks is the first equipment supplier focused exclusively on developing integrated solutions for the New Access Network. Redback is a U.S. Registered Trademark; Subscriber Management System and SmartEdge are Trademarks of Redback Networks Inc. Other trademarks, service marks, and trade names belong to their respective owners. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 21E of the Securities and Exchange Act of 1934, as amended, including statements regarding Redback Networks' expectations, beliefs, intentions or strategies regarding the future. Forward-looking statements include statements regarding future sales, product deployment and network configurations. All forward-looking statements included in this document are based upon information available to Redback Networks as of the date hereof, and Redback Networks assumes no obligation to update any such forward-looking statements. Forward-looking statements involve risks and uncertainties, which could cause actual results to differ materially from those projected. These and other risks relating to Redback Networks' business are set forth in the documents filed by Redback Networks with the Securities and Exchange Commission, specifically the most recent report on Form 10-K, and the other reports filed from time to time with the Securities and Exchange Commission. Redback Networks, Inc. Pro Forma Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (unaudited)
Three Months Ended March 31, March 31, 2001 2000 --------- --------- Net revenues $ 90,937 $ 34,163 Cost of revenues 52,301 8,080 --------- --------- Pro forma gross margin 38,636 26,083 --------- --------- Operating expenses: Research and development 29,711 12,139 Selling, general and administrative 30,842 13,255 --------- --------- Total operating expenses 60,553 25,394 --------- --------- Pro forma income (loss) from operations (21,917) 689 Other income, net 3,523 730 --------- --------- Pro forma net income (loss) $ (18,394) $ 1,419 ========= ========= Pro forma basic net income (loss) per share $ (0.13) $ 0.02 ========= ========= Pro forma diluted net income (loss) per share $ (0.13) $ 0.01 ========= ========= Shares used in computing pro forma basic net income (loss) per share 137,121 89,137 ========= ========= Shares used in computing pro forma diluted net income (loss) per share 137,121 117,270 ========= =========
Note 1: The above pro forma condensed consolidated statements of operations is not a presentation in accordance with generally accepted accounting principles as it excludes the effects of the following (in thousands): During the three months ended March 31, 2001, certain inventory charges included in cost of revenues of $24,000. During the three months ended March 31, 2001 and March 31, 2000, amortization of developed technology included in cost of revenues of $1,478 and $217, respectively. During the three months ended March 31, 2001, restructuring charges of $23,250. During the three months ended March 31, 2000, in-process research and development of $15,300, which resulted from the merger with Siara Systems, Inc. During the three months ended March 31, 2001 and March 31, 2000, amortization of intangible assets of $315,441 and $70,604, respectively. During the three months ended March 31, 2001 and March 31, 2000, amortization of deferred stock compensation related to operating expenses of $17,901 and $535, respectively. Redback Networks, Inc. Condensed Consolidated Statements of Operations (In thousands, except per share amounts) (unaudited) Three Month Ended March 31, March 31, 2001 2000 --------- --------- Net revenues $ 90,937 $ 34,163 Cost of revenues 77,779 8,297 --------- --------- Gross margin 13,158 25,866 --------- --------- Operating expenses: Research and development 29,711 12,139 Selling, general and administrative 30,842 13,255 Restructuring charges 23,250 -- Amortization of intangible assets 315,441 70,604 In-process research and development -- 15,300 Amortization of deferred stock compensation 17,901 535 --------- --------- Total operating expenses 417,145 111,833 --------- --------- Loss from operations (403,987) (85,967) Other income, net 3,523 730 --------- --------- Net loss $(400,464) $ (85,237) ========= ========= Basic and diluted net loss per share $ (2.92) $ (0.96) ========= ========= Shares used in computing basic and diluted net loss per share 137,121 89,137 ========= ========= Redback Networks, Inc. Condensed Consolidated Balance Sheets (In thousands) (unaudited)
March 31, December 31, 2001 2000 --------- ------------ Assets Assets: Cash, cash equivalents and investments in marketable debt securities $ 380,011 $ 433,669 Accounts receivable, net 90,166 96,377 Inventories 34,866 17,207 Other assets 70,331 58,442 Property and equipment, net 93,880 73,677 Goodwill and other intangibles 3,762,627 4,091,152 ---------- ---------- Total assets $4,431,881 $4,770,524 ========== ========== Liabilities and Stockholders' Equity Liabilities: Accounts payable and accrued liabilities $ 157,891 $ 101,500 Deferred revenue 13,559 11,080 Convertible notes and borrowings 505,596 508,797 Stockholders' equity 3,754,835 4,149,147 ---------- ---------- Total liabilities and stockholders' equity $4,431,881 $4,770,524 ========== ==========
Contact: Redback Networks Dennis Wolf, 408/571-5155 (Financial /IR) Anne Smith, 508/571-8349 (Public Relations) -----END PRIVACY-ENHANCED MESSAGE-----