-----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, SpCZ1DINFP8l76/EIbZqWVFbj8QxI/GnP6X/KyRraR4NfCLxLo3/XCKxd/k412Ny 1Hvx56ScNX9c0gohFwRkxA== 0001188112-03-000691.txt : 20031009 0001188112-03-000691.hdr.sgml : 20031009 20031009160240 ACCESSION NUMBER: 0001188112-03-000691 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20031009 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20031009 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AWARE INC /MA/ CENTRAL INDEX KEY: 0001015739 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 042911026 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-21129 FILM NUMBER: 03935124 BUSINESS ADDRESS: STREET 1: 40 MIDDLESEX TURNPIKE CITY: BEDFORD STATE: MA ZIP: 01730 BUSINESS PHONE: 6172764000 MAIL ADDRESS: STREET 1: 40 MIDDLESEX TURNPIKE CITY: BEDFORD STATE: MA ZIP: 01730 8-K 1 t8k-30493.txt 8-K SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 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): October 9, 2003 --------------- AWARE, INC. (Exact name of registrant as specified in its charter) MASSACHUSETTS 000-21129 04-2911026 (State or other jurisdiction (Commission (IRS Employer of incorporation) File Number) Identification No.) 40 MIDDLESEX TURNPIKE, BEDFORD, MA, 01730 (Address of principal executive offices, including zip code) Registrant's telephone number, including area code: (781) 276-4000 NOT APPLICABLE (Former Name or Former Address, if Changed Since Last Report) - -------------------------------------------------------------------------------- ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS. No financial statements are required to be filed as part of this Report. The following exhibits are filed as part of this report: Number Description -------- ----------- 99.1 Press release issued by Aware, Inc. on October 9, 2003. ITEM 12. RESULTS OF OPERATIONS AND FINANCIAL CONDITION. On October 9, 2003, Aware, Inc. issued the press release, attached to this Form 8-K as Exhibit 99.1, describing the results of operations and financial condition of the company as of and for the quarter ended September 30, 2003. - -------------------------------------------------------------------------------- SIGNATURE 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, thereunto duly authorized. AWARE, INC. Dated: October 9, 2003 By: /s/ Michael A. Tzannes --------------- ---------------------- Michael A. Tzannes Chief Executive Officer -2- EXHIBIT INDEX Number Description -------- ----------- 99.1 Press release issued by Aware, Inc. on October 9, 2003. -3- EX-99.1 3 tex99_1-30493.txt EX-99.1 Exhibit 99.1 FOR IMMEDIATE RELEASE AWARE, INC. REPORTS THIRD QUARTER 2003 FINANCIAL RESULTS BEDFORD, Mass., October 9, 2003 - Aware, Inc. (NASDAQ: AWRE), a worldwide leader and innovator of broadband intellectual property, today reported financial results for its third quarter ended September 30, 2003. Revenues for the third quarter of 2003 were $3.1 million compared to $4.0 million for the same period last year. Net loss for the third quarter of 2003 was $1.7 million, or $0.08 per diluted share, compared to a net loss of $9.7 million, or $0.43 per diluted share, for the year-ago period. For the nine months ended September 30, 2003, revenues were $7.8 million compared to $11.5 million in the same period last year. Net loss for the nine months ended September 30, 2003 was $6.6 million or $0.29 per diluted share, compared to a net loss of $14.4 million, or $0.63 per diluted share, for the year-ago period. Net loss for the three and nine month periods ended September 30, 2002 included a $7.1 million deferred tax asset write-off. Michael Tzannes, chief executive officer, said: "ADSL subscribers have now surpassed the 50 million mark, with more than 20 million new users added in the last 12 months. New industry standards are now able to address service providers' requirements for longer reach, higher speeds and lower operating costs, opening the door for even faster growth ahead. Aware's intellectual property offerings allow companies to fulfill the new ADSL2 and ADSL2+ requirements with rapid time-to-market, low risk solutions." Note: Aware's conference call will be broadcast live over the Internet today, October 9, 2003 at 5:00 p.m. Eastern Time. To listen to the call, please go to www.aware.com, and click on "Investor Relations." The conference call may also be heard by calling (719) 457-2637 and referencing the confirmation number 539683. A replay of the call will be archived on our website after the call. ABOUT AWARE Aware, Inc. designs, develops, licenses and markets DSL technology that enables broadband communications over existing telephone networks. Its solutions, including splitterless G.lite, full-rate ADSL, ADSL2, ADSL2+, Dr. DSL(R), StratiPHY(TM), StratiPHY2+(TM), BondedADSL(TM), and G.SHDSL address central office as well as customer premise requirements. More information about Aware can be found at http://www.aware.com. -4- SAFE HARBOR WARNING Portions of this release contain forward-looking statements regarding future events and are subject to risks and uncertainties, such as estimates or projections of future revenue and earnings and the growth of the DSL market. Aware wishes to caution you that there are factors that could cause actual results to differ materially from the results indicated by such statements. These factors include, but are not limited to: we have a unique business model, our quarterly results are difficult to predict, we depend on a limited number of licensees, we derive a significant amount of revenue from one customer, we depend on equipment companies to incorporate our technology into their products, we face intense competition from other DSL vendors, DSL technology competes with other technologies for broadband access, and our business is subject to rapid technological change. We refer you to the documents Aware files from time to time with the Securities and Exchange Commission, specifically the section titled Risk Factors in our quarterly report on Form 10-Q for the quarter ended June 30, 2003 and other reports and filings made with the Securities and Exchange Commission. Contact: Dave Martin Aware, Inc. 781-276-4000 -5-
AWARE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED NINE MONTHS ENDED SEPTEMBER 30, SEPTEMBER 30, ----------------------------- ----------------------------- 2003 2002 2003 2002 -------------- -------------- -------------- -------------- Revenue: Product sales....................................... $1,431 $1,298 $2,727 $3,399 Contract revenue.................................... 691 1,926 2,213 6,177 Royalties........................................... 933 729 2,879 1,965 -------------- -------------- -------------- -------------- Total revenue..................................... 3,055 3,953 7,819 11,541 Costs and expenses: Cost of product sales............................... 293 489 629 831 Cost of contract revenue............................ 447 1,352 998 4,344 Research and development............................ 2,962 3,378 9,513 9,915 Selling and marketing............................... 637 774 1,837 2,275 General and administrative.......................... 598 772 1,857 2,165 -------------- -------------- -------------- -------------- Total costs and expenses........................... 4,937 6,765 14,834 19,530 Loss from operations.................................... (1,882) (2,812) (7,015) (7,989) Interest income......................................... 136 224 463 695 -------------- -------------- -------------- -------------- Loss before provision for income taxes.................. (1,746) (2,588) (6,552) (7,294) Provision for income taxes.............................. - (7,093) - (7,093) -------------- -------------- -------------- -------------- Net loss................................................ ($1,746) ($9,681) ($6,552) ($14,387) ============== ============== ============== ============== Net loss per share - basic and diluted ................. ($0.08) ($0.43) ($0.29) ($0.63) Weighted average shares - basic and diluted ............ 22,718 22,686 22,707 22,675 -6-
AWARE, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) September 30, December 31, 2003 2002 ---------------- ---------------- ASSETS Cash and investments..................................................... $40,913 $47,118 Accounts receivable, net................................................. 1,239 1,258 Property and equipment, net.............................................. 9,192 10,038 Other assets, net........................................................ 1,013 823 ---------------- ---------------- Total assets............................................................. $52,357 $59,237 ================ ================ LIABILITIES AND STOCKHOLDERS' EQUITY Total current liabilities $1,294 $1,659 Total stockholders' equity 51,063 57,578 ---------------- ---------------- Total liabilities and stockholders' equity............................... $52,357 $59,237 ================ ================ -7-
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