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Author Topic: Neng
stocktrader22
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Take a look at them, good revenues, good 10Q, should be moving up short term and long term.

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Posts: 6266 | Registered: Jun 2004  |  IP: Logged | Report this post to a Moderator
stocktrader22
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"The successful October 2004 launch of our NS Series Security Appliance, powered by Microsoft® Internet Security and Acceleration, or ISA, Server 2004, was an important strategic milestone for Network Engines," said John Curtis, President and Chief Executive Officer of Network Engines. "This product launch, coupled with the continued strength of our OEM business and our successful withdrawal from the third-party storage networking products distribution business marked a quarter of solid operational progress. We entered the second quarter of our fiscal 2005 positioned as a pure-play server appliance vendor focused on servicing our roster of OEM partners and executing on what we believe is a significant opportunity with our NS Series family of security appliances."

OEM Appliance Operations

OEM Appliance revenues increased 25 percent sequentially to $22.3 million for the quarter, compared with $17.9 million in the fourth quarter of fiscal 2004 and $19.9 million in the first quarter of fiscal 2004. Sales of OEM appliances to EMC Corporation were 69 percent of total net revenues in the fiscal first quarter, compared to 48 percent in the fiscal fourth quarter of 2004. The increase in the percentage of total revenues from EMC is the result of lower revenue in the Distribution operation related to exiting the third-party storage networking products business. OEM Appliance revenues generated from non-EMC customers increased to $3.7 million in the first fiscal quarter from $3.2 million in the prior quarter and $3.2 million in the first quarter of fiscal 2004.

Distribution Operations

Revenues from the Company's Distribution operations were $4.7 million during the fiscal first quarter of 2005 compared with $13.0 million in the prior quarter and $15.9 million in the first quarter of fiscal 2004. As announced in October 2004, the Company exited the business of distributing third-party storage networking products during the first quarter of fiscal 2005. Substantially all of the first quarter revenues in the Distribution operations were generated from the sale of third-party storage networking products that the Company had in inventory at the beginning of the quarter. In the Distribution segment, the Company is now focused on its NS Series Security Appliances powered by Microsoft ISA Server 2004. Recent accomplishments include:

The Company successfully launched its NS Series Security Appliances with the general availability of the NS6300 Security Appliance powered by Microsoft ISA Server 2004. The NS6300 is a combination of Microsoft ISA Server 2004, Network Engines' appliance integration expertise and proprietary intellectual property - the Network Engines Web Server, or NEWS(TM).
The Company signed 20 Microsoft-certified value added resellers and system integrators to sell its NS Series Security Appliances.
The Company's end-user customer wins for the NS6300 Security Appliance includes firms such as Arnall Golden Gregory LLP, Bryan Vincent Associates, Inc., United Way of Connecticut, and Xpress Source.
The Company currently has approximately 40 employees across engineering, marketing, sales and service to support its NS Series Security Appliance initiative.
"We have made significant progress with our NS Series Security Appliances during the quarter," continued Curtis. "Our success signing new channel partners and positive feedback from early customers further supports our belief that the NS Series represents a significant opportunity for Network Engines and reflects the value of our intellectual property. As we enter our second fiscal quarter, the NS Series Security Appliance family continues to be an early stage opportunity. During this quarter, we plan to implement a variety of programs to promote our new products, sign new resellers and generate leads for our reseller partners. We will also continue to actively recruit employees with relevant engineering, sales and marketing experience to further build on our sector expertise."

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