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Ditech Communications Announces Fiscal 2005 Fourth Quarter And Full Year Financial Results.

Article Excerpt
Annual Revenues Grow 35% Over Prior Year; Operating Profits Grow 94%; Forward Projection Lower

MOUNTAIN VIEW, Calif., May 26 /PRNewswire-FirstCall/ -- Ditech Communications Corporation reported results for its fiscal 2005 fourth quarter and year ended April 30, 2005. Revenues for the fourth quarter were $23.0 million, essentially flat from revenues of $23.1 million in the same quarter of the prior fiscal year and up 8% from revenues of $21.3 million in the third quarter of fiscal 2005. Revenues for the year were $94.1 million, an increase of 35% from revenues of $69.6 million in fiscal 2004.

Net income for the fourth quarter was $7.6 million, a decrease compared to net income of $8.3 million in the fourth quarter of fiscal 2004 but an increase from third quarter net income of $7.1 million. Fiscal 2005 full year's net income was $71.1 million, including a net tax benefit of $36.1 million due to the release of a tax valuation allowance, compared to net income of $8.2 million in fiscal 2004.

"Fiscal 2005 was an outstanding year for Ditech," said Tim Montgomery, president and CEO of Ditech Communications. "We grew our revenues by 35 percent and operating profits by 94 percent, a direct result of our investment in new products and processes. At the same time, we invested in our future growth and diversification. We have developed new products targeted at our core wireless market. Additionally, we'll introduce our Packet Voice Processor platform for trial this quarter, a product targeted...

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