Meaningful progress for Radisys

Radisys Corp has reported revenues of $50.2 million for the quarter ended 30th September 2003, a 3% increase from $48.9 million last quarter, and up 5% compared with the same period a year ago.

Radisys Corp has reported revenues of $50.2 million for the quarter ended 30th September 2003, a 3% increase from $48.9 million last quarter, and up 5% compared with the same period a year ago.

Net income for the quarter was $2.3 million, or $.12 per diluted share, versus a net income of $1.8 million or $.10 per share last quarter, and a net loss of $521 thousand, or $.03 per share, a year ago.

"I'm very proud of our team and the results for the quarter", stated Scott Grout, CEO.

"We delivered sequential and year over year growth in both revenue and earnings and generated over $4 million in cash flow during the quarter.

Our design wins this quarter are spread amongst many markets including solutions for products such as gateways, clinical diagnostic systems, security monitoring systems, and test and measurement systems.

We continue to make meaningful progress on our product portfolio, announcing a number of industry firsts including: the SYS50, a fully integrated, CompactPCI PICMG 2.16 platform, a dual processor PrPMC based on the Intel IXC1100 control plane processor and a fully integrated PICMG 2.16, dual OC-3c ATM-to-IP gateway line card".

Radisys achieved 11 new design wins in the quarter.

A design win is defined by Radisys as a project estimated at the time of the design win to produce more than $500,000 in revenue per year assuming full production.

Five of the wins are estimated to produce more than $2 million each in revenue per year, assuming full production.

Of the 11 wins, six are in enterprise systems, four are in commercial systems and one is in service provider systems.

Design wins that ramp into production do so at varying rates - on average the ramp begins about 12 months after the win occurs.

In addition, Radisys has revealed that Ken J Bradley has been elected to serve on the company's Board of Directors effective 14th October 2003.

Bradley is currently CEO of CoreSim, a company specialising in advanced systems design analysis and product lifecycle management.

Prior to CoreSim, Bradley was with Nortel Networks, most recently as Nortel's Chief Procurement Officer.

During his 30 year career at Nortel, Bradley held several national and international executive positions in supply management, operations management and technology development including Vice President, Supplier Strategy; Senior Managing Director, Guangdong Nortel Communications Joint Venture in China; and Vice President, China Joint Venture Program.

Bradley is a degree-level electrical engineer and a member of the Professional Engineers of Ontario.

"We are extremely pleased to have Ken join our board", said Scott Grout, President and CEO of Radisys.

"Ken's experience in world-class supply chain management, his customer perspective and his first-hand knowledge of building and operating successful operations in China will be of significant value to Radisys".

Commenting on the outlook, Scott Grout, CEO, said "We currently expect revenue and earnings for the fourth quarter to grow slightly from that of our third quarter".

"I'm encouraged by the momentum we've built over the last couple of quarters.

Our primary focus continues to be enabling our customers to bring better products to market, fast and at a lower total cost".

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