Company Initiates Strategy and Realigns Resources for Growth Opportunities
PITTSBURGH, Jan. 30 /PRNewswire-FirstCall/ -- Tollgrade Communications,
Inc. (Nasdaq: TLGD) today reported revenues of $18.8 million and a loss per
share of ($2.14) for the fourth quarter ended December 31, 2007. These
fourth quarter results include the impact of non-cash charges for
impairment of intangible assets and goodwill, the establishment of a
valuation allowance against certain tax assets not expected to be realized
in the future, as well as restructuring, severance and stock-based
compensation expenses. In comparison, for the fourth quarter of 2006,
revenues were $16.6 million with earnings per share of $0.12.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050603/CLF046LOGO )
On a non-GAAP basis, excluding the special charges and expenses
described above, earnings per share for the fourth quarter of 2007 were
$0.02, compared to $0.15 in the prior year fourth quarter.
For the year ended December 31, 2007, revenues were $66.6 million and
loss per share was ($1.98) compared with revenues of $65.4 million and a
per share loss of $(0.14) for the prior year period.
On a non-GAAP basis, earnings per share for the year ended December 31,
2007 were $0.25, compared to $0.16 for the prior year.
Strategic Initiatives
"Going forward, our strategy is to focus on our core test and
measurement competencies and to realign our resources around growth
opportunities in current, adjacent and new markets," said Joseph Ferrara,
Tollgrade's new President and CEO. "Implementing this strategy will enable
us to better respond to new organic and acquisition opportunities," added
Ferrara.
In the first quarter, 2008, the company has begun to implement
initiatives as part of this strategic plan aimed at increasing efficiency
and reducing costs. These initiatives are expected to generate
approximately $3.7 million of cost savings annually and will include the
following:
-- Realign existing resources to new projects;
-- Reductions to the company's engineering staff for better alignment of
resources with opportunities;
-- Changes in field service and sales staffing to reflect continuing
consolidations among our customer base and full integration of prior
acquisitions; and
-- Reduction in the number of senior management positions as a result of
integrating talent from acquisitions along with a review of the
management structure.
The company will eliminate approximately 30 positions and an additional
15 positions are being reassigned to new projects. As a result of these
measures, the company expects to record a non-recurring cash charge of
approximately $1.0 million in the first quarter of 2008 for severance and
related benefits, the majority of which is expected to be paid in the first
quarter of 2008.
"We recognize that we are in the midst of great change in our market
segment and business. As a consequence, we are experiencing a period of
adjustment from both a financial and strategic standpoint," said Ferrara.
"This inflection point in our business requires that we adjust our
investments and cost structure to support its evolution. Our objective is
to create a healthier, growing Tollgrade by building on our core test and
measurement competency," added Ferrara.
Fourth Quarter 2007 Revenue Results
Sales of Tollgrade's system test products were $6.3 million in the
fourth quarter of 2007, compared to $8.2 million in the same period of
2006. These results include revenues from DigiTest(R), LDU(TM) and N(x)
Test(TM) products. These revenues decreased between periods as a result of
significant project related product shipments in 2006 for a project
completed in 2006 which did not recur in the 2007 period.
Overall sales of cable hardware and software products increased to $3.2
million in the fourth quarter of 2007 compared to $3.0 million in the
fourth quarter of the prior year. Shipments of DOCSIS transponders and
related software increased in the fourth quarter of 2007 as certain
customers further transitioned to this technology, while shipments of
legacy transponders declined between periods.
Overall sales of the Company's MCU(R) products, which extend
testability into the POTS network, were $2.8 million in the fourth quarter
of 2007, compared to $2.1 million in the corresponding prior year quarter.
Demand for this product continues to be driven by emphasis on DSL rollouts
at remote terminal sites by certain RBOC customers. Sales of MCUs to RBOCs
outpaced prior year levels, while sales to OEM customers declined between
periods.
Sales of LoopCare software products, separate from and unrelated to the
company's DigiTest system products, were $0.3 million in the fourth quarter
of 2007, compared to sales of less than $0.1 million in the fourth quarter
of 2006. Service providers continue to limit spending in this area which
has constrained purchases and substantially lengthened selling cycles.
Overall LoopCare software license fees and services revenues, including the
separate software products previously discussed, were $2.5 million in the
fourth quarter of 2007 compared to $2.2 million in the fourth quarter of
2006.
Fourth quarter 2007 sales from Services, which includes installation
oversight and project management services and software maintenance fees,
increased to $6.2 million compared to $3.3 million in the fourth quarter
2006, largely due to the inclusion of international service revenues
related to the Broadband Test Division ("BTD") acquisition on August 1,
2007.
Fourth Quarter 2007 Financial and Operating Data
Gross profit for the fourth quarter of 2007 was $6.9 million, which
includes a non-cash charge of $2.3 million associated with the impairment
of certain intangible assets, compared to $9.1 million in the fourth
quarter of 2006. Exclusive of the intangible asset impairment charge, gross
profit on a non-GAAP basis was $9.2 million for the fourth quarter of 2007.
As a percentage of sales, gross profit for the fourth quarter of 2007 was
37.2% on a GAAP basis and 49.3% on a non-GAAP basis. For the fourth quarter
of 2006, gross profit as a percentage of sales was 54.7%. The decrease in
non-GAAP gross profit as a percentage of sales between years is due
primarily to a less favorable product mix and higher amortization
associated with the BTD intangible assets.
The company's operating expenses were $35.5 million for the fourth
quarter of 2007, compared to $7.6 million in the prior year quarter.
Excluding restructuring, severance and goodwill impairment charges, as
applicable, for both periods, operating expenses on a non-GAAP basis were
$9.5 million and $7.2 million in the fourth quarter of 2007 and 2006,
respectively. The increase on a non-GAAP basis is primarily due to
additional operating costs associated with the BTD acquisition. These costs
include approximately $0.8 million of expenses for related consultants and
transition services which are considered non-recurring.
Selling and marketing expenses in the fourth quarter of 2007 were $2.9
million compared to $2.5 million in the same period of 2006. The increase
is primarily associated with additional costs related to the BTD
acquisition.
General and administrative expenses were $2.7 million for the fourth
quarter 2007 compared to $2.0 million in the fourth quarter of 2006. The
increase is related to transitional service costs and professional fees
associated with the BTD acquisition, as well as other incremental
recruiting and consultation costs.
Research and development costs were $3.9 million for the fourth quarter
2007 compared to $2.8 million in the fourth quarter 2006. The increase is
largely due to additional engineering costs related to the BTD acquisition.
In accordance with current accounting standards, the company tested its
goodwill for impairment at December 31, 2007. In this evaluation, the
company considered its publicly traded share price as an indication of fair
market value. As a result of share price declines in the fourth quarter of
2007, as well as other factors, the company determined it was necessary to
record a non-cash charge for the entire value of its goodwill at December
31, 2007.
The provision for income taxes reflects the establishment of a
valuation allowance in the fourth quarter of 2007 of approximately $9.5
million to reduce certain tax assets to their estimated net realizable
value at December 31, 2007.
The Company generated $5.9 million and $10.4 million of cash from
operating activities for the fourth quarter and year ended December 31,
2007, respectively. Cash provided by operating activities in 2007 largely
offset the cash outlay for the BTD acquisition.
The Company's order backlog for firm customer purchase orders and
signed software maintenance contracts was $19.2 million at December 31,
2007, compared to a backlog of $10.0 million at December 31, 2006. The
current order backlog includes approximately $12.2 million of the newly
acquired BTD products and services. Further, the backlog at December 31,
2007 and December 31, 2006 included approximately $13.6 million and $5.7
million, respectively, related to software maintenance contracts, including
acquired BTD maintenance agreements reflected in the 2007 backlog, which is
primarily earned and recognized as income on a straight-line basis during
the remaining terms of these agreements.
Management expects that approximately 34% of the current total backlog
will be recognized as revenue in the first quarter of 2008.
First Quarter 2008 Outlook
"Regarding our first quarter 2008 outlook, in what is a typically slow
quarter and as our restructuring continues, we expect revenue to range from
$13.5 million to $16.0 million and a loss per share to range from ($0.14)
to ($0.05) on a GAAP basis," said Ferrara. "While major customers get
closer to finalizing their growth plans, we are re-tooling Tollgrade to
enhance shareholder value through our investments, growth initiatives and
potential acquisitions. Perhaps what's most important will be our ability
to focus on leveraging an expanding international customer footprint with
new products, services and solutions. At the same time, we are looking to
achieve a higher level of effective execution throughout operations, to
improve channel partner and business relationships, and to identify other
existing market-based opportunities as a means to introduce new
technologies to current, adjacent and new markets," he added.
Conference Call and Webcast
A conference call to discuss earnings results for the fourth quarter of
2007 will be held on January 31, 2008 at 9:00 a.m., Eastern Time. The
telephone number for U.S. participants is 1-800-860-2442 (international:
412- 858-4600). Please reference Tollgrade's Fourth Quarter 2007 Earnings
Results Call. The conference call will also be broadcast live over the
Internet. To listen to this conference call via the Internet, simply log on
to the following URL address:
http://www.videonewswire.com/event.asp?id=45344
About Tollgrade
Tollgrade Communications, Inc. is a leading provider of network service
assurance products and services for centralized test systems around the
world. Tollgrade designs, engineers, markets and supports centralized test
systems, test access and status monitoring products, and next generation
network assurance technologies for the broadband marketplace. Tollgrade's
customers range from the top RBOCs (Regional Bell Operating Companies) and
Cable providers, to numerous independent telecom, cable and broadband
providers around the world. Tollgrade's network testing, measurement and
monitoring solutions support the infrastructure of cable and telecom
companies offering current and emerging triple play services. Tollgrade,
headquartered near Pittsburgh in Cheswick, Pa., and its products and
customer reach span over 300 million embedded access lines, more than any
other test and measurement supplier. For more information, visit
Tollgrade's web site at http://www.tollgrade.com
(Financial Tables Follow)
TOLLGRADE COMMUNICATIONS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per-share data)
Three Months Ended Twelve Months Ended
December December December December
31, 2007 31, 2006 31, 2007 31, 2006
Revenues:
Products $12,506 $13,274 $49,491 $51,564
Services 6,246 3,310 17,069 13,830
18,752 16,584 66,560 65,394
Cost of sales:
Products 6,623 6,001 23,501 25,277
Services 1,880 941 4,989 4,543
Amortization 1,017 567 3,058 3,419
Impairment of intangibles 2,263 - 2,263 -
Inventory write down - - - 4,308
11,783 7,509 33,811 37,547
Gross profit 6,969 9,075 32,749 27,847
Operating expenses:
Selling and marketing 2,859 2,470 10,224 10,552
General and administrative 2,737 2,046 9,857 7,981
Research and development 3,933 2,792 13,572 13,276
Severance 896 - 896 -
Restructuring expense 115 341 942 1,840
Impairment of goodwill 24,958 - 24,958 -
Total operating expenses 35,498 7,649 60,449 33,649
(Loss)/income from operations (28,529) 1,426 (27,700) (5,802)
Other income 615 771 2,767 2,755
(Loss)/income before income
taxes (27,914) 2,197 (24,933) (3,047)
Provision/(benefit) for income
taxes 226 614 1,220 (1,213)
Net (loss)/income $(28,140) $1,583 $(26,153) $(1,834)
Diluted earnings per-share
information:
Weighted average shares of
common stock and equivalents: 13,156 13,270 13,219 13,239
Net (loss)/income per common
and common equivalent shares $(2.14) $0.12 $(1.98) $(0.14)
TOLLGRADE COMMUNICATIONS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
December December
31, 2007 31, 2006
ASSETS
Current assets:
Cash and cash equivalents $58,222 $57,378
Short-term investments 632 5,323
Accounts receivable:
Trade 14,625 15,149
Other 1,601 1,918
Inventories 13,687 8,556
Prepaid expenses 1,120 776
Receivable from officer - 148
Deferred and refundable tax assets 503 2,939
Assets held for sale 272 1,190
Total current assets 90,662 93,377
Property and equipment, net 4,279 3,301
Intangibles and capitalized software costs, net 44,215 41,487
Goodwill - 23,836
Other assets 333 351
Total assets $139,489 $162,352
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable $4,214 $1,580
Accrued warranty 1,937 2,135
Accrued expenses 3,148 2,590
Accrued salaries and wages 891 658
Accrued royalties payable 707 200
Income taxes payable 572 -
Deferred revenue 2,113 2,783
Total current liabilities 13,582 9,946
Pension obligation 908 -
Deferred tax liabilities and other taxes 1,999 2,962
Total liabilities 16,489 12,908
Total shareholders' equity 123,000 149,444
Total liabilities and shareholders' equity $139,489 $162,352
TOLLGRADE COMMUNICATIONS, INC. AND SUBSIDIARIES
Unaudited Condensed Consolidated Statements of Cash Flows
(In thousands)
Twelve Months Ended
December 31, December 31,
2007 2006
Cash flows from operating activities:
Net loss $(26,153) $(1,834)
Adjustments to reconcile net loss income
to net cash provided by operating activities:
Depreciation and amortization 4,755 5,499
Impairment of goodwill and intangible assets 27,221 -
Valuation allowance 9,512 -
Stock-based compensation expense 815 517
Deferred income taxes, net (8,128) (441)
Excess tax benefits from stock-based compensation (10) (94)
Restructuring charges 473 5,309
Provisions for losses on inventories 402 (90)
Provision for allowance for doubtful accounts 86 86
Changes in assets and liabilities: - -
Accounts receivable-trade 4,197 (3,952)
Accounts receivable-other 562 (512)
Inventories (4,106) (1,727)
Refundable income taxes - (231)
Prepaid expenses and other assets (150) 565
Accounts payable 1,959 (318)
Accrued warranty (198) (85)
Accrued expenses and other liabilities (1,902) 40
Accrued royalties payable 500 (381)
Income taxes payable 557 (678)
Net cash provided by operating activities 10,392 1,673
Cash flows from investing activities:
Purchase of investments (12,194) (9,646)
Redemption/maturity of investments 16,885 22,333
Capital expenditures, including capitalized
software (2,324) (1,247)
Investments in other assets - (155)
Purchase of Emerson Test Division - (5,501)
Purchase of Broadband Test Division of Teradyne (11,855) -
Proceeds from sale of assets held for sale 892 -
Net cash (used in) provided by investing
activities (8,596) 5,784
Cash flows from financing activities:
Repurchase of treasury shares (1,109) -
Proceeds from exercise of stock options 88 406
Excess tax benefits from share-based compensation 10 94
Net cash (used in) provided by financing
activities (1,011) 500
Net increase in cash and cash equivalents 785 7,957
Effect of exchange rate changes on cash and cash
equivalents 59 -
Cash and cash equivalents at beginning of year 57,378 49,421
Cash and cash equivalents at end of year $58,222 $57,378
Explanation of Non-GAAP Measures
The Company provides non-GAAP gross profit, operating expense,
operating income/(loss), net income/(loss) and diluted earnings per share
as supplemental information to explain the Company's operating performance.
The Company evaluates its historical and prospective financial performance
considering these non-GAAP factors, in order to better understand its own
results as well as to measure itself against its peers. The Company further
believes that providing this information as a supplement to the GAAP
presentation permits its investors to obtain a better understanding of the
Company's core operating performance through enhanced transparency.
The non-GAAP adjustments described in this release have been excluded
by the Company from its non-GAAP measures. These non-GAAP adjustments, and
the basis for excluding them, are described below:
-- Impairment of goodwill and other long-lived assets: The Company
incurs costs which are included in its GAAP presentation of cost of
goods sold and operating expenses related to the impairment of goodwill
and other long-lived assets in accordance with SFAS 142 and 144,
respectively. Such asset impairments are the result of lowered
financial performance for the business or product which utilizes the
effected assets. These impairments are non-cash and by their nature
non-recurring and generally unpredictable. We believe eliminating such
cost from GAAP gross profit, operating expense, operating
income/(loss), net income/(loss) and diluted EPS will assist investors
in evaluating our current performance against historical results.
-- Valuation allowances for income taxes: The Company reports its income
tax expense in accordance with SFAS 109. SFAS 109 requires that the
tax provision reflect adjustments to reduce any recognized net deferred
tax assets to their net realizable if it is determined that it is more
likely than not that such assets will not be realized. These
adjustments, referred to as a valuation allowance, are non-cash and by
their nature generally non-recurring and unpredictable. The Company's
non-GAAP measures eliminate the effect of such valuation allowance, in
the year recorded, on GAAP net income/ (loss) and diluted EPS. The
Company believes eliminating the effect of such valuation allowance
adjustments from the measures will assist investors in understanding
and evaluating our current performance against historical results.
-- Severance costs: From time to time, the Company incurs severance costs
related to the separation of certain employees from the Company. These
charges are non-recurring costs and are generally unpredictable. We
believe eliminating such costs from operating expense, operating
income/(loss), net income/(loss) and diluted earnings per share will
assist our investors in evaluating our current performance against
historical results.
-- Restructuring expense: We have excluded the effect of restructuring
programs from our GAAP gross profit, operating expense, operating
income, net income and diluted EPS. The restructuring program included
charges primarily associated with write-down of inventory, employee
severance and refinement of estimates related to relocation and lease
termination costs. We believe it is useful for investors to understand
the effect of these expenses on our operating performance.
-- Stock-based compensation expense. We have excluded the effect of
employee stock-based compensation expense on GAAP operating expenses,
operating income, net income and diluted EPS. We exclude employee
stock-based compensation expense from our non-GAAP measures primarily
because they are non-cash expenses that we believe are not reflective
of our core operating performance.
Reconciliation to GAAP- Quarter Ended December 31, 2007 (Unaudited)
(In thousands, Gross Operating Net
except per Gross Profit Operating (Loss) (Loss) Diluted
share amount) Profit % Expenses Income Income EPS
GAAP Reported
Results $6,969 37.2% $35,498 $(28,529) $(28,140) $(2.14)
Impairment of
intangibles 2,263 12.1% --- 2,263 1,509 0.11
Restructuring
expense --- --- (115) 115 77 0.01
Severance expense --- --- (896) 896 598 0.05
Stock-based
compensation
expense --- --- 14 (14) (9) -
Impairment of
goodwill --- --- (24,958) 24,958 16,647 1.27
Valuation allowance --- --- --- --- 9,512 0.72
Non-GAAP Results,
Excluding special
items $9,232 49.3% $9,543 $(311) $194 $ 0.02
Reconciliation to GAAP- Twelve Months Ended December 31, 2007 (Unaudited)
(In thousands, Gross Operating Net
except per Gross Profit Operating (Loss) (Loss) Diluted
share amount) Profit % Expenses Income Income EPS
GAAP Reported
Results $32,749 49.2% $60,449 $(27,700) $(26,153) $(1.98)
Impairment of
intangible 2,263 3.4% - 2,263 1,509 0.11
Restructuring
expense --- --- (942) 942 628 0.04
Severance expense --- --- (896) 896 598 0.05
Stock-based
compensation
expense --- --- (815) 815 544 .04
Impairment of
goodwill --- --- (24,958) 24,958 16,647 1.27
Valuation allowance --- --- --- --- 9,512 0.72
Non-GAAP Results,
Excluding
special items $35,012 52.6% $32,838 $2,174 $3,285 $0.25
Reconciliation to GAAP- Quarter Ended December 31, 2006 (Unaudited)
(In thousands, Gross Operating Net
except per Gross Profit Operating (Loss) (Loss) Diluted
share amount) Profit % Expenses Income Income EPS
GAAP Reported
Results $9,075 54.7% $7,649 $1,426 $1,583 $0.12
Restructuring
expense --- --- (341) 341 246 0.02
Stock-based
compensation
expense --- --- (139) 139 100 0.01
Non-GAAP Results,
Excluding
special items $9,075 54.7% $7,169 $1,906 $1,929 $0.15
Reconciliation to GAAP- Twelve Months Ended December 31, 2006 (Unaudited)
(In thousands, Gross Operating Net
except per Gross Profit Operating (Loss) (Loss) Diluted
share amount) Profit % Expenses Income Income EPS
GAAP Reported
Results $27,847 42.6% $33,649 $(5,802) $(1,834) $(0.14)
Inventory
write-down 4,308 6.6% --- 4,308 2,593 0.20
Restructuring
expense --- --- (1,840) 1,840 1,108 0.08
Stock-based
compensation
expense --- --- (517) 517 311 0.02
Non-GAAP Results,
Excluding
special items $32,155 49.2% $31,292 $863 $2,178 $0.16
Forward Looking Statements
The foregoing release and other statements by the Company contain
"forward looking statements" regarding future events or results within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, including
statements concerning the Company's current expectations regarding revenue
and earnings results for the first quarter of 2008, its restructuring
initiatives aimed at increasing efficiency and reducing costs, its ability
to align its products more closely with its customers' focus on new network
and service platform development, its ability to complete potential
acquisitions in a manner that will result in positive financial results for
the company, expected share value growth, a challenging market for selling
LoopCare features to the RBOCs and competitive carriers, and the Company's
ability to leverage its international customer base with new products and
services and improve channel and partner relationships, as well as identify
other adjacent or new markets for its existing or new products and
technologies. The Company cautions readers that such "forward looking
statements" are, in fact, predictions that are subject to risks and
uncertainties and that actual events or results may differ materially from
those anticipated events or results expressed or implied by such forward
looking statements. The Company disclaims any current intention to update
its "forward looking statements," and the estimates and assumptions within
them, at any time or for any reason.
In particular, the following factors, among others could cause actual
results to differ materially from those described in the "forward looking
statements: "(a) we may not be successful in achieving our planned cost
reductions, and even if we are successful in doing so, we may not be able
to reduce expenditures quickly enough to see a positive effect on our
profitability and may have to undertake further restructuring initiatives;
(b) the extent of the actual severance or accounting charges resulting from
these cost reductions may exceed what we have estimated; (c) our
cost-cutting initiatives may impair our ability to effectively develop and
market products and remain competitive; (d) our restructuring initiatives
could have long-term effects on our business by reducing our pool of
talent, decreasing or slowing improvements in our products, making it more
difficult for us to respond to customers, limiting our ability to increase
production quickly if and when the demand for our products increases and
limiting our ability to hire and retain key personnel; (e) inability to
complete sales, or possible delays in deployment, of existing or new
products into international markets and the difficulty of obtaining
favorable commercial terms for product sales, lack of market acceptance,
political instability or other unforeseen obstacles or delays; (f)
inability to complete or possible delays in completing certain research and
development efforts required for several new complex products, including
without limitation our DigiTest ICE(TM) product and our "Smart Grid"
products currently under development, and any failure of our customers to
adopt new products in the volumes and within the timeframes anticipated;
(g) the unanticipated further decline of the capital budgets allocated to
legacy network elements for certain of our major customers, including,
without limitation, sales of LoopCare to our RBOC and competitive carrier
customers; (h) the inability to make changes in business strategy,
development plans and product offerings to respond to the needs of the
significantly changing telecommunications markets and network technologies,
including the ability to identify and enter new and adjacent markets with
our existing and new product technologies; (i) possible delays in, or the
inability to, complete negotiation and execution of purchase and service
agreements with new or existing customers; (j) lower than expected demand
for our cable testing products and pricing pressures on those products as a
result of increased competition, consolidation within the cable industry
and the adoption of standards-based protocols; (k) lower than expected
demand for our telecom testing products in the competitive local exchange
carrier market; (l) our dependence upon a limited number of third party
subcontractors and component suppliers to manufacture or supply certain
aspects of the products we sell; (m) the ability to manage the risks
associated with and to grow our business; (n) the uncertain economic and
political climate in certain parts of the world where we conduct business
and the potential that such climate may deteriorate; (o) our ability to
complete future acquisitions with positive financial results and to
efficiently integrate acquired businesses and achieve expected synergies,
in particular, the acquisition of the Broadband Testing Division of
Teradyne, Inc., and management distraction from other important strategic
initiatives which may be caused by such efforts; (p) delays in the rate of
acceptance of our new product initiatives, including without limitation our
DigiTest ICE(TM) product and our "Smart Grid" products currently under
development, in the markets into which they will be sold, caused by
extended testing or acceptance periods, requests for custom or modified
engineering of such products, and customer budget cycles, and (q) our
ability to realize expected savings and other positive business impacts
from certain restructuring and strategic initiatives and the impact of the
actual severance or accounting charges resulting from these restructuring
efforts; and (r) our ability to develop or extend new or existing products
into new and adjacent markets, among other factors. Other factors that
could cause actual events or results to differ materially from those
contained in the "forward looking statements" are included in the Company's
filings with the U.S. Securities and Exchange Commission (the "SEC")
including, but not limited to, the Company's Form 10-K for the year ended
December 31, 2006 and any subsequently filed reports. All documents are
also available through the SEC's Electronic Data Gathering Analysis and
Retrieval system at http://www.sec.gov or from the Company's website at
http://www.tollgrade.com.
(TM)LoopCare is a trademark of Tollgrade Communications, Inc.
(TM)N(x)Test is a trademark of Tollgrade Communications, Inc.
(TM) LDU is a trademark of Tollgrade Communications, Inc.
(TM) ICE is a trademark of Tollgrade Communications, Inc.
(R) DigiTest is a registered trademark of Tollgrade Communications, Inc.
(R) MCU is a registered trademark of Tollgrade Communications, Inc.
All other trademarks are the property of their respective owners.
SOURCE Tollgrade Communications, Inc.
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Related links:
http://www.tollgrade.com
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CONTACT:
Bob Butter, Corporate Communications,
+1-412-820-1347 (office), +1-412-736-6186 (cell),
bbutter@tollgrade.com
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