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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): September 14, 2000
HYBRID NETWORKS, INC.
(Exact name of registrant as specified in this charter)
DELAWARE
(State or other Jurisdiction of Incorporation)
0-23289 77-02520931
(Commission File Number) (I.R.S. Employer Identification Number)
6409 GUADALUPE MINES ROAD, SAN JOSE, CA 95120
(Address of principal executive offices) (Zip Code)
(408) 323-6500
(Registrant's Telephone Number, Including Area Code)
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ITEM 5. OTHER EVENTS
September 14, 2000
Company Press Release
HYBRID NETWORKS DISCUSSES SHIPMENT PROJECTIONS
SAN JOSE, Calif., Sept. 13, 2000 - Hybrid Networks Inc. (Nasdaq: HYBR),
the worldwide leader in MMDS fixed broadband wireless Internet-access systems,
today announced in a conference call with investors the company's shipment
projections for the next three fiscal years.
The company expects shipments for fiscal year 2000 to exceed $35
million with an operating gross profit of approximately $2.5 million. Based on
orders already in hand and projections of orders to come, the company
anticipates shipments of more than $60 million and gross profits of more than
$15 million in fiscal 2001. Hybrid projects that shipments for fiscal year 2002
will double those of 2001, with gross profits exceeding 30 percent.
Moving forward, Hybrid Networks expects research and development to be
within 10 to 20 percent of annual sales revenues. The company's goal for sales
and marketing is 11 percent, and the goal for general and administrative is 9
percent of annual sales revenues.
"These discussions of our operating expectations for 2000, 2001 and
2002 and our goals for research and development, sales and marketing and general
and administrative expenses are forward-looking statements. Accomplishing these
goals is based on numerous assumptions," said Michael D. Greenbaum, president
and CEO of Hybrid Networks. "These statements involve significant risks and
uncertainties that
-more-
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HYBRID NETWORKS DISCUSSES SHIPMENT PROJECTIONS 2-2-2
could cause actual results to differ from those anticipated today. Such factors
include, but are not limited to, the need to raise additional capital, roll outs
not proceeding as currently anticipated, effects of competitive products and
pricing, our customer concentration, economic conditions and our ability to
attract and retain qualified technical and other personnel. For information
regarding these and other important risks, please refer to Hybrid's most recent
10-K and 10-Q reports on file with the SEC."
ABOUT HYBRID NETWORKS
Headquartered in San Jose, Calif., Hybrid Networks Inc. designs,
develops, manufactures and markets fixed broadband wireless systems that enable
telecommunications companies, wireless systems operators and network providers
to offer high-speed Internet access to businesses and residences. Hybrid was
first to market with patented two-way wireless products that focus on the MMDS
spectrum and WCS spectrum in the United States and similar spectrum abroad. The
company's customers include Sprint, WorldCom, Look Communications and Andrew
Corp. With systems in place in 51 markets worldwide, Hybrid is part of more
fixed broadband wireless deployments than all of its competitors combined. For
more information, call (408) 323-6215 or visit www.hybrid.com.
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The above statements regarding operating results and expense levels in 2000,
2001 and 2002 are forward-looking statements, and we caution our stockholders
and others that these statements involve certain risks and uncertainties.
Factors that may cause actual results to differ from expected results include,
but are not limited to, the proposed rollouts not proceeding as currently
anticipated, our need to raise additional working capital, the effects of
competitive products and pricing, economic and political conditions that may
impact customers' ability to fund purchases of our products and services, the
company's ability to achieve the cost savings anticipated from cost-reduction
programs, fluctuations in international exchange rates, the timing of cash
payments and receipts, end-use demands for wireless communication services, and
other business factors. For information regarding these risks and other related
risks, see the "Risk Factors" section of Hybrid's most recent Form 10-K and Form
10-Q on file with the SEC.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this amendment to report to be signed on its behalf
by the undersigned, thereunto duly authorized.
Dated: September 14, 2000. Hybrid Networks, Inc.
By: /s/ Michael D. Greenbaum
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Michael D. Greenbaum
Chief Executive Officer
