Sonus Networks Reports 2012 3Q Results
Nov 12, 2012 (Close-Up Media via COMTEX) --
Sonus Networks, a provider of SIP communications, announced results for the third quarter ended Sept. 28.
In a release dated Nov. 7, the Company said results are reported on a consolidated basis and include the partial quarter financial effect of Network Equipment Technologies, an acquisition which closed on Aug. 24.
Third Quarter Consolidated 2012 Highlights (including NET)
-Total revenue was $57.0 million.
-Total SBC revenue, including maintenance and services, was $25.4 million, compared to $19.1 million in the second quarter of 2012 and $13.9 million in the third quarter of 2011.
-SBC product revenue was $20.4 million, compared to $13.5 million in the second quarter of 2012 and $10.4 million in the third quarter of 2011.
-SBC product revenue was a record 61 percent of total product revenue.
-Won 40 new customers in the quarter, 11 for Sonus and 29 for NET (post-acquisition).
-Sonus SBC 5100 and Sonus SBC 5200 Certified in Microsoft's Unified Communications Open Interoperability Program for Microsoft Lync Server 2010; together with Sonus SBC 1000 and Sonus SBC 2000 represents the largest portfolio of MS Lync certified SBCs on the market.
Revenue for the third quarter of fiscal 2012 was $57.0 million, compared to $57.6 million in the second quarter of fiscal 2012 and $66.4 million in the third quarter of fiscal 2011. The GAAP net loss for the third quarter of fiscal 2012 was $15.6 million, or $0.06 per share, compared to a GAAP net loss of $11.7 million, or $0.04 per share, in the second quarter of 2012 and GAAP net income of $1.9 million, or $0.01 per diluted share, in the third quarter of fiscal 2011. The non-GAAP net loss for the third quarter of fiscal 2012 was $6.3 million, or $0.02 per share, compared to a non-GAAP net loss of $8.6 million, or $0.03 per share, in the second quarter of fiscal 2012 and non-GAAP net income of $4.1 million, or $0.01 per diluted share, in the third quarter of fiscal 2011.
2012 Fourth Quarter and Full Year Outlook
The Company's outlook is based on current indications for its business, which may change during the current quarter. All figures are non-GAAP and include the partial quarter effect of NET in the third quarter of 2012 and the anticipated full quarter effect of NET in the fourth quarter of 2012.
In August 2012, the Company initiated a plan to streamline operations and reduce operating costs, including a corporate-wide restructuring plan. In the third quarter of fiscal 2012 the Company recorded restructuring expenses of $2.0 million for severance and related expenses and the consolidation of its France offices. The Company expects to record additional restructuring expenses of $6.0 million in the fourth quarter of fiscal 2012, comprised of approximately $5 million for facility-related charges and $1 million for severance and other related charges.
"Sonus proved this quarter that our SBC growth engine is continuing to grow faster than the market. We continue to compete very effectively and grow our market share," said Ray Dolan, President and Chief Executive Officer. "This continued momentum will enable us to more rapidly transition our business from legacy Media Gateway toward a profitable SBC growth company."
As of the beginning of fiscal 2012, the Company began reporting its first, second and third quarters on a 4-4-5 basis, with the quarter ending on the Friday closest to the last day of each third month. The Company's fiscal year-end is Dec. 31.
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