Allot Communications sees strong growth in 2013
Feb 05, 2013 (Globes - McClatchy-Tribune Information Services via COMTEX) --
Allot Communications Ltd. (Nasdaq:ALLT; TASE: ALLT) president and CEO Rami Hadar predicts strong growth for 2013, after the company reported revenue and profit growth for the fourth quarter and full year of 2012, although it still missed the analysts' consensus for the quarter.
Fourth quarter revenue rose to $28.5 million from $22 million for the corresponding quarter of 2011. GAAP-based net loss was $15.1 million ($0.46 per share) for the fourth quarter, compared with a GAAP-based net profit of $3.5 million for the corresponding quarter, and non-GAAP net profit rose to $4.6 million ($0.14 million) from $4.2 million. The company missed the analysts' consensus of earnings per share of $0.16 on $29.8 million revenue.
Full-year revenue rose to $107.1 million from $77.8 million in 2011. GAAP-based net loss was $6.7 million ($0.21 per share) in 2012, compared with a GAAP-based net profit of $8.8 million in 2011, and non-GAAP net profit rose to $19.8 million ($0.62 per share) from $12.5 million. The company beat the analysts' consensus of earnings per share of $0.61, but missed the revenue consensus of $108.5 million revenue In December, Allot recorded a $15.9 million settlement with the Office of Chief Scientist to settle liabilities on grants received. Upon paying the settlement during the first quarter of 2013, Allot will have no future royalty obligations on product sales.
Hadar said, "Allot demonstrated significant revenue growth in 2012 despite a challenging macroeconomic environment, particularly in Europe. With the completion of two acquisitions during the year, we now offer a comprehensive video solution to empower our customers to optimize and monetize on Over the Top (OTT) delivery of video based content and applications. We also delivered on our promise to complete initial commercial deployments with two nationwide mobile operators in the US, in addition to our significant and growing customer base throughout the world. As we enter 2013, we believe that we have a significant funnel of worldwide opportunities and that growth in broadband traffic, applications and devices will drive the need for our products."
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