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Sandvine Corporation (SAND)

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Friday 06 July, 2012

Sandvine Corporation

SANDVINE REPORTS Q2 2012 RESULTS

RNS Number : 0653H
Sandvine Corporation
06 July 2012
 



 

SANDVINE REPORTS Q2 2012 RESULTS

                                                                                      

Waterloo, Canada; July 6, 2012 - Sandvine, (TSX:SVC; AIM:SAND) a leading provider of intelligent network policy control solutions for fixed and mobile operators, today reported $18.6 million in revenue for its second quarter of 2012, a non-IFRS loss of $3.5 million and a net loss of $4.2 million. All results are reported in U.S. dollars under International Financial Reporting Standards (IFRS).

 

Q2 2012 highlights:

·    Revenue by access technology market: DSL 43%; wireless 30%; cable 25%; other 2%

·    Revenue by geography: NA 48%; EMEA 18%; APAC 22%; CALA 12%

·    Revenue by sales channel: reseller 47%; direct 53%

·    Gross margin was 74%

·    Cash, cash equivalents and short-term investments balance grew by $2.8 million to $77.0 million

·    Won three new customers, including a Tier-1 Asian telco and a Top-10 US telecom provider

·    Won an additional expansion order of over $1.5 million from a Tier 1 US cable operator

 

"Our second quarter revenue was consistent with the estimate that we provided in June," said Dave Caputo, Sandvine's President and CEO. "We continue to believe that we will soon be able to win some initial business related to opportunities with Tier 1 operators, globally, and conclude a global supply arrangement for a major multinational operator customer."

 

FINANCIAL HIGHLIGHTS (All amounts are in U.S. dollars)

Millions of dollars, except per share data and where otherwise indicated

Q2

2012

Q1

2012

 

Change

Q2

2011

 

Change

Revenue

18.6

20.1

-8%

24.5

-24%

Gross Margin percent

74%

54%2

20pp

77%

-3pp

Expenses

17.9

17.2

4%

17.5

3%

Net (Loss) Income

(4.2)

(6.5) 2


1.7


Diluted (Loss) Income Per Share

(0.030)

(0.047) 2


0.012


 

Non-IFRS Expenses1

Non-IFRS (Loss)1 Income

 

17.2

(3.5)

 

16.5

(5.8) 2

 

5%

 

 

16.8

2.4

 

3%

 

Non-IFRS Diluted (Loss) Income Per Share1

(0.025)

(0.042) 2


0.017


1 See Table 1 below regarding non-IFRS financial measures

2 Q1 2012 figures include $3.7 million ($0.027 per diluted share) related to an inventory write-down

 

 

 



 

 

CONFERENCE CALL

The Company will discuss the financial results and business outlook on a conference call at 8:30 a.m. Eastern time (1:30 BST) today. A webcast will be available on Sandvine's website.

 

Local dial-in number

416 644 3414

Toll-free North America

800 814 4859

Toll-free United Kingdom

0800 358 5263

 

A replay of the call will be available at 416-640-1917 or toll-free at 877-289-8525 (passcode 4545032#) from approximately 10:30 a.m. Eastern time today through July 13.

 

ABOUT SANDVINE

Sandvine's network policy control solutions focus on protecting and improving the quality of experience on the Internet.

 

Our award-winning network equipment and software helps DSL, FTTx, cable, fixed wireless and mobile operators better understand network traffic, manage network congestion, create new services and revenues, mitigate traffic that is malicious or undesirable to subscribers, deliver QoS-prioritized multimedia services and increase subscriber satisfaction. With over 200 service provider customers in more than 85 countries serving hundreds of millions of broadband and mobile data subscribers, Sandvine is enhancing the Internet experience worldwide. For more information, please visit www.sandvine.com

 

INVESTOR RELATIONS CONTACT

Rick Wadsworth

Sandvine

+1 519 880 2400 ext. 3503

rwadsworth@sandvine.com

MEDIA CONTACT

Sacha DeGroot

Sandvine

+1 519 880 2232

sdegroot@sandvine.com

AIM NOMAD

Andrew Chubb/Simon Bridges

Canaccord Genuity Limited
+44 0207 523 8000

 

CAUTION REGARDING FORWARD LOOKING INFORMATION

Certain statements in this press release which are not historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements"). Statements related to Sandvine's projected revenues, earnings, growth rates, revenue mix and product plans are forward-looking statements as are any statements relating to future events, conditions or circumstances. The use of terms such as "may", "anticipated", "expected", "projected", "targeting", "estimate", "intend" and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance, achievements or developments of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.   Forward-looking statements are based on management's current plans, estimates, projections, beliefs and opinions, and the Company does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.

 

Many factors could cause the actual results of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements, including, without limitation, each of the following factors, and those factors which are further discussed in the Company's Annual Information Form ("AIF"), a copy of which is available on SEDAR at www.sedar.com.

·    The forecasted demand or opportunity with any particular customer is subject to change and is not in any way guaranteed or committed and the ultimate timing of receipt of any orders from any such customer is uncertain as is the timing of when any such order may translate to revenue for the Company;

·    The Company's revenues may fluctuate from quarter to quarter and year to year depending upon sales cycles, customer demand and the timing of customer purchase decisions;

·    The Company's gross margins may fluctuate from period to period depending upon a variety of factors including product mix in the quarter, competitive pricing pressures and the level of sales generated through indirect channels;

·    The Company is dependent upon and expects to continue to derive a large percentage of its revenue from both a small number of key customers and key reseller partners, none of whom are bound to any fixed purchase commitment or exclusivity obligations and could change their buying patterns and/or source of supply at any time, which could have a material impact on the Company's revenues.  The Company's reseller partners may offer their own products which are competitive with the Company's products;

·    The Company faces intense competition in markets where there are typically several different competing technologies and rapid technological changes.  The Company faces the risk of emergence of new technologies that may be either competitive to those of the Company or that change the requirements of the Company's customers for solutions such as those offered by the Company;

·    The Company's growth is dependent on the development of the market for network policy control solutions and the decisions of the Company's target customers to deploy and further invest in those technologies, which decisions may be impacted upon by changing requirements in the area of broadband network management policies and/or changes in the regulatory framework to which the Company's customers may be subject.  In particular, numerous telecommunications legislators and regulators in various jurisdictions have considered or are considering what, if any, regulations might be appropriate with respect to how internet service providers manage the impact of different types of traffic on their networks.  These ongoing processes may cause uncertainty in the network investment decisions of the Company's target customers, and any new rules or regulations that result from these considerations may impact the demand for the Company's products within various markets, including markets that may not be considering any new regulation but where the Company's customers may look to other markets for future guidance or trends;

·    The majority of the Company's operating expenses are denominated in Canadian dollars, U.S. dollars, New Israeli Shekels and Indian rupees. The Company's earnings are impacted by fluctuations in the exchange rates between the U.S. dollar and these currencies.



 

Table 1

1. Non-IFRS Financial Measures

 

The following table provides a reconciliation of net income (loss) and related per share amounts to non-IFRS net income (loss) and the related per share amounts for the periods indicated.  These non-IFRS financial measures, which are used internally by management to evaluate the Company's ongoing performance, exclude the impact of stock based compensation and amortization of intangible assets acquired through business acquisitions (collectively referred to as "Non-IFRS Expenses").  The Company provides these non-IFRS financial measures as it is the Company's view that the Non-IFRS Expenses are either (i) affecting the comparability of results from period to period as the Non-IFRS Expenses are not part of its normal day-to-day operations or only impact the current or comparable period and/or (ii) represent a "non-cash" accounting charge that does not deplete its cash resources.  Accordingly, the Company believes that such financial measures may also be useful to investors in enhancing their understanding of the Company's operating performance.  These non-IFRS measures are not recognized under IFRS and do not have standardized meanings prescribed by IFRS.  Therefore it is unlikely to be comparable to similarly titled measures reported by other issuers. Non-IFRS financial measures should be considered in the context of the Company's IFRS results.

 


Three month period ended

Six month period ended


May 31

2012

$

February 29 2012

$

May 31

2011

$

May 31

2012

$

May 31

2011

$


Amounts in US$ thousands

(4,166)

(6,487)

1,652

(10,653)

(1,042)

Adjustment for






Stock based compensation expense

505

534

531

1,039

1,008

Amortization of intangible assets acquired through business acquisitions

 

185

185

 

192

 

370

 

384

(3,476)

(5,768)

2,375

(9,244)

350

 


Three month period ended

Six month period ended


May 31

2012

$

February 29 2012

$

May 31

2011

$

May 31

2012

$

May 31

2011

$







(0.030)

(0.047)

0.012

(0.077)

(0.008)

Impact on diluted earnings (loss) per share of Non-IFRS measures

0.005

0.005

 

0.005

0.010

 

0.011

(0.025)

(0.042)

0.017

(0.067)

0.003

 


Sandvine Corporation

Consolidated Statements of Financial Position

(in thousands of United States dollars, except share and per share data) (unaudited)

 

 



As at

 

 


May 31,

2012

$

November 30, 2011

$

Assets








Current assets




Cash and cash equivalents


5,370

2,952

Short term investments  


71,597

71,030

Accounts receivable 


19,418

28,194

Inventory 


12,303

18,230

Other current assets


2,434

3,586



111,122

123,992

Non current assets




Plant and equipment  


12,173

11,560

Intangible assets


4,777

5,813

Deferred tax asset


212

-

Other assets


511

511



17,673

17,884







128,795

141,876





Liabilities








Current liabilities




Trade and other payables


9,437

10,787

Current portion of deferred revenue


9,626

9,123



19,063

19,910

Non current liabilities




Deferred revenue


755

789

Other non current liabilities


4,193

6,819



4,948

7,608







24,011

27,518

Shareholders' equity








Share capital 


120,411

120,472

Contributed surplus


13,903

12,754

Accumulated comprehensive loss 


(624)

(615)

Retained deficit


(28,906)

(18,253)



104,784

114,358







128,795

141,876





 

 


Sandvine Corporation

Consolidated Statements of Income

(in thousands of United States dollars, except share and per share data) (unaudited)

 

 


For the three month period ended

 


For the six month period

ended

 

 

 

May 31, 2012

$

May 31, 2011

$


May 31, 2012

$

May 31, 2011

$







Revenue






Product

10,975

18,652


24,005

32,144

Service

7,599

5,853


14,667

11,544


18,574

24,505


38,672

43,688

Cost of sales






Product

2,696

3,865


9,904

8,105

Service

2,185

1,694


4,280

3,124


4,881

5,559


14,184

11,229







Gross margin

13,693

18,946


24,488

32,459







Expenses






Sales and marketing

6,931

5,927


13,229

12,097

  Research and development

7,795

8,268


15,101

14,746

  General and administrative

3,179

3,284


6,204

6,457

Other losses, net

20

-


557

-


17,925

17,479


35,091

33,300







Income (loss) from operations

(4,232)

1,467


(10,603)

(841)







Finance income (costs), net






Finance income

28

37


72

79

Finance costs

(122)

(180)


(254)

(374)

Foreign exchange gains (losses)

-

1


(126)

(195)

Other finance gains (losses), net

-

369


146

369

Finance income (costs), net

(94)

227


(162)

(121)







Income (loss) before provision for income taxes

(4,326)

1,694


(10,765)

(962)







Provision for (recovery of) income taxes






Current

52

42


100

80

Deferred

(212)

-


(212)

-

Provision for (recovery of) income taxes

(160)

42


(112)

80







Net income (loss) for the period

(4,166)

1,652


(10,653)

(1,042)







Net income (loss) per share






Basic earnings (loss) per share

(0.030)

0.012


(0.077)

(0.008)

Diluted earnings (loss) per share

(0.030)

0.012


(0.077)

(0.008)







 

 


Sandvine Corporation

Consolidated Statements of Cash Flows

(in thousands of United States dollars, except share and per share data) (unaudited)

 

 


For the three month period ended


For the six month period ended

 

 

May 31,

2012

$

May 31,

2011

$


May 31, 2012

$

May 31, 2011

$

Cash provided by (used in)












Operating activities






Net income (loss) for the period

(4,166)

1,652


(10,653)

(1,042)

Items not affecting cash






          Amortization of intangible assets

528

569


1,066

930

          Depreciation of plant and equipment

1,180

1,075


2,276

2,136

          Unrealized foreign exchange (gains) losses

318

(71)


81

352

Finance costs

122

180


254

374

Other finance gains (losses)

-

(369)


(146)

(369)

          Stock-based compensation

505

531


1,039

1,008

Deferred tax recovery

(212)

-


(212)

-

          Other

(9)

(34)


574

(85)


(1,734)

3,533


(5,721)

3,304







Changes in non current balances

(304)

160


(2,669)

95

Changes in non-cash working capital balances

6,501

(11,760)


16,794

(5,198)


4,463

(8,067)


8,404

(1,799)







Investing activities






Purchase of plant, equipment and intangible software assets

(1,353)

(1,724)


(3,081)

(4,080)

Purchase of short term investments

(2,795)

(84,697)


(5,841)

(197,915)

Sale of short term investments

275

79,659


5,275

119,640


(3,873)

(6,762)


(3,647)

(82,355)







Financing activities






Repayment of government grants

(122)

(19)


(2,324)

(2,392)

Proceeds from the issuance of share capital  

112

149


192

602

Payment to cancel warrant

-

-


(80)

-


(10)

130


(2,212)

(1,790)







Effect of foreign exchange on cash and cash equivalents

(256)

28


(127)

 

109







Net increase (decrease) in cash during period

324

(14,671)


2,418

(85,835)







Cash and cash equivalents - Beginning of period

5,046

16,785


2,952

87,949







Cash and cash equivalents - End of period

5,370

2,114


5,370

2,114







Cash and cash equivalents are represented by






Balances with banks

5,351

1,795


5,351

1,795

Cash equivalents

19

319


19

319

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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