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Calix Reports First Quarter 2011 Financial Results

Calix, Inc. (NYSE:CALX) today announced unaudited financial results for the first quarter ended March 26, 2011. Revenue for the first quarter of 2011 was $71.5 million, an increase of 48.3% compared to $48.2 million for the first quarter of 2010.

“Q1 was a record-setting quarter for Calix, and represented a strong start to fiscal year 2011,” said Carl Russo, Calix president and CEO. “We executed well across all segments of our business, and reported results that were ahead of expectations. Our integration of Occam Networks is progressing quickly and smoothly, resulting in accelerating innovation across our Unified Access portfolio and deeper relationships with our over 900 customers.”

Non-GAAP net income for the first quarter of 2011 was $3.8 million, or $0.09 per fully diluted share, an increase of 179.2% compared to non-GAAP net loss of $4.7 million, or $(0.15) per fully diluted share, for the first quarter of 2010. A reconciliation of GAAP and non-GAAP results is included as part of this release.

GAAP net loss for the first quarter of 2011 was $22.8 million, or $(0.55) per basic and diluted share, compared to a GAAP net loss of $10.2 million, or $(0.32) per basic and diluted share for the first quarter of 2010 assuming the conversion of preferred stock into common stock as of the beginning of the first quarter of 2010. A reconciliation of our Q1 2011 operating results from non-GAAP to GAAP is provided below:
  Non-GAAP  

Merger Related and Other Expenses
 

Stock-Based Compensation
 

Amortization of Intangible Assets
  GAAP
Revenue $ 71,470   -   -   -   $ 71,470
 
Cost of revenue   38,804     10,257       504       1,516       51,081  
Gross profit 32,666 (10,257 ) (504 ) (1,516 ) 20,389
 
Operating expense   28,890     5,951       7,613       669       43,123  
Operating income (loss) 3,776 (16,208 ) (8,117 ) (2,185 ) (22,734 )
 
Other income/(expense), net   2     -       -       -       2  
Income (loss) before taxes 3,778 (16,208 ) (8,117 ) (2,185 ) (22,732 )
Provision for income taxes   24     -       -       -       24  
Net income (loss) $ 3,754   $ (16,208 )   $ (8,117 )   $ (2,185 )   $ (22,756 )
 

Weighted average basic and diluted shares used to compute GAAP net loss per common share
  41,177  
 

Weighted average diluted shares used to compute non-GAAP net income per common share
  43,728     43,728       43,728       43,728  
 
GAAP net loss per common share $ (0.55 )
 
Non-GAAP net income per share $ 0.09   $ (0.37 )   $ (0.19 )   $ (0.05 )
 

Conference Call

In conjunction with this announcement, Calix will host a conference call at 1:30 p.m. PDT (4:30 p.m. EDT) today to discuss its first quarter 2011 financial results. A live audio webcast and replay of the call will be available in the Investor Relations section of the Calix web site at http://investor-relations.calix.com.

Live call access information:
  • Dial-in number: (866) 788-0542 (U.S.) or (857) 350-1680 (outside the U.S.)
  • Passcode: 67453797

Replay call access information:
  • Replay call dial-in: (888) 286-8010 (U.S.) or (617) 801-6888 (outside the U.S.)
  • Passcode: 92801418

The conference call and webcast will include forward looking information.

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