Dialogic Inc. (NASDAQ:DLGC), a leading provider of communications technologies that power advanced networks, today announced first quarter financial results for the period ending March 31, 2011.
“We have now completed two quarters as a merged business and are very confident in how we have positioned our company for the future,” said Nick Jensen, Dialogic’s Chairman and Chief Executive Officer. ”Several large deals that had already been booked or got booked during the quarter were not recognized as revenue in Q1. We continue to see good acceptance in the market place for our technology platforms and we expect a significant increase in our second quarter revenue. We are also encouraged by the fact that our book to bill ratio exceeded one for a second consecutive quarter and our backlog reached record levels.”
As reflected below in the reconciliation of the Q1 2011 Statement of Operations to Adjusted EBITDA, on a non-GAAP basis, Dialogic achieved the following financial results for Q1 2011 as compared to the results of Q4 2010:
- Revenue of $45.9 million, as compared to $57.4 million
- Gross Margin of 63%, as compared to 63%
- Operating Expenses of $35.0 million, as compared to $35.2 million
- Adjusted EBITDA of $(6.1) million, as compared to $1.2 million
On a GAAP basis for Q1 2011 as compared to Q4 2010, results were: revenue of $44.9 million, as compared to $55.5 million; gross margins of 57%, as compared to 54%; operating expenses of $42.6 million, as compared to $49.8 million and net loss attributable to common shareholders of $21.3 million or $0.68 per share, as compared to $23.0 million or $0.74 per share.
“Two of the key drivers for the merger were expansion of market opportunities and reduction of operating cost for the combined company and we are seeing these drivers emerge”, said Jensen. “During the first quarter of 2011 we have been introduced to significant market opportunities where carriers required a supplier of our post-merger scale. With respect to operating costs, we anticipate achieving a normalized non-GAAP operating expense rate of $120 million on an annualized basis by the third quarter 2011.”