Acme Packet Reports Record Revenue And Earnings In Second Quarter Of 2011
Acme Packet, Inc. (NASDAQ: APKT), the leader in session delivery network solutions, today announced record results for the quarter ended June 30, 2011 and raised its business outlook for 2011. All earnings per share results are on a fully diluted basis unless otherwise noted.
Results for the Second Quarter of 2011
Total revenue in the second quarter of 2011 was $79.7 million, compared to $53.3 million in the second quarter of 2010 and $74.0 million in the first quarter of 2011. Net income in the second quarter of 2011 was $14.0 million, or $0.20 per share, compared to $9.7 million, or $0.14 per share, in the second quarter of 2010 and $13.7 million, or $0.19 per share, in the first quarter of 2011. Net income on a non-GAAP 1 basis in the second quarter of 2011 was $20.4 million, or $0.29 per share, compared to $12.5 million, or $0.19 per share, in the second quarter of 2010, and $18.9 million, or $0.27 per share, in the first quarter of 2011.
Company Raises Business Outlook for 2011The Company today raised its business outlook for 2011. The Company’s outlook is based on the current indications for its business, which may change at any time. A reconciliation of the Company’s expected GAAP to non-GAAP business outlook, and a statement as to the use of non-GAAP financial measures, is included at the end of this press release.
|Business Outlook for Year Ending December 31, 2011|
|Estimate||Issued April 26, 2011||Issued July 21, 2011|
|Total revenue (in millions)||$310-$315||$315-$320|
|Total revenue growth rate||Approximately 35%||Approximately 36%-38%|
|Non-GAAP 1 EPS||$1.10-$1.15||$1.14-$1.18|
|Total non-GAAP 1 EPS growth rate||Approximately 40%||Approximately 43%-48%|
|Diluted share count (in millions)||71.5||71.5|
Acme Packet, Inc.
Condensed Consolidated Statements of Income
(in thousands, except share and per share data)
|Three Months Ended June 30,||Six Months Ended June 30,|
|Maintenance, support and service||15,045||11,305||29,270||20,262|
|Cost of revenue:|
|Maintenance, support and service||2,525||2,140||5,531||4,408|
|Total cost of revenue||13,892||9,574||26,843||19,391|
|Sales and marketing||24,736||16,623||48,439||33,050|
|Research and development||12,719||8,646||24,013||17,339|
|General and administrative||5,788||3,595||10,365||6,879|
|Merger and integration-related costs||-||-||180||-|
|Total operating expenses||43,243||28,864||82,997||57,268|
|Income from operations||22,598||14,898||43,860||27,727|
|Other (expense) income, net||(196||)||176||(94||)||165|
|Income before provision for income taxes||22,402||15,074||43,766||27,892|
|Provision for income taxes||8,394||5,345||16,049||9,830|
|Net income per share:|
Weighted average number of common shares used inthe calculation of net income per share:
Acme Packet, Inc.
Condensed Consolidated Balance Sheets
June 30, 2011
|Cash and cash equivalents||$||120,571||$||91,669|
|Accounts receivable, net||53,520||34,797|
|Deferred product costs||1,048||3,572|
|Deferred tax asset||3,814||3,814|
|Income taxes receivable||14,131||9,979|
|Other current assets||4,760||3,231|
|Total current assets||400,420||332,748|
|Property and equipment, net||21,282||17,156|
|Acquired intangible assets, net||9,592||9,468|
|Deferred tax asset, net||14,802||14,802|
|Liabilities and Stockholders’ Equity|
|Accrued expenses and other current liabilities||9,591||14,629|
|Total current liabilities||50,860||53,788|
|Additional paid-in capital||315,094||266,114|
|Treasury stock, at cost||(37,522||)||(37,522||)|
|Other comprehensive income||32||34|
|Total stockholders’ equity||397,242||320,545|
|Total liabilities and stockholders’ equity||$||454,685||$||380,144|
Condensed Consolidated Statements of Cash Flow
|Three Months Ended||Six Months Ended|
|June 30,||June 30,|
|Cash provided by operating activities||$||8,664||$||15,061||$||20,205||$||23,034|
|Cash used in investing activities||20,729||22,541||25,002||49,182|
|Cash provided by financing activities||13,712||17,443||33,699||26,210|
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