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Allot Communications: 10% Revenue Rise And Expanded Net Profit For First Quarter Of 2012

Investor Relations Contact:                  Jay Kalish Executive Director Investor Relations International access code +972-54-221-1365 jkalish@allot.com

     
                                            TABLE - 1
                                    ALLOT COMMUNICATIONS LTD.
                                       AND ITS SUBSIDIARIES
                              CONSOLIDATED STATEMENTS OF OPERATIONS
                   (U.S. dollars in thousands, except share and per share data)
 
                                               Three Months Ended
                                                   March 31,
                                           -----------------------------
                                               2012             2011
                                           ------------     ------------
                                                  (Unaudited)
                                           -----------------------------
 
    Revenues                              $ 24,217              $ 17,183
    Cost of revenues                         6,901                 4,852
                                           -------              --------
    Gross profit                            17,316                12,331
                                           -------              --------
 
    Operating expenses:
    Research and development costs, net      4,010                 2,971
    Sales and marketing                      7,755                 6,314
    General and administrative               2,774                 1,427
                                           -------              --------
    Total operating expenses                14,539                10,712
    Operating profit                         2,777                 1,619
    Financial and other income, net            462                    92
                                           -------              --------
    Profit before income tax expenses        3,239                 1,711
 
    Tax expenses                                 3                    85
                                           -------              --------
    Net profit                               3,236                 1,626
                                           =======              ========
 
    Basic net profit per share              $ 0.10                $ 0.07
                                           =======              ========
 
    Diluted net profit per share            $ 0.10                $ 0.06
                                           =======              ========
 
    Weighted average number of shares
    used in computing basic net
    earnings per share                  31,218,667            23,980,623
                                           =======              ========
 
    Weighted average number of shares
    used in computing diluted net
    earnings per share                  32,923,903            25,898,321
                                           =======              ========
 
                                   TABLE - 2
                            ALLOT COMMUNICATIONS LTD.
                              AND ITS SUBSIDIARIES
     RECONCILATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
                  (U.S. dollars in thousands, except per share data)

                                                                     Three Months Ended
                                                                         March 31,
                                                                  -----------------------
                                                                    2012           2011
                                                                  ---------     ---------
                                                                        (Unaudited)
                                                                  -----------------------
 
    GAAP net profit as reported                                     $ 3,236       $ 1,626

    Non-GAAP adjustments
    Expenses recorded for stock-based compensation
      Cost of revenues                                                   44            23
      Research and development costs, net                               188            92
      Sales and marketing                                               318           221
      General and administrative                                        166           181
    Expenses related to M&A activities and compliance 
      with regulatory matters
      General and administrative                                      1,045             -
    Core technology amortization- cost of revenues                       31            30
                                                                  ---------      --------
    Total adjustments to operating loss                               1,792           547
 
      Financial and other expenses, net
                                                                  ---------      --------
    Total adjustments                                                 1,792           547
                                                                  ---------      --------
 
    Non-GAAP net profit                                             $ 5,028       $ 2,173
                                                                  =========      ========
 
    Non- GAAP basic net profit per share                             $ 0.16        $ 0.09
                                                                  =========      ========
 
    Non- GAAP diluted net profit per share                           $ 0.15        $ 0.08
                                                                  =========      ========
 
    Weighted average number of shares
    used in computing basic net
    earnings per share                                           31,218,667    23,980,623
                                                                  =========      ========
 
    Weighted average number of shares
    used in computing diluted net
    earnings per share                                           33,078,735    26,035,245
                                                                  =========      ========
 
                                            TABLE - 3
                                    ALLOT COMMUNICATIONS LTD.
                                       AND ITS SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS on a NON-GAAP BASIS
                   (U.S. dollars in thousands, except share and per share data)
 
                                               Three Months Ended
                                                   March 31,
                                           -----------------------------
                                               2012              2011
                                           -----------        ----------
                                                      (Unaudited)
                                           -----------------------------
 
    Revenues                              $ 24,217              $ 17,183
    Cost of revenues                         6,826                 4,799
                                          --------              --------
    Gross profit                            17,391                12,384
                                          --------              --------
 
    Operating expenses:
    Research and development costs, net      3,822                 2,879
    Sales and marketing                      7,437                 6,093
    General and administrative               1,563                 1,246
                                          --------              --------
    Total operating expenses                12,822                10,218
    Operating profit                         4,569                 2,166
    Financial and other income, net            462                    92
                                          --------              --------
    Profit before income tax expenses        5,031                 2,258
 
    Tax expenses                                 3                    85
                                          --------              --------
    Net profit                               5,028                 2,173
                                          ========              ========
 
    Basic net profit per share              $ 0.16                $ 0.09
                                          ========              ========
 
    Diluted net profit per share            $ 0.15                $ 0.08
                                          ========              ========
 
    Weighted average number of shares
    used in computing basic net
    earnings per share                  31,218,667            23,980,623
                                          ========              ========
 
    Weighted average number of shares
    used in computing diluted net
    earnings per share                  33,078,735            26,035,245
                                          ========              ========
 
                                    TABLE - 4
                            ALLOT COMMUNICATIONS LTD.
                              AND ITS SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                           (U.S. dollars in thousands)
 
                                                  March 31,    December 31,
                                                     2012          2011
                                                 ----------    -----------
                                                 (Audited)       (Audited)
                                                 ----------    -----------    ASSETS
    CURRENT ASSETS:
    Cash and cash equivalents                     $ 140,902     $ 116,682
    Short term deposits                               6,000        24,000
    Marketable securities and restricted cash        18,535        18,718
    Trade receivables, net                           16,313        11,926
    Other receivables and prepaid expenses            5,839         5,950
    Inventories                                      10,652        10,501
                                                 ----------    -----------
    Total current assets                            198,241       187,777
                                                 ----------    -----------
 
    LONG-TERM ASSETS:
    Severance pay fund                                  184           178
    Other assets                                        357           356
                                                 ----------    -----------
    Total long-term assets                              541           534
                                                 ----------    -----------
 
    PROPERTY AND EQUIPMENT, NET                       5,406         5,352
                                                 ----------    -----------
    GOODWILL AND INTANGIBLE ASSETS, NET               3,364         3,395
                                                 ----------    -----------
 
    Total assets                                  $ 207,552     $ 197,058
                                                 ==========    ===========
 
    LIABILITIES AND SHAREHOLDERS' EQUITY
    CURRENT LIABILITIES:
    Trade payables                                  $ 5,939       $ 2,684
    Deferred revenues                                18,590        16,694
    Other payables and accrued expenses               8,432         9,462
                                                 ----------    -----------
    Total current liabilities                        32,961        28,840
                                                 ----------    -----------
 
    LONG-TERM LIABILITIES:
    Deferred revenues                                 4,745         5,430
    Accrued severance pay                               219           219
                                                 ----------    -----------
    Total long-term liabilities                       4,964         5,649
                                                 ----------    -----------
 
    SHAREHOLDERS' EQUITY                            169,627       162,569
                                                 ----------    -----------
 
    Total liabilities and shareholders' equity    $ 207,552     $ 197,058
                                                 ==========    ===========
                                                    TABLE - 5
                                            ALLOT COMMUNICATIONS LTD.
                                               AND ITS SUBSIDIARIES
                                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                           (U.S. dollars in thousands)
 
                                                                Three Months Ended
                                                                    March 31,
                                                               -------------------
                                                                2012          2011
                                                               -------------------
                                                                    (Unaudited)
 
    Cash flows from operating activities:
 
    Net income                                                $ 3,236        $1,626
    Adjustments to reconcile net income to net cash 
      provided by operating
      activities:
    Depreciation                                                  645           661
    Stock-based compensation related to options 
      granted to employees and
      non-employees                                               716           517
    Amortization of intangible assets                              31            30
    Capital loss (gain)                                             4            (4)
    Decrease (Increase) in accrued severance pay, net              (6)            3
    Increase in other assets                                       (1)           (3)
    Decease (Increase) in accrued interest and 
      amortization of premium on
      marketable securities                                        37            (1)
    Increase in trade receivables                              (4,387)       (2,768)
    Decrease (Increase) in other receivables and 
      prepaid expenses                                            224           (94)
    Increase in inventories                                      (151)         (814)
    Increase in trade payables                                  3,255            27
    Increase (Decrease) in employees and payroll accruals         265          (592)
    Increase in deferred revenues                               1,211         1,459
    Increase (Decrease) in other payables and accrued expenses   (677)          918

                                                              ---------------------
    Net cash provided by operating activities                   4,402           965
                                                              ---------------------
 
    Cash flows from investing activities:
 
    Increase in restricted deposit                                (44)         (486)
    Redemption of short-term deposits                          18,000             -
    Purchase of property and equipment                           (703)         (710)
    Proceeds from sale of property and equipment                    -            30
    Investment in marketable securities                          (251)         (853)
    Proceeds from redemption or sale of marketable securities     450           800

                                                              ---------------------
    Net cash provided by (used in) investing activities        17,452        (1,219)
                                                              ---------------------
 
    Cash flows from financing activities:

                                                              ---------------------
    Proceeds from exercise of options                           2,366         1,253
                                                              ---------------------
 
    Net cash provided by financing activities                   2,366         1,253
 
    Increase in cash and cash equivalents                      24,220           999
    Cash and cash equivalents at the beginning of the year    116,682        42,858
 
                                                              ---------------------
    Cash and cash equivalents at the end of the year        $ 140,902      $ 43,857
                                                              ---------------------

SOURCE Allot Communications Ltd.

Copyright 2011 PR Newswire. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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