Dialogic Inc. Reports First Quarter 2012 Financial Results

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, 2012.

Recent Highlights

• Announced balance sheet restructuring that will reduce long-term debt from $99.0 million to $61.0 million upon stockholder approval at our upcoming Annual Stockholders Meeting.
• Announced significantly lower interest rate on remaining long-term debt that is expected to reduce cash interest in 2012 by $2.6 million per quarter or $10.6 million annually.

Financial Results

On a GAAP basis, Dialogic achieved the following financial results for the first quarter of 2012 as compared to the first quarter of 2011 and the fourth quarter of 2011.

• Total revenue for the first quarter of 2012 was $41.1 million compared to $44.9 million for the first quarter of 2011 and $50.0 million for the fourth quarter of 2011.
• Gross margin for the first quarter of 2012 was 60.5% compared to 57.0% for the first quarter of 2011 and 58.1% for the fourth quarter of 2011.
• Operating expense for the first quarter of 2012 was $32.1 million compared to $42.6 million for the first quarter of 2011 and $33.9 million for the fourth quarter of 2011.
• Net Loss attributable to shareholders for the first quarter of 2012 was $14.1 million, or $0.45 per share, compared to $21.3 million, or $0.68 per share, for the first quarter of 2011 and $9.2 million, or $0.29 per share, for the fourth quarter of 2011.

As reflected below in the Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA results, on a non-GAAP basis, Dialogic achieved the following financial results for the first quarter of 2012 as compared to the first quarter of 2011 and to the fourth quarter of 2011.

• Total Revenue for the first quarter of 2012 of $41.6 million compared to $45.9 million for the first quarter of 2011 and $50.4 million in the fourth quarter of 2011.
• Gross margin for the first quarter of 2012 of 64.9% compared to 63.0% for the first quarter of 2011 and 65.8% for the fourth quarter of 2011.
• Operating expenses for the first quarter of 2012 of $29.5 million compared to $35.0 million for the first quarter of 2011 and $28.8 million for the fourth quarter of 2011.
• Adjusted EBITDA for the first quarter of 2012 of ($2.5 million) compared to ($6.1 million) for the first quarter of 2011 and $4.4 million for the fourth quarter of 2011.

“As we review our non-GAAP financial results for the first quarter of 2012 as compared to the first quarter of 2011, we are pleased to report improvements in gross margin consistent with the growing importance of our Next-Gen portfolio and significant streamlining of operating expenses consistent with positioning the company for improved financial performance,” said Nick Jensen, Dialogic Chairman and Chief Executive Officer. “For the second quarter of 2012, we expect revenue to increase and non-GAAP operating expenses to decrease as compared to the first quarter. In addition, we reaffirm that we expect to achieve positive cash flow for the fiscal year.”

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