Polycom, Inc. (Nasdaq:PLCM), the global leader in open standards-based unified communication and collaboration (UC&C), today reported financial results for the third quarter ended September 30, 2012.
Third quarter 2012 consolidated net revenues from continuing operations were $335 million, down 6 percent year-over-year as expected compared to $355 million for the third quarter of 2011. Non-GAAP net income for the third quarter of 2012 was $17 million, or 10 cents per diluted share, compared to non-GAAP net income of $42 million, or 23 cents per diluted share, for the third quarter of 2011. GAAP earnings from continuing operations for the third quarter of 2012 was a net loss of $15 million, or 8 cents per diluted share, compared to net income of $20 million, or 11 cents per diluted share, for the same period last year. All periods presented in this release have been adjusted to reflect the classification of Polycom’s Enterprise Wireless Solutions business as discontinued operations. The reconciliation between GAAP net income from continuing operations and non-GAAP net income is provided in the tables at the end of this release.
“Demand for our best in class UC&C solutions was solid in Q3, which allowed us to come in at the high end of our revenue expectations and exceed our earnings expectations,” stated Andrew M. Miller, Polycom President and Chief Executive Officer. “We have been taking market share in 2012 as a result of our open standards-based Polycom® RealPresence® Platform and compelling cost of ownership advantage. Earlier this month on October 8, we unveiled a comprehensive set of breakthrough products launching in Q4 2012 and early 2013, that we believe will further distance us from the competition, expand our total addressable market, and drive mass adoption of video collaboration.”
“Our overall Q3 performance was at the high end of our expectations, with North America showing strength. We reported a sequential increase in deferred revenue and operating cash flow,” continued Eric Brown, Polycom Chief Operating Officer and Chief Financial Officer. “Q4 is an important quarter for Polycom, as we release a comprehensive set of new products, starting with the Polycom® RealPresence® Group Series solutions in November 2012.”