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.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV