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Polycom Announces Revenues Of $345 Million For Second Quarter 2013

Stocks in this article: PLCM

Polycom, Inc. (Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today reported financial results for the second quarter ended June 30, 2013. Polycom reported second quarter 2013 net revenues of $345 million, non-GAAP net income of $26 million and non-GAAP earnings per diluted share of 15 cents. GAAP net income for the second quarter was $5 million, or 3 cents per diluted share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.

Polycom also announced the appointment of Kevin Parker as Interim Chief Executive Officer. Mr. Parker has served on the Polycom board since 2005, and is currently a Managing Principal at Bridge Growth Partners, LLC. Mr. Parker’s complete bio can be found at http://www.polycom.com/company/about-us/leadership.html. Mr. Parker replaces Andrew Miller who resigned as Chief Executive Officer, President and a member of the Board of Directors on July 19, 2013, after the Audit Committee of the Board of Directors found certain irregularities in Mr. Miller’s expense submissions, for which Mr. Miller accepted responsibility. The amounts involved did not have a material impact on the Company's current or previously reported financial statements for any period, nor did they involve any other employees.

“Polycom delivered a solid financial performance in Q2, driven by our U.S. Enterprise and voice related businesses,” stated Kevin Parker, Polycom’s interim President and Chief Executive Officer. “Andy Miller’s resignation under these circumstances is disappointing and should not be viewed as a reflection of the financial integrity of the company, the strength of our team or our plans for the future. I look forward to working with the Polycom team, partners and customers to drive our strategy forward, and we thank Andy for his four years of service.”

“Our second quarter sales results demonstrate continued progress with our new products, as we expand our addressable market and grow our services businesses,” continued Eric Brown, Polycom Chief Operating Officer and Chief Financial Officer. “We accelerated our share repurchase program and closed the quarter with total cash and investments of $4 per share and trailing 12 month operating cash flow of $195 million.”

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