Sonus Networks, Inc. (Nasdaq: SONS), a global leader in SIP-based communications, today announced results for the second quarter ended June 28, 2013. Sonus also announced that its Board of Directors has approved a stock buyback program of up to $100 million.
Second Quarter 2013 Highlights
- Total revenue was $69.2 million.
- Total SBC revenue, including product, maintenance and services, was $29.0 million, up 52% over the prior year.
- SBC product-only revenue was $20.4 million, up 51% over the prior year.
- Enterprise revenue comprised 21% of total product revenue.
- GAAP loss per share was $0.02; non-GAAP diluted earnings per share was above expectations at $0.01.
- Cash and investments totaled $304 million at period end.
- The Board of Directors has approved a stock buyback program of up to $100 million.
Revenue for the second quarter of 2013 was $69.2 million, compared to $63.3 million in the first quarter of 2013 and $57.6 million in the second quarter of 2012. The GAAP net loss for the second quarter of 2013 was $4.9 million, or $0.02 per share, compared to a GAAP net loss of $13.7 million, or $0.05 per share, in the first quarter of 2013 and a GAAP net loss of $11.7 million, or $0.04 per share, in the second quarter of 2012. Non-GAAP net income for the second quarter of 2013 was $3.2 million, or $0.01 per diluted share, compared to a non-GAAP net loss of $6.4 million, or $0.02 per share, in the first quarter of 2013 and a non-GAAP net loss of $8.6 million, or $0.03 per share, in the second quarter of 2012.
2013 Third Quarter and Full Year OutlookThe Company’s outlook is based on current indications for its business, which may change during the current quarter. Gross margin, operating expenses and EPS are presented on a non-GAAP basis. A reconciliation of the non-GAAP to GAAP outlook and a statement on the use of non-GAAP financial measures are included at the end of this press release.
Third Quarter 2013
|Total Revenue||$68 to $72 million|
|SBC Total Revenue||$28 to $32 million|
|SBC Product Revenue||$21 to $25 million|
|Gross Margin||64% to 65%|
|Operating Expenses||$42 to $43 million|
|Cash and Investments||$300 to $305 million *|
|Basic Shares||284 million|
|Diluted Shares||287 million|
Full Year 2013
|Total Revenue||$274 to $278 million|
|SBC Total Revenue||$120 to $124 million|
|SBC Product Revenue||$98 to $102 million|
|Gross Margin||64% to 65%|
|Operating Expenses||$171 to $172 million|
|Diluted EPS||$0.01 to $0.02|
| Cash and Investments
| $305 million *
|Diluted Shares||286 million|
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