This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Polycom Announces Revenues Of $348 Million For Fourth Quarter 2013

Polycom, Inc. (Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today reported financial results for the fourth quarter ended December 31, 2013. Polycom reported fourth quarter 2013 net revenues of $348 million, non-GAAP net income of $25 million and non-GAAP earnings per diluted share of 16 cents. GAAP net loss for the fourth quarter was $2 million, or 1 cent per share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.

“Polycom posted stronger sequential performance in Q4 2013, driven by on-going strength in UC Personal Devices and improvements in EMEA and Asia Pacific,” said Peter Leav, Polycom President and Chief Executive Officer. “In 2014, our goal is to prioritize growth areas within the business and deliver an improved cost structure that will result in better overall profitability for Polycom.”

“Polycom generated $168 million in operating cash flow in 2013,” said Eric Brown, Polycom Chief Operating Officer and Chief Financial Officer. “We continue to emphasize capital return for shareholders, including our recently executed $400 million share repurchase program. Polycom repurchased a total of 45 million shares in 2013.”

On a comparative basis, consolidated financial results were:
($ in millions, except per share data)       Q4 2013     Q3 2013     Q4 2012
Revenues $ 347.9     $ 336.5     $ 353.0
Non-GAAP Net Income $ 25.4 $ 19.3 $ 30.7
Non-GAAP EPS $ 0.16 $ 0.11 $ 0.17
GAAP Net Income (Loss) $ (2.0 ) $ (24.0 ) $ 1.9
GAAP EPS $ (0.01 ) $ (0.14 ) $ 0.01
 

On a geographic basis, consolidated net revenues were comprised of:
($ in millions) Q4 2013     Q3 2013     Q4 2012    

Sequential

Change
   

Year-Over-

Year Change
Americas $ 170.6     $ 177.3     $ 175.2     -4 %     -3 %
% of revenues 49 % 53 % 50 %
Europe, Middle East & Africa (EMEA) 89.2 80.0 93.4 11 % -5 %
% of revenues 26 % 24 % 26 %
Asia Pacific 88.1 79.2 84.4 11 % 4 %
% of revenues   25 %       23 %       24 %            
Totals * $ 347.9       $ 336.5       $ 353.0       3 %     -1 %
* may not foot due to rounding
 

By product line, inclusive of its service component, consolidated net revenues were comprised of:
($ in millions)     Q4 2013     Q3 2013     Q4 2012    

Sequential

Change
   

Year-Over-

Year Change
UC Group Systems $ 218.1     $ 221.4     $ 238.2     -1 %     -8 %
% of revenues 63 % 66 % 67 %
UC Personal Devices 62.1 56.9 46.8 9 % 33 %
% of revenues 18 % 17 % 13 %
UC Platform 67.7 58.2 68.0 16 % 0 %
% of revenues   19 %       17 %       19 %            
Totals * $ 347.9       $ 336.5       $ 353.0       3 %     -1 %
* may not foot due to rounding
 

In Q4 2013, Polycom generated a total of $50 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $168 million. Cash and investments at the end of Q4 2013 totaled $584 million.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,598.20 -91.66 -0.52%
S&P 500 2,098.04 -5.80 -0.28%
NASDAQ 5,115.3820 -12.8990 -0.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs