This Day On The Street
Continue to site right-arrow
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
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

Polycom Announces Revenues Of $348 Million For Fourth 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 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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

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
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

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

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, 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
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

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.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

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.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs