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Polycom Reports First Quarter 2014 Revenue Of $329 Million

Polycom, Inc. (Nasdaq: PLCM) today reported first quarter 2014 revenues of $329 million, non-GAAP net income of $26 million and non-GAAP earnings per diluted share of 18 cents. GAAP net loss for the first quarter was $4 million, or 3 cents per share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.

“We are successfully executing on our goal to improve operating performance,” said Peter Leav, Polycom President and Chief Executive Officer. “Future earnings growth at Polycom will be driven by improvements in processes across the organization, operational cost containment, and the pursuit of profitable revenue growth.”

“Operating margins and earnings per share were better than expected as a result of strong execution in the first quarter,” said Laura Durr, Chief Accounting Officer and Interim Chief Financial Officer.

On a comparative basis, consolidated financial results were:

($ in millions, except per share data)     Q1 2014     Q4 2013     Q1 2013    

Year- Over- Year Change

Revenues $ 328.5     $ 347.9     $ 338.8     -3 %
Non-GAAP Net Income $ 26.1 $ 25.4 $ 23.3 12 %
Non-GAAP EPS $ 0.18 $ 0.16 $ 0.13 38 %
GAAP Net Income (Loss) $ (4.0 ) $ (2.0 ) $ 2.6 -254 %
GAAP EPS $ (0.03 ) $ (0.01 ) $ 0.01 -400 %
 

On a geographic basis, consolidated revenues were comprised of:

($ in millions)     Q1 2014     Q4 2013     Q1 2013    

Year-Over- Year Change

Americas $ 163.1     $ 170.6     $ 171.0     -5%
% of revenues 50% 49% 51%
Europe, Middle East & Africa (EMEA) 89.0 89.2 89.1 0%
% of revenues 27% 26% 26%
Asia Pacific 76.4 88.1 78.7 -3%
% of revenues   23%       25%       23%      
Totals * $ 328.5     $ 347.9     $ 338.8     -3%
* may not foot due to rounding
 

By product category, inclusive of its service component, consolidated revenues were comprised of:

($ in millions)     Q1 2014     Q4 2013     Q1 2013    

Year-Over- Year Change

UC Group Systems $ 213.4     $ 218.1     $ 232.4     -8%
% of revenues 65% 63% 69%
UC Personal Devices 56.5 62.1 49.3 15%
% of revenues 17% 18% 15%
UC Platform 58.7 67.7 57.1 3%
% of revenues 18%     19%     19%      
Totals * $ 328.5     $ 347.9     $ 338.8     -3%
* may not foot due to rounding
 

In Q1 2014, Polycom generated a total of $19 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $138 million. Cash and investments at the end of Q1 2014 totaled $596 million. Net of existing debt, cash and investments at the end of Q1 2014 totaled $349 million.

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