Sonus Networks [1] reports its financial results for the first quarter of 2008 were up as compared to last year and it squeaked out some net income on a GAAP basis as well.
Sonus revenues were $74 million, as compared to $71.1 million for the same period a year ago; net income on a GAAP basis was $600,000, much better than last year's first quarter GAAP net loss of $4 million. However, the last quarter of 2007 delivered $97 million in revenue and GAAP net income of $14.1 million.
The results include stock-based compensation and related costs, amortization of intangibles from the company's April 2007 purchase of Zynetix and some other bookkeeping adjustments. If you kick out the adjustments, non-GAAP net income for the quarter was $5.2 million. Investors aren't likely to worry too much because the company has piled up over $407 million in cash and investments, plus it has no debt.
Highlights include a new wireless access node, a centralized call routing database, the latest release to its IMS core architecture and serving over more than a million Carphone Warehouse Networks residential customers on its technology. Carphone Warehouse Networks estimates it will have 3.5 million broadband subscribers by 2010. (And Carphone just got a chunk of cash from Best Buy).
For more:
- Check out the Sonus
Networks first quarter 2008 financial report [2].
Related articles:
Sonus Networks to acquire Atreus Systems [3]
Links:
[1] http://www.sonusnetworks.com/
[2] http://www.fiercewireless.com/press-releases/sonus-networks-reports-first-quarter-2008-financial-results-0
[3] http://www.fiercetelecom.com/story/sonus-networks-to-acquire-atreus-systems/2008-04-21