Sonus Networks posts Q4 loss

Sonus Networks announced its fourth-quarter and year-end results Thursday, showing a large loss it attributed to a one-time, non-cash charge due to a deferred tax valuation allowance.

Sonus reported $89.5 million in revenue for the fourth quarter, up from $62.2 million for the third quarter, but down from $97.1 million in the fourth quarter of 2007. The company's full year revenue also sagged, as it netted $313.1 million in 2008, compared to $319.4 million in 2007.

Sonus said it took an $87.3 million non-cash charge because of an increase in its valuation allowance against its deferred tax asset that was reflected in both its fourth-quarter and year-end results. Sonus reported a loss of $113.6 million on a GAAP basis for 2008, compared to a loss of $22.6 million in 2007.

"We continue to make progress on aligning the business to our market opportunity," said Richard Nottenburg, president and CEO of Sonus Networks. "We are focusing our investments on delivering products and services which enhance the value proposition we bring to customers, and we believe the actions we are taking will further strengthen our competitive position for the time when the economic recovery commences and we return to growth mode."

For more:
- see the press release here [1]