Acme Packet downgrades fiscal forecast

Acme Packet downgraded its year-long prediction for total revenue by nearly 20 percent, according to its quarterly financial statement released Thursday. The company first announced that second-results would not meet predictions in early July. 

The company also announced plans to expand its common stock repurchase program from $20 million to $55 million. Acme has already bought back $15.1 million in shares, and additional repurchases will be made periodically as market conditions warrant. 

Acme posted $25.7 million in revenue in the second quarter, $1.3 million less than the $27 million posted in the same quarter last year; however, the $57.3 million in revenue generated in the first six months is a 10 percent increase compared with last year's results ($52.1 million), thanks to a strong first quarter.

Net income was $0.8 million for the quarter, down from $5.7 million in the same quarter last year.

Acme's revenue from maintenance, service and support was the major factor in the year-to-date increase in both total revenue and income. Revenue from these areas has grown over 20 percent since last year, and the cost of revenue remains less than a quarter of the revenue generated for these areas.

For more: 
- see Acme Packet's release

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