Acme Packet posts strong Q1 financials, updates outlook for 2009

Fresh off of buying Covergence, Acme Packet announced its Q1 2009 results and updated its business outlook for the remainder of the year. The company booked $31 million for the quarter; down a little from Q1 2008, but up $1.1 million as compared to last quarter.

Net income for Q1 2008 was $2.8 million and $0.05 per share on a diluted basis, which is down from $5 million and $0.08 per share on a diluted basis for the same period last year and $3.7 million/$0.06 per share diluted for Q4 2008. Net income on a non-GAAP basis for the quarter was also down compared to the same time last year and Q4 2008 as well.

Acme's updated business outlook for 2009 is presented in Chinese menu fashion; column a is the new business outlook without the acquisition of Covergence and column b includes Covergence. If you pick column a, revenue is expected to be between $124 million to $128 million for the year; up from the previous forecast of $120-$125 million. Covergence only makes the numbers tastier, with a projected $128-132 million in revenue for the year when its revenue is added to Acme Packet's total.

Regardless of which column is selected, Acme is predicting it will make some more money in 2009 than it previously thought. Even accounting for dilution with the new shares issued to purchase Covergence, Acme expects to have non-GAAP diluted earnings per share of $0.24-$0.28, up from initial guidance of $0.22-$0.26 per share.

For more:
- Acme Packet reports good Q1 2009 numbers. Release

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