Allot Communications Reports $9.4 Million in Revenues for First Quarter of 2009
Posted on: Tuesday, 12 May 2009, 04:00 CDT
HOD HASHARON, Israel, May 12 /PRNewswire-FirstCall/ -- Key highlights: - First quarter revenues totaled $9.4 million, representing a 13% increase over first quarter of 2008 - First quarter non-GAAP net loss declined to $0.8 million, or $0.04 per basic and diluted share, from $1.1 million, or $0.05 per basic and diluted share, in the fourth quarter of 2008, and from $1.9 million, or $0.09 per basic and diluted share, in the first quarter of 2008 - As of March 31, 2009, cash, cash equivalents, deposits and investments in marketable securities totaled $54.1 million - Large projects contributed significant revenues during the quarter - Announced partnership with HP to address mobile market Allot Communications Ltd. (NASDAQ: ALLT), a leader in IP service
optimization solutions based on deep packet inspection (DPI) technology,
today announced financial results for the first quarter ended
Total revenues for the first quarter of 2009 reached
On a non-GAAP basis, excluding the impact of share-based compensation,
auction-rate securities (ARS) devaluation, certain legal expenses and
amortization of acquired core technology, net loss for the first quarter of
2009 totaled
"The strategic decisions which we have previously discussed, both on a
product and market level, contributed to our sales growth during the
quarter," commented
"We also continue our success in the mobile market. The recently announced partnership with HP enables us to offer customers a robust, end-to-end solution for their mobile broadband architecture. This relationship has already demonstrated results, with deployment in the network of one tier-1 mobile operator," concluded Hadar.
Recently, the Company achieved the following significant goals: - 17 service providers worldwide already using the Service Gateway platform; - During the quarter, concluded 12 large deals with service providers, of which five represented new customers and seven represented expansion deals; and - First commercial sales of the recently introduced NetEnforcer AC-10000. As of
The Company also announced today that its Board of Directors approved
offering certain employees who hold options the opportunity to exchange their
"underwater" options for new options, each having an exercise price of the
higher of
Conference Call & Webcast
The Allot management team will host a conference call to discuss its
first quarter 2009 earnings results on
A replay of the conference call will be available from
A live webcast of the conference call can be accessed on the Allot Communications website at http://www.allot.com. The webcast will also be archived on the website following the conference call.
About Allot Communications
Allot Communications Ltd. (NASDAQ: ALLT) is a leading provider of intelligent IP service optimization solutions. Designed for carriers, service providers and enterprises, Allot solutions apply deep packet inspection (DPI) technology to transform broadband pipes into smart networks. This creates the visibility and control vital to manage applications, services and subscribers, guarantee quality of service (QoS), contain operating costs and maximize revenue. Allot believes in listening to customers and provides them access to its global network of visionaries, innovators and support engineers. For more information, please visit www.allot.com.
Safe Harbor Statement
Information provided in this press release may contain statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to the Company's plans, objectives and expectations for future operations. These forward-looking statements are based upon management's current estimates and projections of future results or trends. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These factors include, but are not limited to: the impact of the stock-option trade-in plan on the Company's Profit and Loss Statement changes in general economic and business conditions and, specifically, a decline in demand for the Company's products; the Company's inability to develop and introduce new technologies, products and applications; loss of market; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
TABLE - 1 ALLOT COMMUNICATIONS LTD. AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except share and per share data) Three Months Ended March 31, 2009 2008 (Unaudited) Revenues $ 9,369 $ 8,259 Cost of revenues 2,526 2,142 Gross profit 6,843 6,117 Operating expenses: Research and development costs, net 2,407 3,097 Sales and marketing 4,404 5,044 General and administrative 1,393 1,499 In - process research and development - 244 Total operating expenses 8,204 9,884 Operating loss (1,361) (3,767) Financial and other expenses, net (1,524) (1,015) Loss before income tax expenses (2,885) (4,782) Income tax expenses 4 31 Net loss (2,889) (4,813) Basic and diluted net loss per share $ (0.13) $ (0.22) Weighted average number of shares used in computing basic and diluted net loss per share 22,067,951 22,026,771 TABLE - 2 ALLOT COMMUNICATIONS LTD. AND ITS SUBSIDIARIES RECONCILATION OF GAAP TO NON-GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. dollars in thousands, except per share data) Three Months Ended March 31, 2009 2008 (Unaudited) GAAP net loss as reported $ (2,889) $ (4,813) Non-GAAP adjustments: Expenses recorded for stock-based compensation Cost of revenues 25 14 Research and development costs, net 89 75 Sales and marketing 109 128 General and administrative 287 208 Expenses related to a law suit- general and administrative - 21 In-process research and development - 244 Core technology amortization- cost of revenues 28 28 Total adjustments to operating loss 538 718 Impairment of auction rate securities Financial and other expenses, net 1,575 2,150 Total adjustments 2,113 2,868 Non-GAAP net loss $ (776) $ (1,945) Non- GAAP basic and diluted net loss per share $ (0.04) $ (0.09) TABLE - 3 ALLOT COMMUNICATIONS LTD. AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) March 31, December 31, 2009 2008 (Unaudited) Audited ASSETS CURRENT ASSETS: Cash and cash equivalents $ 35,851 $ 40,029 Marketable securities and short term deposits 4,058 2,121 Trade receivables 6,586 6,163 Other receivables and prepaid expenses 1,578 1,959 Inventories 4,109 4,259 Total current assets 52,182 54,531 LONG-TERM ASSETS: Marketable securities 14,161 15,319 Severance pay fund 2,987 3,402 Other assets 889 874 Total long-term assets 18,037 19,595 PROPERTY AND EQUIPMENT, NET 4,731 4,970 GOODWILL AND INTANGIBLE ASSETS, NET 3,727 3,755 Total assets $ 78,677 $ 82,851 LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade payables $ 2,627 $ 2,902 Deferred revenues 4,798 4,475 Other payables and accrued expenses 6,003 6,466 Total current liabilities 13,428 13,843 LONG-TERM LIABILITIES: Deferred revenues 2,236 2,293 Accrued severance pay 3,068 3,536 Total long-term liabilities 5,304 5,829 SHAREHOLDERS' EQUITY 59,945 63,179 Total liabilities and shareholders' equity $ 78,677 $ 82,851 Investor Relations Contact: Jay Kalish Executive Director Investor Relations International dial: +972-54-221-1365 jkalish@allot.comSOURCE Allot Communications Ltd.
Source: PR Newswire
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