October 23, 2014
WESTFORD, Mass. — Sonus Networks, Inc. (Nasdaq: SONS), a global leader in enabling and securing real-time communications, today announced results for the third quarter ended September 26, 2014.
Third Quarter Financial Highlights
· Total Company revenue was $73.2 million, up 7.5% compared to the third quarter of 2013.
· Total Growth-related revenue (1) was $41.3 million, up 41% compared to the third quarter of 2013.
· Channel sales grew 51% compared to the third quarter of 2013.
· GAAP gross margins were 65.4%; non-GAAP gross margins were 67.5%.
· GAAP net loss was $5.2 million; non-GAAP net income was $3.5 million.
· GAAP loss per share was $0.02; non-GAAP diluted earnings per share were $0.01.
· Cash, cash equivalents and investments as of September 26, 2014 were $154.1 million.
“I am very pleased with our results,” said Ray Dolan, president and chief executive officer. “Our competitive differentiation and strategic partnerships continue to strengthen, which are in turn enabling Sonus to win new blue-chip customer accounts across the globe. In the third quarter, we won another new Tier-one service provider in the Asia Pacific region based on the strength of our signaling portfolio and product roadmap.”
Mark Greenquist, chief financial officer, commented, “Compared to the third quarter of 2013, our non-GAAP gross margins increased by 410 basis points and our non-GAAP net income grew 26%. These results, coupled with continued growth in cash from operations, demonstrate excellent progress toward improving the Company’s operating leverage.”
Other Highlights
· Company terminated its shareholder rights plan (poison pill).
· Sonus Session Border Controller (SBC) products added to the U.S. Department of Defense (DoD) approved products list.
· Sonus SBC solutions certified for interoperability in Genesys-powered contact centers.
· Sonus SBC SWe (Software Edition) received Microsoft® Lync® 2013 qualification.
· Sonus SBC SWe received 2014 Unified Communications (UC) Product of the Year Award by TMC’s INTERNET TELEPHONY magazine.
· Company announced general availability of the Sonus SBC 7000.
Quarterly Data
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