Quarterly Revenues Increase by 13% over First Quarter of 2008 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 March 31, 2009. Total
revenues for the first quarter of 2009 reached $9.4 million, a 13%
increase from the $8.3 million of revenues reported in the first
quarter of 2008 and a 2% decline from the $9.6 million of revenues
reported for the fourth quarter of 2008. On a GAAP basis, net loss
for the first quarter of 2009 was $2.9 million, or $0.13 per share
(basic and diluted). This compares with a net loss of $4.8 million,
or $0.22 per share (basic and diluted), in the first quarter of
2008, and net income of $1.0 million, or $0.05 per share (basic and
diluted), for the fourth quarter of 2008. 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 $0.8 million, or $0.04 per share (basic and
diluted), as compared with a non-GAAP net loss of $1.9 million, or
$0.09 per share (basic and diluted), for the first quarter of 2008
and a non-GAAP net loss of $1.1 million, or $0.05 per share (basic
and diluted), for the fourth quarter of 2008. These non-GAAP
measures should be considered in addition to, and not as a
substitute for, comparable GAAP measures. A full reconciliation
between GAAP and non-GAAP net loss is provided in the accompanying
Table 2. The Company provides these non-GAAP financial measures
because it believes that they present a better measure of the
Company's core business and management uses the non-GAAP measures
internally to evaluate the Company's ongoing performance.
Accordingly, the Company believes that they are useful to investors
in enhancing an understanding of the Company's operating
performance. "The strategic decisions which we have previously
discussed, both on a product and market level, contributed to our
sales growth during the quarter," commented Rami Hadar, Allot's
President and CEO. "The Service Gateway approach which we
pioneered, has become a fixture with our customers. A significant
portion of revenues during the quarter was from larger projects,
some of which included value added services from third parties,
which we believe is testament to the success of this product line.
We also unveiled the next generation Service Gateway Sigma and the
NetEnforcer AC-10000, which will enable us to enhance our ability
to support larger deployments, as well as offer value added
services to our customers on a single platform that delivers 40Gbps
throughput. "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 March 31, 2009, cash, cash equivalents, deposits and
investments in marketable securities totaled $54.1 million. Recent
external valuations showed a further devaluation of certain ARS in
the Company's portfolio as of the end of the first quarter while
others showed an appreciation. As a result, the Company recorded an
additional impairment charge of $1.6 million in its statement of
operations on a GAAP basis, in respect of certain ARS, the
devaluation of which is considered "other than temporary" and an
unrealized gain of $0.4 million to the other comprehensive income
in its shareholders' equity in respect of appreciated ARS, leaving
the Company with a total of $14.2 million in ARS at the end of the
quarter. To date, our ARS have paid all their interest payments.
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 $3.00 or the
then-current market price per share at the time of the grant of the
new options. Up to approximately 650,000 of such underwater options
may be exchanged in the program. Under the terms of the offer,
employees surrendering options will receive an amount of options
equal to 90% of the options which are surrendered. The vesting
schedule for the newly issued options will begin on the date of the
grant of such options. All other terms and conditions of the
options will be subject to the Company's Incentive Compensation
Plan. The Company expects that based on the current market price on
a GAAP basis, the impact of this plan will not significantly affect
its Profit and Loss Statement. Conference Call & Webcast The
Allot management team will host a conference call to discuss its
first quarter 2009 earnings results on Tuesday, May 12, 2009, at
8:30 AM EDT, 3:30 PM Israel time. To access the conference call,
please dial one of the following numbers: US: 1-866-966-5335,
International: +44-20-3003-2666, Israel: 1-809-216-213. A replay of
the conference call will be available from 12:01 am EST on May 13,
2009 through June 13, 2009 at 11:59 pm EST. To access the replay,
please dial: +44-20-8196-1998, access code: 650204#. 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 http://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 DATASOURCE: Allot Communications Ltd.
CONTACT: Investor Relations Contact: Jay Kalish, Executive Director
Investor Relations, International dial: +972-54-221-1365,
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