Orders From Recently Announced Tier 1 Mobile Operator Customer
Total $12.6 Million to Date HOD HASHARON, Israel, November 11
/PRNewswire-FirstCall/ -- Allot Communications Ltd. (NASDAQ:ALLT),
a leader in IP service optimization solutions based on deep packet
inspection (DPI) technology, today reported continued improvement
in its quarterly results with the announcement of its financial
results for the third quarter ended September 30, 2009. Key
highlights: - Third quarter revenues totaled $10.8 million,
representing an 8% increase over the second quarter of 2009 -
Non-GAAP loss continues to decline, with third quarter non-GAAP net
loss totaling $0.2 million, or $0.01 per basic and diluted share,
from $0.4 million, or $0.02 per basic and diluted share, in the
second quarter of 2009, and from $1.6 million, or $0.07 per basic
and diluted share, in the third quarter of 2008 - As of September
30, 2009, cash, cash equivalents, deposits and investments in
marketable securities totaled $52.8 million - To date, total orders
of $12.6 million received from a global Tier 1 mobile operator
under a frame agreement Total revenues for the third quarter of
2009 reached $10.8 million, a 10% increase from the $9.8 million of
revenues reported in the third quarter of 2008 and an 8% increase
from the $10.0 million of revenues reported in the second quarter
of 2009. On a GAAP basis, net loss for the third quarter of 2009
was $2.3 million, or $0.10 per share (basic and diluted). This
compares with a net loss of $9.0 million, or $0.41 per share (basic
and diluted), in the third quarter of 2008, and a net loss of $1.0
million, or $0.05 per share (basic and diluted), in the second
quarter of 2009. 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 third quarter of 2009 totaled
$0.2 million, or $0.01 per share (basic and diluted), as compared
with a non-GAAP net loss of $1.6 million, or $0.07 per share (basic
and diluted), for the third quarter of 2008 and a non-GAAP net loss
of $0.4 million, or $0.02 per share (basic and diluted), for the
second quarter of 2009. 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. "Allot's growth continues to
be driven primarily from its leadership position in the mobile
market," commented Allot President and CEO Rami Hadar. "Since we
initially announced the frame agreement with a Tier 1 mobile
operator group , we have received an additional $7.6 million in
orders, bringing total orders from this customer to approximately
$12.6 million to date. Our ability to provide a solution that
enables mobile operators to meet the rapidly increasing demand for
data services, coupled with our expertise in implementing complex,
large scale projects have been key factors for Allot's success in
this market. "During the quarter we began receiving orders for the
two newest members of our wide range of product offerings. The new
Sigma, our next generation service gateway platform, offers higher
throughput and full flexibility in introducing revenue generating
services to subscribers. The AC-5000 provides an optimal solution
for bandwidth maximization and managed services for both large
enterprise and small service providers," concluded Hadar. Recently,
the Company achieved the following significant goals: -
Successfully implemented the first phase of the large Tier 1 mobile
operator deployment; - Received approximately $7.6 million in
follow-on orders to date for next phase of Tier 1 project; -
Received initial orders for its new Sigma and AC-5000 products; and
- During the quarter, concluded 11 large deals with service
providers, of which 2 represented new customers and 9 represented
expansion deals. As of September 30, 2009, cash, cash equivalents,
deposits and investments in marketable securities totaled $52.8
million. Recent external valuations showed a major decrease in
value of one ARS in the Company's portfolio as of the end of the
third quarter. Other ARS valuations, showed only a slight increase
or decrease in value. As a result, the Company recorded a net
impairment charge of $1.4 million in its statement of operations on
a GAAP basis, in respect of ARS, the devaluation of which is
considered "other than temporary", and an unrealized net loss of
$0.2 million to other comprehensive income in its shareholders'
equity, leaving the Company with a total book value of $13.8
million in ARS at the end of the quarter. To date, all ARS are
current on their respective interest payments. Conference Call
& Webcast The Allot management team will host a conference call
to discuss its third quarter 2009 earnings results today at 8:30 AM
EST, 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 November
12, 2009 through December 12, 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: 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 Nine
Months Ended September 30, September 30, 2009 2008 2009 2008
(Unaudited) (Unaudited) Revenues $ 10,843 $ 9,819 $ 30,221 $ 27,539
Cost of revenues 2,977 2,618 8,287 7,248 Gross profit 7,866 7,201
21,934 20,291 Operating expenses: Research and development costs,
net 2,350 2,889 6,857 9,109 Sales and marketing 5,302 4,751 14,559
15,271 General and administrative 1,311 1,702 4,170 4,811 In -
process research and development - - - 244 Total Operating expenses
8,963 9,342 25,586 29,435 Operating loss (1,097) (2,141) (3,652)
(9,144) Financial and other expenses, net (1,151) (6,788) (2,363)
(8,247) Loss before income tax expenses (2,248) (8,929) (6,015)
(17,391) Income tax expenses 21 36 137 137 Net loss (2,269) (8,965)
(6,152) (17,528) Basic and diluted net loss per share $ (0.10) $
(0.41) $ (0.28) $ (0.79) Weighted average number of shares used in
computing basic and diluted net loss per share 22,214,563
22,063,367 22,118,241 22,049,750 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 Nine Months Ended
September 30, September 30, 2009 2008 2009 2008 (Unaudited)
(Unaudited) GAAP net loss as reported $ (2,269) $ (8,965) $ (6,152)
$ (17,528) Non-GAAP adjustments Expenses recorded for stock-based
compensation Cost of revenues 33 11 86 41 Research and development
costs, net 87 84 265 240 Sales and marketing 254 112 560 402
General and administrative 231 216 810 637 In-process research and
development - - - 244 Expenses related to a law suit - 151 - 197
Core technology amortization - cost of revenues 31 30 89 88 Total
adjustments to operating loss 636 604 1,810 1,849 Impairment of
auction rate securities Financial and other expenses, net 1,448
6,771 3,023 10,206 Total adjustments 2,084 7,375 4,833 12,055
Non-GAAP net loss $ (185) $ (1,590) $ (1,319) $ (5,473) Non- GAAP
basic and diluted net loss per share $ (0.01) $ (0.07) $ (0.06) $
(0.25) TABLE - 3 ALLOT COMMUNICATIONS LTD. AND ITS SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (U.S. dollars in thousands) September
30, December 31, 2009 2008 (Unaudited) (Audited) ASSETS CURRENT
ASSETS: Cash and cash equivalents $ 36,667 $ 40,029 Short term
deposits and restricted deposits 2,320 2,121 Trade receivables
7,992 6,163 Other receivables and prepaid expenses 2,619 1,959
Inventories 5,633 4,259 Total current assets 55,231 54,531
LONG-TERM ASSETS: Marketable securities 13,764 15,319 Severance pay
fund 3,407 3,402 Other assets 421 874 Total long-term assets 17,592
19,595 PROPERTY AND EQUIPMENT, NET 5,192 4,970 GOODWILL AND
INTANGIBLE ASSETS, NET 3,667 3,755 Total assets $ 81,682 $ 82,851
LIABILITIES AND SHAREHOLDERS' EQUITY CURRENT LIABILITIES: Trade
payables $ 3,901 $ 2,902 Deferred revenues 5,217 4,475 Other
payables and accrued expenses 6,277 6,466 Total current liabilities
15,395 13,843 LONG-TERM LIABILITIES: Deferred revenues 2,046 2,293
Accrued severance pay 3,410 3,536 Total long-term liabilities 5,456
5,829 SHAREHOLDERS' EQUITY 60,831 63,179 Total liabilities and
shareholders' equity $ 81,682 $ 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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