WATERLOO, ON, April 10, 2014 /CNW/ - Sandvine, (TSX:SVC) a leading provider of intelligent network policy control solutions for fixed and mobile operators, today reported record revenue of $31.5 million for its first quarter of 2014, net income of $7.5 million and non-IFRS income of $8.0 million. All results are reported in U.S. dollars under International Financial Reporting Standards (IFRS), unless otherwise specified.
Other Q1 2014 highlights:
- Revenue growth: up 26% compared to Q1 2013
- Revenue by access technology market: wireless 62%; DSL 18%; cable 20%
- Revenue by geography: NA 47%; EMEA 22%; CALA 18%; APAC 13%
- Revenue by sales channel: reseller 77%; direct 23%
- Gross margin: 78%
- Cash: Cash, cash equivalents and short-term investments balance: $121.0 million, including $28.3 million raised through a bought deal financing during the quarter
- Major wins: Announced $15 million in orders from Tier 1 operators, including approximately $10 million in expansion orders from a Tier 1 North American operator with fixed and mobile properties and an expansion order worth over $5 million from a Tier 1 North American cable company that first became a customer in 2003
- Customers: Won 16 new service provider customers, including 8 wireless operators