Q1 results Sandvine Reports Q1 2013 Results
Waterloo, Canada; April 11, 2013 – Sandvine, (TSX:SVC) a leading provider of intelligent network policy control solutions for fixed and mobile operators, today reported $25.0 million in revenue for its first quarter of 2013, non-IFRS income of $2.2 million and net income of $1.7 million. The results represent record first quarter revenue. All results are reported in U.S. dollars under International Financial Reporting Standards (IFRS), unless otherwise specified.
Q1 2013 highlights:
- Revenue by access technology market: DSL 51%; wireless 32%; cable 16%
- Revenue by geography: APAC 39%; EMEA 32%; NA 23%; CALA 6%
- Revenue by sales channel: reseller 78%; direct 22%
- Gross margin: 72%
- Cash, cash equivalents and short-term investments balance: $82.9 million
- Announced $6.5 million in follow-on Network Policy Control orders from a Top-5 Asian communications service provider
- Won seven new service provider customers.
“The first quarter demonstrated continued progress. Revenue was up 25% from the first quarter of 2012, we were profitable, and we grew our cash balance,” said Dave Caputo, Sandvine’s President and CEO. “Success in securing large expansion orders from major existing customers and improved results from the EMEA sales region were key business drivers in the first quarter. Both of these factors will remain important to continued success through the remainder of 2013.”
FINANCIAL HIGHLIGHTS (All amounts are in U.S. dollars)
| Millions of dollars, except per share data and where otherwise indicated | Q1
2013 | Q4
2012 |
Change | Q1
2012 |
Change |
| Revenue | 25.0 | 27.5 | -9% | 20.1 | 25% |
| Gross Margin percent | 72% | 71% | 1pp | 54% | 18pp |
| Expenses | 16.1 | 12.9 | 24% | 17.2 | -7% |
| Net Income (Loss) | 1.7 | 6.5 | | (6.5) | |
| Diluted Income (Loss) Per Share | 0.012 | 0.046 | | (0.047) | |
| Non-IFRS Income (Loss)1 | 2.2 | 6.9 | | (5.8) | |
| Non-IFRS Diluted Income (Loss) Per Share1 | 0.016 | 0.049 | | (0.042) | |
1 See Table 1 below regarding non-IFRS financial measures
Sandvine also announces that it has entered in to a new automatic share purchase plan with a broker for the following quarter to facilitate repurchases of shares under its previously announced normal course issuer bid.