Ikanos Communications reported Q1 2008 net revenue of $29.7 million compared with revenue of $29.9 million for the fourth quarter of 2007 and revenue of $24.7 million for the first quarter of 2007. GAAP net loss for the first quarter of 2008 was $4.8 million, or $0.16 per share, on 29.5 million weighted average shares. This compares with a net loss of $4.1 million, or $0.14 per share, on 29.3 million weighted average shares in the fourth quarter of fiscal 2007 and with a net loss of $9.1 million, or $0.32 per share, on 28.0 million weighted average shares in the first quarter of 2007. Non-GAAP net income for the first quarter of 2008 was $0.6 million, or $0.02 per diluted share, on 30.8 million weighted average shares.
“I’m very pleased that Ikanos achieved non-GAAP profitability for the second consecutive quarter. Our quarterly revenues increased 20% from the year ago period driven primarily by increased demand in Europe and Japan,” said Michael A. Ricci, Ikanos’ president and CEO. “During the quarter we expanded our product portfolio by introducing the industry’s first single chip integrated front end (IFE) which enables cost effective, low power, multi-mode triple play residential gateways. In addition, we have made significant progress on our GPON initiative.”http://www.ikanos.com
