Sandvine reported $27.5 million in revenue for its fourth quarter of 2012, non-IFRS income of $6.9 million and net income of $6.5 million. During the quarter, Sandvine recorded a one-time, $3.8 million reduction in operating expenses for Ontario government funding related to its ongoing project under the Next Generation of Jobs Fund. Full year results included revenue of $87.9 million and a non-IFRS loss of $2.7 million (net loss of $5.0 million).
Some Q4 2012 highlights:
- Revenue by access technology market: wireless 48%; DSL 35%; cable 17%
- Revenue by geography: NA 44%; APAC 26%; EMEA 18%; CALA 12%
- Revenue by sales channel: reseller 78%; direct 22%
- Gross margin: 71%
- Cash, cash equivalents and short-term investments balance: $74.6 million
“We are pleased with fourth quarter results as they demonstrate ongoing progress in revenue growth and profitability,” said Dave Caputo, Sandvine’s President and CEO. “Total revenue and wireless market revenue were at record levels, driven by large initial orders from two new Tier 1 customers and large expansion orders from major existing customers, which has been a key area of focus for us in 2012.”