Sonus Networks reported Q1 revenue of $41.0 million, down 54% compared to revenue from continuing operations of $89.5 million in the fourth quarter of fiscal 2008 and down 33% from $73.6 million for the first quarter of fiscal 2008. The company’s net loss on a GAAP basis was $16.2 million, or $0.06 per share, for the first quarter of 2009, compared to a loss from continuing operations of $99.0 million, or $0.37 per share, for the fourth quarter of 2008, and income from continuing operations of $1.0 million, or $0.00 per share, for the first quarter of 2008. The company ended the quarter with cash, cash equivalents, marketable securities and investments totaling $386.1 million.
“The economic environment continues to be challenging,” said Richard Nottenburg, president and chief executive officer of Sonus Networks. “We took additional cost and realignment actions during the first quarter and continued to focus our investment dollars on delivering new products and services which enhance the value proposition we bring to customers. The strength of our balance sheet – specifically substantial cash and investments with no debt, gives us confidence we have the resources we need to achieve our plan.”http://www.sonusnet.com
