Polycom has reported revenue Growth of 34 Percent Year-over-Year for Q1 2008
Polycom has reported its earnings for the first quarter ended March 31, 2008. Consolidated net revenues were $258.9 million in Q1 2008 compared to $192.7 million in Q1 2007. SpectraLink contributed $39.4 million to net revenues in Q1 2008 compared to $2.1 million for the six-day period following the acquisition in Q1 2007.
Non-GAAP net income was $32.7 million, or 36 cents per diluted share in Q1 2008. This compares to Non-GAAP net income of $28.6 million, or 30 cents per diluted share for Q1 2007.
On a product line basis, consolidated net revenues for Q1 2008 were comprised of:
- Video solutions $159.5 million or 62 percent (comprised of video communications $130.3 million and network systems $29.2 million); and
- Voice communications, or $99.4 million or 38 percent.
This compares to the first quarter of 2007, in which consolidated net revenues were comprised of:
- Video solutions,$136.6 million or 71 percent (video communications $108.0 million and network systems $28.6 million); and
- Voice communications $56.1 million or 29 percent .
"Unified Collaboration continues to be a key priority for our customers worldwide," said Robert Hagerty, chairman and CEO. "We believe the fast return on investment of our solution, compliance with the green initiatives in Europe and other important markets, and globalization of the workforce, are driving adoption within enterprise and public sector customers alike. In addition, we are pleased to report that first quarter revenues for our SpectraLink wireless products grew sharply from the fourth quarter, validating both the customer demand for voice mobility solutions and the successful completion of the integration of this strategically important acquisition."
"Looking forward, we expect growing contributions from our strategic partnerships such as Microsoft, Nortel, Avaya, IBM, and others as we deliver our highly differentiated video and voice collaboration solutions. Coupled with these partnerships, our new offerings in telepresence, HD video, and voice over IP products differentiate Polycom and illustrate the exceptional value proposition that our innovations are delivering to customers."
“With these products and partnerships, we believe Polycom is best positioned to capture customer demand being driven by rapidly growing travel costs, globalization, and environmental concerns. Further, through the sales investments we made in late 2007 and in Q1, we have increased our coverage in both existing and emerging markets. This is enabling Polycom to drive close customer relationships that deliver near-term business opportunity and long-term annuities through product adoption and service opportunities," Hagerty concluded.
Michael Kourey, senior vice president, finance and administration, and CFO said: " During the first quarter, we purchased $60 million in Polycom stock, exiting the quarter with a remaining $80 million authorization under the current share repurchase program."
Source: www.VCInsight.com
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