BigBand Posts Q3

REDWOOD CITY, Calif. -- BigBand Networks, Inc., (NASDAQ: BBND) today reported financial results for the third quarter and nine months ended September 30, 2009.

For the third quarter of 2009, total revenues were $22.2 million, and GAAP net loss was $10.9 million, or ($0.16) per share. This compares to revenues of $48.3 million and GAAP net income of $3.1 million, or $0.05 per diluted share, reported in the third quarter of 2008.

On a non-GAAP basis, the Company reported a net loss of $5.9 million, or ($0.09) per share, in the third quarter of 2009, which compares to non-GAAP net income of $6.5 million, or $0.10 per diluted share, reported in the third quarter of 2008. Third quarter 2009 non-GAAP results exclude $3.8 million of stock-based compensation expense and include a $1.1 million tax benefit for the reduction of taxes provided earlier in the year. The GAAP to non-GAAP reconciling items, for the three and nine month periods ended September 30, 2009 and 2008 can be found in “The Reconciliations of GAAP to Non-GAAP Financial Measures” attached to this press release.

The Company closed the third quarter with $41.8 million in deferred revenue. In addition, cash, cash equivalents and marketable securities were $161.6 million at September 30, 2009.

“We are encouraged by the significant improvement in bookings during the third quarter, compared to the slower order activity experienced in the second quarter of 2009 that resulted in lower revenues in the September period,” commented Amir Bassan-Eskenazi, president and CEO of BigBand Networks. “We won major new Switched Digital Video markets, which increased our coverage to more than 28 million homes. In addition, we experienced stronger bookings in other solutions, which increases our confidence for improved operating results in the fourth quarter. Based on interactions with our customers and prospects, we believe operators are preparing to increase capital spending on video equipment in 2010.”

BigBand Networks Inc. (Nasdaq: BBND)