Casa Systems Revenues Rise 3.1% in Q2
ANDOVER, Mass., Aug. 14, 2018 (GLOBE NEWSWIRE) -- Casa Systems, Inc. (NASDAQ:CASA), a leading provider of converged broadband infrastructure technology solutions for mobile, cable and fixed networks, today announced its financial results for its second quarter ended June 30, 2018.
Second Quarter 2018 Financial Highlights
- Revenues were $68.7 million, an increase of 3.1% compared to the second quarter of 2017
- Gross margin of 71.9%, compared to gross margin of 68.7% in the second quarter of 2017
- GAAP net income of $21.4 million, an increase of 24.8% compared to the second quarter of 2017
- Non-GAAP net income of $22.2 million, an increase of 15.6% compared to the second quarter of 2017
- Adjusted EBITDA of $19.8 million, a decrease of 12.4% compared to the second quarter of 2017
- GAAP net income per fully diluted share of $0.23, compared to a GAAP net loss per basic share of $0.95 in the second quarter of 2017
- Non-GAAP net income per fully diluted share of $0.24, an increase of 4.3% compared to the second quarter of 2017
“Our second quarter results reflect continued sales of cable MSO network upgrades and software capacity expansions across the globe in support of customer demand for gigabit services with DOCSIS 3.0 and 3.1,” said Jerry Guo, Casa’s President and CEO. “During the quarter, we expanded into new geographies with new and existing customers. As part of our land and expand business model, we believe these deployments will lead to high-margin capacity expansions in the future. While we are disappointed with the moderation in our top-line growth during the second quarter, we believe that this is related to the timing of several projects involving network transformation and capacity upgrades. Given the forward pipeline in all three of our end markets, I am as enthusiastic as ever about the outlook for the company. Based on our confidence in the future of the business and commitment to delivering value to our shareholders, we are announcing a stock repurchase program for up to $75 million of shares of common stock,” said Guo.