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Ixia Q4 Revenues Rise

Revenues increase 7% sequentially to $18.0M, leading to Ixia's 19th consecutive quarter of profitability with GAAP net income of $225,000

January 31, 2003

2 Min Read

CALABASAS, Calif. -- Ixia (Nasdaq: XXIA) today reported financial results for the fourth quarter ended December 31, 2002. Net revenues for the fourth quarter of 2002 increased to approximately $18.0 million compared to $17.0 million for the fourth quarter of 2001 and $16.9 million for the immediately preceding quarter. Reported net income on a GAAP basis for the fourth quarter of 2002 was $225,000, or less than one cent per diluted share, compared to $3.3 million or $0.05 per diluted share, for the fourth quarter of 2001. Reported net income included a one-time charge of $1.7 million for the write-down of assets related to the acquisition of Caimis in the fourth quarter of 2001. Pro forma net income was $2.5 million, or $0.04 per diluted share, compared to $3.6 million, or $0.06 per diluted share, for the same period last year. Pro forma net income excludes the one-time write-down and the effect of non-cash charges for stock-based compensation associated with the issuance of stock options, warrants and restricted stock prior to the Company's initial public offering in October 2000. "Despite the difficult market, we had a solid quarter posting sequential revenue growth of approximately 7%," commented Errol Ginsberg, President and Chief Executive Officer of Ixia. "Sales of 10 Gigabit Ethernet products were the highest ever and OC-192 revenues were the strongest in almost two years. Additionally, we experienced another positive quarter from our ANVL product line and are seeing evidence that our new partnerships with leading software companies, such as NetIQ and Network Associates, can drive hardware sales of our products. Once again, new products contributed over 40% of our sales and we believe that our continuing investment in R&D is having a positive impact with our customers." Net revenues for the year ended December 31, 2002 were $67.6 million, which compared to $77.2 million reported for the year ended 2001. Reported net income on a GAAP basis for the year ended December 31, 2002 was $3.4 million, or $0.06 per diluted share, compared to $9.7 million, or $0.16 per diluted share, for the year ended December 31, 2001. Pro forma net income for the year ended 2002, excluding the one-time write down of assets and the effect of non-cash charges for stock-based compensation, totaled $9.1 million, or $0.15 per diluted share, compared to $19.1 million, or $0.31 per diluted share, for the same period last year. Ixia

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