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Packet inspection/traffic management

Sandvine Revenues Up 99%

WATERLOO, Ontario -- Sandvine Corporation (AIM:SAND; TSX:SVC), one of the leading developers and marketers of network equipment targeted at the evolving needs of residential broadband service providers, today announced consolidated financial results for the third quarter of 2006, ended August 31, 2006. All figures are in Canadian dollars and are in accordance with Canadian GAAP unless otherwise specified.

Revenue for the quarter ended August 31, 2006 was $ 8.1 million, compared with $ 4.1 million in the same quarter last year, representing an increase of 99.4%. Net income for the third quarter of fiscal 2006 was $ 0.2 million, or $0.002 per share on a diluted basis, compared with a net loss of $1.4 million or $0.016 loss per share for the third quarter of fiscal 2005.

FINANCIAL HIGHLIGHTS
  • 7th consecutive quarter of revenue growth
  • Continued to achieve year over year and quarter over quarter revenue growth
  • Continued to achieve strong gross margins in excess of 70%
  • Continued strong balance sheet with $47.2 m of cash resources at Aug 31, 2006
  • Subsequent to the end of the third quarter, the Company raised approximately $13.2 m of net proceeds from its initial public offering on the Toronto Stock Exchange


BUSINESS HIGHLIGHTS
  • 5 new customers (3 Cable/2 DSL) added in the third quarter of the year
  • The Company now has 65 broadband service provider customers in 30 countries
  • Sandvine has sold equipment to service providers which operate networks with more than 35 million residential subscribers
  • PTS 14000 platform unveiled in June, enabling intelligent broadband network solutions with 10 gigabit connectivity
  • Sandvine successfully completed ISO 9001 certification of its manufacturing processes in September


Dave Caputo, President and CEO for Sandvine commented:

"Having successfully executed on our financing strategy with public offerings on both the AIM and TSX in 2006, we now look forward to executing on our growth strategy by continuing to enhance our solution offerings, expanding our global presence and delivering intelligent broadband networks to service providers around the world"

Scott Hamilton, Chief Financial Officer for Sandvine commented:

"We are very pleased with the financial results demonstrated this quarter. With a second successful public offering and continued revenue growth in fiscal 2006, we continue to be well positioned to meet our 2006 targets."

Sandvine Inc.

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