Procera Networks Announces 2011 Fourth Quarter and Full Year Results
(firmenpresse) - FREMONT, CA -- (Marketwire) -- 02/21/12 -- Procera Networks, Inc. (NASDAQ: PKT), the
intelligent policy enforcement company, today reported financial results
for its fourth quarter and year ended December 31, 2011.
Fourth Quarter 2011 Highlights
Record revenue of $15.6 million, up 108% from Q410
Bookings of approximately $10 million
Added 15 new service provider customers
Won two new Tier-1 customers in Asia Pacific and Western Europe
Received significant follow on orders during the fourth quarter,
including multi-million dollar follow-on orders from a leading European
fixed/mobile operator and a leading North American cable operator
Support revenue of $2.2 million, up 71% from Q410
Net income of $1.8 million, or $0.12 per diluted share, up from net
income of $182,000, or $0.02 per diluted share, in Q410
Generated $2.2 million of cash from operations in Q411
Full Year 2011 Highlights
Record revenue of $44.4 million, up 118% from 2010
Added six new Tier-1 service provider customers
Support revenue of $7.0 million, up 55% year-over-year
Gross margin of 59.3% for 2011, up from 56.6% for 2010
Net income of $3.8 million, or $0.28 per diluted share, compared to a
net loss of $2.9 million, or a loss of $0.27 per share, for 2010
Generated $4.6 million of cash from operations in 2011 and ended the
year with $37.4 million of cash and short-term investments; no debt
Financial Guidance
Procera is providing annual revenue guidance for 2012 of 30% revenue
growth, year-over-year.
Business Discussion
James Brear, president and CEO of Procera Networks, commented, "Our strong
fourth quarter and full year financial results reflect performance against
our growth initiatives for 2011, a year in which we achieved business
expansion and balance: we entered new markets; expanded our product line;
received significant follow-on orders, including eight from our existing
Tier-1 customers; and won six new Tier-1 customers across fixed/mobile and
cable broadband service providers. We continued to gain traction in the
rapidly growing fixed/mobile market with strong contribution from
fixed/mobile in 2011 and our momentum with cable customers continued with
the significant follow-on orders we received from cable customers during
2011. We believe there are significant opportunities within broadband
operators for expansion and replacements, as well as initial deployment of
our solutions.
"We made important new product introductions during the fourth quarter,
including our breakthrough PacketLogic Report Studio solution that provides
customizable analytics to enable broadband service providers to effectively
operate and monetize their networks. We provide unmatched access to deep
network analytics that drives increased adoption of our solutions by
service providers seeking to differentiate their offering and create new
revenue generating services to offset the increasing cost of running
networks.
"To better address the global demand we expect in 2012, this past year we
doubled the size of our sales and field engineering teams to increase our
sales and marketing reach. With 2012 underway, we are pleased with the
achievements that we have made in building Procera into a leading
competitor within the fast growing DPI market and believe 2012 will be a
year that we establish ourselves as the leader in intelligent policy
enforcement."
Fourth Quarter and 2011 Financial Results
Revenue for the fourth quarter of 2011 was $15.6 million, up 28%
sequentially from revenue of $12.2 million in the third quarter of 2011 and
up 108% from revenue of $7.5 million in the fourth quarter of 2010.
Revenue for 2011 was $44.4 million, up 118% from revenue of $20.3 million
in 2010.
Net income for the fourth quarter of 2011 was $1.8 million, or $0.12 per
diluted share, compared to net income of $182,000, or $0.02 per diluted
share, in the fourth quarter of 2010. Net income for 2011 was $3.8
million, or $0.28 per diluted share, compared to a net loss of $2.9
million, or $0.27 per share, in 2010.
Non-GAAP net income for the fourth quarter of 2011 was $2.3 million, or
$0.15 per diluted share, compared to non-GAAP net income of $600,000, or
$0.05 per diluted share, in the fourth quarter of 2010. Non-GAAP net
income for 2011 was $5.5 million, or $0.41 per diluted share, compared to a
non-GAAP net loss of $1.5 million, or $0.14 per share, in 2010. For an
explanation of non-GAAP financial measures used in this release, and
reconciliation to comparable GAAP measures, please refer to the Use of
Non-GAAP Financial Information below.
Conference Call Information
Procera Networks, Inc. will host a conference call at 4:30 p.m. Eastern
Time today, February 21, 2012, to discuss its financial results for the
2011 fourth quarter and full year ended December 31, 2011. Interested
parties can access the live call by dialing 877-941-4774 or 480-629-9760
(International) and request the "Procera" call. A replay of the call will
be available approximately one hour following the end of the call through
11:59 p.m. ET on Tuesday, February 28, 2012, by dialing 800-406-7325 and
entering the replay code of 4512668#. To access the replay from
international locations, dial 303-590-3030 using the same passcode. An
archive of the conference call will be available on the Quarterly Results
and Events section of the Procera Networks' Investor Relations Web site at
.
Safe Harbor Statement
This press release contains forward-looking statements, including
statements relating to expectations for revenue growth in 2012, our ability
to win new business, fixed/mobile sale opportunities, obtaining follow-on
orders from new and existing customers, the importance of new product
offerings and the expected demand for Procera Networks' products and
services. These forward-looking statements involve risks and uncertainties,
as well as assumptions that, if they do not fully materialize or prove
incorrect, could cause our results to differ materially from those
expressed or implied by such forward-looking statements, including risks
related to the acceptance and adoption of our products; our ability to
service and upgrade our products; lengthy sales cycles and lab and field
trial delays by service providers; our dependence on a limited product
line; our dependence on key employees; our ability to compete in our
industry with companies that are significantly larger and have greater
resources; our ability to protect our intellectual property rights in a
global market; our ability to manufacture product quickly enough to meet
potential demand; and other risks and uncertainties described more fully in
our documents filed with or furnished to the Securities and Exchange
Commission. More information about these and other risks that may impact
Procera Networks' business are set forth in our Form 10-Q filed for the
quarter ended September 30, 2011 and our Form 10-K filed for the year ended
December 31, 2010. All forward-looking statements in this press release are
based on information available to us as of the date hereof, and we assume
no obligation to update these forward-looking statements.
Use of Non-GAAP Financial Information
Procera's management believes that certain non-GAAP financial measures,
when taken together with the corresponding consolidated GAAP measures and
related segment information, provide incremental insight into the
underlying factors and trends affecting both Procera's performance and its
cash generating potential. Management believes these non-GAAP measures
increase the transparency of the company's current results and enable
investors to more fully understand trends in its current and future
performance.
Thus, in addition to the financial results presented in accordance with
Generally Accepted Accounting Principles (GAAP), this press release and the
accompanying tables and the related earnings conference call contain
certain non-GAAP financial measures that we believe are helpful in
understanding our financial performance. For reconciliations of these
non-GAAP financial measures to the most directly comparable GAAP financial
measures, please see the section of the accompanying tables titled, "GAAP
to Non-GAAP Reconciliations." Management regularly uses these supplemental
non-GAAP financial measures internally to understand and manage our
business and forecast future periods. Our non-GAAP financial measures
include adjustments for stock-based compensation expenses: we have excluded
the effect of stock-based compensation from our non-GAAP gross profit,
operating expenses and net income measures. Although stock-based
compensation is a key incentive offered to our employees and consultants,
we continue to evaluate our business performance excluding stock-based
compensation expenses. Stock-based compensation expenses will recur in
future periods.
The non-GAAP financial measures are not consistent with GAAP because they
do not fully reflect non-cash expenses. The above-mentioned non-GAAP
measures are generated by adjusting the related GAAP measures solely to
reverse the effect of the above mentioned non-cash expenses. The Company
uses these financial measures to provide additional insight into current
operating and business trends not readily apparent from the GAAP results.
Management believes users of Procera's financial statements will benefit
from greater transparency in referring to these non-GAAP financial measures
when assessing the Company's operating results, as well as when forecasting
and analyzing future periods. However, management recognizes that:
these non-GAAP financial measures are limited in their usefulness and
should be considered only as a supplement to the Company's GAAP financial
measures;
these non-GAAP financial measures should be read in conjunction with
our consolidated financial statements prepared in accordance with
GAAP;
these non-GAAP financial measures should not be considered in isolation
from, or as a substitute for, the Company's GAAP financial measures;
these non-GAAP financial measures should not be considered to be
superior to the Company's GAAP financial measures;
these non-GAAP financial measures were not prepared in accordance with
GAAP and investors should not assume that the non-GAAP financial measures
presented in this earnings release were prepared under a comprehensive set
of rules or principles; and
management intends to continue to track and present these non-GAAP
financial measures for future periods.
Further, these non-GAAP financial measures may be unique to Procera, as
they may be different from non-GAAP financial measures used by other
companies. As such, this presentation of non-GAAP financial measures may
not enhance the comparability of the Company's results to the results of
other companies.
A reconciliation of each non-GAAP financial measure to the most directly
comparable GAAP financial measure or measures appears at the end of this
press release.
About Procera Networks Inc.
Procera Networks Inc. delivers Intelligent Policy Enforcement (IPE)
solutions, leveraging advanced Deep Packet Inspection (DPI) technology.
This enables carriers, services providers and higher education institutions
to improve the quality and lifetime of their networks, better monetize
their infrastructure investments, control hazards, and create attractive
services for their users by making qualified business decisions based on
granular user and traffic intelligence. Procera's core product suite, the
PacketLogic line of platforms, is an engine that drives the PCC (Policy and
Charging Control) ecosystem, by enforcing advanced network and service
policies. PacketLogic is deployed at more than 600 customers who value the
unparalleled accuracy and high-end performance of the PacketLogic solution.
Founded in 2002, Procera (NASDAQ: PKT) is based in Silicon Valley and has
offices around the globe. More information is available at
.
Investor Relations Contact
Charles Messman or Todd Kehrli
MKR Group Inc.
323-468-2300
Press Contact
Jeannette Bitz
Engage PR
510-748-8200 x207
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Datum: 21.02.2012 - 21:05 Uhr
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