Monday, July 24, 2006

Redback Posts Q2 Revenue of $68.2 million, up 18% over Q1

Redback Networks reported Q2 net revenue of $68.2 million, an increase of 18 percent from the first quarter of 2006. Net revenue was up $33.7 million, or 97 percent, over the second quarter of 2005.

Redback Networks generated $112.8 million in cash in the second quarter of 2006, including $83.1 million from a secondary offering in May 2006.

Including stock-based compensation expenses, GAAP net loss for the second quarter of 2006 was $1.8 million or $0.03 per share attributable to common stockholders compared to a GAAP net loss of $7.2 million or $ 0.13 per share in the second quarter of 2005.

"As the evolution of broadband networks accelerates on a worldwide basis, Redback continues to make significant progress on its business strategy," said Kevin DeNuccio, president and chief executive officer, Redback Networks. "We believe Redback and SmartEdge technology are becoming synonymous with Triple Play and IPTV build outs around the globe. Our vision of a single converged broadband network for all communication and entertainment services continues to gain mass adoption with customers."

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