Wednesday, April 23, 2008

Ixia Posts Q1 Revenue of $41.7 Million, up 2% YoY

Ixia reported Q1 2008 revenue of $41.7 million, which represents a year-over-year increase of 2% from the first quarter of 2007. The company recorded net income on a GAAP basis for the first quarter of 2008 of $106,000, or $0.00 per diluted share, compared to a net loss of $759,000, or $0.01 per diluted share, for the first quarter of 2007. Ixia's 2008 first quarter GAAP results include non-cash charges of $2.9 million related to stock-based compensation, $1.5 million for the amortization of acquired intangible assets, and a net tax benefit of $1.7 million related to these items.

"Although we experienced a seasonally weaker than expected first quarter, we saw several positive trends during the quarter and we continued to position Ixia for future growth opportunities," commented Atul Bhatnagar, Ixia's president and chief executive officer. "The lower than expected shipments to Europe and Canada in the first quarter were partially offset by record sales to the Asia Pacific region. We were also encouraged by the sequential increase in shipments to network equipment manufacturers, led by higher sales to Cisco Systems, which were up over 20% compared to the fourth quarter of 2007. On the product side, sales of our 10 gigabit Ethernet products continued to be strong and represented about 28% of revenue."