Wednesday, October 22, 2008

Ixia's Q3 Revenue Rises to $47.3M, Notes Lehman Impairment Charge

Ixia reported $47.3 million, which compares to $45.9 million in the immediately preceding second quarter of 2008 and $44.0 million in the third quarter of 2007. For the third quarter of 2008, Ixia reported net income on a GAAP basis of $483,000, or $0.01 per diluted share, compared to net income of $1.9 million, or $0.03 per diluted share, for the third quarter of 2007. Net income for the third quarter of 2008 reflects an impairment charge of approximately $4.3 million related to bonds ($5.0 million face value) issued by Lehman Brothers Holdings.

"Despite a challenging economic environment, we displayed positive momentum on several fronts and delivered good operating results during the quarter," said Atul Bhatnagar, Ixia's president and chief executive officer. "Our service provider and government businesses helped propel revenue growth, while strong software sales and expense control drove our non-GAAP operating margins for the quarter to just over 15%.

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