Wednesday, February 4, 2009

Ixia Reports Q4 Revenue of $41 Million

Ixia reported Q4 2008 revenue of $41.0 million compared to $46.4 million in the 2007 fourth quarter. For the 2008 full year, total revenues increased to $175.9 million from $174.1 million in 2007. Ixia recorded a net loss (GAAP) for the 2008 fourth quarter of $18.3 million, or $0.29 per share, compared to net income of $4.4 million, or $0.06 per diluted share, for the 2007 fourth quarter. The company's 2008 fourth quarter net loss includes an impairment charge of $15.8 million for the write down of auction rate securities. The company's 2008 fourth quarter operating expenses include $2.1 million of non-recurring charges, consisting primarily of costs associated with certain strategic initiatives and severance-related charges.

"Although our 2008 fourth quarter and full year results were adversely impacted by the global economic slowdown and write downs of impaired investments, we continued to generate positive cash flow from our operations," commented Atul Bhatnagar, Ixia's president and chief executive officer. "While we expect 2009 to be a challenging year, we are committed to delivering innovative and quality products to the market place and supporting our customers. We believe that we have a competitive advantage in the market, and that this advantage will help drive business when the economy recovers. Also, we recently announced an agreement with a new partner who will assist us with our manufacturing and supply chain management. By leveraging their operational expertise and purchasing power, we expect to realize financial benefits commencing in the second half of the year."

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