Wednesday, April 22, 2009

Ixia Reports Q1 Revenue of $37 Million, Down 11% YoY

Ixia reported Q1 2009 revenue of $37.1 million, down 11% compared to $41.7 million in the 2008 first quarter. On a GAAP basis, the company recorded a net loss for the 2009 first quarter of $4.0 million, or $0.06 per share, compared to net income of $106,000, or $0.00 per diluted share, for the 2008 first quarter.

"Despite the challenging business conditions during the first quarter, we generated positive cash flow from our operations, and were encouraged by year-over-year top line growth in some key markets," commented Atul Bhatnagar, Ixia's president and chief executive officer. "Revenues in the Asia Pacific region hit new levels led by record quarters in Japan and China. We also saw an increase in our service provider business where bookings were up by 19% over last year. However, the uncertainty of the global economy continues to impact the buying decisions of many of our customers, particularly in the United States where some network equipment manufacturers and carriers delayed or reduced spending during the first quarter. We believe that the remainder of 2009 will continue to be challenging, but we are prepared to meet these challenges by focusing on key product innovation, customer delight and cost controls. We are committed to maintaining and enhancing our profitability and positive operating cash flow while meeting the needs of our customers."

As of March 31, 2009, Ixia had cash, cash equivalents and investments of $202.2 million and no debt.

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