Wednesday, April 28, 2010

Ixia Posts Revenue of $62 Million

Ixia reported total revenue for Q1 2010 of $62.0 million, an increase of 67 percent over $37.1 million reported for the 2009 first quarter and an increase of 11 percent over the $56.1 million reported for the immediately preceding quarter. Revenue for the 2010 first quarter includes $10.1 million attributable to IxN2X sales following the acquisition of Agilent Technologies' N2X Data Network Testing Product line on October 30, 2009 and $9.1 million related to sales of our IxCatapult products following the acquisition of Catapult Communications in June 2009.

"Despite normal seasonality, we were encouraged by solid demand for our testing solutions in the first quarter, especially in Asia and from our largest customer in the United States," commented Atul Bhatnagar, Ixia's president and chief executive officer. "The integration of the N2X product line continues on track and feedback from our customers has been overwhelmingly positive. While the market remains competitive, N2X contributed significantly during the period and we are encouraged by the outlook for the future. Also reassuring, even without the contributions from the N2X or Catapult products, Ixia grew sequentially and on a year-over-year basis, pointing to the underlying health of our business. Additionally, we have begun to realize many of the cost synergies from our acquisitions and expect to see the positive benefit on our bottom line in the second quarter."