Wednesday, February 2, 2011

Ixia Posts Q4 Revenue of $78M, up 10% Sequentially

Ixia reported record Q4 2010 revenue of $77.8 million, an increase of 39 percent compared with $56.1 million reported for the 2009 fourth quarter and an increase of 10 percent compared with $70.9 million reported in the immediately preceding quarter. Total revenue for the fiscal year 2010 was $276.8 million, an increase of 56 percent compared with $178.0 million reported in fiscal year 2009.

Fiscal year 2010 and 2009 revenue include approximately $70.0 million and $24.1 million, respectively, of sales attributable to IxN2X and IxCatapult products following the acquisition of Agilent Technologies' N2X Data Network Testing Product Line in October 2009 and the acquisition of Catapult Communications in June 2009. These numbers do not include revenue from Ixia's Fusion products that integrate N2X software and scripts on Ixia hardware or revenue from Ixia's products that incorporate Catapult wireless technology.

On a GAAP basis, the company recorded net income for the 2010 fourth quarter of $5.3 million, or $0.08 per diluted share, compared with a net loss of $31.3 million, or $0.50 per share, for the 2009 fourth quarter.

"Our key strategy for 2010 was to focus on integrating and leveraging our 2009 acquisitions with our existing technology portfolio and customer base," commented Atul Bhatnagar, Ixia's president and chief executive officer. "Our success in these integration efforts allowed us to take advantage of improved market conditions in 2010. Strong revenue performance coupled with operating expense discipline resulted in solid bottom-line results, including significant increases in both our operating income and earnings per share."

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