Tuesday, February 7, 2012

ARRIS Beats Guidance -- Sees Connected Home as Driver for Growth

ARRIS reported Q4 2011 revenue of $281.1 million, up from both the fourth quarter 2010 revenues of $266.2 million, and third quarter 2011 revenues of $274.4 million. Full year 2011 and 2010 revenues were $1,088.7 million and $1,087.5 million, respectively.

"Our business continues to be driven by the dramatic rise in the number and usage of connected devices in the home. This in turn drove strong demand for our products during the December quarter. Our customers continue to increase their broadband market share and expand their networks as they meet subscribers' demand for more bandwidth," said Bob Stanzione, ARRIS Chairman & CEO, "Looking forward, I believe we are well positioned for revenue growth as we continue to see gathering momentum across our entire product line."

During the fourth quarter, the Company closed its acquisition of BigBand Networks.

Adjusted net income (a non-GAAP measure) in the fourth quarter 2011 was $0.21 per diluted share, compared to $0.19 per diluted share for the fourth quarter 2010 and $0.21 per diluted share for the third quarter of 2011. Adjusted net income in the fourth quarter 2011 includes approximately $(0.01) net loss per diluted share related to BigBand's operations (excluding acquisition, severance, amortization expenses). Adjusted net income was $0.82 per diluted share for the full year 2011 and compares to $0.85 per diluted share for the full year 2010.

Gross margin for the fourth quarter 2011 was 37.9%, which compares to the fourth quarter 2010 gross margin of 36.2% and the third quarter 2011 gross margin of 36.5%.

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