Wednesday, February 22, 2012

Procera Sees Strong Growth for its Policy Enforcement

On February 21, Procera Networks reported Q4 2011 revenue of $15.6 million, up 28% sequentially from revenue of $12.2 million in the third quarter of 2011 and up 108% from revenue of $7.5 million in the fourth quarter of 2010. Revenue for 2011 was $44.4 million, up 118% from revenue of $20.3 million in 2010. Net income for Q4 2011 was $1.8 million, or $0.12 per diluted share, compared to net income of $182,000, or $0.02 per diluted share, in the fourth quarter of 2010. Net income for 2011 was $3.8 million, or $0.28 per diluted share, compared to a net loss of $2.9 million, or $0.27 per share, in 2010.

Procera added 15 new service provider companies in Q4 including two new Tier-1 customers in Asia-Pac and Western Europe, and noted bookings of approximately $10 million.

Annual revenue guidance for 2012 is for 30% revenue growth, year-over-year.

"Our strong fourth quarter and full year financial results reflect performance against our growth initiatives for 2011, a year in which we achieved business expansion and balance: we entered new markets; expanded our product line; received significant follow-on orders, including eight from our existing Tier-1 customers; and won six new Tier-1 customers across fixed/mobile and cable broadband service providers. We continued to gain traction in the rapidly growing fixed/mobile market with strong contribution from fixed/mobile in 2011 and our momentum with cable customers continued with the significant follow-on orders we received from cable customers during 2011. We believe there are significant opportunities within broadband operators for expansion and replacements, as well as initial deployment of our solutions," stated James Brear, president and CEO of Procera Networks.

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