BigBand posts 10% increase in first-quarter revenues
BigBand Networks came through the first quarter with total revenues of $43.9 million, which was a 10 percent increase over the $39.9 million it reported in the same quarter a year ago.
During its first-quarter earnings report yesterday, BigBand said it had net income of $2.3 million, or 3 cents per diluted share, compared with a net loss of $1.9 million, or 3 cents per share, in the first quarter of 2008.
BigBand’s first-quarter 2009 non-GAAP results excluded, among other things, $3 million in stock-based compensation expense and $1.4 million in restructuring charges, offset in part by $500,000 in additional taxes on higher non-GAAP income. First-quarter 2008 non-GAAP results reflect adjustments for stock-based compensation, restructuring charges, amortization of intangibles, the benefit from the sale of previously reserved CMTS platform inventory and related tax expenses.
Without the special charges, which included the company laying off 46 employees in February (story here), BigBand’s net income for the first quarter would have been $6.1 million instead of $1.4 million.
Redwood, Calif.-based BigBand Networks ended the first quarter of 2009 with $167.5 million in cash, cash equivalents and marketable securities and no debt on its balance sheet.
“Our solid execution in the first quarter was the result of our diversified product offerings within our Digital Video Networking portfolio,” said BigBand President and CEO Amir Bassan-Eskenazi. “While we are cautious about the near-term outlook as it relates to service provider spending, we are optimistic about the long-term prospects for our business and the value that we bring to customers.”
Going forward, BigBand said net revenues for the second quarter should fall in the range of $40 million to $42 million, while earnings could range from a net loss of 2 cents per diluted share to breakeven.
BigBand also announced yesterday that it has landed its first customer for the company’s vIP Pass platform. BigBand’s vIP Pass was designed to bypass cable modem termination systems (CMTSs) to deliver IPTV video into subscribers’ homes (for more on vIP Pass, click here).
Korean service provider LG Powercom, the country’s third-largest service provider with more than 2.3 million subscribers, deployed vIP Pass in 90 days in order to deliver IPTV services to PCs and IP set-top boxes over DOCSIS 3.0 cable modems.
Lastly, BigBand announced that it has shipped 500,000 of its edge QAMS, which the company believes is an industry first, to nearly 60 service providers worldwide.