BigBand Networks posts solid third-quarter results
BigBand Networks seemingly turned a corner as the company reported a 25 percent increase in total revenues for the recently completed third quarter.
In the same time frame a year ago, Redwood, Calif.-based BigBand Networks posted revenues of $38.5 million, compared with the $48.3 million that came into the company’s coffers in the third quarter that ended Sept. 30.
“This was another quarter of solid financial performance, with video revenues increasing by 51 percent over the year-ago period,” said BigBand Networks President and CEO Amir Bassan-Eskenazi. “In the quarter, we grew our footprint across all of our solutions – digital simulcast, telco TV and our SDV (switched digital video) solutions.
“Importantly, we have made great progress by achieving key design wins in the large IPTV market, which we expect will contribute to our product and regional diversification strategy in 2009. As we look ahead, we are cautious about the economic environment but confident in the long-term growth prospects for our business.”
BigBand’s video products increased revenues from $30.5 million last year to $46.2 million in the latest third quarter for the 51 percent increase.
Net income for the third quarter was $3.1 million, or 5 cents per share, compared with a net loss of $12.2 million, or 21 cents per share, in the third quarter of 2007.
The company generated $7.9 million in cash from operating activities, closing the third quarter of 2008 with $165 million in cash and investments, compared with $158.8 million in the second quarter of 2008. BigBand ended the third quarter of 2008 with no debt.
For the fourth quarter of 2008, BigBand said net revenues are expected to be in the range of $48 to $50 million.
BigBand Networks counts Cox Communications, Comcast, Time Warner Cable, Cablevision, Bright House Networks and Verizon among its customers.
More Broadband Direct:
• Sprint commits to Nextel