Polycom Reports Fourth Quarter and Fiscal Year 2007 Earnings
Polycom has reported its earnings for the fourth quarter and fiscal year ended Dec. 31, 2007.
Fourth quarter 2007 consolidated net revenues were $263.3 million, compared to $186.5 million for the fourth quarter of 2006. SpectraLink contributed $37.2 million to net revenues for the fourth quarter of 2007. As previously reported, Polycom's acquisition of SpectraLink was completed on March 26, 2007. Non-GAAP net income in the fourth quarter of 2007 was $38.5 million, or 42 cents per diluted share. This compares to Non-GAAP net income of $32.0 million, or 35 cents per diluted share, for the fourth quarter of 2006. GAAP net income for the fourth quarter of 2007 was $22.8 million, or 25 cents per diluted share, compared to $25.8 million, or 28 cents per diluted share, for the same period last year.
For the year ended Dec. 31, 2007, net revenues were $929.9 million, compared to $682.4 million for the year ended Dec. 31, 2006. SpectraLink contributed $113.5 million to net revenues for the year ended Dec. 31, 2007. Non-GAAP net income for the year ended Dec. 31, 2007 was $128.9 million, or $1.37 per diluted share, compared to $98.1 million, or $1.09 per diluted share, for the comparable period of 2006. GAAP net income for the year ended Dec. 31, 2007 was $62.9 million, or 67 cents per diluted share, compared to GAAP net income of $71.9 million, or 80 cents per diluted share, for the same period last year.
The reconciliation between GAAP net income and Non-GAAP net income is provided in the tables entitled "GAAP to Non-GAAP Reconciliation" in this release.
On a product line basis, consolidated net revenues for the fourth quarter of 2007 were comprised of:
63 percent video solutions, or $164.9 million (49 percent video communications, or $129.2 million, and 14 percent network systems, or $35.7 million); and
37 percent voice communications, or $98.4 million.
This compares to the fourth quarter of 2006, in which consolidated net revenues were comprised of:
72 percent video solutions, or $134.1 million (55 percent video communications, or $103.0 million, and 17 percent network systems, or $31.1 million); and
28 percent voice communications, or $52.4 million.
"Unprecedented demand for Polycom's IP-based collaboration solution drove us to well over the $1 billion revenue run-rate for the first time in Q4," said Robert Hagerty, chairman and CEO. "Video collaboration has clearly emerged as a top priority due to its immediate cost savings benefits and rapid return on investment. At the same time, Polycom's HD quality, telepresence, and ‘plug and play' IP connectivity are delivering an amazing customer experience. Polycom's leading HD video and voice over IP solutions are enabling this growth for our company worldwide."
Source: www.polycom.com
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