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Polycom reports revenue, profit growth for Q3

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Polycom, a provider of unified collaborative communications solutions, has reported consolidated net revenues were $240-million, for the third quarter of 2007, compared to $173.2-million for the comparable quarter in 2006. 

Polycom’s acquisition of SpectraLink was completed on 26 March 2007.  SpectraLink contributed $37.8-million to net revenues for the third quarter of 2007.  Non-GAAP net income in the third quarter of 2007 was $32.8-million, or 35 cents per diluted share.
This compares to Non-GAAP net income of $24.5-million, or 27 cents per diluted share, for the third quarter of 2006. Non-GAAP financial measures exclude stock-based compensation expense, the effect of stock-based compensation expense on warranty rates, impact to cost of sales from purchase accounting adjustments to inventory, acquisition-related costs, purchased in-process research and development costs, amortization and impairment of purchased intangibles, restructuring costs, litigation reserves and payments, gain (loss) on strategic investments, and the income tax effect of the preceding adjustments. GAAP net income for the third quarter of 2007 was $19.8-million, or 21 cents per diluted share, compared to $17.1-million, or 19 cents per diluted share, for the same period last year.
For the nine months ended 30 September 2007, net revenues were $666.6-million, compared to $495.9-million for the first nine months of 2006. Non-GAAP net income for the period was $90.3-million, or 95 cents per diluted share, compared to $66.1-million, or 74 cents per diluted share, for the first nine months of 2006. GAAP net income for the nine months ended 30 September 2007 was $40.1-million, or 42 cents per diluted share, compared to GAAP net income of $46.2-million, or 51 cents per diluted share, for the same period last year.