Printer Friendly
The Free Library
19,585,946 articles and books
Member login
User name  
Password 
 
Join us Forgot password?

Acme Packet Reports Record Results for Third Quarter of 2009.


- Company Posts Record Revenue of $36.3 Million and Non-GAAP(1) EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format.  of $0.09 -

- Company Raises Revenue and Earnings Outlook for 2009 -

BURLINGTON Burlington, town, Canada
Burlington, town (1991 pop. 129,575), SE Ont., Canada, on Lake Ontario. First settled (1798) by Mohawk Loyalist Joseph Brandt, Burlington's economy was built on the shipment of wheat, lumber, and quarried rock by waterway.
, Mass. -- Acme (company, jargon) ACME - /ak'mee/ 1. A Company that Makes Everything. The canonical imaginary business. Possibly also derived from the word "acme" meaning "highest point".

2. A program for MS-DOS.
 Packet, Inc. (NASDAQ NASDAQ
 in full National Association of Securities Dealers Automated Quotations

U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on
: APKT), the leader in session border control solutions, today announced its results for the third quarter ended September September: see month.  30, 2009 and raised its business outlook for the remainder of 2009.

Results for the Third Quarter of 2009

Total revenue for the third quarter of 2009 was $36.3 million, compared to $28.4 million in the third quarter of last year and $32.9 million in the second quarter of 2009. Net income for the third quarter of 2009 was $3.6 million, or $0.06 per share on a diluted di·lute  
tr.v. di·lut·ed, di·lut·ing, di·lutes
1. To make thinner or less concentrated by adding a liquid such as water.

2. To lessen the force, strength, purity, or brilliance of, especially by admixture.
 basis, compared to $2.0 million, or $0.03 per share on a diluted basis, in the same period last year, and $1.7 million, or $0.03 per share on a diluted basis, in the second quarter of 2009. Net income on a non-GAAP1 basis for the third quarter of 2009 was $5.7 million, or $0.09 per share on a diluted basis, compared to $3.4 million, or $0.05 per share on a diluted basis, in the same period last year, and $4.5 million, or $0.07 per share on a diluted basis, in the second quarter of 2009. Non-GAAP net income1 differs from GAAP GAAP

See: Generally Accepted Accounting Principles


GAAP

See generally accepted accounting principles (GAAP).
 net income in the third quarter of 2009 as it excludes stock-based compensation expense and amortization of acquired intangible assets Intangible Asset

An asset that is not physical in nature.

Notes:
Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets.
, all net of tax, of $2.1 million, or approximately ap·prox·i·mate  
adj.
1. Almost exact or correct: the approximate time of the accident.

2.
 $0.03 per share. Non-GAAP net income1 differs from GAAP net income in the third quarter of 2008 as it excludes stock-based compensation expense, net of tax, of $1.4 million, or approximately $0.02 per share. Non-GAAP net income1 differs from GAAP net income in the second quarter of 2009 as it excludes stock-based compensation expense, amortization of acquired intangible assets, and merger and integration-related costs, all net of tax, of $2.8 million, or approximately $0.04 per share. A reconciliation of GAAP to non-GAAP1 results is included at the end of this press release.

Results for the First Nine Months of 2009

Total revenue for the first nine months of 2009 was $100.2 million compared to $85.8 million in the same period last year. Net income for the first nine months of 2009 was $8.0 million, or $0.13 per share on a diluted basis, compared to $7.9 million, or $0.12 per share on a diluted basis, in the same period last year. Net income on a non-GAAP1 basis for the first nine months of 2009 was $14.5 million, or $0.24 per share on a diluted basis, compared to $11.5 million, or $0.18 per share on a diluted basis, in the same period last year. Non-GAAP net income1 differs from GAAP net income in the first nine months of 2009 as it excludes stock-based compensation expense, amortization of acquired intangible assets, and merger and integration-related costs, all net of tax, of $6.5 million, or approximately $0.11 per share. Non-GAAP net income1 differs from GAAP net income in the first nine months of 2008 as it excludes stock-based compensation expense, net of tax, of $3.6 million, or approximately $0.06 per share. A reconciliation of GAAP to non-GAAP1 results is included at the end of this press release.

Company Raises Business Outlook for 2009

The Company today raised its full year business outlook for 2009. The Company's outlook is based on the current indications for its business, which may change at any time.
[TABLE OMITTED]


Company to Host Live Conference Call and Webcast

The Company's management team will host a live conference call and webcast at 5:00 p.m. eastern daylight For other uses, see Daylight (disambiguation).
Daylight or the light of day is the combination of all direct and indirect sunlight outdoors during the daytime (and perhaps twilight).
 savings time today to discuss the financial results as well as management's outlook for the business. The conference call may be accessed in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area.  by dialing (800) 230-1096 and using access code "APKT". The conference call may be accessed outside of the United States by dialing +1 612.332.0226 and using access code "APKT". The conference call will be simultaneously si·mul·ta·ne·ous  
adj.
1. Happening, existing, or done at the same time. See Synonyms at contemporary.

2. Mathematics
 webcast on the Company's investor relations Investor relations

The process by which the corporation communicates with its investors.
 website, which can be accessed at www.ir.acmepacket.com. A replay of the conference call will be available approximately two hours after the call by dialing (800) 475-6701 and using access code 118025 or by accessing the webcast replay on the Company's investor relations website.

About Acme Packet, Inc.

Acme Packet, Inc. (NASDAQ: APKT), the leader in session border control solutions, enables the delivery of trusted, first-class interactive communications--voice, video and multimedia sessions--and data services across IP network borders. Our Net-Net family of session border controllers A Session Border Controller is a device used in some VoIP networks to exert control over the signaling and usually also the media streams involved in setting up, conducting, and tearing down calls. , multiservice security gateways and session routing proxies supports multiple applications in service provider, enterprise and contact center networks--from VoIP trunking See port aggregation.  to hosted enterprise and residential services to fixed-mobile convergence convergence

Mathematical property of infinite series, integrals on unbounded regions, and certain sequences of numbers. An infinite series is convergent if the sum of its terms is finite.
. They satisfy critical security, service assurance and regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country.  in wireline, cable and wireless networks; and support multiple protocols--SIP, H.323, MGCP/NCS, H.248 and RTSP--and multiple border points--service provider access and interconnect (1) To attach one device to another.

(2) A physical port (plug, socket) or wireless port (transmitter, receiver) used to attach one device to another.
, and enterprise access and trunking. Our products have been selected by 910 customers in 100 countries. They include 48 of the top 50, and 90 of the top 100 service providers in the world; and 8 of the Fortune 25. For more information, contact us at +1 781.328.4400, or visit www.acmepacket.com.

Acme Packet, Inc. Safe Harbor Safe Harbor

1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.

2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive.
 Statement

Statements contained herein that are not historical fact (including those in the section "Company Raises Business Outlook for 2009") may be forward-looking statements forward-looking statement

A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections.
 within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate, among other things, to expected financial and operating results and to future business prospects and market conditions. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated. These include, but are not limited to: difficulties expanding its customer base; difficulties leveraging market opportunities; difficulties providing solutions that meet the needs of customers; poor product sales; long sales cycles; difficulty developing new products; difficulty in relationships with vendors and partners; difficulties in integrating an acquired business; higher risk in international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. ; difficulty managing rapid growth; difficulty managing its financial performance; its ability to hire and retain employees and appropriately staff its operations; the spending of the proceeds of its capital raising activities; its cash needs; and the impact of new accounting pronouncements and increased competition. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company's recent filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings.

(1) The Company uses the financial measures "non-GAAP net income" and "non-GAAP net income per share" to supplement its consolidated financial statements Consolidated Financial Statements

The combined financial statements of a parent company and its subsidiaries.

Notes:
Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge
, which are presented in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[]

As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh.
 with accounting principles generally accepted in the United States ("GAAP"). The presentation of non-GAAP net income and non-GAAP net income per share is not meant to be a substitute for "net income" or "net income per share", presented in accordance with GAAP, but rather should be evaluated in conjunction conjunction, in astronomy
conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun.
 with net income and net income per share. The Company's management believes that the presentation of non-GAAP net income and non-GAAP net income per share provides useful information to investors because this financial measure excludes stock-based compensation expense which is a non-cash charge Non-Cash Charge

A charge off, made by a company against earnings, that does not require an initial outlay of cash.

Notes:
Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet.
. Non-GAAP net income and non-GAAP net income per share for the three and nine months ended September 30, 2009 and the three months ended June June: see month.  30, 2009 also excludes amortization of acquired intangible assets associated with the Company's acquisition of Covergence Inc. on April 30, 2009. Non-GAAP net income and non-GAAP net income per share for the three months ended June 30, 2009 and the nine months ended September 30, 2009 also excludes merger and integration-related costs associated with the Company's acquisition of Covergence Inc. on April 30, 2009. By excluding stock-based compensation expense, amortization of acquired intangible assets and merger and integration-related expenses, management can compare the Company's ongoing operations to prior periods and to the ongoing operations of other companies in its industry who may have materially different unusual charges. Management does not consider any of stock-based compensation expense, amortization of acquired intangible assets and merger and integration-related expenses to be part of the Company's ongoing operating activities or meaningful in evaluating the Company's past financial performance or future prospects. Management believes that excluding these items is useful to investors because it is more representative of ongoing costs and therefore more comparable to historical operations. Non-GAAP net income and non-GAAP net income per share are primary financial indicators that the Company's management uses to evaluate the Company's financial results and forecast anticipated financial results for future periods. Management also uses these non-GAAP figures to make financial and operational decisions as these numbers exclude non-operational activities. These non-GAAP measures should not be considered measures of the Company's liquidity. The Company's definition of "non-GAAP net income" and/or and/or  
conj.
Used to indicate that either or both of the items connected by it are involved.

Usage Note: And/or is widely used in legal and business writing.
 "non-GAAP net income per share" may differ from similar measures used by other companies and may differ from period to period. Subject to the review and approval of the audit committee of the Board of Directors, management may make other adjustments for expenses and gains that it does not consider reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD.  of core operating performance in a particular period and may modify "non-GAAP net income" and/or "non-GAAP net income per share" by excluding these expenses and gains.
[TABLE OMITTED]
[TABLE OMITTED]


(1) The Company uses the financial measures "non-GAAP net income" and "non-GAAP net income per share" to supplement its consolidated financial statements, which are presented in accordance with accounting principles generally accepted in the United States ("GAAP"). The presentation of non-GAAP net income and non-GAAP net income per share is not meant to be a substitute for "net income" or "net income per share", presented in accordance with GAAP, but rather should be evaluated in conjunction with net income and net income per share. The Company's management believes that the presentation of non-GAAP net income and non-GAAP net income per share provides useful information to investors because this financial measure excludes stock-based compensation expense which is a non-cash charge. Non-GAAP net income and non-GAAP net income per share for the three and nine months ended September 30, 2009 and the three months ended June 30, 2009 also excludes amortization of acquired intangible assets associated with the Company's acquisition of Covergence Inc. on April 30, 2009. Non-GAAP net income and non-GAAP net income per share for the three months ended June 30, 2009 and the nine months ended September 30, 2009 also excludes merger and integration-related costs associated with the Company's acquisition of Covergence Inc. on April 30, 2009. By excluding stock-based compensation expense, amortization of acquired intangible assets and merger and integration-related expenses, management can compare the Company's ongoing operations to prior periods and to the ongoing operations of other companies in its industry who may have materially different unusual charges. Management does not consider any of stock-based compensation expense, amortization of acquired intangible assets and merger and integration-related expenses to be part of the Company's ongoing operating activities or meaningful in evaluating the Company's past financial performance or future prospects. Management believes that excluding these items is useful to investors because it is more representative of ongoing costs and therefore more comparable to historical operations. Non-GAAP net income and non-GAAP net income per share are primary financial indicators that the Company's management uses to evaluate the Company's financial results and forecast anticipated financial results for future periods. Management also uses these non-GAAP figures to make financial and operational decisions as these numbers exclude non-operational activities. These non-GAAP measures should not be considered measures of the Company's liquidity. The Company's definition of "non-GAAP net income" and/or "non-GAAP net income per share" may differ from similar measures used by other companies and may differ from period to period. Subject to the review and approval of the audit committee of the Board of Directors, management may make other adjustments for expenses and gains that it does not consider reflective of core operating performance in a particular period and may modify "non-GAAP net income" and/or "non-GAAP net income per share" by excluding these expenses and gains.
[TABLE OMITTED]
[TABLE OMITTED]
COPYRIGHT 2009 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2009 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Article Type:Financial report
Date:Oct 29, 2009
Words:2093
Previous Article:Callaway Golf Company Announces 2009 Third Quarter and Nine Month Results.
Next Article:PCTEL Posts $13.7 Million in Third Quarter Revenue from Continuing Operations.
Topics:



Related Articles
Acme Packet Reports Results for First Quarter of Fiscal Year 2007.
Acme Packet Reports Results for Second Quarter of Fiscal Year 2007.
Acme Packet Reports Record Results for Fourth Quarter of Fiscal Year 2007.
Acme Packet Reports Record Results for First Quarter of Fiscal Year 2008.
Acme Packet Reports Strong Results for Fourth Quarter of 2008.
Acme Packet Reports Strong Results for First Quarter of 2009.
Acme Packet Reports Record Results for Second Quarter of 2009.

Terms of use | Copyright © 2012 Farlex, Inc. | Feedback | For webmasters | Submit articles