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Ixia Announces Financial Results For 2015 Third Quarter

The following excerpt is from the company's SEC filing.

today reported its financial results for the third quarter ended September 30, 2015.

Total revenue for the 2015 third quarter was $125.9 million, compared with $114.0 million reported for the 2014 third quarter and $131.6 million reported for the 2015 second quarter.

“We delivered another solid quarter of year-over-year revenue and earnings growth. Our revenue growth was driven by strong market momentum across our product portfolio, particularly in the U.S. where revenue grew 25% year-over-year to reach a new record. In addition to growing our year-over-year bottom line results, we generated approximately $22 million in cash from operations as we continue to strive for operational excellence and financial discipline,” said Bethany Mayer, Ixia's president and chief executive officer.

On a GAAP basis, the company recorded net income for the 2015 third quarter of $4.0 million, or $0.05 per diluted share, compared with a net loss of $7.3 million, or $0.09 per diluted share, for the 2014 third quarter. Non-GAAP net income for the 2015 third quarter was $12.3 million, or $0.15 per diluted share, compared with non-GAAP net income of $6.9 million, or $0.09 per diluted share, for the 2014 third quarter.

Additional non-GAAP information and a reconciliation of our non-GAAP financial measures to the most directly comparable GAAP financial measures for the 2015 and 2014 third quarters and year-to-date periods may be found in the attached financial tables.

Ixia ended the 2015 third quarter with approximately $175 million in cash, cash equivalents and investments, compared with $219 million at June 30, 2015. Ixia’s cash, cash equivalents and investments balance at the end of the third quarter reflects approximately $22 million generated in cash flow from operations during the third quarter offset by approximately $65 million paid for the repurchase of a portion of the company’s outstanding convertible notes due December 15, 2015.

Conference Call and Webcast Information

Ixia will host a conference call today at 4:30 p.m. Eastern time for analysts and investors to discuss the company’s 2015 third quarter results and its business outlook and guidance for the 2015 fourth quarter. The call will be open to the public, and interested parties may listen to the call by dialing (804) 681-3728. A live audio webcast of the conference call will be accessible from the “Investors” section of the company’s website (

). Following the live webcast, an archived version will be available in the “Investors” section of the Ixia website for at least 90 days. Certain of the supplemental financial information will be posted promptly to the website following the issuance of this press release and additional supplemental financial information will be posted just prior to the start of the conference call.

Non-GAAP Financial Measures

To supplement our consolidated financial results prepared in accordance with Generally Accepted Accounting Principles ("GAAP"), we have included certain non-GAAP financial measures in this press release and in the attachments hereto. Specifically, we have provided non-GAAP financial measures (i.e., non-GAAP net income and non-GAAP diluted earnings per share) that exclude certain non-cash and/or non-recurring income and expense items such as expenses relating to internal investigations and any related remediation efforts, the restatement of our financial statements for the first and second quarters of 2013 and for the six months ended June 30, 2013, the pending securities class action and shareholder derivative action

against the company and certain of its current and former officers and directors as well as an ongoing SEC investigation, stock-based compensation expenses, acquisition and other related costs, restructuring expenses, the amortization of acquisition-related intangible assets, and the related income tax effects of these items, as well as certain other non-cash income tax impacts such as changes in the valuation allowance recorded against certain deferred tax assets. The aforementioned items represent income and expense items that may be difficult to estimate from period to period and/or that we believe are not directly attributable to and/or reflective of the underlying performance of our business operations. We believe that, by excluding these items, our non-GAAP measures provide supplemental information to both management and investors that is useful in assessing our core operating performance, evaluating our ongoing business operations, identifying and assessing financial and business trends and comparing our results of operations on a consistent basis from period to period. These non-GAAP financial measures are provided to enhance the user's overall understanding of our financial performance. These non-GAAP financial measures are also used by management to plan and forecast future periods and to assist management in making operating and strategic decisions. The presentation of this additional information is not prepared in accordance with GAAP. The information may not necessarily be comparable to that of other companies that may calculate their non-GAAP financial measures differently

and should be considered as a supplement to, and not a substitute for or superior to, the corresponding measures calculated in accordance with GAAP. Investors are encouraged to review the reconciliations of GAAP to non-GAAP financial measures, which are included below in the attached...