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Ixia Announces Preliminary Financial Results For First Quarter 2016

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

today reported certain preliminary financial results for the first quarter ended March 31, 2016.

Ixia currently expects revenue for the 2016 first quarter to be between $108 million and $111 million, below the company’s previous guidance of $121 million to $126 million. The company currently expects a GAAP loss for the quarter of between $0.03 and $0.05 per diluted share, compared with previous guidance of breakeven to a loss of $0.04 per diluted share. The company currently expects non-GAAP earnings for the quarter to be between $0.05 and $0.08 pe r diluted share, compared with previous guidance of between $0.10 and $0.14 per diluted share.

"We are disappointed with our first quarter results. Our topline performance was primarily impacted by an unexpected and marked slowdown in network test spending from our North America network equipment manufacturer customers in March, and we continued to experience delays in closing network visibility deals," said Bethany Mayer, Ixia’s president and chief executive officer. "Despite these near-term headwinds, we remain confident in our strategy to grow our business and are committed to financial discipline.”

These are preliminary results and remain subject to the completion of the company's customary quarterly financial closing and review procedures. Material adjustments may arise between the date of this press release and the dates on which Ixia announces its full 2016 first quarter results and files its Form 10-Q for the first quarter with the SEC.

2016 First Quarter Conference Call

Ixia will release its full financial results for the 2016 first quarter after the U.S. markets close on Tuesday, May 3, 2016.

Ixia will also host a conference call to discuss the company’s 2016 first quarter results and its business outlook and guidance for the 2016 second quarter on Tuesday, May 3, 2016, at 1:30 p.m. Pacific time (4:30 p.m. Eastern time).

The call will be open to the public, and interested parties may listen to the call by dialing (844) 858-9864. 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 Following the live webcast, an archived version will be available in the "Investors" section of the Ixia website for at least 90 days.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 supplemental financial information will be posted promptly to the website following the issuance of Ixia’s 2016 first quarter results press release, and certain 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 earnings per diluted share measures, which 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 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...