|BigBand Networks Reports First Quarter 2008 Results|
Thursday May 1, 4:15 pm ET
Company Executes Well in Its First Quarter as a Pure-Play Digital Video Business; Reports Solid Progress in Switched Digital Video
REDWOOD CITY, Calif.--(BUSINESS WIRE)--BigBand Networks, Inc., (NASDAQ:BBND) today reported financial results for the first quarter ended March 31, 2008.
For the first quarter of 2008, total revenues were $39.9 million as compared to $30.7 million reported in the fourth quarter of 2007 and $52.8 million reported in the first quarter of 2007.
GAAP net loss for the first quarter of 2008 was $1.9 million, or $(0.03) per share. These results compare to a net loss of $13.8 million or $(0.23) per share reported in the fourth quarter of 2007 and a net loss of $1.0 million, or $(0.05) per share, reported in the first quarter of 2007.
On a non-GAAP basis, the Company reported a net income of $1.4 million, or $0.02 per diluted share, in the first quarter of 2008. These numbers exclude $3.2 million in stock-based compensation expense, $143,000 in amortization of intangibles, $335,000 in restructuring expense and income tax expense of $95,000, offset by a $468,000 benefit from the sale of CMTS platform inventory previously reserved for in a prior period. This compares to a non-GAAP net loss of $7.4 million, or $(0.12) per share reported in the fourth quarter of 2007 and non-GAAP net income of $5.8 million, or $0.09 per diluted share, reported in the first quarter of 2007. These previous quarters’ results also reflect adjustments for stock-based compensation expense, amortization of intangibles, restructuring expense, preferred stock warrant expense and related tax expense.
At March 31, 2008, deferred revenue was $63.7 million, down slightly from the prior quarter’s balance of $67.3 million. The Company ended the first quarter with $150.0 million in cash, cash equivalents and marketable securities as compared to $154.5 million as of December 31, 2007.
“We executed well in the quarter, particularly in the area of switched digital video,” commented Amir Bassan-Eskenazi, chairman and CEO of BigBand Networks. “Our significantly improved operating results, in the quarter, benefited from high software content in our product sales as well as higher margin expansion orders,” concluded Bassan-Eskenazi.