|BigBand Networks Reports Second Quarter 2008 Results|
Thursday July 31, 4:15 pm ET
Company Reports Strong Performance and Solid Fundamentals as a Pure Play Digital Video Business
REDWOOD CITY, CA--(MARKET WIRE)--Jul 31, 2008 -- BigBand Networks, Inc. (BBND - News) today reported financial results for the second quarter ended June 30, 2008.
For the second quarter of 2008, total revenues were $43.0 million as compared to $39.9 million reported in the first quarter of 2008 and $54.5 million reported in the second quarter of 2007, which included $7.1 million from the subsequently retired CMTS platform.
GAAP net income for the second quarter of 2008 was $1.2 million, or $0.02 per diluted share. These results compare to a net loss of $1.9 million, or $(0.03) per share, reported in the first quarter of 2008 and net income of $1.7 million, or $0.02 per diluted share, reported in the second quarter of 2007.
On a non-GAAP basis, the Company reported net income of $4.5 million, or $0.07 per diluted share, in the second quarter of 2008. These numbers exclude $2.4 million in stock-based compensation expense, $1.2 million in restructuring expense and $143,000 in amortization of intangibles, offset by a $287,000 benefit from the sale of CMTS platform inventory previously reserved for in a prior period and $202,000 in income taxes. This compares to non-GAAP net income of $1.4 million, or $0.02 per diluted share, reported in the first quarter of 2008 and non-GAAP net income of $ 4.7 million, or $0.07 per diluted share, reported in the second quarter of 2007. The previous quarters' non-GAAP results also reflect adjustments for stock-based compensation, amortization of intangibles, restructuring and related tax expenses.
At June 30, 2008, deferred revenue was $69.2 million, up from $63.7 million at March 31, 2008 and $67.3 million as of December 31, 2007. The Company ended the second quarter with $158.8 million in cash, cash equivalents and marketable securities, compared to $150.0 million in the prior quarter and $154.5 million at December 31, 2007.
"We are pleased to report another quarter of solid execution, continued progress in leveraging our platform and building additional functionality for new and existing customers," commented Amir Bassan-Eskenazi, president and CEO of BigBand Networks. "The industry is shifting toward more High Definition programming, and operators are retooling and enhancing their networks. This trend continues to drive all areas of our business -- broadcast, Switched Digital Video and Telco TV solutions. We are optimistic about the opportunity ahead and are well positioned to leverage our technology know-how, customer relationships, and footprint."