Sandvine has released the financial results of Q1 2013, reporting $25.0 million income in revenue growth, non-IFRS income of $2.2 million and net income of $1.7 million. As per the company, the results represent record first quarter revenue. All results are reported in the U.S. dollars under International Financial Reporting Standards (IFRS).
The key highlights of the Q1 2013 result reports 51% increase in DSL, 32% in wireless and 16% in cable by access technology market. The company has reached a gross margin of 72%.
Sandvine has also announced $6.5 million in follow-on Network Policy Control orders from Top-5 Asian communications service provider. The cash equivalents and short-term investments balance have reached $82.9 million.
Dave Caputo, President & CEO, Sandvine, said, “The first quarter demonstrated continued progress. Revenue was up 25% from the first quarter of 2012, we were profitable, and we grew our cash balance. Success in securing large expansion orders from major existing customers and improved results from the EMEA sales region were key business drivers in the first quarter. Both of these factors will remain important to continued success through the remainder of 2013.”
Sandvine has also announced that it has entered into a new automatic share purchase plan with a broker for the following quarter to facilitate repurchases of shares under its previously announced normal course issuer bid.
