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Sandvine Corp
Symbol C : SVC
Shares Issued 123,479,526
Close 2017-07-17 C$ 4.35
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Sandvine earns $1.1-million (U.S.) in Q2

2017-07-17 08:16 ET - News Release

Mr. Rick Wadsworth reports

SANDVINE REPORTS Q2 2017 RESULTS

Sandvine Corp. had revenue of $27.5-million for its second quarter of 2017, net income of $1.1-million, or one cent per diluted share, and EBITDA (earnings before interest, taxes, depreciation and amortization) of $3.1-million, or two cents per diluted share. All results are reported in U.S. dollars under international financial reporting standards (IFRS), unless otherwise specified.

                            FINANCIAL AND OPERATIONAL HIGHLIGHTS
        (millions of dollars, except per-share data and where otherwise indicated)
  
                                                                           Q2 2017  Q2 2016

Revenue                                                                      $27.5    $33.5
Gross margin per cent                                                          77%      74%
Expenses                                                                      19.7     19.6
Net income                                                                     1.1      4.0
Diluted earnings per share                                                    0.01     0.03
EBITDA (1)                                                                     3.1      7.0
Diluted EBITDA (1) per share                                                  0.02     0.05
  
(1) EBITDA is a non-IFRS financial measure. 
 

Other second quarter 2017 highlights:

  • Revenue by access technology market: wireless 55 per cent; fixed telco 26 per cent; fixed cable 17 per cent; other 2 per cent;
  • Revenue by geography: Europe, Middle East and Africa 37 per cent; North America 29 per cent; Asia Pacific 17 per cent; Caribbean and Latin America 17 per cent;
  • Revenue by sales channel: direct 55 per cent; reseller 45 per cent;
  • Cash and investments: $111.6-million;
  • Customers: won 16 new customers.

Since the last quarterly results announcement, Sandvine:

  • Announced that the new Intel Xeon scalable processor platform will provide its policy traffic switch (PTS) virtual series customers with up to 60 per cent more packet processing power. As a member of the Intel network builders ecosystem, Sandvine had early access to Intel Xeon Gold 6150 processor-based platforms.
  • Announced that its leading business intelligence solutions have been enhanced to allow for faster, more flexible and more intuitive reporting on more key metrics than ever before.
  • Announced that a new European Tier 1 mobile communications service provider (CSP) has launched mobile data management features of Sandvine's cloud services policy controller product, and has signed several initial enterprise customers for the service.
  • Announced that Sandvine's products are currently being used by more than a dozen satellite operators across all layers of the satellite Internet ecosystem to ensure a high-quality of experience for their subscribers.
  • Launched its application provider ecosystem, which is designed to accelerate technical integration between application and content providers and CSPs' systems to enable mutually beneficial business opportunities.
  • Released two global Internet phenomena spotlights dealing with data fraud, including one on the mechanics of the fully loaded Kodi ecosystem in North America for accessing unlicensed live and on-demand video content, and another on how some subscribers are using HTTP header injection to exploit CSPs' decisions to zero-rate certain websites and subscriber portals.
  • Celebrated 10 years as one of the best workplaces in Canada, as determined by Great Place to Work.

About Sandvine Corp.

Sandvine's network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks to increase revenue, reduce network costs and improve subscriber quality of experience.

Sandvine's network policy control solutions are deployed in more than 300 networks in over 100 countries, serving hundreds of millions of data subscribers around the world.

                                  CONSOLIDATED STATEMENTS OF INCOME
                      (in thousands of dollars, except share and per share data) 

                                  For the three-month period ended     For the six-month period ended  
                                      May 31, 2017    May 31, 2016     May 31, 2017      May 31, 2016
Revenue
Product                                    $16,592         $22,222          $39,155           $45,557
Service                                     10,939          11,316           21,711            22,139
                                            ------          ------           ------            ------
                                            27,531          33,538           60,866            67,696
                                            ------          ------           ------            ------
Cost of sales
Product                                      2,746           5,133            7,848            10,364
Service                                      3,701           3,520            7,330             6,423
                                            ------          ------           ------            ------
                                             6,447           8,653           15,178            16,787
                                            ------          ------           ------            ------
Gross margin                                21,084          24,885           45,688            50,909
                                            ------          ------           ------            ------
Expenses
Sales and marketing                          9,585          10,066           19,045            19,667
Research and development                     5,807           6,120           11,187            11,824
General and administrative                   4,331           3,388            8,791             6,738
Other losses, net                                -               2                -                 2
                                            ------          ------           ------            ------
                                            19,723          19,576           39,023            38,231
                                            ------          ------           ------            ------
Income from operations                       1,361           5,309            6,665            12,678
                                            ------          ------           ------            ------
Finance income                                 278             126              484               218
Foreign exchange gain (loss)                    42             (20)               2               (61)
                                            ------          ------           ------            ------
                                               320             106              486               157
                                            ------          ------           ------            ------
Share of profit of equity-accounted
investees, net of tax                           53               -              124                 -
                                            ------          ------           ------            ------
Income before provision for income
taxes                                        1,734           5,415            7,275            12,835
Current and deferred provision for
income taxes                                   627           1,427            2,100             3,228
                                            ------          ------           ------            ------
Net income for the period                    1,107           3,988            5,175             9,607
                                            ======          ======           ======            ======

Earnings per share
Basic earnings per share                     0.009           0.028            0.041             0.067
Diluted earnings per share                   0.009           0.028            0.039             0.066

We seek Safe Harbor.

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