Sonus Networks reported Q2 revenues of $64.4 million compared with $60.0 million in the first quarter of fiscal 2006 and $58.1 million in the second quarter of fiscal 2005. Revenues for the first six months of fiscal 2006 were $124.4 million compared with $91.7 million in the same period last year, reflecting an increase of 36%.
The company is not providing detailed GAAP or non-GAAP financials for the quarter at this time because the Company has voluntarily initiated a review of the processes by which it has historically issued and accounted for employee stock options.
Some other notes from the quarterly report:
- Second quarter gross margins increased modestly from the first quarter of 2006;
- Second quarter operating expenses declined modestly as a percentage of revenue from the first quarter of 2006;
- Second quarter net income increased meaningfully from the first quarter of 2006;
- Deferred revenue increased $13.3 million to $115.5 million from the
first quarter of 2006;
"Given the current focus on employee option grants by public companies, we have proactively initiated a review of our documentation and accounting for historical stock option grants. In the spirit of good corporate governance, we are voluntarily evaluating the processes we used to issue options to employees in the past to be sure they are treated properly for accounting purposes. We look forward to providing you with the full details of our financial results, which reflect Sonus' leadership position and growing profitability," stated Hassan Ahmed, chairman and CEO, Sonus Networks.
http://www.sonusnet.com
