Sonus Networks reported Q4 2006 revenue of $79 million compared to $75 million in the third quarter of fiscal 2006. Revenues for the full year fiscal 2006 were $279 million. Cash, cash equivalents and investments increased by $47 million during 2006, to $361 million. Sonus is not providing detailed GAAP or non-GAAP financial results because it has not yet completed its previously announced restatement of certain historical consolidated financial statements related to past stock options.
Other non-GAAP highlights include:
- Fourth quarter gross margins declined modestly from Q3, but were at the high-end of the company's target operating model range of 58 - 62%;
- Fourth quarter operating expenses increased moderately from Q3 as a percentage of revenue with the primary increase relating to the voluntary stock option review;
- Fourth quarter net income increased meaningfully over Q4 2005, even before recognizing a significant income tax benefit in Q406;
- Annual gross margins increased modestly as a percentage of revenue from the performance in 2005.
"2006 was a great year for Sonus. We set new records for revenue, profitability, order activity, cash flow from operations and, perhaps most importantly, consumer and business traffic on our customers' networks. These results reflect the increasing momentum for our solutions as the industry moves aggressively to IP," said Hassan Ahmed, chairman and CEO, Sonus Networks.
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