Sonus Networks Reports 1Q Financials, Lots of Cash

Sonus Networks reports its financial results for the first quarter of 2008 were up as compared to last year and it squeaked out some net income on a GAAP basis as well.

Sonus revenues were $74 million, as compared to $71.1 million for the same period a year ago; net income on a GAAP basis was $600,000, much better than last year's first quarter GAAP net loss of $4 million.  However, the last quarter of 2007 delivered $97 million in revenue and GAAP net income of $14.1 million.  

The results include stock-based compensation and related costs, amortization of intangibles from the company's April 2007 purchase of Zynetix and some other bookkeeping adjustments.  If you kick out the adjustments, non-GAAP net income for the quarter was $5.2 million.  Investors aren't likely to worry too much because the company has piled up over $407 million in cash and investments, plus it has no debt.

Highlights include a new wireless access node, a centralized call routing database, the latest release to its IMS core architecture and serving over more than a million Carphone Warehouse Networks residential customers on its technology. Carphone Warehouse Networks estimates it will have 3.5 million broadband subscribers by 2010. (And Carphone just got a chunk of cash from Best Buy).

For more:
- Check out the Sonus Networks first quarter 2008 financial report.

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