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Sandvine Reports Annual Revenue Of $73.7 Million And Diluted Earnings Per Share Of $0.139

Fourth quarter results include $17.1 million in revenue, break-even EPS

Waterloo, Ontario, January 16, 2008 – Sandvine (TSX:SVC; AIM:SAND), a leading provider of intelligent broadband network solutions for DSL, FTTH, cable, and wireless carriers grew revenue by 133% to $73.7 million for the fiscal year ended November 30, 2007, compared to $31.7 million for fiscal 2006. All amounts are in Canadian dollars unless otherwise specified.

FINANCIAL HIGHLIGHTS
Millions of dollars, except per share data and where otherwise indicated

 

Q4 2007

 Q4 2006

 Q3 2007

 FY 2007

FY 2006

Revenue

17.1

9.2

21.2

73.7

31.7

Gross Margin percent

73%

71%

74%

77%

73%

Operating Expenses

14.0

6.9

12.3

43.1

24.8

Stock-based Compensation, Non-cash Acquisition-Related Charges Included in Operating Expenses

1.0

0.2

0.7

2.1

0.3

Net Income (Loss)

0.1

0.1

2.7

19.0

(0.4)

Diluted Earnings (Loss) Per Share

 0.000

 0.001

 0.020

 0.139

 (0.004)

Net income for fiscal 2007 grew to $19.0 million ($0.139 per diluted share) from a net loss of $0.4 million ($0.004 per diluted share) in fiscal 2006. Included in net income was $2.1 million attributable to non-cash, acquisition-related expenses and stock-based compensation (FY 2006: $0.3 million attributable to non-cash stock-based compensation).

“Heading into 2007, we expected revenue in the range of fifty to sixty million dollars and stated that we would focus on making the right investments for the long-term success of the business. We were pleased to have been able to raise our revenue target twice during the year, make the necessary investments and record a profit for the year,” said Dave Caputo, Sandvine’s President and CEO. “While we expect strong growth in revenues in 2008, we are focused on the long-term opportunity and will continue to invest to remain the market leader.”

To download the complete results in PDF format (~61kb) please click the link below:
[download release]