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Waterloo, Canada; March 6, 2008 – Sandvine (TSX:SVC; AIM:SAND), a leading provider of intelligent broadband network solutions for DSL, FTTH, cable, and wireless carriers, has updated its annual revenue estimate, previously reported on December 20, 2007 and referenced in Sandvine’s press release of January 16, 2008. Sandvine now expects total revenue for fiscal 2008 to be in the range of $80 million and $85 million (compared to the previously announced range of $100 million to $110 million).
In arriving at this revenue estimate, Sandvine has relied upon the following material assumptions:
Preliminary results for the first quarter ended February 29, 2008 indicate revenue to be approximately $8.2 million.
The above estimates constitute forward-looking information. See “Caution Regarding Forward-Looking Information below.
“The Q1 opportunities we have been pursuing still exist, but customers are taking longer to make decisions and, although we do not evaluate the strength of our business on the results in any one particular quarter, we think it’s prudent to adjust our annual revenue estimate at this time,” said Dave Caputo, Sandvine’s President and Chief Executive Officer. “We believe that the delays have come about for a variety of reasons, ranging from unique customer-specific circumstances to economic conditions, making operators pause before executing on their approved budgets. We can’t dictate when customers make their decisions, just influence whether they choose Sandvine - and we remain as confident as ever in our ability to do that.”
FIRST QUARTER RESULTS CONFERENCE CALL
Sandvine will report full Q1 2008 financial results on April 9, 2008 before markets open in North America. The company will discuss the results and business outlook on a conference call at 8:30 a.m. Eastern time (1:30 BST) on the day of the results. A webcast will also be available from the Investor Relations section of Sandvine’s website (www.sandvine.com).
Date: April 9
Time: 8:30 a.m. Eastern (1:30 BST)
Local: dial-in number 416 644 3414
Toll-free North America: 800 733 7571
Toll-free United Kingdom: 00 800 2288 3501
A replay of the call will be available at 416-640-1917 or toll-free at 877-289-8525 (passcode 21264613#) from approximately 10:30 a.m. Eastern time on the date of the call through April 16.
Sandvine’s award-winning network equipment helps DSL, FTTH, cable, and wireless broadband service providers characterize what is really happening on their networks, enabling polices that improve customer satisfaction, reduce operational costs and increase profitability. Sandvine’s DPI-based policy solutions are both application and subscriber-aware, empowering service providers to better manage network traffic congestion, mitigate the proliferation of malicious traffic, and deliver QoS-prioritized multimedia services. With over 100 customers in more than 40 countries, Sandvine is enhancing the Internet experience for millions of broadband users worldwide. www.sandvine.com.
INVESTOR RELATIONS CONTACT
+1 519 880 2400 ext. 3503
Chris Bowman/Andrew Chubb
Canaccord Adams Limited
+ 44 020 7050 6500
+1 519 880 2232
CAUTION REGARDING FORWARD-LOOKING INFORMATION
Certain statements in this release which are not historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements") and are made pursuant to the “safe harbour” provisions of such laws. Statements related to Sandvine’s projected revenues, earnings, growth rates, revenue mix and product plans are forward looking statements as are any statements relating to future events, conditions or circumstances. The use of terms such as “anticipated”, “expected”, “projected”, “targeting”, “estimate”, “believe” and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Sandvine to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.
Many factors could cause the actual results of Sandvine to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements, including, without limitation, those factors discussed under the heading “Risk Factors” in Sandvine’s most recent Annual Information Form (“AIF”), a copy of which is available on SEDAR at www.sedar.com, as well as each of the following.
Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions, and Sandvine does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change.