WATERLOO, ON – Fourth quarter net profits at Sandvine jumped 12% to a record $30.8 million, up from $27.5 million at this time last year, for the period ended November 30, 2013. Net income for the quarter was $5.6 million and non-IFRS income was $5.9 million.
Broken down by market, wireless sales accounted for 40% of Sandvine’s Q4 revenue, with DSL at 30%, and cable at 29%.
The networks and communications services provider also reported that revenue for fiscal 2013 increased by 21% to $106.5 million from $87.9 million last year, and net income grew to $12.9 million from a loss of $5.0 million at the end of FY 2012.
President and CEO Dave Caputo said that orders for the company’s service creation products, which help service providers define and implement new subscriber service tiers, were the largest part of Sandvine’s business last year.
“These products represent a significant differentiator for us in the market", Caputo said in a statement. “We grew revenue more than 20% for the year, generated over $14 million in cash and were profitable in every quarter. As a result of our success, Infonetics Research once again named Sandvine as the leader in our market.”
