WATERLOO – Networks and communications services provider Sandvine yesterday reported $25 million in revenue for its first quarter of 2013, non-IFRS income of $2.2 million and net income of $1.7 million.
"The first quarter demonstrated continued progress. Revenue was up 25% from the first quarter of 2012, we were profitable, and we grew our cash balance," said Dave Caputo, Sandvine's president and CEO, in a release. Caputo said key drivers for the record first quarter revenue were the improved sales in Europe, the Middle East and Africa, as well as a $6.5 million expansion order from one of Sandvine’s top Asian clients.“Both of these factors will remain important to continued success through the remainder of 2013.”
Sandvine reported revenue from its DSL services accounted for 51% of its Q1 FY2013 revenue, with wireless and cable accounting for 32% and 16%, respectively. Cash, cash equivalents and short-term investments balance were $82.9 million.
By geographic region, Asia-Pacific sales accounted for 39%, with Europe, the Middle East and Africa at 32%; North America at 23%, and Caribbean and Latin America at 6%. Sandvine said it also won seven new service provider customers.
