BigBand Sales Rise 10%5/05/2009 5:08 PM Eastern
BigBand Networks turned in a relatively strong first quarter with $43.9 million in revenue, up 10% over $39.9 million in the year-ago quarter.
Net income for the first quarter of 2009 was $2.3 million, versus a net loss of $1.9 million in the first quarter of 2008.
"While we are cautious about the near-term outlook as it relates to service provider spending, we are optimistic about the long-term prospects for our business and the value that we bring to customers," BigBand president and CEO Amir Bassan-Eskenazi said in a statement.
For the second quarter of 2009, BigBand expects net revenue in the range of $40 million to $42 million, with earnings coming in either breakeven or at a net loss of 2 cents per diluted share.
Earnings for the March 31 quarter included charges of $3.0 million in stock-based compensation expense and $1.4 million in restructuring charges related to the layoff of 46 employees. Without those and other special charges, BigBand would have reported net income of $6.1 million, or $0.09 per diluted share.
On Tuesday BigBand announced the first commercial deployment of its IPTV-for-cable solution, by Korea's LG Powercom, which is the vendor's first international customer to represent at least 10% of sales.
LG Powercom, which has more than 2.3 million subscribers, is using BigBand's video IP solution, vIP Pass, to deliver video to PCs and IPTV set-tops. According to BigBand, the vIP Pass was deployed within 90 days and includes BigBand's video-control plane technology, modular universal edge QAM platforms and video management and performance software.
BigBand also announced that it has shipped 500,000 edge QAMs to nearly 60 service providers worldwide to date.