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Polycom Reports Q1 2012 Earnings

Article posted on Apr 18, 2012

  • Q1 Revenue Growth of 7 Percent Year-over-Year to $367 Million
  • Year-over-Year Revenue Growth Across All Geographies and Product Lines
PLEASANTON, Calif. - Apr 18, 2012 : Polycom, Inc. (Nasdaq: PLCM), the global leader in open standards-based unified communications (UC), today reported its earnings for the first quarter ended March 31, 2012.
 
First quarter 2012 consolidated net revenues were $367 million, compared to $344 million for the first quarter of 2011. GAAP net income for the first quarter of 2012 was $15 million, or 8 cents per diluted share, compared to $34 million, or 19 cents per diluted share, for the same period last year. Non-GAAP net income for the first quarter of 2012 was $40 million, or 22 cents per diluted share, compared to non-GAAP net income of $43 million, or 24 cents per diluted share, for the first quarter of 2011. Note that the share and per share data for all periods presented in this release have been adjusted to reflect the two-for-one stock split that was effective July 1, 2011.
 
The reconciliation between GAAP net income and non-GAAP net income is provided in the tables at the end of this release.
 
“In Q1, we fell short of our original expectations and are taking corrective actions designed to improve our future performance. We believe that the overall UC market remains robust and that our strategy of providing the leading open, standards-based unified communications and video collaboration solutions is being embraced by our customers and our nearly 7,000 partners,” said Andrew Miller, Polycom President and CEO.
 
“Our performance across theaters was mixed and we are adjusting our expense profile accordingly, with an emphasis on sales enablement and bringing innovative and industry leading solutions to market,” said Eric Brown, Polycom’s Chief Operating Officer and Chief Financial Officer. “We continue to grow, and we generated $286 million in operating cash flow on a trailing 12 month basis, which represents more than 50 percent growth year over year.”
 
On a geographic basis, consolidated net revenues for the first quarter of 2012 were comprised of:
  • 49 percent Americas, or $179 million, an increase of 2 percent year-over-year;
  • 27 percent Europe, Middle East, and Africa (EMEA), or $100 million, an increase of 16 percent year-over-year; and
  • 24 percent Asia Pacific, or $88 million, an increase of 7 percent year-over-year.
By product line, inclusive of its service component, consolidated net revenues for the first quarter of 2012 were comprised of:
  • UC Group Systems of $240 million, an increase of 5 percent year-over-year;
  • UC Personal Devices of $67 million, an increase of 8 percent year-over-year; and
  • UC Platform (Network Infrastructure) of $60 million, an increase of 12 percent year-over-year.
 
Q1 2012 Business Highlights
  • Launched new interoperable solutions with HP and Microsoft that combine Polycom® RealPresence® video solutions, HP Networking technology and services, and Microsoft Lync with joint reference architectures (HP and Polycom Rich Media Communications solution and HP AppSystem for Microsoft® Lync® with Polycom® RealPresence® Video)
  • Launched Polycom® RealPresence® Mobile software for Apple® iPhone® 4S and announced a new agreement to bring RealPresence Mobile to HTC smartphones and tablets
  • Jointly announced with Ericsson, a standards-based, HD visual communications solution to enable telecom operators to deliver Video-as-a-Service (VaaS) offerings to enterprises, which is expected to be in trials mid-2012 with general availability by the end of 2012
  • Announced Polycom® RealPresence® Cloud, a wholesale, carrier-ready offering to enable service providers to quickly bring to market VaaS offerings. RealPresence Cloud solutions are designed specifically for service providers to equip them with the carrier-grade infrastructure, endpoints, and services they need to offer businesses of all sizes subscription-based solutions for video collaboration
  • Entered into an agreement with Lenovo to deliver Polycom® RealPresence® HD video and HD Voice™ solutions on Lenovo laptops and tablets. Lenovo will offer select ThinkPad® tablets and laptops that are certified Polycom-ready, specifically for Polycom RealPresence Mobile and Polycom® RealPresence® Desktop software
 
Earnings Call Details
Polycom will hold a conference call today, April 18, 2012 at 5:00 p.m. ET/2:00 p.m. PT to discuss its first quarter financial results. Andrew Miller, President and CEO, and Eric Brown, Chief Operating Officer and Chief Financial Officer, will host the call. You may participate by viewing the webcast at www.polycom.com/investors or, for callers in the U.S. and Canada, you may participate by calling 800.736.7549 and for callers outside of the U.S. and Canada, by calling 212.231.2916. The pass code for the call is “Polycom”. A replay of the call will also be available at www.polycom.com or, for callers in the U.S. and Canada, at 800.633.8284 and for callers outside of the U.S. and Canada, at 402.977.9140. The access number for the replay is 21583526. A replay of the call will be available on www.polycom.com for at least 3 months.
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