Polycom Reports Third Quarter 2011 Earnings
Q3 Revenue Growth of 23 Percent Year-over-Year to a Record $379 Million
(firmenpresse) - PLEASANTON, CA -- (Marketwire) -- 10/19/11 -- Polycom, Inc. (NASDAQ: PLCM), the global
leader in standards-based unified communications (UC), today reported its
earnings for the third quarter ended September 30, 2011.
Third quarter 2011 consolidated net revenues were a record $379 million,
compared to $308 million for the third quarter of 2010. GAAP net income for
the third quarter of 2011 was $24 million, or 13 cents per diluted share,
compared to $17 million, or 10 cents per diluted share, for the same period
last year. Non-GAAP net income for the third quarter of 2011 was $48
million, or 26 cents per diluted share, compared to non-GAAP net income of
$34 million, or 19 cents per diluted share, for the third quarter of 2010.
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.
On a geographic basis, consolidated net revenues for the third quarter of
2011 were comprised of:
"Polycom has clearly emerged as the premier UC provider that delivers
customers a seamless and secure video collaboration solution from immersive
telepresence to the desktop to the world's leading mobile devices," said
Andrew Miller, Polycom president and CEO. "Leveraging the Polycom
RealPresence™ Platform, we believe that we are best positioned to
capture the network effect of video communications being driven by the
demand for real-time collaboration in the workplace and social networks.
Our powerful software-based cloud and mobility strategy is beginning to
take shape as evidenced by our recent partnership and acquisition
announcements."
"Polycom generated significant Q3 revenue growth in the emerging
geographies and the US Federal market," said Michael Kourey, Polycom's
executive vice president, finance and administration, and CFO. "In
addition, our acquisition of HP's visual collaboration solution is already
performing well, securing new, large customers in Q3 for Polycom's leading
full UC portfolio. Although partially offset by lower year-over-year
revenue growth in the enterprise customer segment, Polycom generated solid
operating results, including a 37% increase in net income year-over-year.
Net of the strategic acquisitions and stock repurchases in the period,
Polycom exited Q3 with $540 million in cash and investments and no debt."
Q3 2011 Business Highlights
Earnings Call Details
Polycom will hold a conference call today, Oct. 19, 2011, at 5 p.m. EDT/2
p.m. PDT to discuss its third quarter earnings. You may participate by
viewing the webcast at or, for callers in the US
and Canada, by calling 800.897.4662; and for callers outside of the US and
Canada, by calling 212.231.2915. The pass code for the call is "Polycom."
A replay of the call will also be available at or, for
callers in the US and Canada, at 800.633.8284; and for callers outside of
the US and Canada, at 402.977.9140. The access number for the replay is
21540950. A replay of the call will be available on for
approximately 12 months.
Forward Looking Statements
This release contains forward-looking statements within the meaning of the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995 regarding future events, future demand for our products, and the
future performance of the Company, including statements regarding Polycom
as being best positioned to capture the network effect of video
communications and the drivers for such demand. These forward-looking
statements are subject to risks and uncertainties that may cause actual
results to differ materially, including the impact of competition on our
product sales and for our customers and partners; the impact of increased
competition due to consolidation in our industry or competition from
companies that are larger or that have greater resources than we do;
potential fluctuations in results and future growth rates; risks associated
with general economic conditions and external market factors; the market
acceptance of Polycom's products and changing market demands, including
demands for differing technologies or product and services offerings; our
ability to successfully integrate our acquisitions into our business;
possible delays in the development, availability and shipment of new
products; increasing costs and differing uses of capital; changes in key
personnel that may cause disruption to the business; any disruptive impact
to the Company that may result from new executive hires; the impact of
restructuring actions; and the impact of global conflicts that may
adversely impact our business. Many of these risks and uncertainties are
discussed in the Company's Quarterly Report on Form 10-Q for the quarter
ended June 30, 2011, and in other reports filed by Polycom with the SEC.
Polycom disclaims any intent or obligations to update these forward-looking
statements.
Polycom reserves the right to modify future product plans at any time.
Products and/or related specifications referenced in this press release are
not guaranteed and will be delivered on a when and if available basis.
GAAP to non-GAAP Reconciliation
To supplement our consolidated financial statements presented on a GAAP
basis, Polycom uses non-GAAP measures of operating results, net income and
income per share, which are adjusted to exclude certain costs, expenses,
gains, and losses we believe appropriate to enhance an overall
understanding of our past financial performance and also our prospects for
the future. These adjustments to our current period GAAP results are made
with the intent of providing both management and investors a more complete
understanding of Polycom's underlying operational results and trends, and
our marketplace performance. For example, the non-GAAP results are an
indication of our baseline performance before gains, losses, or other
charges that are considered by management to be outside of our core
operating results. In addition, these adjusted non-GAAP results are among
the primary indicators management uses as a basis for our planning and
forecasting of future periods. The presentation of this additional
information is not meant to be considered in isolation or as a substitute
for net income or diluted net income per share prepared in accordance with
generally accepted accounting principles in the United States.
About Polycom
Polycom is the global leader in standards-based unified communications (UC)
solutions for , , and , powered
by the Polycom RealPresence platform. The RealPresence platform
interoperates with the broadest range of business, mobile and social
applications and devices. More than 400,000 organizations trust Polycom
solutions to collaborate and meet face to face from any location for more
productive and effective engagement with colleagues, partners, customers
and prospects. Polycom, together with its broad partner ecosystem, provides
customers with the best TCO, scalability, and security -- on-premises,
hosted or cloud delivered. Visit or connect with Polycom on , , and .
© 2011 Polycom, Inc. All rights reserved. POLYCOM®, the Polycom
"Triangles" logo and the names and marks associated with Polycom's products
are trademarks and/or service marks of Polycom, Inc. and are registered
and/or common law marks in the United States and various other countries.
All other trademarks are property of their respective owners.
Investor Contact:
Laura Graves
Polycom, Inc.
925.924.5630
Press Contact:
Shawn Dainas
Polycom, Inc.
925.924.5676
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Datum: 19.10.2011 - 14:05 Uhr
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