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ECI Reports 11% Rise in First Quarter 2006 Revenues
|04 мая 2006|
GAAP net income for the first quarter of 2006 reached $3.1 million, or $0.03 per share on a fully diluted basis, reflecting for the first time the adoption of FAS 123R regarding expensing of share based compensation. This compares with first quarter 2005 net income of $10.4 million, or $0.09 per share and $7.6 million, or $0.06 per share in the fourth quarter of 2005. The results of the first quarter of 2005 did not include the results of Laurel Networks, which was acquired in June 2005.
Pro forma, non-GAAP, net income for the first quarter of 2006 was $7.1 million, or $0.06 per diluted share, compared to $10.3 million, or $0.09 per fully diluted share in the previous quarter. Results for the previous quarter, both GAAP and pro forma, included a positive net income impact of almost $1 million, or $0.01 per share, from several special items. ECI's pro forma net income differs from results reported under U.S. GAAP due to adjustments made for the following on-going, non-cash items: the amortization of acquired intangible assets, he impact of share-based compensation.
Cash flow from operating activities continued to be strong and totaled $21 million for the first quarter of 2006. As of March 31, 2006, ECI Telecom's cash, including short and long-term deposits and marketable securities, totaled $267 million, or $2.25 per share, with no debt.
Revenues for the Optical Networks Division totaled $89 million for the first quarter of 2006, up 17% from the year ago period and up $2 million from the preceding quarter. Operating income for the division reached $12.7 million, up 157% compared to the first quarter of 2005. Strong demand for cellular backhaul continued to be a primary driver in the division's sales growth.
Revenues for the Broadband Access Division totaled $62 million for the first quarter of 2006, down 1% from the year ago period and $6 million less than in the previous quarter. The decline in the division's revenues resulted entirely from the conclusion of deliveries under the contract with Chungwha Telecom in Taiwan. Operating income for the division increased sequentially to $5.9 million, and declined compared to $8.5 million in the year ago period. Revenues for the Data Networking Division (formerly Laurel Networks) totaled $2.1 million for the first quarter of 2006, up slightly from the previous quarter, while the operating loss was $9.5 million, compared to $8.7 million in the previous quarter, reflecting the still relatively low revenues and continued intensive R&D efforts currently underway in the division. Rafi Maor, ECI Telecom President and CEO stated, "During the first quarter our Broadband Access Division enjoyed strong demand for its products. While, as expected,revenues were down sequentially, we continued to enjoy strong demand from our major customers. This quarter we begandeploying one of the most advanced broadband networks in the world a next generation broadband network for T-Com a unit of Deutsche Telekom. This network will be one of the first large-scale commercial VDSL2 networks in the world. ECI has been selected to deploy its VDSL2 technology in T-Com's initial phase covering the ten largest cities in Germany. This will allow T-Com to offer its customers High Definition multi-channel IPTV and video on demand services over existing telephone lines. The deployment uses ECI Telecom's Hi-FOCuS 5 pure IP Multi-Service Access Gateway (MSAG). This project has the potential to create new opportunities for ECI in the IPTV arena.
"ECI's leading position in the emerging IPTV market has recently been recognized by the Multimedia Research Group, which ranked ECI as the #1 vendor in Europe and #2 worldwide in terms of IPTV subscribers, based on deployments through year-end 2005. As a growing number of carriers worldwide look to deploy IPTV and multimedia offerings, our leadership position in this area provides an excellent foundation for future growth.
"Our Optical Networks Division continued its strong performance with its 11th quarter of sequential revenue growth. We continue to see strong demand for our leading cellular backhaul solutions, driven by robust growth in new cellular subscribers throughout the emerging markets, as well as the continued growth in 3G subscribers in Europe and parts of Asia. Noteworthy are the strong orders coming from India and from the countries of the former Soviet Union.
"Building on ECI's expertise in the areas of broadband access and optical networks, our Data Networking Division is continuing to make good progress with the development of its new IP edge routing platform, which supports future IP-based transport and access systems, enabling us to meet the requirements of next-generation networks.
"During the quarter we received a follow on order for our ST series multi service edge router (MSER) from Dacom in Korea. As we continue to build the Division's sales pipeline, we expect to see a significant sequential increase in sales in the coming quarters".
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