IP service optimization and revenue generation solutions provider, Allot Communications (NASDAQ: ALLT) announced that it had reached break-even on a non-GAAP (Generally Accepted Accounting Principles) basis for the fourth quarter of 2009.
Allot Communications reported both fourth quarter (Q4 2009) and full year results (FY 2009) for the period ended December 31, 2009 this morning. Q4 2009 revenues climbed 21% to $11.5 million (Q4 2008: $9.6 million) and a net loss of $1.5 million, or 7 cents per share (Q4 2008: net income $1 million, or 5 cents per share) on a GAAP basis.
For FY 2009, revenues rose 13% to $41.8 million (FY 2008: $37.1 million). On a GAAP basis, net losses in 2009 improved to $7.7 million or 35 cents per share (FY 2008: net loss $16.5 million or 75 cents per share).
However, Allot Communications was keen to point out that on a non-GAAP basis, and excluding the impact of share-based compensation, inventory and fixed assets write-offs and ARS devaluation and recoveries, net income for Q4 2009 totaled $19,000, or nil per share. This compared more favourably to a non-GAAP net loss of $1.1 million, or 5 cents per share in Q4 2008.
"The Company provides these non-GAAP financial measures because it believes that they present a better measure of the Company's core business and management uses the non-GAAP measures internally to evaluate the Company's ongoing performance. Accordingly, the Company believes that they are useful to investors in enhancing an understanding of the Company's operating performance," Allot stated this morning.
"We successfully undertook the largest deployment in our history with a global Tier 1 mobile operator, with total orders as at the end of the year reaching $17 million. Coupled with the strong backlog we built up during the year, we currently believe that Allot is well positioned for continued growth in 2010," Rami Hadar, Allot Communications' President and Chief Executive Officer, added.
As of December 31, 2009, cash, cash equivalents, deposits and investments in marketable securities totaled $53.3 million.