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07.11.2017 11:05
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Allot Communications Announces Third Quarter 2017 Financial Results
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PR Newswire
HOD HASHARON, Israel, Nov. 7, 2017
HOD HASHARON, Israel, Nov. 7, 2017 /PRNewswire/ -- Allot Communications Ltd. (NASDAQ: ALLT; TASE: ALLT), a leading global provider of innovative network intelligence and security solutions for service providers worldwide, today announced its third quarter 2017 financial results, ended September 30, 2017.
Q3 2017 – Financial Highlights
- Revenues were $20.9 million, up 7% from the previous quarter;
- GAAP gross margin was 62%, Non-GAAP gross margin was 68%;
- GAAP operating loss of $4.4 million, Non-GAAP operating loss of $1.3 million;
- Book-to-bill above one for the third consecutive quarter;
Management Comment
Erez Antebi, President & CEO of Allot Communications, commented, "I am particularly encouraged by the fact that in Q3 we continued to see an increase in revenues compared to all previous quarters this year, and it was the third consecutive quarter with a Book-to-Bill ratio above 1. We also focused our effort during the quarter on the reorganization of our Customer Facing Units and other internal areas to better serve our customers and align our efforts to our business strategy. Looking ahead into Q4, we see significant interest in the market for our offerings and our pipeline continues to strengthen. I expect continued growth as we approach the end of the current year and I believe we are now well positioned as a company for next year. I see Allot with much growth potential and I believe Allot will establish itself as an important player in the security market over the coming years."
Financial Results Summary
Total revenues for the third quarter of 2017 were $20.9 million, up 7% compared to $19.5 million in the second quarter of 2017.
Net loss on a GAAP basis for the third quarter of 2017 was $4.6 million, or $0.14 per basic and diluted share, compared with a net loss of $4.0 million, or $0.12 per basic and diluted share, in the prior quarter. During the third quarter of 2017 the Company incurred a one-time cost related to its restructuring activities of $2.2 million.
On a non-GAAP basis, net loss for the third quarter of 2017 was $1.3 million, or $0.04 per basic and diluted share, a reduction from a non-GAAP net loss of $2.3 million, or $0.07 per basic and diluted share, in the prior quarter.
Cash and investments as of September 30, 2017 totaled $109.9 million. The Company recorded a negative operating cash flow of $1.0 million during the third quarter of 2017.
2017 Outlook
Management reiterates its guidance for full year revenue issued earlier in the year. Expectations remain for revenues to come in between $80 - $84 million and better fourth quarter revenues compared with the third quarter of 2017.
The book to bill ratio for the year is expected to be above 1.
Conference Call & Webcast:
The Allot management team will host a conference call to discuss third quarter 2017 earnings results today, November 7, 2017 at 8:30 AM ET, 3:30 p.m. Israel time. To access the conference call, please dial one of the following numbers:
US: +1-888-668-9141, UK: +44(0) 800-917-5108, Israel: +972-3-918-0609.
A live webcast and following the end of the call, an archive of the conference call, will be accessible on the Allot Communications website at: http://investors.allot.com/index.cfm
About Allot Communications
Allot Communications Ltd. (NASDAQ: ALLT, TASE: ALLT) is a leading global provider of innovative network intelligence and security solutions for service providers worldwide, enhancing value to their customers. For more information, please visit www.allot.com.
GAAP to Non-GAAP Reconciliation:
The difference between GAAP and non-GAAP revenues is related to the acquisitions made by the Company and represents revenues adjusted for the impact of the fair value adjustment to acquired deferred revenue related to purchase accounting. Non-GAAP net income is defined as GAAP net income after including deferred revenues related to the fair value adjustment resulting from purchase accounting and excluding stock-based compensation expenses, amortization of acquisition-related intangible assets, deferred tax asset adjustment, restructuring expenses and other acquisition-related expenses.
These non-GAAP measures should be considered in addition to, and not as a substitute for, comparable GAAP measures. The non-GAAP results and a full reconciliation between GAAP and non-GAAP results are provided in the accompanying Table 2. The Company provides these non-GAAP financial measures because it believes 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 they are useful to investors in enhancing an understanding of the Company's operating performance.
Safe Harbor Statement
This release contains forward-looking statements, which express the current beliefs and expectations of Company management. Such statements involve a number of known and unknown risks and uncertainties that could cause our future results, performance or achievements to differ significantly from the results, performance or achievements set forth in such forward-looking statements. Important factors that could cause or contribute to such differences include risks relating to: our ability to compete successfully with other companies offering competing technologies; the loss of one or more significant customers; consolidation of, and strategic alliances by, our competitors, government regulation; the timing of completion of key project milestones which impact the timing of our revenue recognition; lower demand for key value-added services; our ability to keep pace with advances in technology and to add new features and value-added services; managing lengthy sales cycles; operational risks associated with large projects; our dependence on third party channel partners for a material portion of our revenues; court approval of the Company's proposed share buy-back program; and other factors discussed under the heading "Risk Factors" in the Company's annual report on Form 20-F filed with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.
| TABLE - 1 | ||||||||
| ALLOT COMMUNICATIONS LTD. | ||||||||
| AND ITS SUBSIDIARIES | ||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
| (U.S. dollars in thousands, except share and per share data) | ||||||||
| | | | | | | | | |
| | Three Months Ended | | | Nine Months Ended | ||||
| | September 30, | | | September 30, | ||||
| | 2017 | | 2016 | | | 2017 | | 2016 |
| | (Unaudited) | | | (Unaudited) | ||||
| | | | | | | | | |
| Revenues | $ 20,857 | | $ 20,985 | | | $ 58,794 | | $ 66,882 |
| Cost of revenues | 7,840 | | 6,880 | | | 20,820 | | 20,547 |
| Gross profit | 13,017 | | 14,105 | | | 37,974 | | 46,335 |
| | | | | | | | | |
| Operating expenses: | | | | | | | | |
| Research and development costs, net | 5,202 | | 5,942 | | | 16,099 | | 18,760 |
| Sales and marketing | 9,779 | | 8,697 | | | 27,506 | | 27,814 |
| General and administrative | 2,449 | | 2,635 | | | 7,509 | | 7,902 |
| Total operating expenses | 17,430 | | 17,274 | | | 51,114 | | 54,476 |
| Operating loss | (4,413) | | (3,169) | | | (13,140) | | (8,141) |
| Financial and other income, net | 82 | | 309 | | | 556 | | 637 |
| Loss before income tax expenses | (4,331) | | (2,860) | | | (12,584) | | (7,504) |
| | | | | | | | | |
| Tax expenses | 294 | | 561 | | | 1,148 | | 1,431 |
| Net loss | (4,625) | | (3,421) Werbung Mehr Nachrichten zur Allot Communications Aktie kostenlos abonnieren
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