PETALUMA, CA — (Marketwire) — 07/21/11 — , Inc. (NYSE: CALX) today announced unaudited financial results for the second quarter ended June 25, 2011. Revenue for the second quarter of 2011 was $98.0 million, an increase of 36.7% compared to $71.7 million for the second quarter of 2010.
“Calix set a new revenue record in Q2 as we built upon favorable secular trends affecting our markets,” said Carl Russo, president and CEO of Calix. “In our first full quarter of operations after closing our acquisition, we executed well across all areas of the business, and reported results that were ahead of expectations.”
Non-GAAP net income for the second quarter of 2011 was $7.8 million, or $0.16 per fully diluted share, an increase of 40.8% compared to non-GAAP net income of $5.5 million, or $0.14 per fully diluted share, for the second quarter of 2010. A reconciliation of GAAP and non-GAAP results is included as part of this release.
GAAP net loss for the second quarter of 2011 was $17.6 million, or $(0.38) per basic and diluted share, compared to a GAAP net loss of $3.2 million, or $(0.09) per basic and diluted share for the second quarter of 2010. A reconciliation of our Q2 2011 operating results from non-GAAP to GAAP is provided below:
Conference Call
In conjunction with this announcement, Calix will host a conference call at 1:30 p.m. PDT (4:30 p.m. EDT) today to discuss its second quarter 2011 financial results. A live audio webcast and replay of the call will be available in the Investor Relations section of the Calix web site at .
Live call access information:
Dial-in number: (800) 320-2978 (U.S.) or (617) 614-4923 (outside the U.S.)
Passcode: 80168277
Replay call access information:
Replay call dial-in: (888) 286-8010 (U.S.) or (617) 801-6888 (outside the U.S.)
Passcode: 82555257
The conference call and webcast will include forward looking information.
About Calix
Calix (NYSE: CALX) is a global leader in access innovation. Its Unified Access portfolio of broadband communications access systems and software enable communications service providers worldwide to be the broadband provider of choice to their subscribers. For more information, visit the Calix website at .
Use of Non-GAAP Financial Information
The Company uses certain non-GAAP financial measures in this press release to supplement its consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP measures include non-GAAP net income and non-GAAP basic and diluted income per share. These non-GAAP measures are provided to enhance the reader-s understanding of the Company-s operating performance as they primarily exclude certain non-cash charges for stock-based compensation and amortization of acquisition-related intangible assets, and non-recurring merger-related and other expenses, which the Company believes are not indicative of its core operating results. Merger-related and other expenses largely include the charge resulting from the required revaluation of Occam inventory to its estimated fair value, legal and professional expenses, and severance and integration-related expenses and inventory-related charges associated with our merger with Occam and to a lesser extent the settlement of litigation. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company-s ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with GAAP, but rather should be evaluated in conjunction with these results. A reconciliation of the non-GAAP results to the most directly comparable GAAP results is provided in the financial schedules portion of this press release. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.
Investor Relations Contact:
Carolyn Bass
415-445-3232
Press Contact:
Catherine Koo
415-992-4400
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