Packeteer, the global leader in WAN Application Optimization, today announced results of operations for the quarter ended March 31, 2006.
Net revenues for the first quarter 2006 were $32.3 million, compared with $28.1 million for the first quarter 2005. Net revenues increased sequentially from the $31.9 million reported in the fourth quarter 2005. GAAP net income for the first quarter 2006 was $4.5 million or $0.13 per diluted share. This compares to first quarter 2005 GAAP net income of $3.6 million or $0.10 per diluted share.
Included in the GAAP net income for the first quarter 2006 was stock-based compensation from options and employee stock purchase plan of $2.7 million, amortization of purchased intangible assets of $394,000 and stock-based compensation from acquisitions of $102,000, offset by $517,000 relating to the tax effect of these items, resulting in non-GAAP net income of $7.2 million or $0.20 per diluted share. Included in the GAAP net income for the first quarter 2005 was amortization of purchased intangible assets of $356,000 and stock-based compensation from acquisitions of $230,000, offset by $105,000 relating to the tax effect of these items, resulting in non-GAAP net income of $4.1 million or $0.12 per diluted share. See our "Reconciliation of GAAP Net Income to Non-GAAP Net Income" for further information.
The balance sheet at the end of Q1 remained strong. Total cash and investments of $134.7 million at March 31, 2006 were $12.0 million higher than the balances of $122.7 million at December 31, 2005. Accounts receivable of $17.2 million at March 31, 2006 represented 48 days sales outstanding, compared to 46 days sales outstanding at December 31, 2005. Total inventories were $3.8 million at March 31, 2006, compared with $5.0 million at December 31, 2005.
"We are happy to report another quarter of record revenue for Packeteer," said Dave C^ot'e, President and CEO. "Each of our regions delivered strong results with the Americas again delivering record quarterly revenues. Demand for our solutions remains strong and we continue to attract and close large opportunities in the WAN Application Optimization market."
A Conference Call with company management will be held April 20, 2006 at 2:00 pm Pacific Time. The call will be simulcast on the Internet at www.packeteer.com and www.companyboardroom.com. A replay of the call will be available on the website until April 27, 2006. Management`s accompanying script will remain on the website. Additional investor information can be accessed at www.packeteer.com or by calling Packeteer`s Investor Relations Department at (408) 873 4422.
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Packeteer, Inc., (NASDAQ: PKTR) is the global market leader in Application Traffic Management for wide area networks. Deployed at more than 7,000 companies in 50 countries, Packeteer solutions empower IT organizations with patented network visibility, control, and acceleration capabilities delivered through a family of intelligent, scalable appliances. For more information, contact Packeteer at +1 (408) 873 4400 or visit the company`s web site at www.packeteer.com.
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