Company Logo Thursday, July 06, 2006

Interim Results for the Six Months to 31 May 2006

Sandvine Corporation, together with its wholly owned subsidiary, Sandvine Incorporated, one of the leading developers and marketers of network equipment targeted at the evolving needs of today’s residential broadband service providers, today announces its maiden interim results for the six months ended 31 May 2006.

FINANCIAL HIGHLIGHTS

  • 4th consecutive half of revenue growth
  • Revenue of $14.3 million; a 168% increase from $5.3 million for the same period last year
  • Net loss reduced by 64% to $0.7 million down from $1.95 million for the same period a year earlier
  • Basic loss per share reduced to $0.007 per share from $0.029 for the same period a year earlier
  • Cash generated from operations of $2.5 million as compared to a $4.1 million cash burn for the same period last year

BUSINESS HIGHLIGHTS

  • A successful admission on the AIM market of the London Stock Exchange raising net proceeds of $37.3 million (£18.4m) on March 21, 2006 
  • 10 new customers were added in the first half of the year
  • 60 broadband service provider customers in 29 countries.  Sandvine has sold equipment to service providers representing networks with more than 34 million residential subscribers
  • PTS 14000 platform unveiled in June, enabling intelligent broadband network solutions with 10 gigabit connectivity

To view this financial release in it's entirety, click here.

Dave Caputo, President and CEO for Sandvine commented:

"Sandvine continues to take advantage of the growing demand for its products and services as our maiden half-yearly results as a publicly-traded company clearly demonstrate.  As we look to execute our stated growth strategy we continue to enhance our service offering and take steps into expanding our global footprint enabling intelligent broadband networks.”

Scott Hamilton, Chief Financial Officer for Sandvine commented:

"We are very pleased with the financial results demonstrated this half. With a successful initial public offering and four consecutive halves of revenue growth, we are well positioned to continue momentum and meet our 2006 targets."
 
Sandvine Corporation
Amanda Weber, Director Communications
Scott Hamilton, Chief Financial Officer
 
On the day, Tel:  + 44 20 7466 5000
Thereafter,  Tel:  +1 519 880 2600
Buchanan Communications
Jeremy Garcia/Bobby Morse
 
Tel:  + 44 20 7466 5000

There will be an analyst meeting at the offices of Buchanan Communications, 45 Moorfields, EC2Y 9AE at 09:30 GMT today.  Please contact either Jeremy Garcia or James Strong if you wish to attend.

The Sandvine management team will discuss the full results on a web cast to be held today, July 6, 2006 at 13:30 GMT. The web cast can be accessed at http://mediaserve.buchanan.uk.com/Webcasts/livegold/lrframes.htm
and a recorded copy will be available within 24 hours following the call and posted for thirty days at http://www.sandvine.com/about_us/investors.asp.

CAUTION REGARDING FORWARD LOOKING INFORMATION

Certain statements in this report which are not historical facts constitute forward-looking statements or forward-looking information within the meaning of applicable securities laws ("forward-looking statements") and are made pursuant to the “safe harbour” provisions of such laws. Statements related to Sandvine’s projected revenues, earnings, growth rates, revenue mix and product plans are forward looking statements as are any statements relating to future events, conditions or circumstances. The use of terms such as “anticipated”, “expected”, “projected”, “targeting”, “estimate” and similar terms are intended to assist in identification of these forward-looking statements. Readers are cautioned not to place undue reliance upon any such forward-looking statements. Such forward-looking statements are not promises or guarantees of future performance and involve both known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Sandvine to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.   These risks and uncertainties include, without limitation, factors such as business and economic conditions and growth trends in the broadband network equipment industry and in various geographic regions; global economic conditions and uncertainties in the geopolitical environment including the impact of regulation related to the internet and the delivery of internet services; the impact of foreign currency fluctuations; overall information technology spending; the growth of broadband internet usage and levels of capital spending on broadband network management systems; the timing of orders and manufacturing lead times; changes in customer order patterns or customer mix; insufficient, excess or obsolete inventory; increased competition in the broadband network equipment industry; dependence on the timely development and market acceptance of new product offerings and standards; rapid technological and market change; manufacturing and sourcing risks including dependence on key suppliers and key technologies; product defects and returns; dependence upon indirect channel sales and resellers;  litigation involving patents, intellectual property, antitrust, shareholder and other matters; the ability to recruit and retain key personnel and the ability to manage financial risk. Forward-looking statements are based on management’s current plans, estimates, projections, beliefs and opinions, and Sandvine does not undertake any obligation to update forward-looking statements should assumptions related to these plans, estimates, projections, beliefs and opinions change. 

Additional risks and uncertainties that relate to an investment in the securities of the Company and which can also impact upon forward looking information which may be contained in this report can be found under the heading “Risk Factors” in the AIM Admission Document of the Company dated March 16, 2006 which is available on the Investor Relations section of the Company’s website at www.sandvine.com

linkback: http://www.sandvine.com/news/pr_detail.asp?ID=102

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