Company Logo Wednesday, January 24, 2007

Sandvine Announces Fourth Quarter and Fiscal Year 2006 Results

WATERLOO, Ontario, January 24, 2007 - Sandvine Corporation (TSX:SVC;AIM:SAND) (the “Company”), one of the leading developers and marketers of network equipment targeted at the evolving needs of residential broadband service providers, today announced consolidated financial results for the fourth quarter and fiscal year ended November 30, 2006. All figures are in Canadian dollars and are in accordance with Canadian GAAP unless otherwise specified.

Revenue for the fiscal year ended November 30, 2006 was $ 31.7 million, compared with $ 15.8 million in fiscal 2005, representing an increase of 100.3%. Net loss for fiscal 2006 was $ 0.4 million, or a basic loss of $0.004 per share, compared with a net loss of $ 3.0 million or a basic loss of $0.039 per share for fiscal 2005.

Revenue for the quarter ended November 30, 2006 was $ 9.2 million, compared with $ 6.4 million in the same quarter last year, representing an increase of 44.2%. Net income for the fourth quarter of fiscal 2006 was $ 0.1 million, or $0.001 per share on a diluted basis, compared with net income of $0.4 million or $0.004 per share on a diluted basis for the fourth quarter of fiscal 2005.

FINANCIAL HIGHLIGHTS

• Continued to achieve year over year revenue growth with 100% increase for FY06 over FY05

• 8th consecutive quarter of revenue growth

• Continued to achieve strong gross margins

• Continued strong balance sheet with $ 57.1 million of cash resources at November 30, 2006

• Annual net loss reduction from $ 3.0m in FY05 to $ 0.4m in FY06

BUSINESS HIGHLIGHTS

• 8 new customers (5 DSL/2 Cable/1 fiber-to-the-home) added in the fourth quarter of the year

• The Company now has 73 broadband service provider customers in 33 countries

• Sandvine has sold equipment to service providers which operate networks with more than 37 million residential subscribers

• Announced “first network-wide deployment for 10GB DPI-based policy solution” in November 2006

Dave Caputo, President and CEO for Sandvine commented:

"We are excited to report the successful execution of our projected growth strategy for 2006. Sandvine enhanced solution offerings with the launch and first network-wide deployment of our 10 Gigabit, Policy Traffic Switch platform, expanded our global presence and continued to deliver intelligent broadband network solutions to service providers around the world. For 2007, we feel we are extremely well positioned to continue success in the Cable and DSL markets as well as take advantage of emerging opportunities in both wireless and fiber-to-the-home.”

Scott Hamilton, Chief Financial Officer for Sandvine commented:

"Fiscal 2006 was a successful year for Sandvine. The Company completed its admission to trading on AIM in March, followed by two strong quarters of growth and its initial public listing on the Toronto Stock Exchange. As a result, the Company is financially well positioned for success in 2007."

BUSINESS OUTLOOK

The Company maintains its focus on long-term growth objectives and continues to provide full year revenue guidance. The Company’s fiscal 2007 annual guidance is as follows:

• Revenue for the year ended November 30, 2007 is expected to be in the range of $ 50 million to $ 60 million.

• The Company will continue to increase its investment in sales and marketing and research and development activities with increased focus on achieving profitability later in fiscal 2007.

The Sandvine management team will discuss the full results on a conference call to be held today, January 24, 2007 at 8:30am ET (1:30pm GMT). The call can be accessed by dialing into +1 416 644 3415 and the accompanying presentation can be downloaded prior to the call at http://www.sandvine.com/about_us/investors.asp. A recorded copy of the call will be available within 48 hours following and posted for thirty days at http://www.sandvine.com/about_us/investors.asp.

ABOUT SANDVINE

Sandvine's award-winning network equipment helps Cable, DSL and emerging broadband service providers characterize what is really happening on their networks, enabling polices that improve customer satisfaction, reduce operational costs and increase profitability. Sandvine’s DPI-based policy solutions are both application and subscriber-aware, empowering service providers to better manage network traffic congestion, mitigate the proliferation of malicious traffic, and deliver QoS-prioritized multimedia services. With over 73 customers in 33 countries, Sandvine is enhancing the Internet experience for millions of broadband users worldwide.

Sandvine Corporation:  Amanda Weber, Director Communications  Tel: +1 519 880 2600

Buchanan Communications:  James Strong /Bobby Morse  Tel: + 44 20 7466 5000

Canaccord Adams Limited:  Chris Bowman/Andrew Chubb   Tel: + 44 20 7050 6500

 

 

 

linkback: http://www.sandvine.com/news/pr_detail.asp?ID=115

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