Thursday, May 10, 2012

[UPDATE] Public DPI Vendors (ALLT, PKT, SVC) - Q1 2012 Results Comparison



Following the release of Procera's final Q1 results (revenues of $12.3M, higher than forecasted on the preliminary result), I am updating the post with the missing details/ recent data.

All together, the 3 pure players of standalone DPI devices, Allot Communications, Procera and Sandvine generated $56.6M from products and services (not all targeting the fixed/mobile broadband market) during Q1, compared to $43.3M in the same quarter last year (+30.7%).

A short comparison for Q1:

Q1, 2012
SymbolNASDAQ:ALLTAMEX:PKTTSX:SVC
Press release link HereHere (1)
Q1-12 Revenues
$24.2
$12.3M
$20.1
Q1-11 to Q1-12 change
41%
78%
5%
Q4-11 to Q1-12 change
10%
-21%
-4%
Q1-12 Net Income (GAAP)
$3.2M
$579K
-$6.5M
Gross margin
71.5%
70%
54%/72% (2) 
Market Cap (May 9, 2012)
$748M
$275M
$226M
Cash  
$165.4M
$41.2M
$74.1M
Enterprise Value
$582M
$234M
$151M



The chart below shows the DPI stock performance (Dec 30, 2011 - April 30, 2012). All stocks performed very well (Allot +61.4%; Sandvine +57%, Procera +33.2%), benchmarked against the NASDAQ Index (+16.9%):

Source: Yahoo! Finance

Comments:
  1. Sandvine Q1 is January 31 
  2. Sandvine had a $3.7M inventory write-down, which shows in the Net Income and Margin.54% is the reported number, 72% is the margin excluding the write-off. 

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