Ixia Profit Falls On Expenses

(RTTNews) - Ixia (XXIA) Tuesday posted second-quarter of $3.8 million or $0.05 per share, compared with $25.7 million or $0.32 per share a year ago.

Non-GAAP net income for the quarter was $15 million or $0.18 per share, compared with $13 million or $0.17 per share in the prior year. Analysts polled by Thomson Reuters expected earnings of $0.18 per share.

Results were impacted by an increase in operating expenses to $110 million from $84 million last year.

Ixia provides converged Internet protocol network validation and network visibility solutions.

The Calabasas, California-based company posted quarterly revenues of $116 million, up 28% to from $91 million a year ago. Analysts expected revenues of $116.12 million.

The acquisitions of Anue Systems Inc. and BreakingPoint Systems Inc. contributed $33.2 million in revenues during the quarter.

"Although revenue for our core products was lower than anticipated due to order delays from our Service Provider and network equipment manufacturer customers, we made solid progress on our key growth initiatives," said CEO Vic Alston.

"While we have seen recent softness in the market, our visibility, mobility, and security solutions uniquely position Ixia to benefit from some of today's strongest trends in networking and deliver long-term growth," added Alston.

The company's stock closed Tuesday at $14.40, up $0.15 or 1.05%, on a volume of 800 thousand shares on the Nasdaq. In after hours, the stock fell $0.28 or 1.94%.