Sandvine (TSX:SVC) has just reported its Q4, 2012 and fiscal year results.
The company earned $6.5-million on revenue of $27.5 million in the fourth quarter. The strong finish came after a string of disappointing quarters, and the company ended the year losing $5-million on revenue of $87.9-million.
“We are pleased with fourth quarter results as they demonstrate ongoing progress in revenue growth and profitability,” said Dave Caputo, Sandvine’s President and CEO. “Total revenue and wireless market revenue were at record levels, driven by large initial orders from two new Tier 1 customers and large expansion orders from major existing customers, which has been a key area of focus for us in 2012.”
The numbers, however, were better than even he expected. He thought Sandvine would lose $0.01 per share on revenue of $22-million in its Q4.
Tse said he believed a string of recent good news, including $4.5-million in follow-on orders from a Western European operator, an order from Tier-1 North American service provider, and the signing of a major Asian service provider, would show that the company had laid the foundation for a reversal. In a research update to clients Tuesday morning, Tse reiterated his BUY rating and $2 target on Sandvine.
At press time, shares of Sandvine were up 14.2% to $1.77.
At Cantech Letter we prize independent journalism like you do. And we don't care for paywalls and popups and all that noise That's why we need your support. If you value getting your daily information from the experts, won't you help us? No donation is too small.
Cantech Letter founder and editor Nick Waddell has lived in five Canadian provinces and is proud of his country's often overlooked contributions to the world of science and technology. Waddell takes a regular shift on the Canadian media circuit, making appearances on CTV, CBC and BNN, and contributing to publications such as Canadian Business and Business Insider.
Ahead of the company's first quarter results, Beacon analyst Russell Stanley thinks Ascend Wellness (Ascend Wellness Stock Quote, Chart, News,… [Read More]
Following the company's fourth quarter results, Paradigm Capital analyst Daniel Rosenberg has cut his price target on Snipp Interactive (Snipp… [Read More]
Following the company's first quarter results, Roth MKM analyst Chip Moore remains neutral on Generac Holdings (Generac Holdings Stock Quote,… [Read More]