Shares of Waterloo’s Sandvine (Sandvine Stock Quote, Chart, News: TSX:SVC) are up today after the company released its Q1, 2013 financials. Sandvine earned $1.7-million on revenue of $25-million.
The quarter continues a bounceback for the company that began when its Q4, 2012 numbers, reported in January, ended a string of disappointing results.
CEO Dave Caputo says Sandvine can keep it up in 2013.
“The first quarter demonstrated continued progress. Revenue was up 25 per cent from the first quarter of 2012, we were profitable, and we grew our cash balance,” he said. “Success in securing large expansion orders from major existing customers and improved results from the EMEA sales region were key business drivers in the first quarter. Both of these factors will remain important to continued success through the remainder of 2013.”
Sandvine’s Q1 once again highlighted the company strong performance in the Asia-Pacific region, 39% of the company’s overall revenue came from there, compared to 32% from the Middle East and Africa, and just 23% from North America.
At press time, shares of Sandvine were up 2.4% to $2.10.