BigBand Announces Preliminary Fourth Quarter 2010 Results in Line with Prior Outlook
January 11 2011 - 4:17PM
Business Wire
BigBand Networks, Inc., (NASDAQ: BBND), a leader in digital
video networking, today announced preliminary results for the
fourth quarter ended December 31, 2010. For the fourth quarter,
BigBand expects to report revenues to be approximately $26 million,
GAAP net loss of approximately ($0.09) and non-GAAP net loss of
approximately ($0.05) per share. These results are in line with the
outlook provided by the Company on October 19, 2010. Further
details about the Company’s fourth quarter results will be provided
during the regularly-scheduled earnings call on February 1, 2011. A
reconciliation of GAAP and non-GAAP results will be provided at
that time.
In addition, the Company also announced expense reduction
measures designed to streamline its operations. These measures are
expected to achieve annualized cost savings of approximately $8
million through the reduction of 9% of headcount, as well as the
consolidation of certain facilities. As a result of these measures,
BigBand expects to incur a one-time charge of approximately $2.0
million in the first quarter of 2011.
“Our preliminary results for the fourth quarter are in line with
the prior outlook we provided, and today’s actions are designed to
help us strike the right balance between preserving cash and
investing in the future,” commented Amir Bassan-Eskenazi, President
and CEO of BigBand Networks. “We are emerging from a challenging
year and remain focused on our strategic priorities for the Cable
and Telco markets such as the MSP QAM, SDV, vIP PASS, and Advanced
Advertising.”
Earnings Release and Conference Call Details for February 1,
2011
BigBand Networks will issue a press release reporting financial
results for its fourth quarter ended December 31, 2010, immediately
following the close of the market on February 1, 2011. The Company
will host a corresponding conference call and live webcast at 2:00
p.m. Pacific Time on that day. To access the conference call, dial
+1-877-941-2068 for the U.S. or Canada and +1-480-629-9712 for
international callers. The webcast will be available live on the
Investor Relations section of the Company’s corporate website, and
via replay beginning approximately two hours after the completion
of the call until the Company’s announcement of its financial
results for the next quarter. An audio replay of the call will also
be available to investors beginning at approximately 4:00 p.m.
Pacific Time on February 1, 2011 until 11:59 p.m. Pacific Time on
February 8, 2011, by dialing +1-800-406-7325 or +1-303-590-3030 for
callers outside the U.S. and Canada, and entering passcode
4401235#.
Cautionary Statement
The statements in this release regarding our expected annualized
cost savings, the expected amount of the one-time charge, striking
the right balance between preserving cash and investing in the
future, and our focus on strategic priorities such as the MSP QAM,
SDV, vIP PASS, and Advanced Advertising are forward-looking
statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995, as amended. These
statements involve risks and uncertainties that could cause our
actual results to differ materially, including, but not limited to:
changes in demand for video services, the market acceptance of our
new and existing products; our ability to develop our new products
on a timely basis; the financial strengths of our current and
potential customers; the fluctuations in our gross margins; the
concentration of our customer base; competitive developments
including pricing pressures; the timing of recognition of a
significant portion of our net revenues given the complex systems
integration involved; our ability to manage operating expenses
effectively; the level of orders that are received and can be
shipped in a given quarter; and the general economic, industry or
political conditions in the United States or internationally. In
addition, our preliminary fourth quarter revenues, GAAP earnings
per share and non-GAAP earnings per share are subject to completion
of our standard year-end and quarterly closing procedures including
a review by our independent registered public accounting firm.
For a detailed discussion of these and other risk factors,
please refer to BigBand's Report on Form 10-Q for the three months
ended September 30, 2010. You can obtain copies of our SEC filings
on the SEC's Web site http://www.sec.gov.
Stockholders of BigBand Networks are cautioned not to place
undue reliance on our forward-looking statements, which speak only
as of the date such statements are made. BigBand Networks does not
undertake any obligation to publicly update any forward-looking
statements to reflect events, circumstances or new information
after this January 11, 2011 press release, or to reflect the
occurrence of unanticipated events.
About BigBand Networks
BigBand Networks, Inc. [NASDAQ: BBND] provides broadband service
providers with innovative digital video networking solutions
designed to make it easier to move, manage and monetize video.
These solutions are based on BigBand's video-networking platforms
that are built to enable efficient and reliable delivery across a
wide range of services, including digital TV, high definition TV,
advanced advertising, video-on-demand and interactive TV. BigBand
Networks has done business with more than 200 customers --
including seven of the ten largest service providers in North
America -- and leading cable and telco service providers in North
America, Asia and Europe. BigBand Networks is based in Redwood
City, Calif., with offices worldwide. For additional information
about the company, please call +1.650.995.5000, email
info@bigbandnet.com or visit www.bigbandnet.com.
BigBand Networks' brand and product names are service marks,
trademarks or registered trademarks of BigBand Networks, Inc. in
the United States and other countries. All other marks are the
property of their respective owners.
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