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Calix reports Q1 revenue of $98.37m, up 8.1% yr/yr, and a net loss of $10.73m
Announced Date: 5/3/2016 Published Date: 5/5/2016

Calix announced unaudited financial results for the first quarter ended March 26, 2016 as follows:


  1. Revenue for the first quarter of 2016 of $98.37 million, down 6.3% from $105.00 million in the preceding fourth quarter and up 8.1% compared to $91.04 million for the first quarter of 2015.

  2. Gross profit for the first quarter of 2016 of $45.48 million, down 6.8% from $48.79 million in the preceding fourth quarter and up 7.5% compared to $42.29 million for the first quarter of 2015.

  3. R&D expenditure for the first quarter of 2016 of $22.77 million, down 0.3% from $22.83 million in the preceding fourth quarter and up 4.0% compared to $21.91 million for the first quarter of 2015.

  4. SG&A expenditure for the first quarter of 2016 of $31.75 million, up 2.8% from $30.89 million in the preceding fourth quarter and up 6.2% compared to $29.91 million for the first quarter of 2015.

  5. Total operating expenditure for the first quarter of 2016 of $56.22 million, flat versus $56.27 million in the preceding fourth quarter and down 3.4% compared to $54.38 million for the first quarter of 2015.

  6. On a GAAP basis, net loss for the first quarter of 2016 of $10.73 million, versus net loss of $9.55 million in the preceding fourth quarter and compared to a net loss of $11.93 million for the first quarter of 2015.

    On a non-GAAP basis, net loss for the first quarter of 2016 of $4.37 million, versus net loss of $1.67 million in the preceding fourth quarter and compared to a net loss of $3.44 million for the first quarter of 2015.

  7. Cash and cash equivalents as of March 26, 2016 of $21.36 million, compared with $23.63 million as at December 31, 2015.


Additional results and notes

During the first quarter, Calix stated that it repurchased a total of $12.8 million of stock, completing its $40 million stock repurchase program as authorized in April 2015. Under the program, it repurchased a total of 5.3 million shares of common stock.

Calix noted that as detailed on April 18, 2016 in a SEC filing, the company has entered into a memorandum of understanding of a settlement in principle covering litigation related to its 2011 acquisition of Occam Networks. Under the terms of the settlement, Calix would not be responsible for contributing any portion of the settlement consideration, and as part of the settlement will receive payment of $4.5 million in partial recovery of certain expenses.



Outlook

For the second quarter of 2016, Calix expects revenue of between $104 and $108 million, representing a sequential increase of 7.7% at the midpoint.