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Veraz Networks Inc. (VRAZ) filed Quarterly Report for the period ended 2011-09-30.
Veraz Networks Inc. has a market cap of $48.95 million; its shares were traded at around $0 .
This is the annual revenues and earnings per share of VRAZ over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of VRAZ.
Highlight of Business Operations:
Total revenues of $47.4 million for the quarter ended September 30, 2011 increased by 19% or $7.6 million from $39.8 million in the quarter ended September 30, 2010. Our product revenues were 77% of total revenues at $36.6 million for the quarter ended September 30, 2011 as compared to 94% of total revenues, or $37.2 million in the same quarter in 2010, a decrease of 2% or $0.6 million. Our services revenues were 23% of total revenues at $10.8 million in the three months ended September 30, 2011 as compared to 6% of total revenues, or $2.5 million in the three months ended September 30, 2010, an increase of 330% or $8.3 million.Product revenues of $36.6 million for the quarter ended September 30, 2011 decreased by 2%, or $0.6 million, from $37.2 million in the quarter ended September 30, 2010. Our TDM products were 54% of product revenues at $19.8 million in the three months ended September 30, 2011 as compared to 76% of product revenues, or $28.5 million in the three months ended 2010, representing a decrease of 31%, or $8.7 million. Included in product revenues for 2011 is an increase of $7.9 million due to the acquisition which was completed in the last quarter of 2010.
Total revenues of $148.1 million for the first three quarters of 2011 increased by 20%, or $24.8 million, from $123.3 million in the same period in 2010. Our product revenues were 80% of total revenues at $118.4 million in the nine months ended September 30, 2011 as compared to 93% of total revenues, or $115.1 million, in the nine months ended September 30, 2010, an increase of 3%, or $3.3 million. Our services revenues were 20% of total revenues at $29.6 million in the nine months ended September 30, 2011 as compared to 7% of total revenues, or $8.3 million, in the nine months ended September 30, 2010, an increase of 258%, or $21.3 million. Included in the total revenue increase is $48.6 million revenue attributable to the acquisition completed in the last quarter of 2010 which is comprised of $28.9 million in product revenue and $19.7 million in services revenues. Revenues, excluding the acquisition, were $99.5 million, for the nine months ended September 30, 2011, which represented a decrease of 19%, or $23.8 million, from $123.3 million in the same period ended September 30, 2010. The decrease is generally attributable to reduced demand for TDM products whose revenue decreased by 34%, or $29.6 million, partially offset by a 15%, or $4.1 million, increase in IP product revenues and a 20%, or $1.7 million, increase in services revenues.
Product revenues of $118.4 million for the first three quarters of 2011 increased by 3% or $3.3 million from $115.1 million in the same period in 2010. Our TDM products were 49% of product revenues at $58.1 million in the nine months ended September 30, 2011 as compared to 76% of product revenues, or $87.2 million in the nine months ended 2010, representing a decrease of 33% or $29.1 million. Our IP products were 51% of product revenues at $60.4 million in the nine months ended 2011 as compared to 24% of product revenues, or $27.8 million, in the nine months ended 2010, representing an increase of 117%, or $32.6 million.
Net cash used in operating activities of $11.1 million in the nine months ended September 30, 2011 was primarily attributable to our net loss of $45.6 million, partially offset by adjustments for non-cash items aggregating to $19.5 million for items such as depreciation, amortization, stock-based compensation, PIK interest expense on long-term debt, allowance for doubtful accounts, deferred income taxes and other non-cash charges before net changes in operating assets and liabilities. Our operating assets decreased by $22.9 million and our liabilities decreased by $7.8 million. The decrease in operating assets relates to accounts receivable of $11.8 million, prepaid expenses of $5.1 million and inventories of $5.9 million. The decrease in our operating liabilities is primarily attributable to a decrease of $3.0 million in deferred revenue, and a decrease of $4.9 million in accounts payable and accrued liabilities, income taxes payable of $0.2 million offset by an increase in interest payable, related parties of $0.3 million.
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