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| Optelecom-NKF experiences 77% growth in IP product sales |
Revenues for the third quarter totaled $11.54 million compared to $11.46 million for the third quarter of 2007. IP-related revenue in the current quarter totaled $3.5 million, a 77% increase compared to IP-related revenues of $2.0 million in the third quarter of last year. Net income for the quarter totaled $1.0 million, or $0.28 per share, compared to net income of $882 thousand, or $0.24 per share, for the same quarter of 2007. Adjusted EBITDA (as defined in the addendum to this release) was $1.3 million in the third quarter of 2008.
Revenues for the nine months ended September 30, 2008 increased 13% to $33.4 million compared to $29.5 million for the first nine months of 2007. This includes IP-related revenue of $10.4 million for the nine months ended September 30, 2008, compared to IP-related revenues of $6.3 million in 2007. Net income for the nine months ended September 30, 2008 was $1.2 million, or $0.33 per share, compared to net income of $408 thousand, or $0.12 per share, for the same period last year. Adjusted EBITDA totaled $2.6 million for the first nine months of 2008.
Edmund Ludwig, President and CEO of Optelecom-NKF, said: "We continued to see good demand for our product suites despite turbulent capital markets and strains in the global economy. We saw strong demand across our Siqura® IP product line, which contributed $3.5 million of the $11.5 million in revenue for the quarter."
"Adjusted EBITDA for the first three quarters of 2008 reached $2.6 million," added Steve Tamburo, Optelecom-NKF's CFO. "With our corporate refinancing complete, 77% growth in the Siqura IP product line, and solid liquidity on our balance sheet, we continue to focus on growing sales and managing IP product investments."
Third quarter conference call
Optelecom-NKF President and CEO Edmund Ludwig lead a conference call to discuss second quarter results at 10:00 a.m. Eastern Time, Friday, November 7, 2008.
Interested parties are welcome to call 800-573-4754 (International Dial In: 617-224-4325) and request the "Optelecom-NKF conference call" shortly before the designated start time or provide the participant passcode 39817742. The telephone conference call will feature a question and answer segment with management. For those parties unable to participate in the live conference call, a replay will be available from noon following the teleconference until November 14, 2008. Those wishing to listen to the replay should call 888-286-8010. (International Dial In: 617-801-6888) and enter passcode number 48104525 when prompted.
The call is being web cast by Thomson Reuters and can be accessed here or at Optelecom-NKF's website.
