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Stephen G. Waldis, President and Chief Executive Officer of Synchronoss, said, "The on-boarding of new programs was a primary driver to Synchronoss delivering third quarter revenue that was ahead of our expectations. Importantly, our business momentum is strong across our key customer accounts, including AT&T, Tier One Cable Providers and OEMs. "In the Tier One Cable space, we recently signed a multi-year agreement with Charter Communications to deploy an end-to-end transaction management platform to support their online channel. We also recently agreed to deploy a robust front-end web portal and expand our Time Warner Cable deployment nationwide to drive expanded transaction volumes. "As it relates to our ConvergenceNow Plus+ offering, we are excited to begin a new, direct relationship with a leading OEM in which Synchronoss will support the activation of all wirelessly enabled products manufactured by the OEM. In addition to further establishing ConvergenceNow Plus+ as the platform of choice for emerging device providers, the global nature of our latest relationship would represent the first significant deployment of our ConvergenceNow Plus+ platform in Europe." In a release dated November 2, the company stated: - For the third quarter of 2009, Synchronoss reported net revenues of $33.1 million, an increase of 26 percent compared to $26.3 million in the third quarter of 2008. Gross profit, including the impact of fair value stock-based compensation expense, was $16.3 million in the third quarter of 2009. Income from operations, determined in accordance with generally accepted accounting principles ("GAAP"), was $5.3 million, including $2.1 million of fair value stock-based compensation expense. Based on an effective tax rate of 39.9 percent in the third quarter of 2009, GAAP net income was $3.1 million and GAAP diluted earnings per share was $0.10, compared to $0.07 in the third quarter of 2008. - Non-GAAP gross profit for the third quarter of 2009 was $16.8 million, representing a non-GAAP gross margin of 51 percent. Non-GAAP income from operations, which excludes fair value stock-based compensation expense, was $7.4 million in the third quarter of 2009, representing a non-GAAP operating margin of 22.4 percent. Non-GAAP net income in the third quarter of 2009 was $4.4 million, leading to non-GAAP diluted earnings per share of $0.14, an increase of 27 percent from $0.11 in the third quarter of 2008. - Synchronoss had cash, cash equivalents, and marketable securities of $86.1 million at September 30, an increase of approximately $6.6 million compared to the end of the previous quarter. Lawrence R. Irving, Chief Financial Officer and Treasurer, said, "While the economic environment has made 2009 a challenging year for many technology companies, Synchronoss is delivering solid revenue growth and enhancing the company's long-term growth profile. We are particularly pleased with the company's success in expanding its customer base. Recent significant wins in the Tier One Cable market and connected device market segments will require increased investments over the next few quarters in order to meet aggressive deployment time schedules. We expect to leverage these up front costs as transaction volumes begin to scale. In addition, we believe the continued enhancement and global deployment of ConvergenceNow Plus+ positions Synchronoss well to continue expanding our customer base and connected device provider relationships." ((Comments on this story may be sent to newsdesk@closeupmedia.com)) For full details on Synchronoss Technologies Inc (SNCR) click here. Synchronoss Technologies Inc (SNCR) has Short Term PowerRatings of 4. Details on Synchronoss Technologies Inc (SNCR) Short Term PowerRatings is available at This Link.
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