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In a release dated November 2, the company stated:
- Net revenues for the third quarter of 2009 were $86.0 million, compared to net revenues of $66.1 million for the third quarter of 2008.
- Net revenues for the nine months ended September 30, were $237.5 million, compared to $183.5 million for the same period in 2008.
- Net income for the third quarter of 2009 was $15.1 million, or $0.20 per diluted share, compared to net income of $19.6 million, or $0.26 per diluted share, for the third quarter of 2008. Third quarter 2009 results included $6.3 million of non-cash stock-based compensation expenses compared to $4.5 million in the third quarter of 2008. Net income for the nine months ended September 30, was $43.1 million, or $0.57 per diluted share, compared to $43.0 million, or $0.58 per diluted share, for the same period in 2008. The results for the first nine months of 2009 included $15.9 million of non-cash stock-based compensation expenses compared to $12.4 million in the same period of 2008.
- Excluding the impact of stock-based compensation and a one-time tax benefit recorded in third quarter 2008, non-GAAP net income for the third quarter of 2009 was $19.2 million, or $0.25 per diluted share, compared to non-GAAP net income for the third quarter of 2008 of $17.5 million, or $0.24 per diluted share. Non-GAAP net income for the nine months ended September 30, was $54.0 million, or $0.71 per diluted share, compared to non-GAAP net income of $48.8 million, or $0.66 per diluted share, for the same period in 2008.
- Starent Networks recently announced that they agreed to settle all legal disputes with UTStarcom. Under the settlement, Starent Networks will make a one-time payment to UTStarcom in the amount of $3.5 million, which is reflected in the operating expenses for the third quarter. Included in the settlement is a perpetual royalty-free license to UTStarcom patents and the dismissal of two pending litigations in the United States District Courts for the Northern District of Illinois (filed on May 8, 2007) and the Northern District of California (filed on February 16, 2005).
- On October 13, Cisco and Starent Networks announced a definitive agreement for Cisco to acquire Starent Networks. The agreement was approved by the board of directors at both companies and is expected to close during the first half of calendar year 2010 subject to customary closing conditions and regulatory reviews. Prior to the close, Cisco and Starent Networks will continue to operate as separate companies.
- In light of the acquisition announcement, Starent Networks will not host a conference call in conjunction with its third quarter results and will not be updating prior financial guidance for the full year 2009 or providing financial guidance for any future periods.
((Comments on this story may be sent to newsdesk@closeupmedia.com))
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