With its acquisition of Occam Networks firmly in its pocket, Calix (NYSE: CALX) continues to find financial benefits as second quarter revenue was $98 million, up 36.7 percent over the $71.7 million it brought in during the same period a year ago.
"In our first full quarter of operations after closing our acquisition, we executed well across all areas of the business, and reported results that were ahead of expectations," said Carl Russo, president and CEO of Calix in a statement.
One of the big contributors to Calix's revenue was an ever-growing mix of service provider customers that have won broadband stimulus grants. In June, Calix met a major milestone when it exceeded $1 billion in aggregate project value of broadband stimulus awards from the U.S. government. At that time it won a contract to provide its B6 Ethernet Service Access Nodes (ESANs) and the 700GE optical network terminals (ONTs) to the West Kentucky and Tennessee Telecommunications Cooperative (WK&T).
The company reported that non-GAAP net income for the second quarter of 2011 was $7.8 million, or $0.16 per fully diluted share, an increase of 40.8 percent compared to non-GAAP net income of $5.5 million, or $0.14 per fully diluted share, year over year.
However, there were some losses. The GAAP net loss for Q2 2011 was $17.6 million, or $(0.38) per basic and diluted share, compared to a GAAP net loss of $3.2 million, or $(0.09) per basic and diluted share in the second quarter of 2010.
As expected, Calix incurred some expenses related to the Occam acquisition. It reported that it incurred $9.7 million and $20 million in merger-related costs during the three and six months ended June 25, 2011 related to the inventory it acquired from Occam.
For more:
- see the release
Special Report: Wireline in the second quarter 2011
Related articles:
Calix revenue up 48% in Q1, Occam Networks integration on track
Calix wraps up acquisition of Occam Networks
Calix Q3: Broadband stimulus awards drive 27 percent revenue increase