PETALUMA -- Calix, Inc. (NYSE: CALIX), which makes products telecommunications companies to connect their customers to broadband, today reported first-quarter revenues increased 48 percent from those of a year ago, yet merger-related expenses largely kept the company earnings from being in the black.
First-quarter revenues were $71.5 million, up 48 percent from $48.2 million in the same quarter of 2010.
The first quarter of this year was a record-setter financially for Calix, and it represents a strong start to fiscal 2011, according to Carl Russo, Calix president and chief executive officer.
"We executed well across all segments of our business, and reported results that were ahead of expectations," Mr. Russo said. "Our integration of Occam Networks is progressing quickly and smoothly, resulting in accelerating innovation across our Unified Access portfolio and deeper relationships with our over 900 customers."
Late last year, Calix announced the acquisition of Santa Barbara-based Occam, in a $171 million cash and stock deal.
The net loss for the first quarter was $22.8 million, compared with a net loss of $10.2 million for the first quarter of 2010. Excluding merger-related expenses, stock-based compensation and amortization of intangible assets, first-quarter net income this year was $3.8 million, up from a net loss of $4.7 million a year ago.
The price of Calix's stock was $20.12 a share at the close of trading Thursday, an increase of 20 cents a share or 1 percent from Wednesday. The price has increased $7.12 a share, or nearly 55 percent, from the initial public offering price of $13 on March 26 of last year.
Merger Related and Other Expenses Stock-Based Compensation Amortization of Intangible Assets
merger-related expenses, stock-based compensation and amortization of intangible assets