PETALUMA -- Telecommunications equipment maker Calix (NYSE: CALX) on Tuesday reported record sales in 2013, up 15.9 percent over the year, and pro forma margin rose for the sixth year in a row.
For the year, the Petaluma-based company had a margin of 47.3 percent and earnings of $19.5 million on sales of $382.6 million for 2013, according to non-GAAP accounting that exclude factors like merger-related goodwill and stock-based compensation the company reported after New York Stock Exchange closed.
Calix acquired fiber-optic network access products from Sweden-based Ericsson (Nasdaq:ERIC) in November 2012 for an undisclosed sum, Occam Networks in 2010 for $171 million and Optical Solutions in 2006. Calix's amortized intangible assets attributed to previous acquisitions totaled $48.4 million at the end of 2013, down from $62.3 million a year before.
Fourth-quarter sales were $94.0 million, up 3 percent from a year ago. That was in line with the lowered revenue production Calix warned of on Jan. 8, attributing it to slower than typical year-end sales.
That news sent the company's stock price sliding, ending 14 percent lower at $7.95 a share by the close of the Tuesday session. The price moved even lower in after-hours trading to $6.90, off by $1.05, or more than 13 percent.
Annual income was up 156 percent from the year before in non-GAAP measures. It was the sixth year in a row that the company saw its margin increase, up from 34 percent in 2008.
Sales increased 15.9 percent over 2012, according to the announcement.
The company said that those non-GAAP measures were beneficial to understanding its operations. Using GAAP, Calix had a net loss of $17.3 million in 2013 and $28.3 million in 2012. That loss is equivalent to 35 cents per share in 2013.
GAAP-accounted revenue was $382.6 million for 2013, up 15.9 percent over the prior year.
Shares in Calix were trading at $7.95 when the New York Stock Exchange closed on Tuesday, down a quarter of a percent.