FREMONT, CA -- (Marketwire) -- 02/28/13 -- Procera Networks, Inc. (NASDAQ: PKT), the global intelligent policy enforcement company, today reported financial results for its fourth quarter and year ended December 31, 2012.
Fourth Quarter 2012 Highlights
•Revenue of $16.6 million, up 6% from Q4 2011; record bookings at $22.4 million, up 124% from Q4 2011•Won four new Tier 1 customers •New Tier 1 wins included U.S. fixed line service provider, a Middle Eastern mobile service provider, and an Eastern European cable provider •Added 17 new service provider customers, including 7 mobile operators •Two follow-on orders from two large Tier 1 APAC mobile operators •Two new orders for PL20K in Europe representing one new and one existing customer •Mobile customers contributed 38% of product revenue •Support revenue of $3.5 million, up 60% from Q4 2011 •Approximately 40% of bookings came from new customers •19 direct Tier 1 trials ongoing or planned over the next 60 days•Gross margin of 65%, up from 56% in Q4 2011 •GAAP net income of $1.2 million, compared to $1.8 million in Q4 2011 •Non-GAAP net income of $2.4 million, compared to $2.3 million in Q4 2011
Full Year 2012 Highlights
•Record revenue of $59.6 million, up 34% from 2011; record bookings of $67.6 million•Added 13 new Tier 1 customers across all regions, including 7 Tier 1 mobile operators •Added more than 50 new service provider customers, including more than 20 new mobile operators •Mobile customers contributed 30% of product revenue, up from 4% in 2011 •Selected by three of the top five US fixed line operators •Support revenue of $11.9 million, up 71% from 2011 •Approximately 49% of bookings came from new customers •Gross margin of 67%, up from 59% for 2011 •GAAP net income of $5.3 million, compared to $3.8 million in 2011 •Non-GAAP net income of $9.4 million, compared to $5.5 million in 2011 •Generated $7.2 million of cash from operations, up from $4.6 million in 2011 •Cash and short-term investments of $132 million at year end; no debt
"The market traction for our solutions is growing as we continue to win new business across all customer segments and geographies, and we believe we have established industry leadership, particularly within the mobile segment and among Tier 1 service providers," said James Brear, President and CEO of Procera Networks. "Our record fourth quarter bookings include important wins with Tier 1 service providers and the magnitude of our total bookings underscores our leadership and the competitiveness of our products. We continue to build on our product technology leadership with the proven industry leading performance and scalability of our solutions, including our high performance PL20K and the recently introduced ContentLogic intelligence solution, which offer unique value propositions that further distinguish Procera from the competition in our markets."
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