Polycom, Inc. today reported first quarter 2014 revenues of $329 million, non-GAAP net income of $26 million and non-GAAP earnings per diluted share of 18 cents. GAAP net loss for the first quarter was $4 million, or 3 cents per share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.
"We are successfully executing on our goal to improve operating performance," said Peter Leav, Polycom President and Chief Executive Officer. "Future earnings growth at Polycom will be driven by improvements in processes across the organization, operational cost containment, and the pursuit of profitable revenue growth."
"Operating margins and earnings per share were better than expected as a result of strong execution in the first quarter," said Laura Durr, Chief Accounting Officer and Interim Chief Financial Officer.
In Q1 2014, Polycom generated a total of $19 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $138 million. Cash and investments at the end of Q1 2014 totaled $596 million. Net of existing debt, cash and investments at the end of Q1 2014 totaled $349 million.
Polycom will hold a conference call today, April 23, 2014, at 5:00 p.m. ET/2:00 p.m. PT to discuss these first quarter 2014 financial results. You may participate by listening to the webcast at www.polycom.com/investors or, for callers in the U.S. and Canada, you may participate by calling 1.800.926.7713 and for callers outside of the U.S. and Canada, by calling 22.214.171.12430. The pass code for the call is "Polycom." A replay of the call will also be available at www.polycom.com or, for callers in the U.S. and Canada, at 1.800.633.8284 and, for callers outside of the U.S. and Canada, at 1.402.977.9140. The access number for the replay is 21713337. A replay of the call will be available on www.polycom.com for at least three months.