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Polycom, Inc.

6001 America Center Drive
San Jose, CA 95054
United States
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Polycom Announces Revenues of $339 Million for First Quarter 2013
Posted on Tuesday, April 23, 2013
  • Americas revenues grow 3 percent year-over-year
  • UC Personal Devices revenues grow 8 percent year-over-year, driven by Microsoft® Lync® interoperable solutions
  • Increased focus on Services business results in 10 percent year-over-year growth
  • Polycom’s next-generation portfolio shipping, including new availability of Polycom® RealPresence® Group 700 and Polycom® RealPresence® CloudAXIS™ Suite, extending secure, enterprise-grade video collaboration to anyone with a browser
SAN JOSE, Calif. - Apr 23, 2013: Polycom, Inc.(Nasdaq: PLCM), the global leader in open, standards-based unified communication and collaboration (UC&C), today reported financial results for the first quarter ended March 31, 2013. 
 
First quarter 2013 consolidated net revenues were $339 million, down 2 percent year-over-year compared to $346 million for the first quarter of 2012. Non-GAAP net income for the first quarter of 2013 was $23 million, or 13 cents per diluted share, compared to non-GAAP net income of $35 million or 20 cents per diluted share for the first quarter of 2012. GAAP net income for the first quarter of 2013 was $3 million, or 1 cent per diluted share, compared to GAAP net income of $15 million, or 8 cents per diluted share, for the same period last year. All periods presented in this release have been adjusted to reflect the classification of Polycom’s Enterprise Wireless Solutions business as discontinued operations.  The reconciliation between GAAP net income and non-GAAP net income is provided in the tables at the end of this release.
 
“Polycom posted better than expected Q1 results as we continued to deliver industry-leading products and unmatched interoperability, along with strong sales execution,” stated Andrew M. Miller, Polycom President and Chief Executive Officer.  “With the recent release of our breakthrough Polycom® RealPresence® CloudAXIS™ Suite, Polycom is now shipping an innovative, best-in-class portfolio, which extends secure, enterprise-grade video collaboration to anyone with a Web browser.  We remain focused on our long-term strategic plan to make video collaboration ubiquitous in the enterprise.” 
 
“We are pleased to report 3 percent year-over-year revenue growth in the Americas, our largest geographic segment, 8 percent year-over-year revenue growth in UC Personal Devices, and 10 percent year-over-year revenue growth in Services,” continued Eric Brown, Polycom Chief Operating Officer and Chief Financial Officer.  “We remain confident in our competitive position in the unified communications and collaboration marketplace, and we are seeing good traction with our new product releases.”
 
On a geographic basis, consolidated net revenues for the first quarter of 2013 were comprised of:
  • 51 percent Americas, or $171.0 million, an increase of 3 percent year-over-year;
  • 26 percent Europe, Middle East, and Africa (EMEA), or $89.1 million, a decrease of 5 percent year-over-year; and
  • 23 percent Asia Pacific, or $78.7 million, a decrease of 10 percent year-over-year.
By product line, inclusive of its service component, consolidated net revenues for the first quarter of 2013 were comprised of:
  • UC Group Systems of $232.4 million, a decrease of 3 percent year-over-year;
  • UC Personal Devices of $49.3 million, an increase of 8 percent year-over-year; and
  • UC Platform of $57.1 million, a decrease of 4 percent year-over-year.
In Q1 2013, Polycom generated a total of $49 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $204 million. Deferred revenue balances increased 1 percent sequentially to $253 million.
 
Polycom repurchased $34 million of common stock in Q1 2013, leaving $39 million in remaining available authorization as of March 31, 2013. 
 
Earnings Call Details
Polycom will hold a conference call today, April 23, 2013, at 5:00 p.m. EST/2:00 p.m. PST to discuss its first quarter 2013 financial results.  Andrew M. Miller, President and CEO, and Eric Brown, Chief Operating Officer and Chief Financial Officer, will host the call.  You may participate by viewing the webcast at www.polycom.com/investors or, for callers in the U.S. and Canada, you may participate by calling 1.800.404.5245 and for callers outside of the U.S. and Canada, by calling 1.303.223.2680.  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 21654613.  A replay of the call will be available on www.polycom.com for at least three months.
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