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Acme Packet Reports Results for Fourth Quarter of 2012

BEDFORD, MA -- (Marketwire) -- 02/04/13 -- Acme Packet, Inc. (NASDAQ: APKT), the leader in session delivery network solutions, today announced results for the fourth quarter of 2012.

Results for the Fourth Quarter of 2012
Total revenue for the fourth quarter of 2012 was $70.7 million, compared to $83.0 million in the fourth quarter of 2011 and $65.3 million in the third quarter of 2012. GAAP net loss for the fourth quarter of 2012 was $2.0 million, or $(0.03) per share, compared to GAAP net income of $8.7 million, or $0.12 per share, in the fourth quarter of 2011 and GAAP net loss of $5.5 million, or $(0.08) per share, in the third quarter of 2012. Net income on a non-GAAP(1) basis for the fourth quarter of 2012 was $6.5 million, or $0.09 per share, compared to $18.3 million, or $0.26 per share, in the fourth quarter of 2011, and $4.7 million, or $0.07 per share, in the third quarter of 2012. All earnings per share results, referenced above, are on a fully diluted basis.

Quarterly Conference Call Cancelled

As a result of the earlier announcement, Oracle to Buy Acme Packet, Acme Packet is cancelling its financial results conference call previously scheduled for today.

(1)A reconciliation of GAAP to non-GAAP results, and a statement on the use of non-GAAP financial measures, is included at the end of this press release.

About Acme Packet
Acme Packet (NASDAQ: APKT), the leader in session delivery network solutions, enables the trusted, first-class delivery of next-generation voice, video, data and unified communications services and applications across IP networks. Our Net-Net product family fulfills demanding security, service assurance and regulatory requirements in service provider, enterprise and contact center networks. Based in Bedford, Massachusetts, Acme Packet designs and manufactures its products primarily in the USA, selling them through over 330 reseller partners worldwide. More than 1,925 customers in 109 countries have deployed over 21,000 Acme Packet systems, including 89 of the top 100 service providers and 51 of the Fortune 100. For more information visit www.acmepacket.com.

Acme Packet, Inc. Safe Harbor Statement

Statements contained herein that are not historical fact may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements may relate to, among other things, expected financial and operating results, expected growth rates, future stock-based compensation and amortization expenses, future business prospects and market conditions. Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated. These include, but are not limited to: the amount of stock-based compensation awarded; the applicable Company stock price used to determine stock-based compensation; the exercise pattern of employee stock options; difficulties expanding the Company's customer base; difficulties leveraging market opportunities; difficulties providing solutions that meet the needs of customers; poor product sales; long sales cycles; difficulties developing new products; difficulties in relationships with vendors and partners; higher risks in international operations; difficulties managing rapid growth; difficulties managing the Company's financial performance; the ability to hire and retain employees and appropriately staff operations; the Company's cash needs; the impact of new accounting pronouncements and increased competition. Additional factors that could cause actual results to differ materially from those projected or suggested in any forward-looking statements are contained in the Company's recent filings with the Securities and Exchange Commission, including those factors discussed under the caption "Risk Factors" in such filings.



                             Acme Packet, Inc.
              Condensed Consolidated Statements of Operations
              (in thousands, except share and per share data)
                                (unaudited)

                            Three Months Ended        Twelve Months Ended
                               December 31,              December 31,
                             2012         2011         2012         2011
                         -----------  -----------  -----------  -----------
Revenue:
  Product                $    51,307  $    64,276  $   201,098  $   241,783
  Maintenance, support
   and service                19,395       18,720       73,339       65,534
                         -----------  -----------  -----------  -----------
    Total revenue             70,702       82,996      274,437      307,317
                         -----------  -----------  -----------  -----------

Cost of revenue:
  Product                     10,145       12,155       39,492       42,245
  Maintenance, support
   and service                 3,464        3,118       15,358       11,691
                         -----------  -----------  -----------  -----------
    Total cost of
     revenue                  13,609       15,273       54,850       53,936
                         -----------  -----------  -----------  -----------

Gross profit                  57,093       67,723      219,587      253,381
                         -----------  -----------  -----------  -----------

Operating expenses:
  Sales and marketing         38,406       29,940      136,636      105,580
  Research and
   development                16,528       14,221       64,780       51,483
  General and
   administrative              5,211        6,073       23,652       21,844
  Merger related costs             -            -          643          300
                         -----------  -----------  -----------  -----------
    Total operating
     expenses                 60,145       50,234      225,711      179,207
                         -----------  -----------  -----------  -----------

(Loss) income from
 operations                   (3,052)      17,489       (6,124)      74,174

Other expense, net              (159)         (91)         (32)        (238)
                         -----------  -----------  -----------  -----------

(Loss) income before
 income taxes                 (3,211)      17,398       (6,156)      73,936

(Benefit from) provision
 for income taxes             (1,182)       8,681         (914)      29,576
                         -----------  -----------  -----------  -----------

Net (loss) income        $    (2,029) $     8,717  $    (5,242) $    44,360
                         ===========  ===========  ===========  ===========

Net (loss) income per
 share:
  Basic                  $     (0.03) $      0.13  $     (0.08) $      0.67
  Diluted                $     (0.03) $      0.12  $     (0.08) $      0.63

Weighted average number
 of common shares used
 in the calculation of
 net (loss) income per
 share:
  Basic                   67,627,896   67,314,606   68,084,305   66,346,008
  Diluted                 67,627,896   70,679,690   68,084,305   70,902,293



                             Acme Packet, Inc.
                   Condensed Consolidated Balance Sheets
                               (in thousands)
                                (unaudited)


                                                December 31,   December 31,
                                                    2012           2011
                                               -------------  -------------
                    Assets
Current assets:
  Cash and cash equivalents                    $      55,381  $     160,403
  Short-term investments                             302,865        191,672
  Accounts receivable, net                            58,610         59,739
  Inventory, net                                      10,539         10,246
  Deferred product costs                               1,006          1,515
  Deferred tax asset, net                              9,423          4,809
  Income taxes receivable                                  -          4,341
  Other current assets                                 7,190          4,385
                                               -------------  -------------
    Total current assets                             445,014        437,110
Long-term investments                                 27,220         20,096
Property and equipment, net                           44,264         26,252
Intangible assets, net                                19,331          8,569
Goodwill                                              15,263          3,778
Deferred tax asset, net                               27,758         18,371
Other assets                                             362            230
                                               -------------  -------------
  Total assets                                 $     579,212  $     514,406
                                               =============  =============

     Liabilities and Stockholders' Equity
Current liabilities:
  Accounts payable                             $      12,845  $      10,318
  Accrued expenses and other current
   liabilities                                        18,964         12,715
  Deferred revenue                                    23,482         22,261
                                               -------------  -------------
    Total current liabilities                         55,291         45,294
                                               -------------  -------------

Deferred revenue, net of current portion               3,663          2,049
                                               -------------  -------------
Deferred rent, net of current portion                  9,620          4,533
                                               -------------  -------------
Deferred tax liability                                 2,914              -
                                               -------------  -------------

Stockholders' equity:
  Common stock                                            76             74
  Additional paid-in capital                         442,990        363,769
  Treasury stock, at cost                            (66,311)       (37,522)
  Accumulated other comprehensive income                   3              1
  Retained earnings                                  130,966        136,208
                                               -------------  -------------
    Total stockholders' equity                       507,724        462,530
                                               -------------  -------------
  Total liabilities and stockholders' equity   $     579,212  $     514,406
                                               =============  =============



            Condensed Consolidated Statements of Cash Flow Data
                               (in thousands)
                                (unaudited)

                               Three Months Ended      Twelve Months Ended
                                  December 31,            December 31,
                                2012        2011        2012        2011
                             ----------  ----------  ----------  ----------
Cash provided by operating
 activities                  $    3,856  $   18,695  $   63,357  $   55,341
Cash used in investing
 activities                     (19,738)    (34,550)   (166,039)    (49,036)
Cash provided by (used in)
 financing activities            15,096      19,296      (2,340)     62,429



Acme Packet, Inc.
Statement on Use of Non-GAAP Financial Measures and
Reconciliation of Non-GAAP Net (Loss) Income and Non-GAAP Net (Loss) Income Per Share
(in thousands, except share and per share data)
(unaudited)

Statement on Use of Non-GAAP Financial Measures:

To supplement its condensed consolidated statements of operations presented in accordance with accounting principles generally accepted in the United States ("GAAP"), the Company discloses certain non-GAAP financial measures, including "non-GAAP net (loss) income", "net (loss) income on a non-GAAP basis", "non-GAAP EPS", and "net (loss) income per share on a non-GAAP basis". These non-GAAP financial measures are not presented in accordance with GAAP and are not meant to be a substitute for the most directly comparable GAAP measures of "net (loss) income", "EPS" or "net (loss) income per share". Rather, these non-GAAP financial measures should be evaluated in conjunction with its most directly comparable GAAP financial measure and the Company's financial statements as a whole.

Management uses these supplemental non-GAAP financial measures to evaluate performance period over period, to analyze the underlying trends in the Company's business, to assess its performance relative to its competitors, and to establish operational goals and forecasts that are used in allocating resources. Management uses these non-GAAP financial measures because they exclude stock-based compensation expense which is a non-cash charge and related payroll taxes, amortization of acquired intangible assets, and merger and related costs associated with the Company's acquisition activities all of which are non-operational costs and expenses. By excluding stock-based compensation expense and related payroll taxes, amortization of acquired intangible assets, and merger and related costs, management can compare the Company's operations to prior periods and to the operations of other companies in its industry who may have materially different unusual, non-operational charges. Management does not consider any of stock-based compensation expense and related payroll taxes, amortization of acquired intangible assets, and merger and related costs to be part of the Company's operating activities or meaningful in evaluating the Company's past financial performance or future prospects. Management believes that excluding these items is useful to investors because it is more representative of ongoing costs and therefore more comparable to historical operations.

Because management uses them, management believes that the disclosure of these non-GAAP financial measures to investors provides greater transparency and useful information to help the investor better understand the Company's operating performance and to evaluate the methodology used by management to evaluate and measure such performance. Notwithstanding their utility to investors in understanding operational trends, these non-GAAP measures should not be considered measures of the Company's liquidity. In addition, the Company cautions that its definition of "non-GAAP net (loss) income", "net (loss) income on a non-GAAP basis", "non-GAAP EPS" and "net (loss) income per share on a non-GAAP basis" may differ from similar measures used by other companies and may differ from period to period. Also, in future periods, management may make other adjustments for expenses and gains that it does not consider reflective of core operating performance in a particular period thereby modifying its definition of "non-GAAP net (loss) income", "non-GAAP EPS" and "non-GAAP net (loss) income per share" by excluding these other or additional expenses and gains.

Reconciliation of GAAP to Non-GAAP Financial Measures for the Three Months Ended December 31, 2012, September 30, 2012, and December 31, 2011 and for the Twelve Months Ended December 31, 2012 and December 31, 2011:




                              Acme Packet, Inc.
            Reconciliation of GAAP to Non-GAAP Financial Measures
                    Three Months Ended December 31, 2012
                    (in thousands, except per share data)
                                 (unaudited)


                                     Stock-based
                                     compensation  Amortization
                                     expense and    of acquired
                                       related      intangible
                           GAAP     payroll taxes     assets     Non-GAAP(1)
                       -----------  -------------  ------------  -----------
Cost of revenue:
  Product              $    10,145  $        (379) $       (657) $     9,109
  Maintenance, support
   and service               3,464           (522)            -        2,942

Operating expenses:
  Sales and marketing       38,406         (6,991)         (288)      31,127
  Research and
   development              16,528         (3,201)          (51)      13,276
  General and
   administrative            5,211         (1,088)            -        4,123


(Benefit from)
 provision for income
 taxes                      (1,182)         4,305           369        3,492

Net (loss) income           (2,029)         7,876           627        6,474

Net (loss) income per
 share:
  Basic                $     (0.03) $        0.12  $       0.01  $      0.10
  Diluted              $     (0.03) $        0.11  $       0.01  $      0.09

Weighted average
 number of shares used
 in the calculation of
 net (loss) income per
 share:
  Basic                 67,627,896     67,627,896    67,627,896   67,627,896
  Diluted               67,627,896     69,611,815    69,611,815   69,611,815



                              Acme Packet, Inc.
            Reconciliation of GAAP to Non-GAAP Financial Measures
                    Three Months Ended September 30, 2012
                    (in thousands, except per share data)
                                 (unaudited)


                           Stock-based
                           compensation
                           expense and  Amortization
                              related    of acquired   Merger
                              payroll    intangible    related
                   GAAP        taxes       assets       costs    Non-GAAP(1)
               ----------- ------------ ------------ ----------- -----------
Cost of
 revenue:
  Product      $     9,584 $       (438)$       (658)$         - $     8,488
  Maintenance,
   support and
   service           4,261         (702)           -           -       3,559

Operating
 expenses:
  Sales and
   marketing        35,090       (6,794)        (261)          -      28,035
  Research and
   development      16,898       (4,181)         (51)          -      12,666
  General and
   administrative    6,154       (1,336)           -           -       4,818
  Merger
   related
   costs                30            -            -         (30)          -

(Benefit from)
 provision for
 income taxes       (1,129)       3,844          359           -       3,074

Net (loss)
 income             (5,515)       9,607          611          30       4,733

Net (loss)
 income per
 share:
  Basic        $     (0.08)$       0.14 $       0.01 $      0.00 $      0.07
  Diluted      $     (0.08)$       0.14 $       0.01 $      0.00 $      0.07

Weighted
 average number
 of shares used
 in the
 calculation of
 net (loss)
 income per
 share:
  Basic         68,246,091   68,246,091   68,246,091  68,246,091  68,246,091
  Diluted       68,246,091   70,102,125   70,102,125  70,102,125  70,102,125



                              Acme Packet, Inc.
            Reconciliation of GAAP to Non-GAAP Financial Measures
                    Three Months Ended December 31, 2011
                    (in thousands, except per share data)
                                 (unaudited)

                                      Stock-based
                                     compensation
                                      expense and  Amortization
                                        related     of acquired
                                        payroll     intangible
                             GAAP        taxes        assets     Non-GAAP(1)
                         ----------- ------------  ------------  -----------
Cost of revenue:
  Product                $    12,155 $       (314) $       (385) $    11,456
  Maintenance, support
   and service                 3,118         (577)            -        2,541

Operating expenses:
  Sales and marketing         29,940       (4,857)         (100)      24,983
  Research and
   development                14,221       (3,063)          (11)      11,147
  General and
   administrative              6,073       (1,574)            -        4,499

Provision for income
 taxes                         8,681        1,148           174       10,003

Net income               $     8,717 $      9,237  $        322  $    18,276

Net income per share:
  Basic                  $      0.13 $       0.14  $       0.00  $      0.27
  Diluted                $      0.12 $       0.13  $       0.00  $      0.26

Weighted average number
 of shares used in the
 calculation of net
 (loss) income per
 share:
  Basic                   67,314,606   67,314,606    67,314,606   67,314,606
                         =========== ============  ============  ===========
  Diluted                 70,679,690   70,679,690    70,679,690   70,679,690
                         =========== ============  ============  ===========



                              Acme Packet, Inc.
            Reconciliation of GAAP to Non-GAAP Financial Measures
                    Twelve Months Ended December 31, 2012
                    (in thousands, except per share data)
                                 (unaudited)


                                                        Stock-based
                                                        compensation
                                                        expense and
                                                          related
                                             GAAP      payroll taxes
                                        -------------  -------------
       Cost of revenue:
         Product                        $      39,492  $      (1,687)
         Maintenance, support and
          service                              15,358         (2,642)

       Operating expenses:
         Sales and marketing                  136,636        (26,769)
         Research and development              64,780        (16,031)
         General and administrative            23,652         (6,003)
         Merger related costs                     643              -

       (Benefit from) provision for
        income taxes                             (914)        17,694

       Net (loss) income                       (5,242)        35,439

       Net (loss) income per share:
         Basic                          $       (0.08) $        0.52
         Diluted                        $       (0.08) $        0.50

       Weighted average number of
        common shares used in the
        calculation of net income per
        share:
         Basic                             68,084,305     68,084,305
         Diluted                           68,084,305     70,445,310




                                  Amortization
                                  of acquired      Merger
                                   intangible      related
                                     assets         costs       Non-GAAP(1)
                                 -------------  -------------  -------------
Cost of revenue:
  Product                        $      (2,332) $           -  $      35,473
  Maintenance, support and
   service                                   -              -         12,716

Operating expenses:
  Sales and marketing                     (844)             -        109,023
  Research and development                (136)             -         48,613
  General and administrative                 -              -         17,649
  Merger related costs                       -           (643)             -

(Benefit from) provision for
 income taxes                            1,235              -         18,015

Net (loss) income                        2,077            643         32,917

Net (loss) income per share:
  Basic                          $        0.03  $        0.01  $        0.48
  Diluted                        $        0.03  $        0.01  $        0.47

Weighted average number of
 common shares used in the
 calculation of net income per
 share:
  Basic                             68,084,305     68,084,305     68,084,305
  Diluted                           70,445,310     70,445,310     70,445,310



                              Acme Packet, Inc.
            Reconciliation of GAAP to Non-GAAP Financial Measures
                    Twelve Months Ended December 31, 2011
                    (in thousands, except per share data)
                                 (unaudited)


                                                       Stock-based
                                                       compensation
                                                       expense and
                                                         related
                                             GAAP     payroll taxes
                                        ------------- -------------
       Cost of revenue:
         Product                        $      42,245 $      (1,230)
         Maintenance, support and
          service                              11,691        (2,095)

       Operating expenses:
         Sales and marketing                  105,580       (17,661)
         Research and development              51,483       (10,886)
         General and administrative            21,844        (5,472)
         Merger related costs                     300             -

       Provision for income taxes              29,576        11,022

       Net income                       $      44,360 $      26,322

       Net income per share:
         Basic                          $        0.67 $        0.40
         Diluted                        $        0.63 $        0.37

       Weighted average number of
        common shares used in the
        calculation of net income per
        share:
         Basic                             66,346,008    66,346,008
         Diluted                           70,902,293    70,902,293




                                  Amortization
                                  of acquired      Merger
                                   intangible      related
                                     assets         costs       Non-GAAP(1)
                                 -------------  -------------  -------------
Cost of revenue:
  Product                        $      (1,677) $           -  $      39,338
  Maintenance, support and
   service                                   -              -          9,596

Operating expenses:
  Sales and marketing                     (387)             -         87,532
  Research and development                 (45)             -         40,552
  General and administrative                 -              -         16,372
  Merger related costs                       -           (300)             -

Provision for income taxes                 755             43         41,396

Net income                       $       1,354  $         257  $      72,293

Net income per share:
  Basic                          $        0.02  $        0.00  $        1.09
  Diluted                        $        0.02  $        0.00  $        1.02

Weighted average number of
 common shares used in the
 calculation of net income per
 share:
  Basic                             66,346,008     66,346,008     66,346,008
  Diluted                           70,902,293     70,902,293     70,902,293



                              Acme Packet, Inc.
                           Other Operational Data
                                 (unaudited)

                                               Three Months Ended
                                   -----------------------------------------
                                    December 31, September 30, December 31,
                                        2012          2012          2011
                                   ------------- ------------- -------------
Other operational data:
Depreciation and amortization (in
 thousands)                        $       4,013 $       3,991 $       2,944
Capital expenditures (in
 thousands)                                8,902         5,151         4,186
Days sales outstanding                        75            79            65
Total headcount                              880           863           752
Quarterly inventory turnover -
 annualized                                 3.71          3.28          4.41

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Enterprise IoT is an exciting and chaotic space with a lot of potential to transform how the enterprise resources are managed. In his session at @ThingsExpo, Hari Srinivasan, Sr Product Manager at Cisco, will describe the challenges in enabling mass adoption of IoT, and share perspectives and insights on architectures/standards/protocols that are necessary to build a healthy ecosystem and lay the foundation to for a wide variety of exciting IoT use cases in the years to come.
The IoT Bootcamp is coming to Cloud Expo | @ThingsExpo on June 9-10 at the Javits Center in New York. Instructor. Registration is now available at http://iotbootcamp.sys-con.com/ Instructor Janakiram MSV previously taught the famously successful Multi-Cloud Bootcamp at Cloud Expo | @ThingsExpo in November in Santa Clara. Now he is expanding the focus to Janakiram is the founder and CTO of Get Cloud Ready Consulting, a niche Cloud Migration and Cloud Operations firm that recently got acquired by Aditi Technologies. He is a Microsoft Regional Director for Hyderabad, India, and one of the f...
SYS-CON Events announced today that B2Cloud, a provider of enterprise resource planning software, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. B2cloud develops the software you need. They have the ideal tools to help you work with your clients. B2Cloud’s main solutions include AGIS – ERP, CLOHC, AGIS – Invoice, and IZUM
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and easy to use. MangoApps has been named a "Market Leader" by Ovum Research and a "Cool Vendor" by Gartner...
SYS-CON Media announced today that @ThingsExpo Blog launched with 7,788 original stories. @ThingsExpo Blog offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. @ThingsExpo Blog can be bookmarked. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago.
The world's leading Cloud event, Cloud Expo has launched Microservices Journal on the SYS-CON.com portal, featuring over 19,000 original articles, news stories, features, and blog entries. DevOps Journal is focused on this critical enterprise IT topic in the world of cloud computing. Microservices Journal offers top articles, news stories, and blog posts from the world's well-known experts and guarantees better exposure for its authors than any other publication. Follow new article posts on Twitter at @MicroservicesE
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting wearables as fashion accessories and moving away from the original clunky technology associated with t...
SYS-CON Events announced today that Litmus Automation will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Litmus Automation’s vision is to provide a solution for companies that are in a rush to embrace the disruptive Internet of Things technology and leverage it for real business challenges. Litmus Automation simplifies the complexity of connected devices applications with Loop, a secure and scalable cloud platform.