WATERLOO, ON, Jan. 7, 2016 /CNW/ – Sandvine, (TSX:SVC) a leading provider of intelligent network policy control solutions for fixed and mobile operators, today reported revenue of $35.0 million for its fourth quarter of 2015, which is in line with the Company’s estimate published on December 10. Net income for the quarter was $25.2 million, or $0.17 per diluted share, of which $17.6 million, or $0.12 per diluted share, related to the recognition of deferred tax assets.  All results are reported in U.S. dollars under International Financial Reporting Standards (IFRS), unless otherwise specified.

Sandvine’s annual revenue for fiscal 2015 ($123.3 million) was level with 2014 ($123.4 million) and annual net income grew 80% to $41.3 million (FY 2014: $23.0 million), or $0.27 per diluted share (FY 2014: $0.15). Fiscal 2015 net income included $17.6 million ($0.12 per diluted share) related to the recognition of deferred tax assets.

FINANCIAL HIGHLIGHTS (All amounts are in U.S. dollars)

Other Q4 2015 results highlights:

“I am pleased to end Sandvine’s year with record quarterly revenue and order intake, and strong annual income. We were able to close a number of significant orders, some of the revenue from which will carry forward into 2016,” said Dave Caputo, Sandvine’s President and CEO. “Today, we also announced plans to initiate the company’s first quarterly dividend. We are very pleased to be in a position to introduce this dividend program for shareholders while continuing to fully invest in our growth strategy.”

Since the last quarterly results announcement, Sandvine:

CONFERENCE CALL
The Company will discuss the financial results and business outlook on a conference call at 8:30 a.m. Eastern time today.

Toll-free: (866)-215-5508 | Confirmation Number: 41455117
Webcast: www.sandvine.com/investors

A replay of the Q4 2015 results call will be available at (888)-843-7419 (passcode 41455117#) at 11:00 a.m. ET today through January 21, 2016.

ABOUT SANDVINE
Sandvine’s network policy control solutions add intelligence to fixed, mobile and converged communications service provider networks to enable services that can increase revenue and reduce network costs. Powered by Sandvine’s Policy Engine and SandScript policy language, Sandvine’s networking equipment provides end-to-end policy control functions including traffic classification, and policy decision and enforcement across the data, control and business planes.  Sandvine’s products provide actionable business insight, the ability to deploy new subscriber services and tools to optimize traffic while enhancing subscriber Internet quality of experience.

Sandvine’s network policy control solutions are deployed in more than 250 networks in over 90 countries, serving hundreds of millions of data subscribers worldwide, www.sandvine.com.

CAUTION REGARDING FORWARD LOOKING INFORMATION
Certain statements in this press release, constitute “forward-looking information” within the meaning of applicable Canadian securities laws and are based on expectations, estimates and projections as of the date of this press release.  Forward-looking statements include, without limitation, statements with respect to projected revenues, earnings, growth rates, targets, revenue mix and product plans and the Company’s future growth, results of operations, performance and business prospects and opportunities. Forward-looking statements are necessarily based upon management’s perceptions of historical trends, current conditions and expected future developments, as well as a number of specific factors and assumptions that, while considered reasonable by the Company as of the date of such statements, are inherently subject to significant business, economic and competitive uncertainties and contingencies which could result in the forward-looking statements ultimately being incorrect. In addition to the various factors and assumption set forth in this press release, the material factors and assumptions used to develop the forward looking information, include, but are not limited to the following: the overall Network Policy Control market including reliance on major customers; adoption of Virtual Series solutions; the requirement for increasingly innovative product solutions; its growth strategy; the demand for the Company’s products and fluctuations in future revenues; target blended gross margin; target business model and assumptions; expectations of growth in the DSL and Wireless markets; expectations for DSO; sufficiency of current working capital to support future operating and working capital requirements; the stability of general economic and market conditions; currency exchange rates and interest rates; equity and debt markets continuing to provide the Company with access to capital; and the Company’s continued compliance with third party intellectual property rights; foreign exchange hedging; declaration of quarterly dividends; and that the risk factors noted below, collectively, do not have a material impact on the Company. By its nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. 

Known and unknown risk factors, many of which are beyond the control of the Company, could cause the actual results of the Company to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements.  Such risk factors include, but are not limited to each of the following, and those factors which are discussed in the Company’s 2015 Annual Information Form (“AIF”), a copy of which is available on SEDAR at www.sedar.com.

These risk factors are not intended to represent a complete list of the factors that could affect the Company and the reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are provided for the purpose of providing information about management’s expectations and plans relating to the future. The Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, or to explain any material difference between subsequent actual events and such forward-looking statements, except to the extent required by applicable law.  All of the forward looking statements contained in this press release are qualified by these cautionary statements.

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