[UPDATE] Public DPI Vendors (ALLT, PKT, SVC) - Q1 2012 Results Comparison

Following the release of Procera's final Q1 results (revenues of $12.3M, higher than forecasted on the preliminary result), I am updating the post with the missing details/ recent data.

All together, the 3 pure players of standalone DPI devices, Allot Communications, Procera and Sandvine generated $56.6M from products and services (not all targeting the fixed/mobile broadband market) during Q1, compared to $43.3M in the same quarter last year (+30.7%).

A short comparison for Q1:

Q1, 2012	Allot Communications	Procera Networks	Sandvine
Symbol	NASDAQ:ALLT	AMEX:PKT	TSX:SVC
Press release link	Here	Here	Here (1)
Q1-12 Revenues	$24.2	$12.3M	$20.1
Q1-11 to Q1-12 change	41%	78%	5%
Q4-11 to Q1-12 change	10%	-21%	-4%
Q1-12 Net Income (GAAP)	$3.2M	$579K	-$6.5M
Gross margin	71.5%	70%	54%/72% (2)
Market Cap (May 9, 2012)	$748M	$275M	$226M
Cash	$165.4M	$41.2M	$74.1M
Enterprise Value	$582M	$234M	$151M

The chart below shows the DPI stock performance (Dec 30, 2011 - April 30, 2012). All stocks performed very well (Allot +61.4%; Sandvine +57%, Procera +33.2%), benchmarked against the NASDAQ Index (+16.9%):

Source: Yahoo! Finance

Comments:

1. Sandvine Q1 is January 31 
2. Sandvine had a $3.7M inventory write-down, which shows in the Net Income and Margin.54% is the reported number, 72% is the margin excluding the write-off. 

Public DPI Vendors (ALLT, PKT, SVC) - Q1 2012 Results Comparison

With the release of Allot Communications' results (and preliminary results from Procera), all 3 public DPI companies published 2012 Q1 reports.

All together, the 3 pure players of standalone DPI devices, Allot Communications, Procera and Sandvine generated $56.3M from products and services (not all targeting the fixed/mobile broadband market) during Q1, compared to $43.3M in the same quarter last year (+30%).

A short comparison for Q1:

Q1, 2012	Allot Communications	Procera Networks	Sandvine
Symbol	NASDAQ:ALLT	AMEX:PKT	TSX:SVC
Press release link	Here	Here	Here (1)
Q1-12 Revenues	$24.2	$11.8-12.2M	$20.1
Q1-11 to Q1-12 change	41%	74%	5%
Q4-11 to Q1-12 change	10%	-11%	-4%
Q1-12 Net Income (GAAP)	$3.2M	N/A	-$6.5M
Gross margin	71.5%	65%	54%/72% (3)
Market Cap (2)	$777M	$301M	$247M
Cash	$165.4M	N/A	$74.1M
Enterprise Value	$612M	N/A	$173M

The chart below shows the DPI stock performance (Dec 30, 2011 - April 30, 2012). All stocks performed very well (Allot +61.4%; Sandvine +57%, Procera +33.2%), benchmarked against the NASDAQ Index (+16.9%):

Source: Yahoo! Finance

Comments:

1. Sandvine Q1 is January 31 
2. End of day April 30, 2012
3. Sandvine had a $3.7M inventory write-down, which shows in the Net Income and Margin.54% is the reported number, 72% is the margin excluding the write-off. 

DPI Shares Performance in 2011 - The Phenomenal, Great and Bad

  
2011 was a very good year for the shareholders of 2 of the 3 public DPI players. Procera (NASDAQ:PKT) leads with overwhelming 151.3% return and Allot (NASDAQ:ALLT) follows with 30.6%. Sandvine (TSX:SVC), with 2 lower than expected quarters during the year (see recent announcement here) finished 2011 with a negative return of 59.4%.

The chart below shows the performance of the 3 shares vs. the NASDAQ index (-1.8% during 2011), as a benchmark for the technology market. It shows clearly the impact of the above message from Sandvine on its stock performance.

Sandvine will announced its Q4 (Nov) results (expected revenues of $19.5-20) on January 12 (here). Allot was quick to announce yesterday, before year end, that results will be announced on February7 (here).

Best wishes for Happy and Successful 2012 !

Was 2010 a Good Year for Traffic Management Shares?

 

Yes, thank you. 2010 was a very good year. 3 of the 4 shares I follow beat the NASDAQ index (+16.9% during 2010), led by the phenomenal rally of Allot:

• Allot Communications (NASDAQ:ALLT): +195.4%
• Sandvine Corporation (TSX:SVC): +117.8%
• Procera Networks (AMEX:PKT):  +40.9%
• Bridgewater Systems (TSX:BWC): +3.4%

Happy New Year!

Public DPI Vendors (ALLT, PKT, SVC) - Q3 Results Comparison

 
All 3 public DPI companies have published 2010 Q3 reports. A short comparison (all sums in US$) and a Q3 stock performance chart (compared to the NASDAQ Index) follows:
 

	Allot Communications	Procera Networks	Sandvine (1)
Symbol	NASDAQ:ALLT	AMEX:PKT	TSX:SVC
Press release	Here	Here	Here (2)
Q3-10 Revenues	14.7M	4.75M	24.4M
Q3-09 to Q3-10 change	36%	3%	53%
Q2-10 to Q3-10 change	8%	0%	9%
Q3 Net Income (GAAP)	0.8M	(0.7)M	2.2M
Gross margin	72%	57%	74%
Market Cap (3)	164.9M	55.0M	313M
Cash	56.2M	8.3M	89.6M
Enterprise Value	108.7M	47.3M	223.2M

Comments:

1. Sandvine numbers were converted at rate of 1:1
2. Sandvine Q3 is August 31
3. End of day November 9, 2010