Net revenue for the fourth quarter of 2011 was $143.6 million, up 4% from $138.2 million in the fourth quarter of 2010. International sales represented 57% of total revenue for the fourth quarter of 2011. Total bookings in the fourth quarter of 2011 were approximately $142.0 million, up from approximately $134.8 million for the fourth quarter of 2010.
For the full year 2011, GAAP net revenue was $549.3 million, up from $423.3 million for 2010, Pro forma annual revenue, which includes revenue from Omneon and certain deferred revenue excluded in GAAP results for both years, was $551.4 million for 2011, up 8% from $509.0 million for 2010.
The Company reported GAAP net income for the fourth quarter of 2011 of $4.3 million, or $0.04 per diluted share, compared to a net loss of $13.7 million, or ($0.12) per diluted share, for the fourth quarter of 2010. For the full year 2011, GAAP net income was $8.8 million, or $0.08 per diluted share, compared to a net loss of $4.3 million, or ($0.04) per diluted share, for 2010.
Non-GAAP net income for the fourth quarter of 2011 was $14.0 million, or $0.12 per diluted share, up from $12.5 million, or $0.11 per diluted share, for the same period of 2010. For the full year 2011, non-GAAP net income was $47.5 million, or $0.41 per diluted share, up from $36.4 million, or $0.35 per diluted share, for 2010. See "Use of Non-GAAP Financial Measures" and "GAAP to Non-GAAP Net Income (Loss) Reconciliation" below.
For the fourth quarter of 2011, Harmonic had GAAP gross margins of 47% and GAAP operating margins of 5%, compared to 44% and (2%), respectively, for the same period of 2010. Non-GAAP gross margins and non-GAAP operating margins were 51% and 13%, respectively, for the fourth quarter of 2011, comparable to the fourth quarter of 2010.
As of December 31, 2011, the Company had cash, cash equivalents and short-term investments of $161.8 million, up from $140.9 million as of September 30, 2011 and $120.4 million as of December 31, 2010.
"We delivered record revenue for the fourth quarter and the full year of 2011," said Patrick Harshman, president and chief executive officer of Harmonic. "During the year, our growth was primarily driven by increased video processing wins across our expanding global customer base, with video processing revenue up 17% and international revenue up 14% on a pro forma basis. Our successful integration of Omneon also extended our business into new markets, driving significant growth in our broadcast and media revenue, up 17% on a pro forma basis.
"We move into 2012 with broad technological and market leadership, and proven expertise in enabling our global customers to produce and deliver compelling new high-definition, on-demand and Internet-based video services. We believe the global proliferation of video content and media outlets, along with increasing demand for higher quality video in every format delivered over bandwidth constrained networks, plays into our core strengths."
Business Outlook
Harmonic anticipates net revenue to be in the range of $132
million to $142 million for the first quarter of 2012, which
is historically the Company's slowest quarter for the year.
GAAP gross margins and operating expenses for the first
quarter of 2012 are expected to be in the range of 45% to 47%
and $61 million to $63 million, respectively. Non-GAAP gross
margins and operating expenses for the first quarter of 2012,
which will exclude charges for stock-based compensation and
the amortization of intangibles, are anticipated to be in the
range of 50% to 52% and $55 million to $57 million,
respectively.
Conference Call Information
Harmonic will host a conference call today to discuss its
financial results at 2:00 P.M. Pacific (5:00 P.M. Eastern). A
listen-only broadcast of the conference call can be accessed
on the Company's website at www.harmonicinc.com or by calling
+1.706.634.9047 (conference identification code 51971320).
The replay will be available after 6:00 P.M. Pacific at the
same website address or by calling +1.404.537.3406
(conference identification code 51971320).
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