EX-99.1 2 exhibit_99-1.htm EXHIBIT 99.1 exhibit_99-1.htm


Exhibit 99.1
 
TABLE  - 1
ALLOT COMMUNICATIONS LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except share and per share data)
 
 
   
Three Months Ended
 
   
March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
             
Revenues
  $ 24,217     $ 17,183  
Cost of revenues
    6,901       4,852  
Gross profit
    17,316       12,331  
                 
Operating expenses:
               
Research and development costs, net
    4,010       2,971  
Sales and marketing
    7,755       6,314  
General and administrative
    2,774       1,427  
Total operating expenses
    14,539       10,712  
Operating profit
    2,777       1,619  
Financial and other income, net
    462       92  
Profit before income tax expenses
    3,239       1,711  
 
               
Tax expenses
    3       85  
Net profit
    3,236       1,626  
                 
 Basic net profit per share
  $ 0.10     $ 0.07  
                 
 Diluted net profit per share
  $ 0.10     $ 0.06  
                 
Weighted average number of shares
               
used in computing basic  net
               
earnings per share
    31,218,667       23,980,623  
                 
Weighted average number of shares
               
used in computing diluted net
               
earnings per share
    32,923,903       25,898,321  
 
 
 

 
 
TABLE  - 2
ALLOT COMMUNICATIONS LTD.
AND ITS SUBSIDIARIES
RECONCILATION OF GAAP TO NON-GAAP  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
(U.S. dollars in thousands, except per share data)
 
   
Three Months Ended
 
   
March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
             
 GAAP net profit as reported
  $ 3,236     $ 1,626  
                 
Non-GAAP adjustments
               
Expenses recorded for stock-based compensation
               
Cost of revenues
    44       23  
Research and development costs, net
    188       92  
Sales and marketing
    318       221  
General and administrative
    166       181  
Expenses related to M&A activities and compliance with regulatory matters
               
General and administrative
    1,045       -  
Core technology amortization- cost of revenues
    31       30  
Total adjustments to operating loss
    1,792       547  
                 
Financial and other expenses, net
               
                 
Total adjustments
    1,792       547  
                 
 Non-GAAP net profit
  $ 5,028     $ 2,173  
                 
Non- GAAP basic  net profit  per share
  $ 0.16     $ 0.09  
                 
Non- GAAP diluted net profit per share
  $ 0.15     $ 0.08  
                 
Weighted average number of shares
               
used in computing basic net
               
earnings per share
    31,218,667       23,980,623  
                 
Weighted average number of shares
               
used in computing diluted net
               
earnings per share
    33,078,735       26,035,245  
 
 
 

 
 
TABLE  - 3
ALLOT COMMUNICATIONS LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS on a NON-GAAP BASIS
(U.S. dollars in thousands, except share and per share data)
 
   
Three Months Ended
 
   
March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
             
Revenues
  $ 24,217     $ 17,183  
Cost of revenues
    6,826       4,799  
Gross profit
    17,391       12,384  
                 
Operating expenses:
               
Research and development costs, net
    3,822       2,879  
Sales and marketing
    7,437       6,093  
General and administrative
    1,563       1,246  
Total operating expenses
    12,822       10,218  
Operating profit
    4,569       2,166  
Financial and other income, net
    462       92  
Profit before income tax expenses
    5,031       2,258  
 
               
Tax expenses
    3       85  
Net profit
    5,028       2,173  
                 
 Basic net profit per share
  $ 0.16     $ 0.09  
                 
Diluted net profit per share
  $ 0.15     $ 0.08  
                 
Weighted average number of shares
               
used in computing basic  net
               
earnings per share
    31,218,667       23,980,623  
                 
Weighted average number of shares
               
used in computing diluted net
               
earnings per share
    33,078,735       26,035,245  
 
 
 

 
 
TABLE  - 4
ALLOT COMMUNICATIONS LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED  BALANCE  SHEETS
(U.S. dollars in thousands)
 
   
March 31,
   
December 31,
 
   
2012
   
2011
 
   
(Audited)
   
(Audited)
 
   
 
       
ASSETS
           
CURRENT ASSETS:
           
Cash and cash equivalents
  $ 140,902     $ 116,682  
Short term deposits
    6,000       24,000  
Marketable securities and restricted cash
    18,535       18,718  
Trade receivables, net
    16,313       11,926  
Other receivables and prepaid expenses
    5,839       5,950  
Inventories
    10,652       10,501  
Total current assets
    198,241       187,777  
                 
LONG-TERM ASSETS:
               
Severance pay fund
    184       178  
Other assets
    357       356  
Total long-term assets
    541       534  
PROPERTY AND EQUIPMENT, NET
    5,406       5,352  
GOODWILL AND INTANGIBLE ASSETS, NET
    3,364       3,395  
                 
Total assets
  $ 207,552     $ 197,058  
                 
LIABILITIES AND SHAREHOLDERS' EQUITY
               
CURRENT LIABILITIES:
               
Trade payables
  $ 5,939     $ 2,684  
Deferred revenues
    18,590       16,694  
Other payables and accrued expenses
    8,432       9,462  
Total current liabilities
    32,961       28,840  
                 
LONG-TERM LIABILITIES:
               
Deferred revenues
    4,745       5,430  
Accrued severance pay
    219       219  
Total long-term liabilities
    4,964       5,649  
SHAREHOLDERS' EQUITY
    169,627       162,569  
                 
Total liabilities and shareholders' equity
  $ 207,552     $ 197,058  
 
 
 

 
 
TABLE  - 5
ALLOT COMMUNICATIONS LTD.
AND ITS SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(U.S. dollars in thousands)
 
   
Three Months Ended
 
   
March 31,
 
   
2012
   
2011
 
   
(Unaudited)
 
             
Cash flows from operating activities:
           
             
Net income
  $ 3,236     $ 1,626  
Adjustments to reconcile net income  to net cash provided by  operating activities:
               
Depreciation
    645       661  
Stock-based compensation related to options granted to employees and non-employees
    716       517  
Amortization of intangible assets
    31       30  
Capital loss (gain)
    4       (4 )
Decrease (Increase) in accrued severance pay, net
    (6 )     3  
Increase in other assets
    (1 )     (3 )
Decease (Increase) in accrued interest and  amortization of premium on marketable securities
    37       (1 )
Increase in trade receivables
    (4,387 )     (2,768 )
Decrease (Increase) in other receivables and prepaid expenses
    224       (94 )
Increase in inventories
    (151 )     (814 )
Increase in trade payables
    3,255       27  
Increase (Decrease) in employees and payroll accruals
    265       (592 )
Increase in deferred revenues
    1,211       1,459  
Increase (Decrease) in other payables and accrued expenses
    (677 )     918  
                 
Net cash provided by operating activities
    4,402       965  
                 
Cash flows from investing activities:
               
                 
Increase in restricted deposit
    (44 )     (486 )
Redemption of short-term deposits
    18,000       -  
Purchase of property and equipment
    (703 )     (710 )
Proceeds from sale of property and equipment
    -       30  
Investment in marketable securities
    (251 )     (853 )
Proceeds from redemption or sale of marketable securities
    450       800  
                 
Net cash provided by (used in) investing activities
    17,452       (1,219 )
                 
Cash flows from financing activities:
               
                 
Proceeds from exercise of options
    2,366       1,253  
                 
Net cash provided by financing activities
    2,366       1,253  
                 
Increase in cash and cash equivalents
    24,220       999  
Cash and cash equivalents at the beginning of the year
    116,682       42,858  
                 
Cash and cash equivalents at the end of the year
  $ 140,902     $ 43,857