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Santa Cruz, CA 95060
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Polycom Reports Q1 2012 Earnings
Posted on Wednesday, April 18, 2012
  • Q1 Revenue Growth of 7 Percent Year-over-Year to $367 Million
  • Year-over-Year Revenue Growth Across All Geographies and Product Lines
PLEASANTON, Calif. - Apr 18, 2012 : Polycom, Inc. (Nasdaq: PLCM), the global leader in open standards-based unified communications (UC), today reported its earnings for the first quarter ended March 31, 2012.
 
First quarter 2012 consolidated net revenues were $367 million, compared to $344 million for the first quarter of 2011. GAAP net income for the first quarter of 2012 was $15 million, or 8 cents per diluted share, compared to $34 million, or 19 cents per diluted share, for the same period last year. Non-GAAP net income for the first quarter of 2012 was $40 million, or 22 cents per diluted share, compared to non-GAAP net income of $43 million, or 24 cents per diluted share, for the first quarter of 2011. Note that the share and per share data for all periods presented in this release have been adjusted to reflect the two-for-one stock split that was effective July 1, 2011.
 
The reconciliation between GAAP net income and non-GAAP net income is provided in the tables at the end of this release.
 
“In Q1, we fell short of our original expectations and are taking corrective actions designed to improve our future performance. We believe that the overall UC market remains robust and that our strategy of providing the leading open, standards-based unified communications and video collaboration solutions is being embraced by our customers and our nearly 7,000 partners,” said Andrew Miller, Polycom President and CEO.
 
“Our performance across theaters was mixed and we are adjusting our expense profile accordingly, with an emphasis on sales enablement and bringing innovative and industry leading solutions to market,” said Eric Brown, Polycom’s Chief Operating Officer and Chief Financial Officer. “We continue to grow, and we generated $286 million in operating cash flow on a trailing 12 month basis, which represents more than 50 percent growth year over year.”
 
On a geographic basis, consolidated net revenues for the first quarter of 2012 were comprised of:
  • 49 percent Americas, or $179 million, an increase of 2 percent year-over-year;
  • 27 percent Europe, Middle East, and Africa (EMEA), or $100 million, an increase of 16 percent year-over-year; and
  • 24 percent Asia Pacific, or $88 million, an increase of 7 percent year-over-year.
By product line, inclusive of its service component, consolidated net revenues for the first quarter of 2012 were comprised of:
  • UC Group Systems of $240 million, an increase of 5 percent year-over-year;
  • UC Personal Devices of $67 million, an increase of 8 percent year-over-year; and
  • UC Platform (Network Infrastructure) of $60 million, an increase of 12 percent year-over-year.
 
Q1 2012 Business Highlights
  • Launched new interoperable solutions with HP and Microsoft that combine Polycom® RealPresence® video solutions, HP Networking technology and services, and Microsoft Lync with joint reference architectures (HP and Polycom Rich Media Communications solution and HP AppSystem for Microsoft® Lync® with Polycom® RealPresence® Video)
  • Launched Polycom® RealPresence® Mobile software for Apple® iPhone® 4S and announced a new agreement to bring RealPresence Mobile to HTC smartphones and tablets
  • Jointly announced with Ericsson, a standards-based, HD visual communications solution to enable telecom operators to deliver Video-as-a-Service (VaaS) offerings to enterprises, which is expected to be in trials mid-2012 with general availability by the end of 2012
  • Announced Polycom® RealPresence® Cloud, a wholesale, carrier-ready offering to enable service providers to quickly bring to market VaaS offerings. RealPresence Cloud solutions are designed specifically for service providers to equip them with the carrier-grade infrastructure, endpoints, and services they need to offer businesses of all sizes subscription-based solutions for video collaboration
  • Entered into an agreement with Lenovo to deliver Polycom® RealPresence® HD video and HD Voice™ solutions on Lenovo laptops and tablets. Lenovo will offer select ThinkPad® tablets and laptops that are certified Polycom-ready, specifically for Polycom RealPresence Mobile and Polycom® RealPresence® Desktop software
 
Earnings Call Details
Polycom will hold a conference call today, April 18, 2012 at 5:00 p.m. ET/2:00 p.m. PT to discuss its first quarter financial results. Andrew Miller, President and CEO, and Eric Brown, Chief Operating Officer and Chief Financial Officer, will host the call. You may participate by viewing the webcast at www.polycom.com/investors or, for callers in the U.S. and Canada, you may participate by calling 800.736.7549 and for callers outside of the U.S. and Canada, by calling 212.231.2916. The pass code for the call is “Polycom”. A replay of the call will also be available at www.polycom.com or, for callers in the U.S. and Canada, at 800.633.8284 and for callers outside of the U.S. and Canada, at 402.977.9140. The access number for the replay is 21583526. A replay of the call will be available on www.polycom.com for at least 3 months.
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Douglas Fearing- Co-Founder / President

A graduate of DeVry Institute of Technology, Doug has been in the Technology industry since 1976 and actively oversees Fearing’s daily operations. Along with his wife, Lois, and three others, Doug started Fearing’s in a 600 square-foot facility in Portage, Wisconsin. In the 25 years since, the company has grown to over 30 employees with offices in Madison and Milwaukee, Wisconsin. Doug likes to say he’s a “TV Technician with a dream� going back to his history with the family’s original business-Fearing’s TV and Appliance.

Doug values time with family, watersports, hiking, snowshoeing and skiing. In addition to being a devoted member of his church, Doug serves as Board President for Kinship Mentoring of Columbia County, Board member of Schools for Haiti and Scripture Chair of the Gideons-Portage camp.

Lois Fearing- Co-Founder/Accounting, Human Resources

A graduate of MATC, Lois oversees Fearing’s daily book keeping along with various HR responsibilities.

Along with Doug, Lois is deeply connected to community outreach, serving as a Board member and Fundraising Committee Chairperson for Kinship Mentoring of Columbia County. She also serves on the Schools for Haiti Fundraising committee. In addition, Lois’ ongoing passion and commitment to provide care for the elderly comes from her 10-year history of working in a Reedsburg, Wisconsin Nursing home.

Lois enjoys singing, hiking, sunny days on the pontoon, and spending time with her 4 grandchildren.

Ehren Tresner-VP of Technology and Innovation

Ehren drives Fearing’s technology by continually seeking out trends to enhance capabilities while supporting Sales, Engineering and Installation teams. Throughout his years with Fearing’s, Ehren’s talent and vision have joined forces to create a wide variety of projects and strategic solutions that exceed expectation.

Ehren loves music, family time, movies, nature, sustainability efforts and electric vehicles.

Ben Voeck-Director of Commercial AV

With 10 years with Fearing’s and over twice that long in the industry, Ben continues to lead, coordinate, and develop the Commercial AV team.

By consistently delivering an outstanding experience and outcome, Ben contributes to the Fearing’s legacy of long-lasting partnerships that truly make a difference. Whatever the Commercial AV need may be, Ben and team deliver at the highest level.

Ben is an avid fisherman and photographer. He enjoys coaching his sons and other youth.

Chris Matson-Senior VP of Sales

Chris has been with Fearing’s for 20 years and in the industry for over 2 decades. As a Certified leader in Sales Acceleration and trained in EOS (Entrepreneurial Operating Systems), Chris successfully utilizes his skills to lead the Fearing’s Salesforce. Chris and team are motivated and driven to develop new client partnerships while continuing to reinforce loyal long-term relationships with ongoing Service excellence.

Married for 19 years with 3 children, Chris enjoys skiing, hiking, fishing, boating, hunting, camping and golf. He’s also been actively involved as a Youth Football and Softball coach for his family and others.