I think so, I've been tracking it for a few weeks now and like everything I'm reading.
Hambrecht on EARNINGS.....
Expecting Solid Q4:04 Results – Deferred Revenues in Focus. Sonus is scheduled to
report Q4:04 results tomorrow, March 3, after the close and management will host a
conference call at 4:45PM EST (dial-in: 888.882.0115). We are comfortable that Sonus will
meet or modestly exceed our Q4 forecast of $0.03 EPS on $50.8 million in revenue. The
Street’s consensus is slightly more conservative at $0.02 EPS and $49.9 million in revenue.
We expect that the Street will continue to closely examine Sonus’ deferred revenue levels, as
a sequential decline in this metric may bring into question the quality of the Company’s
earnings during the quarter. This scrutiny is driven by the fact that Sonus maintains high shortterm
deferred revenue levels ($60.3M in Q3:04) relative to sales ($46.8M in Q3:04), a
structure which could conceivably enable the Company to mask weak ordering patterns during
any particular quarter. However, given a rapidly increasing level of VoIP RFP and deployment
activity, we expect to see both sales and deferred revenues increase sequentially.
Management has shied away from providing guidance subsequent to the Company’s
accounting restatement in 2004. Given the lingering challenges associated with forecasting
the timing of revenue recognition on some contracts, management is unlikely to alter its
stance on guidance. That being said, we are modeling Q1:05 revenues to increase 5% q/q to
$53.3 million with EPS of $0.03. Given momentum from international expansion and promising
channel relationships, we believe that these Q1:05 estimates will likely prove conservative.
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