GEC NEWS WIRENon-GAAP Earnings Per Share grows 5 percent year-over- year; GAAP Earnings Per Share grows 133 percent year-over-year
Polycom has affirmed second quarter 2015 revenues of $317 million, non-GAAP net income of $30 million and non-GAAP earnings per diluted share of 22 cents. GAAP net income for the second quarter was $20 million, or 14 cents per diluted share. A reconciliation of GAAP to non-GAAP results is provided in the tables at the end of this press release.
“In the second quarter, we delivered year-over-year growth in operating margins and earnings-per-share consistent with our expectations, despite a more challenging quarter from a top-line perspective,” said Peter Leav, President and Chief Executive Officer. “We continue to be focused on investing in new solutions for both core and adjacent markets and working closely with our strategic partners, while improving sales execution in the field.”
“In the second quarter, we continued to be good stewards of our capital,” said Laura Durr, Chief Financial Officer and Executive Vice President. “Polycom generated $33 million in operating cash flow and repurchased $25 million of common stock under our current share repurchase program during the quarter.”
In Q2 2015, Polycom generated a total of $33 million in operating cash flow. Operating cash flow on a trailing 12 month basis was $188 million. Cash and investments at the end of Q2 2015 totaled $660 million, of which approximately $213 million is located in the United States. Net of existing debt, cash and investments at the end of Q2 2015 totaled $421 million.
