BigBand Reports Losses, RIF
Digital video network provider BigBand Networks Inc. reported 4Q10 revenues of approximately $26 million, a GAAP net loss of approximately ($0.09) and a non-GAAP net loss of approximately ($0.05) per share.
To cut expenses, BigBand also announced expense-reduction measures designed to streamline its operations, i.e., a reduction in force (RIF). “These measures are expected to achieve annualized cost savings of approximately $8 million through the reduction of 9 percent of headcount as well as the consolidation of certain facilities,” the company noted in a statement. “As a result of these measures, BigBand expects to incur a one-time charge of approximately $2 million in the first quarter of 2011.”
According to BigBand President and CEO Amir Bassan-Eskenazi, “Our preliminary results for the fourth quarter are in line with the prior outlook we provided, and (our) actions are designed to help us strike the right balance between preserving cash and investing in the future. We are emerging from a challenging year and remain focused on our strategic priorities for the cable and telco markets, such as the MSP QAM, SDV, vIP PASS and advanced advertising.”
BigBand says it will provide more details regarding its financials during a scheduled earnings call on Feb. 1, at which time a reconciliation of GAAP and non-GAAP results will be presented.
