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Sunrise Telecom Reports Profitable 2009 Fourth Quarter, EBITDA $0.9 million

Posted by Dana in February 4th 2010

* Strong 43% Sequential Revenue Growth
* First Quarter with Net Profit from Continuing Operations Since Q4 2006
* Quarterly Operating Expenses Reduced by 47% from Fourth Quarter of 2008 to Less Than $7.0 Million

Sunrise Telecom Incorporated (Pink Sheets: SRTI), a leader in test and measurement solutions for telecom, wireless and cable networks, announced unaudited results for the three months ended December 31, 2009. EBITDA of $0.9 million reflects the effect of the company’s 2009 restructuring, strong sales from new products, and sales seasonality.

Net sales for the fourth quarter of 2009 were $13.7 million, a 43% increase from $9.6 million for the third quarter of 2009. Net sales for the fourth quarter of 2008 were $21.5 million, including sales from the Protocol Products Group which was sold in December 2008.

Fourth quarter GAAP operating income was $0.4 million, compared with a GAAP operating loss of $6.1 million in the prior quarter, and a non-GAAP operating loss of $2.8 million in the fourth quarter of 2008 (excluding the gain from the sale of the Protocol Products Group). This was the first profitable quarter in three years. GAAP net income per share in the fourth quarter of 2009 was $0.01 compared with a GAAP net loss per share of $(0.12) in the third quarter of 2009 and a non-GAAP net loss per share of $(0.06) in the fourth quarter of 2008 (excluding the gain from the sale of the Protocol Products Group).

EBITDA for the quarter was $0.9 million compared with negative EBITDA of $5.1 million in the third quarter of 2009 and negative EBITDA of $1.2 million in the fourth quarter of 2008.