Polycom, a US-based provider of telepresence, video and voice communications services, has posted a GAAP net income of $8.02m, or $0.10 per diluted share, for the first quarter ended March 31, 2009, compared to a GAAP net income of $14.21m, or $0.16 per diluted share, for the same period in 2008.
First quarter 2009 consolidated net revenues were $225.4m, compared to $258.9m for the first quarter of 2008.
The revenues from video solutions business declined 2% to $156.4m compared to $159.5m for the first quarter of 2008, while revenue from voice communications business decreased 31% to $69m compared to $99.4m for the first quarter of 2008.
Michael Kourey, senior vice president for finance and administration and CFO of Polycom, said: We executed prudent cost controls during the quarter by proactively aligning our cost structure to the current economic climate. As a result, we achieved a solid operating margin in spite of the revenue challenges. In addition, driven by our strong profits and working capital management, we generated $26.8 million in positive operating cash flow, our 45th consecutive quarter of positive operating cash flow. We exited the quarter with a robust balance sheet, including $338.7 million in cash and investments and no debt.
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