This excerpt taken from the RVBD 8-K filed Apr 3, 2008.
Riverbed Technology Reports First Quarter Preliminary Results
San Francisco, CA, April 3, 2008 Riverbed Technology, Inc. (Nasdaq: RVBD) today announced preliminary results for its first fiscal quarter ended March 31, 2008.
First quarter revenues are expected to be in the range of $72 million to $73 million, compared with revenues of $42.8 million in the first quarter of 2007. GAAP net income is expected to be approximately breakeven. Non-GAAP net income, which excludes the impact of stock-based compensation expenses and related payroll taxes, is expected to be in the range of $0.08 to $0.10 per share.
Although international sales remained solid and demand remained broad-based, revenue results were below our expectations, said Jerry Kennelly, Riverbed® president and chief executive officer. Macro-economic trends caused a lengthening sales cycle, primarily for domestic enterprise customers. Our pipeline remains robust, and were targeting a return to sequential revenue growth in the second quarter. We also expect to report solid non-GAAP profitability and positive cash flow generation in the first quarter.
The company will discuss its outlook and revised guidance when it reports its quarterly results on April 24, 2008.