Sandvine Corporation
TSX : SVC
AIM : SAND

Sandvine Corporation

January 24, 2007 09:51 ET

CORRECTION FROM SOURCE: Sandvine Corporation Issues Correction to Fourth Quarter and Fiscal Year 2006 Earnings Release

WATERLOO, ONTARIO--(CCNMatthews - Jan. 24, 2007) - Sandvine Corporation (TSX:SVC)(AIM:SAND) (the "Company"), issues this announcement to correct a typographical error that appeared in its press release issued earlier today announcing its financial results for the fourth quarter and fiscal year ended November 30, 2006.

In the Consolidated Statements of Operations on page 5 of its earlier announcement, the Company's Service revenue for the three months ended November 30, 2006 was shown as $1.403 million. That number should have read $1.043 million. This discrepancy does not impact any other numbers in the press release and all totals and subtotals shown on that statement are correct. A corrected version of the Consolidated Statements of Operations is attached.

All figures are in Canadian dollars and are in accordance with Canadian GAAP unless otherwise specified.



Sandvine Corporation
(Canadian dollars, in thousands, except share and per share amounts)

Consolidated Statements of Operations

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Three months ended Fiscal year ended
November 30, November 30,
(unaudited)
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2006 2005 2006 2005
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Revenue
Product $ 8,203 $ 5,813 $ 28,003 $ 14,516
Service 1,043 599 3,662 1,293
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9,246 6,412 31,665 15,809
Cost of sales
Product 2,399 1,543 7,525 4,075
Service 325 109 1,113 282
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2,724 1,652 8,638 4,357
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Gross margin 6,522 4,760 23,027 11,452

Expenses
Sales and marketing 2,759 1,908 8,947 6,694
Research and
development 2,682 2,008 10,214 7,686
Government (assistance)
repayments (339) (675) (115) (2,826)
General and
administration 1,264 990 4,182 2,439
Amortization 563 243 1,587 668
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Total operating
expenses 6,929 4,474 24,815 14,661
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Income (loss) from
operations (407) 286 (1,788) (3,209)
Interest and other
income 554 102 1,506 244
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Income (loss) before
provision for
income taxes 147 388 (282) (2,965)
Provision for income
taxes 31 12 100 14
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Net income (loss)
for the period $ 116 $ 376 ($382) ($2,979)
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Basic and diluted
earnings (loss) per
share 0.001 0.004 (0.004) (0.039)

Weighted average
common shares
outstanding
Basic 117,655,735 86,735,031 107,232,201 76,686,248
Diluted 124,065,770 88,172,494 107,232,201 76,686,248
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Contact Information

  • Sandvine Corporation
    Amanda Weber
    Director Communications
    (519) 880-2600
    or
    Buchanan Communications
    James Strong/Bobby Morse
    + 44 20 7466 5000
    or
    Canaccord Adams Limited
    Chris Bowman/Andrew Chubb
    + 44 20 7050 6500