WAYNE, N.J. Sonus Networks may have dodged a financial bullet Friday (July 30) after Nasdaq agreed to issue a stay on delisting the voice-over-IP (VoIP) equipment provider's stock.
Sonus has been butting heads with Nasdaq since June when it failed to file its Form 10-Q statement with the Securities and Exchange Commission (SEC). At the time and over the months that followed, Nasdaq let Sonus know that the company would be delisted on August 2.
But, just days before the planned delisting, Nasdaq backed down from its delisting threat pending a Nasdaq Listing Qualifications Panel review. Clearly, Sonus financial release on Wednesday (July 28) played a factor in Nasdaq issuing the stay. In its release, Sonus said that it restated financial results for 2001, 2002, and the first three quarters of 2003. Additionally, the company filed its Form 10-Q for the first quarter of 2004.
In its filings, Sonus reported revenues of $36.5 million for the first quarter of 2004, which compares to $9.2 million in the first quarter of 2003. Net income for the first quarter was $3.0 million, or $0.01 per share, compared with a net loss for the first quarter of fiscal 2003 of $9.7 million, or $0.05 per share.
These numbers faired well with investors. Since releasing its results on Wednesday, Sonus stock has jumped at closing from $4.30 on Wednesday to a close of $5.10 on Thursday (July 29).