WATERLOO, Ont. - Sandvine Corp. (TSX:SVC) revenue hit US$27.5 million in the fourth quarter, up 26 per cent from a year earlier and $4 million above analyst estimates.
The Waterloo, Ont.-based technology company, which reports in U.S. currency, had $6.5 million or 4.6 cents per share of net income.
That contrasted with a small year-earlier loss of $900,000 or six-tenths of a cent per share.
Analysts had been looking for Sandvine to generate $23.4 million of revenue and essentially break even during the quarter.
Sandvine's technology is designed to help operate communications networks efficiently.
"We are pleased with fourth quarter results as they demonstrate ongoing progress in revenue growth and profitability," said Dave Caputo, Sandvine's President and CEO.
"Total revenue and wireless market revenue were at record levels, driven by large initial orders from two new Tier 1 customers and large expansion orders from major existing customers, which has been a key area of focus for us in 2012."
During the three-month period ended Nov. 30, Sandvine recorded a onetime reduction in operating expenses amounting to $3.8 million.
The special item was related to Ontario government funding for a project under the Next Generation of Jobs Fund.