Public DPI Vendors (ALLT, PKT, SVC) - Q1 2012 Results Comparison

With the release of Allot Communications' results (and preliminary results from Procera), all 3 public DPI companies published 2012 Q1 reports.

All together, the 3 pure players of standalone DPI devices, Allot Communications, Procera and Sandvine generated $56.3M from products and services (not all targeting the fixed/mobile broadband market) during Q1, compared to $43.3M in the same quarter last year (+30%).

A short comparison for Q1:

Q1, 2012	Allot Communications	Procera Networks	Sandvine
Symbol	NASDAQ:ALLT	AMEX:PKT	TSX:SVC
Press release link	Here	Here	Here (1)
Q1-12 Revenues	$24.2	$11.8-12.2M	$20.1
Q1-11 to Q1-12 change	41%	74%	5%
Q4-11 to Q1-12 change	10%	-11%	-4%
Q1-12 Net Income (GAAP)	$3.2M	N/A	-$6.5M
Gross margin	71.5%	65%	54%/72% (3)
Market Cap (2)	$777M	$301M	$247M
Cash	$165.4M	N/A	$74.1M
Enterprise Value	$612M	N/A	$173M

The chart below shows the DPI stock performance (Dec 30, 2011 - April 30, 2012). All stocks performed very well (Allot +61.4%; Sandvine +57%, Procera +33.2%), benchmarked against the NASDAQ Index (+16.9%):

Source: Yahoo! Finance

Comments:

1. Sandvine Q1 is January 31 
2. End of day April 30, 2012
3. Sandvine had a $3.7M inventory write-down, which shows in the Net Income and Margin.54% is the reported number, 72% is the margin excluding the write-off.