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Ixia Announces 2009 Third Quarter Results

CALABASAS, CA— October 28, 2009-- Ixia (Nasdaq: XXIA) today reported its financial results for the third quarter ended September 30, 2009.

Total revenues for the 2009 third quarter were $46.4 million compared to $47.3 million in the 2008 third quarter. Revenues for the 2009 third quarter include $7.5 million attributable to Catapult Communications Corporation (“Catapult”). On a GAAP basis, the Company recorded a net loss for the 2009 third quarter of $6.2 million, or $0.10 per share, compared to net income of $483,000, or $0.01 per diluted share, for the 2008 third quarter.

Non-GAAP net income for the 2009 third quarter was $1.5 million, or $0.02 per diluted share, compared to non-GAAP net income of $6.3 million, or $0.10 per diluted share, for the 2008 third quarter. Ixia’s non-GAAP 2009 third quarter results exclude charges of $1.6 million related to stock-based compensation, $880,000 for acquisition-related costs, $3.8 million for the amortization of acquired intangible assets, $2.5 million related to restructuring expenses, $1.0 million for certain inventory write-downs and $1.4 million related to the impairment of certain investments, and a net tax benefit of $3.4 million related to these items. Non-GAAP results for the 2008 third quarter exclude charges of $2.4 million related to stock-based compensation, $1.4 million for the amortization of acquired intangible assets and $4.3 million related to the impairment of certain investments, and a net tax benefit of $2.2 million related to these items.

“Ixia delivered solid revenues and executed on multiple fronts during the quarter, including the Catapult integration and the release of our next generation IxNetwork Layer 2-3 test solution,” commented Atul Bhatnagar, Ixia’s president and chief executive officer. “The integration of Catapult is nearly complete with unified sales and engineering teams operating effectively around the globe. In our first full quarter of operating Ixia and Catapult as one business, we experienced meaningful sequential growth in orders, both for our core wired products as well as for our wireless offerings. In addition, sales of our 10 Gigabit Ethernet products hit a new high and our Asia Pacific business rebounded nicely. On the cost side, we are starting to see some benefits from the restructuring plan announced in the second quarter and have moved quickly to realize cost synergies related to the Catapult business. Going forward, we will continue to focus on improving our operating results while also executing on critical initiatives to strengthen our position in the market, such as our recently announced acquisition of Agilent Technologies’ N2X Data Network Testing Product line. This acquisition, when completed on or about October 30, 2009, will further fortify Ixia as a global leader in Converged Ethernet IP and LTE testing.”

As of September 30, 2009, Ixia had cash, cash equivalents and investments of $129 million and no debt.

Ixia will host a conference call today, at 5:00 p.m., Eastern Time, for analysts and investors to discuss its 2009 third quarter results and its business outlook for the 2009 fourth quarter. Open to the public, a live Web cast of the conference call, along with supplemental financial information, will be accessible from the “Investors” section of Ixia’s Web Site (www.ixiacom.com). Following the live Web cast, an archived version will be available in the “Investors” section on the Ixia Web Site for 90 days.

This material is for informational purposes only and subject to change without notice. It describes Ixia's present plans to develop and make available to its customers certain products, features and capabilities. Ixia is only obligated to provide those deliverables specifically included in a written agreement between Ixia and the customer.