After filing delayed financial reports, Ixia is back in compliance with listing requirements on the Nasdaq — just in time for its new CEO to start.
Ixia reported its most recent financial results and has filed updated reports with the Securities and Exchange Commission, according to the company. Today is also the first official day for the company’s new president and CEO, Bethany Mayer — an entrance with, at least in terms of financial filings, a clean slate.
The updated filing has been in the works since late last year, when the company undertook a review of its finances after discovering that its former CEO had falsified details of his credentials. Although no deliberate misconduct was found, the investigation did find errors in the timing of reported income and its CFO resigned as a result. Ixia had to restate two quarters of 2013 earnings, as well as delaying reports for 2014.
The delay in the company’s filings required it to repeatedly ask the Nasdaq for leniency while it got its financial house in order. Just last week, Ixia reported that it had received one final extension for filing that exhausted its appeals to Nasdaq.
Ixia reported that its total first quarter revenue was $113.7 million, and total second quarter revenue was $109.5 million, down just slightly from the $112 million from the same period in 2013. The second quarter figure includes $13.3 million in revenue from Ixia’s acquisition of Net Optics, purchased in late 2013.
Ixia had a net loss for the second quarter of 2014 of $15.1 million, compared to a profit of $3 million during the second quarter of 2013.
“We are pleased that we are now current in filing all required periodic financial reports with the SEC,” said Errol Ginsberg, Ixia’s chairman and chief innovation officer, in a statement. “We would like to thank the investment community and our shareholders for their patience and understanding as we worked to become current with our financial reporting, and we look forward to engaging with them in the months ahead.”
Ginsberg also thanked the company’s employees and noted that Mayer will join the company effective today, and that the company is “confident she brings the right vision and leadership skills to build upon Ixia’s strong foundation and unique position in networking.”
Mayer comes to the company from HP, where she led the company’s network function virtualization (NFV) segment.
