Polycom reports yet more growth in 1Q 2010

Last week, Polycom (www.polycom.com) reported yet another quarter of growth, this time reporting first quarter 2010 consolidated net revenues of $276 million.   Back in 1Q 2009, net revenues were $225 million.

GAAP net income in 1Q 2010 was $5 million (6 cents per diluted share) as compared to $8 million (10 cents per diluted share) for the same period last year.

Comparing product lines, voice communications (i.e. all those HD voice phones we know and love) brought in 31 percent of the net revenues for the quarter at $87 million, while 69 percent included video solutions.

Polycom says it is beginning to see positive results from its new strategic partnerships and also expects good things out of its new relationship with HP that “promises to yield significant customer wins” over the coming quarters.

For the record, Polycom has reported positive operating cash flow for the 49th consecutive quarter, generating $21 million in positive cash flow in 1Q 2010. The company has $470 million in cash and investments and no debt – maybe it should go out and buy some things.

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