Ixia Meets Filing Deadline; Profits Slightly Up for Q3

Ixia has met requirements to continue being listed on the Nasdaq following the filing of restated financial statements, the company has announced. Calabasas-based Ixia filed with the U.S. Securities and Exchange Commission an amended 2005 annual report, amended quarterly reports for the first and second quarters of 2006, and the third quarter 2006 report. The performance test systems provider is now current with its filings to the SEC. It had until March 16 to file the Q3 2006 report and any other restatements. The filings corrected errors that existed in previous financial statements with respect to accounting for implied post-contact customer support obligations. Total revenue earned, or the amount or timing of cash to be received, from individual transactions will not be affected by the restatements, the company said. For the third quarter ending Sept. 30, Ixia reported a net income of $8.1 million, or $0.12 per diluted share, on revenues of $55.2 million. That is a 1.5 percent increase over the $8 million in net income, or $0.11 per diluted share, on revenues of $39.9 million reported in the same period in 2005.