Ixia Finishes Year Strong

Ixia beat analyst revenue estimates Tuesday with its fourth quarter results. The Calabasas company, which provides security software for computer networks, reported net income of $5.8 million (7 cents a share) for the quarter ended Dec. 31, compared to net income of $286,000 (0 cents) for the same quarter a year ago. Revenue grew 9 percent to nearly $139 million. Taking one-time events into account, the company had adjusted net income of 22 cents a share. Analysts on average expected net income of 15 cents on revenue of $130 million, according to Thomson Financial Network. Chief Executive Bethany Mayer called the fourth quarter a strong finish to the year. “We believe we are well positioned to execute our strategic objectives and are committed to returning value to our shareholders. Our implementation of a share repurchase program exemplifies this commitment,” Mayer said in a prepared statement. The Ixia board approved on Tuesday the repurchase program of up to $25 million in common shares over the next 12 months. Results were announced after market close. Shares of Ixia closed down 5 cents or a fraction of a percent to $9.35 on the Nasdaq.