Ikanos Communications shares surge after 4th-quarter sales more than double

Ikanos shares advance as 4Q revenue soars

FREMONT, Calif. — Shares of Ikanos Communications Inc. jumped Tuesday after the provider of broadband semiconductors and software posted sharply higher revenue for the fourth quarter.

On Monday, the company reported a quarterly net loss of $9.1 million, or 17 cents per share, compared with a loss of $5.7 million, or 20 cents per share, in the same period a year earlier.

Excluding stock-based compensation, the amortization of acquired intangible assets, restructuring charges, and other items, Ikanos posted a profit of $1.5 million, or 3 cents per share, up from an adjusted loss of $2.4 million, or 8 cents per share, in the same quarter a year earlier.

Revenue soared to $58.2 million from $22.8 million.

For the full year, the company reported a loss of $37.1 million or 97 cents per share, compared with a loss of $41.1 million, or $1.41 per share, a year earlier. Adjusted net loss for 2009 was $8.5 million, or 22 cents per share.

Revenue rose 23 percent to $130.7 million.

“We grew and diversified our revenue base across multiple regions, customers and product lines, we consolidated development efforts and reduced operating expenses, and we were able to begin redirecting engineering investments toward new markets for future growth,” said Michael Gulett, president and CEO in a statement.

Ikanos forecast revenue of $54 million to $58 million for the first quarter.

The company’s shares rose 25 cents, or 12 percent, to $2.35 in afternoon trading Tuesday. In the past 52 weeks, the stock has traded between $1.14 and $2.62.