Accounting changes dampen Subex results
Subex recorded net income from operations at $15.12 million for the first quarter of its fiscal year 2013.
Consolidated EBITDA for the period stood at $1 million compared to $5.02 million in the same period of the previous year.
“While the business climate is definitely quite tough with strong head winds in Europe and the telecom industry experiencing bad times, we are confident of maintaining our leadership position in the business optimization space,” said Subex CEO Subash Menon.
“Our current quarter results have been impacted by the change in revenue recognition and this will get evened out during the year,” Mennon said. “This change was essential to be in line with the changes in our revenue model.”