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Sonus Networks Reports 2010 Fourth Quarter and Full Year Results

WESTFORD, Mass. Feb. 28, 2011 Sonus Networks, Inc. IP-based network solutions December 31, 2010

http://photos.prnewswire.com/prnh/20100928/NE71605LOGO

$83.0 million $42.7 million $68.7 million $11.4 million $0.04 $22.3 million $0.08 $10.3 million $0.04

$249.3 million $227.5 million $21.8 million $153.2 million $144.1 million $9.1 million $164.7 million $155.5 million $10.7 million $0.04 $4.9 million $0.02

$155.5 million $146.5 million $9.0 million $149.5 million $141.3 million $6.8 million $0.02 $11.6 million $0.04

Raymond P. Dolan

Sonus Financial Guidance for Fiscal Year 2011:

February 28, 2011

$265 million and $285 million $151 million to $155 million $143 million to $147 million

http://www.sonusnet.com

Conference Call Details:

4:45 p.m. ET

To listen live via telephone:

To listen live via internet:
www.sonusnet.com

About Sonus Networks

www.sonusnet.com

Important Information Regarding Forward-Looking Statements

This release may contain forward-looking statements (within the meaning of the Private Securities Litigation Reform Act) regarding future events that involve risks and uncertainties.  Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results.  Such forward-looking statements may relate to, among others, expected financial and operating results, expected growth rates, future stock-based compensation and amortization expenses, future business prospects and market conditions.  Such forward-looking statements do not constitute guarantees of future performance and are subject to a variety of risks and uncertainties that could cause actual results to differ materially from those anticipated.  These include, but are not limited to: difficulties supporting our new strategic focus on channel sales; difficulties expanding the Company’s customer base; difficulties leveraging market opportunities; difficulties providing solutions that meet the needs of customers; market acceptance of the Company’s products and services; rapid technological and market change; the ability to recruit and retain key personnel; the ability to protect intellectual property rights; the ability to maintain partner, reseller, distribution and vendor support and supply relationships; higher risks in international operations and markets; the ability to hire and retain employees; the impact of increased competition; currency fluctuations; litigation; changes in the market price of the Company’s common stock; the timing of the Company’s recognition of revenues; actions taken by significant stockholders; failure or circumvention of the Company’s controls and procedures; and other risks and uncertainties described more fully in documents filed with or furnished to the Securities and Exchange Commission by the Company, including in Item 1A – "Risk Factors" of our Annual Report on Form 10-K.  Any forward-looking statements represent Sonus’ views only as of today and should not be relied upon as representing Sonus’ views as of any subsequent date.  While Sonus may elect to update forward-looking statements at some point, Sonus specifically disclaims any obligation to do so, except as required by law.

Sonus is a registered trademark of Sonus Networks, Inc.  All other company and product names may be trademarks of the respective companies with which they are associated.

For more information, please contact:

Wayne Pastore

Senior Vice President and Chief Financial Officer

978-614-8291

[email protected]

Fran Murphy

Vice President, Finance and Investor Relations

978-614-8148

[email protected]

SONUS NETWORKS, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three months ended

December 31,

September 30,

December 31,

2010

2010

2009

Revenue:

Product

$        54,118

$         19,391

$        47,009

Service

28,861

23,348

21,703

Total revenue

82,979

42,739

68,712

Cost of revenue:

Product

17,805

7,231

11,852

Service

12,491

11,730

11,481

Total cost of revenue

30,296

18,961

23,333

Gross profit

52,683

23,778

45,379

Gross profit %

Product

67.1%

62.7%

74.8%

Service

56.7%

49.8%

47.1%

Total gross profit %

63.5%

55.6%

66.0%

Operating expenses:

Research and development

16,514

16,226

13,869

Sales and marketing

13,211

11,836

12,911

General and administrative

11,119

17,157

10,958

Restructuring

387

1,114

Total operating expenses

41,231

46,333

37,738

Income (loss) from operations

11,452

(22,555)

7,641

Interest expense

(138)

(10)

(89)

Interest income

320

439

592

Other income, net

1

47

Income (loss) before income taxes

11,634

(22,125)

8,191

Income tax benefit (provision)

(224)

(153)

2,118

Net income (loss)

$        11,410

$       (22,278)

$        10,309

Earnings (loss) per share:

Basic

$            0.04

$           (0.08)

$            0.04

Diluted

$            0.04

$           (0.08)

$            0.04

Shares used to compute earnings (loss) per share:

Basic

276,659

275,412

274,359

Diluted

278,096

275,412

275,152

SONUS NETWORKS, INC.

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Year ended

December 31,

December 31,

2010

2009

Revenue:

Product

$      146,583

$      136,276

Service

102,724

91,220

Total revenue

249,307

227,496

Cost of revenue:

Product

48,163

38,893

Service

47,992

44,467

Total cost of revenue

96,155

83,360

Gross profit

153,152

144,136

Gross profit %

Product

67.1%

71.5%

Service

53.3%

51.3%

Total gross profit %

61.4%

63.4%

Operating expenses:

Research and development

62,786

59,864

Sales and marketing

51,033

48,929

General and administrative

49,391

43,217

Restructuring

1,501

3,510

Total operating expenses

164,711

155,520

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