Calabasas-based Ixia (Nasdaq: XXIA) said that in the third quarter of 2008 total revenues continued their growth trend, increasing to $47.3 million, compared to $45.9 million in Q2 and $44 million in the third quarter of ’07. However, GAAP net income dropped sharply, from $1.9 million, or $0.03 per diluted share in the third quarter of ’07 to $483,000 or $0.01 per diluted share in this reporting period. The company said that an impairment charge of nearly $4.3 million related to bonds was responsible. Non-GAAP net income for the third quarter of this year was $6.3 million, or $0.01 per diluted share, as compared to $5.8 million, or $0.08 per diluted share for the third quarter of the previous year. Ixia manufactures IP performance test systems and service verification platforms for IP-based infrastructure and services for use in network and telephony equipment manufacturers, semiconductor manufacturers, service providers, governments and enterprises.
