Test systems provider Ixia closed out its year on a down not with a net loss of $15.9 million on revenues of $175.9 million, the company said. For the fourth quarter, the Calabasas-based firm posted a net loss of $18.3 million, or $0.29 per diluted share, on revenues of $41 million. That is a drop from the net income of $4.4 million, or $0.06 per diluted share on revenues of $46.4 million for the same period in 2007. The quarter loss included an impairment charge of $15.8 million for a write down of auction rate securities. Those securities, a way to transfer debt obligations, have been frozen since February 2008 after the auction market failed. While the economic slowdown affected the fourth quarter and full year results, Ixia continued to generate positive cash flow from its operations, said President and CEO Atul Bhatnagar. “While we expect 2009 to be a challenging year, we are committed to delivering innovative and quality products to the market place and supporting our customers,” Bhatnagar said.
