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MORRISVILLE, N.C. – (Nasdaq: TKLC) shares took a 20 percent battering Thursday after the company disclosed earnings that beat Street expectations and announced two acquisitions. However, revenue projections slipped below analysts’ expectations. ()

In a conference call with analysts, Chief Executive Officer Frank Plastina was asked about slowing revenue prospects. He remains positive about growth, especially from the acquisitions of Camiant and Blueslice. (These comments were provided in a transcript by Seeking Alpha.)

Frank Plastina:

“It’s a couple of things. It’s really the cautiousness in emerging markets as I mentioned in the earlier question. What we’re seeing is a more cautious spending tone in terms of expansion business in some of the bigger emerging markets and that includes India.

“India then has the security issues that really delayed things by about 90 days in the first quarter. So there is a double whammy in India. Overall, we’re still seeing some pretty good traction and expect growth in our non-EAGLE 5 [network signaling] business. So this is really an emerging market’s EAGLE 5 related flatness, is the way I would categorize it.

“So the order outlook has come down. The revenue has come down a bit and obviously now we’ve got the opportunity to upsale the new products and we expect some contribution from the new products this year.”

Question from Amir Rozwadowski of Barclays Capital:

“In thinking about these acquisitions sort of over the longer term, you mentioned in the prepared remarks that they would be accretive beyond 2010. Can you give us a sense in terms of where you see sort of the growth prospects for those two businesses?”

Plastina:

“We’re actually quite optimistic about the growth prospects because if you look at the market sizes and the third party market growth prospects for the spaces that they play in it’s pretty solid. You look at the policy space, we see reports anywhere from 20 percent to 25 percent growth in 2011 and beyond and a market size in 2011 of about $200 million to $300 million.

“Camiant is extremely well positioned to become a market share leader. Then obviously as part of Tekelec with all of the core session management things that we do and some of the performance management and mobile messaging products that we can complement it with, we see some pretty good opportunities for growth in that area.

“With the acquisition of Blueslice, we get that subscriber data management engine that is a very nice complement to not only the Camiant policy engine but the rest of Tekelec. So we see opportunities opening up there to build our business beyond the traditional number portability.”

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