Sonus Networks (Nasdaq: SONS) isn't doing much these days. Is the voice networking specialist dying, or is this just the calm before a storm of epic proportions? My vote is for the latter.

The second-quarter report shows little to cheer about, even as the stock price has climbed by 52% in the past 52 weeks. Sales have flatlined at $61.2 million, 0.6% below the year-ago haul. Earnings show a similar lack of life, coming in at breakeven in the past two quarters. Last year, Sonus saw $0.02 profit per share in the second quarter.

Sonus makes hardware that turns voice calls into data streams on the Internet and back again. When Motorola (NYSE: MOT) installs VoIP infrastructure to handle voice calls for some telecom or cable operator somewhere, Sonus routers are probably a part of the installation. AT&T (NYSE: T) is the company's largest customer, contributing 14% of Sonus' total sales for the quarter. Other major customers range from usual suspects like Vonage Holdings (NYSE: VG) to the less obvious, such as backhaul giant Level 3 Communications (Nasdaq: LVLT).

Other telecom infrastructure players have been reporting a lull in network installations lately, so it's no surprise to see more of the same from Sonus. But 2011 is supposed to be a big year for this niche as AT&T rolls out its 4G wireless network, Verizon (NYSE: VZ) expands its own 4G from about 25 test markets to coast-to-coast coverage, and consumers everywhere keep jumping off their copper-scented landlines in favor of Internet calling and wireless phones.

In the meantime, Sonus holds more than $350 million of cash equivalents in its accounts and virtually no debt, breakeven isn't great but it's also not a loss, and the company generated $9.5 million of free cash flows in the first half of 2010. This company will be all right until the orders start rolling in again, and its innovative voice traffic solutions might even make it a takeover target for someone like Cisco Systems (Nasdaq: CSCO).

That's good enough for me -- I'm giving Sonus an "outperform" rating in our CAPS system for the next couple of years. Are you with me or vehemently opposed? Either way, you can follow along and make your voice heard in just a couple of clicks.