[July 21, 2011] Mellanox beats analysts on revenue and profit [Globes, Tel Aviv, Israel] Tweet (Globes (Tel Aviv) Via Acquire Media NewsEdge) July 21--Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) has reported record revenue for the second quarter of 2011. The company, which supplies end-to-end connectivity solutions for servers and storage systems, reported revenue of $63.3 million in the first quarter of 2011, up 15.1 percent from $55.1 million in the first quarter of 2011, and up 58.5 percent from $40 million in the corresponding quarter of 2010. The company reported that GAAP net profit in the second quarter of 2011 was $2.1 million ($0.06 per share), compared with a net loss of $1.6 million ($0.05 per share) in the first quarter of 2011, and $5.3 million ($0.15 per share) in the corresponding quarter of 2010. Non-GAAP net profit in the second quarter was $10.3 million ($0.27 per share), compared with $9.2 million ($0.24 per share) in the preceding quarter of 2011, and $10.4 million ($0.29 per share) in the corresponding quarter of 2010. Analysts had expected revenue of $61.8 million and profit of $0.21 per share. Mellanox said that second quarter 2011 non-GAAP net profit excluded $5.4 million of share-based compensation expenses compared with $4.3 million in the preceding quarter of 2011. It also excludes amortization of acquired intangible assets of $2.8 million associated with the acquisition of Voltaire Ltd. on February 7, 2011, compared with $2.1 million in the first quarter of 2011. The company added that the first quarter 2011 non-GAAP net income results also excluded $4.4 million of other acquisition related charges. Total cash and investments amounted to $107.1 million at June 30, 2011. The company generated $12.5 million in cash from operating activities during the quarter. Mellanox chairman, president and CEO Eyal Waldman said, "Reaching the quarter billion dollar annualized revenue run rate is a significant milestone for Mellanox. We completed the successful integration of Voltaire into Mellanox, and during the quarter we introduced our end-to-end FDR 56Gb/s InfiniBand and 40 Gigabit Ethernet interconnect solutions. We are encouraged by the momentum of design-wins and traction we see in various vertical markets and applications for these solutions." The company's share price closed at $29.01 on AMEX yesterday, giving a market cap of $1.01 billion. The share price rose 6.86 percent in after-hours trading to $31 after publishing its financial results. ___ To see more of the Globes or to subscribe to the newspaper, go to http://www.globes.co.il/serveen/globes/nodeview.asp?fid=942. Copyright (c) 2011, Globes, Tel Aviv, Israel Distributed by McClatchy-Tribune Information Services. For more information about the content services offered by McClatchy-Tribune Information Services (MCT), visit www.mctinfoservices.com, e-mail [email protected], or call 866-280-5210 (outside the United States, call +1 312-222-4544) [ Back To TMCnet.com's Homepage ]