[May 06, 2013] Silver Spring Networks Reports First Quarter 2013 Financial Results Tweet May 06, 2013 (Close-Up Media via COMTEX) -- Silver Spring Networks, Inc. announced preliminary unaudited financial results for its first quarter ended March 31. In a release on May 1, the Company noted that non-GAAP revenue (billings) for the first quarter was $73.8 million, up 24 percent year-over-year, driven by growth in product and service revenue. GAAP revenue was $53.7 million as compared to $55.5 million a year ago. Non-GAAP gross profit margins were 29.2 percent, down as expected when compared to 38.4 percent a year ago, due to changes in non-GAAP revenue mix. GAAP gross profit margins were 18.9 percent as compared to 18.2 percent a year ago. Non-GAAP net loss was $8.4 million as compared with a non-GAAP net loss of $5.3 million a year ago. GAAP net loss was $64.4 million as compared with a GAAP net loss of $18.4 million a year ago. GAAP net loss includes non-cash charges of $42.1 million in connection with Silver Spring's initial public offering. In addition, Silver Spring recorded a non-cash deemed dividend of $105.0 million related to anti-dilution provisions of certain shares of preferred stock that were triggered by the initial public offering. Silver Spring ended the quarter with cash of $142.4 million. "We had a good first quarter with 24 percent growth and we signed some terrific new customers," said Scott Lang, Chairman, President, and Chief Executive Officer. "We are seeing strong global market interest for our leading networking platform, solutions and services as utilities look to modernize their power grid with technology. We are committed to extending our technology leadership and delivering significant benefits for our customers." Business Highlights (through May 1,) -16.5 million cumulative network endpoints delivered from inception through March 31, - up 27 percent from a year ago. -Dominion Virginia Power contract extension to network homes and businesses in Virginia. -Masers Energy project to bring smart grid and smart city benefits to Malaysia. -SP PowerAssets (Singapore Power) agreement for an advanced metering project in Singapore. -CPS Energy, the largest municipal utility in the United States, contract for networking platform, advanced metering and distribution automation solutions. -Extending networking platform and solutions for the unique needs of municipal and cooperative utilities. -Priced initial public offering on March 12, and closed the offering on March 18, raising $86.2 million, net of commissions. Silver Spring Networks is a networking platform and solutions provider for smart energy networks. More information: www.silverspringnet.com ((Comments on this story may be sent to [email protected])) [ Back To TMCnet.com's Homepage ]