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Mellanox Technologies Reports 3rd Quarter 2014 Financial Results [Professional Services Close - Up](Professional Services Close - Up Via Acquire Media NewsEdge) Mellanox Technologies has reported financial results for its third quarter 2014, ended September 30. In its release on October 22, the company noted that, in accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $120.7 million for the third quarter of 2014, up 17.7 percent from $102.6 million in the second quarter of 2014, and up 16.0 percent from $104.1 million in the third quarter of 2013. GAAP gross margins in the third quarter of 2014 were 67.2 percent, compared with 66.6 percent in the second quarter of 2014, and 64.6 percent in the third quarter of 2013. Non-GAAP gross margins in the third quarter of 2014 were 70.2 percent, compared with 69.1 percent in the second quarter of 2014, and 69.1 percent in the third quarter of 2013. GAAP net income in the third quarter of 2014 was $0.4 million, or $0.01 per diluted share, compared with GAAP net loss of $9.0 million, or $0.20 per diluted share in the second quarter of 2014, and GAAP net loss of $5.9 million, or $0.14 per diluted share, in the third quarter of 2013. Non-GAAP net income in the third quarter of 2014 was $18.0 million, or $0.38 per diluted share, compared with $6.8 million, or $0.15 per diluted share in the second quarter of 2014, and $12.6 million, or $0.28 per diluted share, in the third quarter of 2013. The third quarter 2014 non-GAAP net income excludes $11.8 million of share-based compensation expenses compared to $11.9 million in the second quarter of 2014, and $11.9 million in the third quarter of 2013. Third quarter 2014 non-GAAP net income also excludes the amortization of intangible assets of $2.8 million, acquisition- related charges of $1.7 million and settlement costs of $1.3 million, compared to amortization expenses of acquired intangible assets of $2.8 million and $1.0 million of acquisition-related charges in the second quarter of 2014, and compared to $4.6 million and $2.0 million, respectively, in the third quarter of 2013. Total cash and investments increased by $10.6 million to $354.3 million at September 30, compared to $343.7 million at June 30. The company generated $17.2 million in cash from operating activities in the third quarter. "We are pleased with our results for the third quarter. Demand from high-performance computing customers was strong which contributed to solid revenue growth from our FDR InfiniBand solutions. Revenue from our Ethernet solutions also increased in the quarter," said Eyal Waldman, president and CEO of Mellanox Technologies. "The transition from 10 Gigabit Ethernet to 40 Gigabit Ethernet is happening now with our Web 2.0 and cloud customers. We expect to ship hundreds of thousands of 40 Gigabit Ethernet adapters in the fourth quarter to these markets. This transition is driven by the growth of data producing and consuming applications. We expect this transition to accelerate in 2015 and beyond." Mellanox Technologies is a supplier of InfiniBand and Ethernet interconnect solutions and services for servers and storage. More information and complete details: www.mellanox.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |