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Riverbed Posts 3rd Quarter Fiscal Year 2014 Results [Manufacturing Close - Up](Manufacturing Close - Up Via Acquire Media NewsEdge) Riverbed Technology reported financial results for its third quarter fiscal 2014 (Q3'14) ended September 30. In its release on October 23, the Company noted that GAAP revenue for Q3'14 was $276 million, compared to $262 million in the third quarter of 2013 (Q3'13), representing 6 percent year-over-year growth. GAAP net income for Q3'14 was $11.5 million, or $0.07 per diluted share, compared to GAAP net income of $3.8 million, or $0.02 per diluted share, in Q3'13. Q3'14 Non-GAAP Financials Non-GAAP revenue for Q3'14 was $277 million, an increase of 4 percent compared to $265 million in Q3'13. Non-GAAP net income for Q3'14 was $48.7 million compared to non-GAAP net income of $43.3 million in Q3'13. Non-GAAP earnings were $0.30 per diluted share for Q3'14 compared with $0.26 per diluted share in Q3'13, representing a 15 percent increase year-over-year. "Our third quarter financial results were in-line with our revised guidance. While we are not satisfied with our top line performance, we are pleased to see steady growth in our SteelFusion and SteelCentral businesses," said Jerry M. Kennelly, chairman and CEO. "Our ongoing focus to gain increased operating leverage is evident in our Q3 results, delivering earnings per share in-line with our expectations. We've started to execute our previously announced restructuring plans to drive further operational improvements and remain committed to delivering profitable growth and enhancing shareholder value," continued Kennelly. Q3'14 Business Highlights -Strengthened VMware partnership by achieving VMware Ready - vCloud Air status on Riverbed SteelApp Traffic Manager, Riverbed SteelCentral Services Controller for SteelApp and Riverbed SteelHead CX application performance solutions. -Named an inaugural member of the Microsoft Azure Certified Program and announced Riverbed SteelHead CX for IaaS (Infrastructure- as-a-Service) which can accelerate data and applications hosted by Azure up to 33x faster, while using up to 97 percent less bandwidth. -Gained customer traction with Riverbed SteelFusion branch converged infrastructure solution: -Deployed by Canadian based mining company, Alamos Gold, to centralize server, storage, and network infrastructure into a single branch appliance, improving data protection and increasing business performance. -Deployed by WAMGROUP, industrial equipment manufacturer and longstanding SteelHead customer, to strengthen its disaster- recovery capabilities and provide resilient IT support for branch offices located in a seismic zone. -Riverbed SteelCentral enabled Allianz, a global insurance provider, to resolve network performance issues up to 50 percent faster, resulting in improved productivity and a better customer experience. -Appointed new board members and key executives: -Mike Nefkens, Board of Directors; currently serves as Executive Vice President of Hewlett-Packard Enterprise Services -Steffan Tomlinson, Board of Directors; currently serves as Chief Financial Officer of Palo Alto Networks -Paul Mountford, Senior Vice President and Chief Sales Officer; seasoned industry veteran with 30 years of leadership experience in the technology sector, including 16 years with Cisco Q4'14 Outlook The Company provides the following financial guidance for the fourth quarter of fiscal year 2014, which reflects the partial quarter impact of the planned Q4 restructuring: -Non-GAAP revenues are expected to be in the range of $285 million and $290 million -Non-GAAP earnings per share are expected to be in the range of $0.31 to $0.33 per share Riverbed is a company focusing in Application Performance Infrastructure. More Information: http://www.riverbed.com ((Comments on this story may be sent to [email protected])) (c) 2014 ProQuest Information and Learning Company; All Rights Reserved. |