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Voltaire Announces 54% Revenue Growth Year-Over-Year For The Second Quarter Of 2010

Voltaire Ltd. (NASDAQ: VOLT), a leading provider of scale-out data center fabrics, today announced financial results for the three and sixth month period ended June 30, 2010.

Second Quarter 2010 Main Highlights

  • Strong year-over-year revenue growth, reaching $16.6 million;
  • GAAP net loss reduced to $1.7 million compared with $2.9 million in Q2 last year; non-GAAP net loss reduced to, $0.9 million from $2.3 million;
  • Cash, cash equivalents and marketable securities as of June 30, 2010 totaled $41.8 million; and
  • Reaffirms 2010 annual revenue guidance range of $67-70 million, representing an increase of 33-39% year over year; remains on track for reaching profitability by year-end.

Second Quarter Results

Revenues for the second quarter of 2010 totaled $16.6 million, an increase of 54% compared with $10.7 million reported in the second quarter of 2009.

Gross profit for the second quarter of 2010 totaled $8.5 million, an increase of 49% compared to $5.7 million in the second quarter of 2009. Gross margin for the second quarter of 2010 totaled 51.1%, compared to 52.9% for the second quarter of 2009.

Operating loss for the second quarter of 2010 totaled $1.7 million, an improvement compared to the $2.8 million operating loss in the second quarter of 2009. On a non-GAAP basis, the Company reported operating loss of $0.8 million compared with an operating loss of $2.3 million in the second quarter of 2009.

Net loss for the second quarter of 2010 totaled $1.7 million, or $0.08 loss per share. This represents an improvement from a net loss of $2.9 million, or $0.14 loss per share, in the second quarter of 2009.

Net loss, on a non-GAAP basis, for the second quarter of 2010 totaled $0.9 million, or $0.04 loss per share, compared to a net loss, on a non-GAAP basis, of $2.3 million, or $0.11 loss per share, in the second quarter of 2009.

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