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Voltaire Announces Continued Growth In Third Quarter 2010 Results

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

Third Quarter 2010 Main Highlights

  • Year-over-year revenue growth of 25% and sequential revenue growth of 9%, reaching $18.1 million;
  • GAAP net loss reduced to $0.8 million compared with $1.5 million in the third quarter of last year; non-GAAP net loss at $49 thousand;
  • GAAP operating loss reduced to $0.6 million compared with $1.5 million in the third quarter of last year; Non-GAAP operating profit at $101 thousand;
  • Positive operating cash flow of $3.6 million contributed to cash, cash equivalents and marketable securities as of September 30, 2010, which totaled $44.7 million; and
  • Management expects revenues at the top end of the previously provided full year 2010 guidance range $67-70 million.

Third Quarter Results

Revenues for the third quarter of 2010 totaled $18.1 million, an increase of 25% compared to $14.5 million reported in the third quarter of 2009.

Gross profit for the third quarter of 2010 totaled $9.4 million, an increase of 27% compared to $7.4 million in the third quarter of 2009. Gross margin for the third quarter of 2010 totaled 51.9%, an improvement compared to 51% for the third quarter of 2009.

Operating loss on a GAAP basis, for the third quarter of 2010 totaled $618 thousand, an improvement compared to the operating loss of $1.5 million reported in the third quarter of 2009. Operating income on a non-GAAP basis, for the third quarter of 2010 totaled $101 thousand, a substantial improvement compared to the operating loss of $895 thousand reported in the third quarter of 2009.

Net loss on a GAAP basis, for the third quarter of 2010 totaled $768 thousand, or $0.04 loss per share. This represents an improvement from a net loss of $1.5 million, or $0.07 loss per share, in the third quarter of 2009. Net loss on a non-GAAP basis, for the third quarter of 2010 totaled $49 thousand, compared to a net loss, on a non-GAAP basis, of $949 thousand, or $0.05 loss per share, in the third quarter of 2009.

The company generated a positive operating cash flow of $3.6 million in the quarter. Cash, cash equivalents and marketable securities as of September 30, 2010, totaled $44.7 million with no debt, compared to $41.8 million as of June 30, 2010.

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