And now, I'd like to turn the call over to Ron Sege. Ron?
Ronald A. Sege
Thank you, Annie. Good afternoon and thank you for joining us for our third quarter conference call. First, I would like to take a moment to acknowledge, Ken Oshman, the longtime Chairman and CEO of Echelon. As you know, Ken passed away in early August. A sad time for all but especially for those of us who had known and worked with Ken for so long. He was a brilliant, well-respected man and a visionary leader, we all miss him dearly.
As you saw in our release earlier today, we announced an important development with our Edge Control Node project at Duke Energy. I will provide more detail on that later in my remarks, but first, I will go through the highlights of the quarter to provide some context. I'm pleased to report that we once again made progress towards our financial goals of growth and profitability this quarter. Strength in our utility markets grew 62% year-over-year growth in topline performance to $43.8 million and non-GAAP profitability of $0.04 per share. We were also cash flow positive for the quarter. We continue to ship products and volume to large utility customers, achieved a critical milestone in Brazil, built momentum with our partnership in China and achieved new wins in our street lighting vertical. Our recent European customer and partner event reinforced growing interest in our vision of a proven, open standard energy-control networking platform that runs metering and many other applications. It also reinforced our geographic targeting strategy, ranking attractiveness in terms of energy shortages, non-technical loss rates, political backing and distribution grid health.Overall, we remained confident in our outlook for a strong 2011 with annual revenue growth at the high-end of our previously guided range of 40% and our commitment to our goal of full year non-GAAP profitability for 2012.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV