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Sierra Wireless Reports Fourth Quarter And Full Year 2011 Results

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW):

Fourth Quarter 2011
  • Revenue in the fourth quarter 2011 of $147.2 million
  • Non-GAAP earnings from operations of $3.4 million, exceeding guidance range
  • Non-GAAP net earnings of $2.5 million, or $0.08 per diluted share

Full Year 2011
  • Revenue for the year ended fiscal 2011 of $578.2 million
  • Non-GAAP net earnings of $3.6 million, or $0.12 per diluted share
  • Core M2M revenue up 9% year-over-year

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported fourth quarter and fiscal year 2011 results. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (“GAAP”), except as otherwise indicated below.

“In the second half of 2011, we delivered improved operating results compared to the first half, continued to strengthen our global leadership position in the Machine-to-Machine market, and established ourselves as a 4G leader in Mobile Computing," said Jason Cohenour, President and Chief Executive Officer. “As we look forward, we believe that the strength of our market position, combined with an efficient cost structure and better gross margin, will drive continued improvement in operating results.”

Fourth Quarter 2011 Financial Results

Revenue for the fourth quarter of 2011 was $147.2 million, a decrease of 12% compared to $167.2 million in the fourth quarter of 2010, and comparable to $146.8 million in the third quarter of 2011. The year-over-year revenue decrease was primarily due to the absence of revenue from Barnes & Noble and Clearwire, which combined had accounted for approximately $14.8 million in revenue in the fourth quarter of 2010. Machine-to-Machine (“M2M”) revenue was $71.3 million, down 15% compared to the historically high levels of fourth quarter 2010, which included $8.4 million of revenue from Barnes & Noble. Mobile Computing revenue was $75.9 million, down 9% compared to $83.2 million in the fourth quarter of 2010, which included $6.4 million of revenue from Clearwire.

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