Mellanox Technologies, Ltd. Announces Record Quarterly Results

Mellanox® Technologies, Ltd. (NASDAQ:MLNX)(TASE:MLNX), a leading supplier of end-to-end interconnect solutions for servers and storage systems, today announced record financial results in its second quarter 2012, ended June 30, 2012.

Second Quarter 2012 Highlights

• Revenues were a record $133.5 million
• GAAP gross margins were 68.8 percent
• Non-GAAP gross margins were 70.5 percent
• GAAP operating income was a record $32.0 million
• Non-GAAP operating income was a record $42.7 million
• GAAP net income was a record $32.1 million
• Non-GAAP net income was a record $42.9 million
• GAAP net income per diluted share was a record $0.74
• Non-GAAP net income per diluted share was a record $0.99
• A record $59.2 million in cash was provided by operating activities
• $327.8 million in total cash and investments at June 30, 2012, an increase of $60.2 million from March 31, 2012

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported record revenue of $133.5 million for the second quarter of 2012, up 50.4 percent from $88.7 million in the first quarter of 2012, and up 110.7 percent from $63.3 million in the second quarter of 2011.

GAAP gross margins in the second quarter of 2012 were 68.8 percent, compared with 67.4 percent in the first quarter of 2012, and 64.9 percent in the second quarter of 2011.

Non-GAAP gross margins in the second quarter of 2012 were 70.5 percent, compared with 70.0 percent in the first quarter of 2012, and 68.9 percent in the second quarter of 2011.

GAAP net income in the second quarter of 2012 was a record $32.1 million, or $0.74 per diluted share, compared with net income of $12.4 million, or $0.29 per diluted share in the first quarter of 2012, and $2.1 million, or $0.06 per diluted share in the second quarter of 2011.

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