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Ubiquiti Networks Reports Q4 Fiscal 2012 Results

  • Quarterly Revenues Increase by 40% Year-over-Year
  • Quarterly Non-GAAP Net Income Grows by 52% Year-over-Year
  • Quarterly Non-GAAP Diluted EPS of $0.30
  • C ash Increases by $27.9 Million
  • $100 Million Share Repurchase Program Announced

SAN JOSE, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Ubiquiti Networks, Inc. (Nasdaq:UBNT), a next-generation communications technology company, today announced results for the fourth quarter of fiscal 2012, ended June 30, 2012.

For the fourth quarter of fiscal 2012, Ubiquiti reported revenues of $94.9 million, an increase of 40% compared to revenues of $67.6 million for the same period the prior year. For the year ended June 30, 2012 Ubiquiti reported revenues of $353.5 million, an increase of 79% compared to revenues of $197.9 million in fiscal 2011.

For the fourth quarter of fiscal 2012, GAAP net income was $28.5 million, an increase of 57% compared to GAAP net income of $18.1 million for the same period the prior year. Non-GAAP net income was $27.9 million, an increase of 52% compared to $18.3 million for the same period last year.

For the year ended June 30, 2012, GAAP net income was $102.6 million, an increase of 106% compared to GAAP net income of $49.7 million for the same period the prior year. Non-GAAP net income was $102.6 million, an increase of 104% compared to $50.3 million for the same period last year.

The following table reconciles GAAP net income to non-GAAP net income and weighted-average shares used in computing net income (loss)per share of common stock-diluted to weighted-average shares used in computing non-GAAP Diluted EPS:
  Three Months Ended June 30, Years Ended June 30,
  2012 2011 2012 2011
  (in thousands, except per share data)
  (unaudited)
Net income  $ 28,485  $ 18,135  $ 102,589  $ 49,727
Stock-based compensation 461 276 1,493 952
Income from a coexistence licensing agreement   (1,500) (1,500)
Tax effect of stock-based compensation and income from a coexistence licensing agreement 416 (111) 3  (381)
Non-GAAP net income  $ 27,862  $ 18,300  $ 102,585  $ 50,298
Weighted-average shares used in computing net income (loss) per share of common stock- diluted 94,168 62,652 83,460 66,907
Weighted-average dilutive effect of stock options and restricted stock units 3,905 2,695
Weighted-average shares of Series A preferred shares outstanding 36,035 7,607 36,035
Weighted-average shares used in computing non-GAAP diluted EPS (1) 94,168 102,592 93,762 102,942
 Non-GAAP diluted EPS (1)   $ 0.30  $ 0.18 $ 1.09  $ 0.49
         
         
(1) Non-GAAP Diluted EPS is calculated using non-GAAP net income excluding stock-based compensation, net of taxes and income from a coexistence licensing agreement and weighted-average shares outstanding as if Series A preferred stock is treated as common stock for the periods presented. 

"Ubiquiti's business model has translated into a unique combination of exceptional growth and industry-leading profitability fundamentals," said Robert J. Pera, Founder and Chief Executive Officer of Ubiquiti Networks. "Our innovative research and development strategy, and the early success of our technology diversification into new platforms and markets, shows that we are only scratching the surface of the leverage and scalability inherent in our model. This past quarter our new platform growth continued, lead by Unifi, and momentum was further strengthened by the introduction of mFi, a revolutionary machine-to-machine communications technology platform."

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