- 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 $50.3 million for the same period last year. The following table reconciles GAAP net income to non-GAAP net income and weighted-average shares used in computing net income (loss)per share of common stock-diluted to weighted-average shares used in computing non-GAAP Diluted EPS:
|Three Months Ended June 30,||Years Ended June 30,|
|(in thousands, except per share data)|
|Net income||$ 28,485||$ 18,135||$ 102,589||$ 49,727|
|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.|
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