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Infoblox Reports First Quarter Of Fiscal 2013 Results

Stocks in this article: BLOX

Infoblox (NYSE:BLOX), today reported its financial results for its first fiscal quarter ended October 31, 2012. Total net revenue for the first quarter of fiscal 2013 was a record $49.5 million, an increase of 25.8% on a year-over-year basis.

On a GAAP basis, the Company reported a net loss of $2.4 million, or $0.05 loss per fully diluted share, for the first quarter of fiscal 2013, compared with a net loss of $1.8 million, or $0.16 loss per fully diluted share, in the first quarter of fiscal 2012.

The Company reported non-GAAP net income of $3.1 million, or $0.06 earnings per share on a non-GAAP weighted average share basis, for the first quarter of fiscal 2013, compared with non-GAAP net income of $0.8 million, or $0.02 earnings per share on a non-GAAP weighted average share basis, in the first quarter of fiscal 2012. The GAAP to non-GAAP reconciling items for the first quarter of fiscal 2013 and 2012 can be found in the "Reconciliation of GAAP to non-GAAP Financial Measures" attached to this press release.

“I am very pleased with the outstanding start to our new fiscal year,” said Robert Thomas, president and chief executive officer. “In the first quarter, we achieved double-digit sequential revenue and product revenue growth, and experienced strong demand across all geographic regions. I believe our results reflect the strength in our comprehensive product portfolio, our competitive position and the market's growing adoption of our automated network control solutions.”

“Strong execution in the October quarter led Infoblox to another quarter of record revenues,” said Remo Canessa, chief financial officer. “Non-GAAP operating margin was 6.9%, and is due to exceeding our revenue and gross margin targets, along with operating expenses decreasing as a percent of revenue.”

Financial Outlook

Infoblox is providing an outlook of anticipated results for the second quarter ending January 31, 2013 and for the year ending July 31, 2013. This outlook is based on a number of assumptions that it believes are reasonable at the time of this earnings release. Information regarding potential risks that could cause the actual results to differ from these forward-looking statements is set forth below and in Infoblox’s filings with the Securities and Exchange Commission.

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