Mellanox Technologies, Ltd. Announces Fourth Quarter 2012 And Record Fiscal Year Financial Results

Mellanox® Technologies, Ltd. (NASDAQ: MLNX) (TASE: MLNX), a leading supplier of end-to-end connectivity solutions for servers and storage systems, today announced financial results for its fourth quarter and record results for the fiscal year 2012.

Fourth Quarter and 2012 Fiscal Year Highlights

• Revenues were $122.1 million in the fourth quarter, and $500.8 million in 2012
• GAAP gross margins were 68.1 percent in the fourth quarter, and 68.5 percent in 2012
• Non-GAAP gross margins were 70.0 percent in the fourth quarter, and 70.3 percent in 2012
• GAAP fourth quarter operating income was $23.9 million, and $118.3 million in 2012
• Non-GAAP operating income was $36.2 million in the fourth quarter, and $162.6 million in 2012
• GAAP net income was $18.4 million in the fourth quarter, and $111.4 million in 2012
• Non-GAAP net income was $30.7 million in the fourth quarter, and $155.7 million in 2012
• GAAP net income per diluted share was $0.41 in the fourth quarter, and $2.54 in 2012
• Non-GAAP net income per diluted share was $0.69 in the fourth quarter, and was $3.60 in 2012
• $25.4 million in cash was provided by operating activities during the fourth quarter
• Annual cash flow from operations of $182.5 million, representing 36.4 percent of revenues
• Cash and investments totaled $426.3 million at December 31, 2012
• 1.1 million silicon units shipped in 2012

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $122.1 million for the fourth quarter, down 22.0 percent from $156.5 million in the third quarter of 2012, and up 68.0 percent from $72.7 million in the fourth quarter of 2011. For the year ended December 31, 2012, revenue was a record $500.8 million, an increase of 93.2 percent from revenue of $259.3 million reported in 2011.

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