Ubiquiti Networks Reports Q2 Fiscal 2013 Results

• Revenues of $74.9 million, an increase of 22% from the prior quarter
• Strong rebound in airMAX revenues
• Non-GAAP operating profitability of $21.0 million, an increase of 27.9% from the prior quarter
• $26.8 million in net cash provided by operating activities
• Quarterly GAAP and Non-GAAP Diluted EPS of $0.20

SAN JOSE, Calif., Feb. 7, 2013 (GLOBE NEWSWIRE) -- Ubiquiti Networks, Inc. (Nasdaq:UBNT), a next-generation communications technology company, today announced results for the second quarter of fiscal 2013, ended December 31, 2012.

For the second quarter of fiscal 2013, Ubiquiti reported revenues of $74.9 million, a decrease of 15% compared to revenues of $87.8 million for the same period the prior year and an increase of 22% compared to the prior quarter. For the six months ended December 31, 2012 Ubiquiti reported revenues of $136.4 million, a decrease of 18% compared to revenues of $167.0 million for the same period in the prior year.

For the second quarter of fiscal 2013, GAAP net income was $17.8 million, a decrease of 28% compared to GAAP net income of $24.7 million for the same period the prior year and an increase of 35% from the prior quarter. Non-GAAP net income was $18.3 million, a decrease of 26% compared to $24.9 million for the same period last year and an increase of 35% compared to the prior quarter.

For the six months ended December 31, 2012, GAAP net income was $31.0 million, a decrease of 33% compared to GAAP net income of $46.2 million for the same period in the prior year. Non-GAAP net income was $31.9 million, a decrease of 32% compared to $46.6 million for the same period in the prior year.

The following table reconciles GAAP net income to non-GAAP net income and weighted-average shares used in computing net income per share of common stock-diluted to weighted-average shares used in computing non-GAAP Diluted EPS:

	Three Months Ended December 31,		Six Months Ended December 31,
	2012	2011	2012	2011
	(in thousands, except per share data)
	(unaudited)
Net income	$ 17,803	$ 24,691	$ 30,982	$ 46,184
Stock-based compensation, net of taxes	536	211	929	421
Non-GAAP net income	$ 18,339	$ 24,902	$ 31,911	$ 46,605
Weighted-average shares used in computing net income per share of common stock- diluted	90,056	90,056	91,493	75,102
Weighted-average dilutive effect of stock options and restricted stock units	—	—	—	3,247
Weighted-average shares of Series A preferred shares outstanding	—	3,390	—	15,131
Weighted-average shares used in computing non-GAAP diluted EPS (1)	90,056	93,446	91,493	93,480
Non-GAAP diluted EPS (1)	$ 0.20	$ 0.27	$ 0.35	$ 0.50
(1) Non-GAAP Diluted EPS is calculated using non-GAAP net income excluding stock-based compensation, net of taxes and weighted-average shares outstanding as if Series A preferred stock is treated as common stock for the periods presented.

"Our second quarter's strong sequential improvements were driven in large part, by our investments in the company's operational and legal infrastructure. We have implemented a revamped logistics system, which has led to lower lead times and days sales outstanding. Meanwhile, our airMAX anti-counterfeit strategy has made significant progress in decreasing counterfeit shipments and deterring counterfeit activities. Our anti-counterfeit manufacturing technology is now fully implemented across all platforms, including our newer airMAX technology," said Robert J. Pera, Founder and Chief Executive Officer of Ubiquiti Networks. "We are very excited about Ubiquiti's continued growth prospects in the operator market as well as new growth opportunities in the enterprise, security, and machine to machine communications markets." 

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