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Mellanox Technologies, Ltd. Announces Second Quarter 2013 Financial Results

Stocks in this article: MLNX

Mellanox® Technologies, Ltd. (NASDAQ: MLNX)(TASE: MLNX), a leading supplier of end-to-end interconnect solutions for servers and storage systems, today announced financial results for its second quarter 2013, ended June 30, 2013.

Second Quarter 2013 Highlights

  • Revenues were $98.2 million
  • GAAP gross margins were 67.2 percent
  • Non-GAAP gross margins were 69.4 percent
  • GAAP operating income was $0.3 million
  • Non-GAAP operating income was $15.8 million
  • GAAP net loss was $1.7 million
  • Non-GAAP net income was $13.8 million
  • GAAP net loss per diluted share was $0.04
  • Non-GAAP net income per diluted share was $0.30
  • $11.5 million in cash was provided by operating activities
  • Total cash and investments increased $8.4 million to $411.3 million at June 30, 2013

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $98.2 million for the second quarter of 2013, up 18.2 percent from $83.1 million in the first quarter of 2013, and down 26.5 percent from $133.5 million in the second quarter of 2012.

GAAP gross margins in the second quarter of 2013 were 67.2 percent, compared with 65.2 percent in the first quarter of 2013, and 68.8 percent in the second quarter of 2012.

Non-GAAP gross margins in the second quarter of 2013 were 69.4 percent, compared with 68.1 percent in the first quarter of 2013, and 70.5 percent in the second quarter of 2012.

GAAP net loss in the second quarter of 2013 was $1.7 million, or $0.04 per diluted share, compared with GAAP net loss of $8.5 million, or $0.20 per diluted share in the first quarter of 2013, and GAAP net income of $32.1 million, or $0.74 per diluted share in the second quarter of 2012.

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