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Sierra Wireless Reports Second Quarter 2013 Results

Stocks in this article: SWIR

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW):

Q2 highlights from continuing operations

  • Record quarterly revenue of $109.6 million, up 14.9% year-over-year
  • Adjusted EBITDA of $4.9 million, compared to $2.4 million in Q2 2012
  • Non-GAAP earnings from operations of $1.5 million, compared to a loss of $0.4 million in Q2 2012
  • Non-GAAP diluted earnings per share of $0.03, compared to a loss per share of $0.11 in Q2 2012

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its second quarter ending June 30, 2013. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.

“In our first quarter as an M2M pure-play, we delivered record quarterly revenue with nearly 15% year-over-year growth,” said Jason Cohenour, President and Chief Executive Officer. “Our record revenue, combined with solid gross margin and good cost control, led to a significant improvement in Non-GAAP earnings, demonstrating the leverage in our operating model as we grow the business.”

On April 2, 2013, the company completed the sale of substantially all of the assets and operations related to its AirCard business. In accordance with U.S. GAAP, the results of operations and the gain on sale of the AirCard business have been recorded as discontinued operations in the consolidated statements of operations for the three and six months ended June 30, 2013.

Revenue for the second quarter of 2013 was $109.6 million, an increase of 14.9% compared to $95.4 million in the second quarter of 2012, and an increase of 8.1% compared to $101.4 million in the first quarter of 2013. Revenue from OEM Solutions was $95.1 million in the second quarter of 2013, up 14.1% compared to $83.3 million in the second quarter of 2012. Revenue from Enterprise Solutions was $14.5 million in the second quarter of 2013, up 20.0% from $12.1 million in the second quarter of 2012.

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