This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Cyan Reports Record Second Quarter 2013 Results

Cyan (NYSE: CYNI) today announced financial results for its second quarter ended June 30, 2013.

Revenue for the second quarter of 2013 grew 37 percent year-over-year to a record $31.7 million, up from $23.1 million in the second quarter of 2012, and up 20 percent from $26.3 million for the previous quarter. Net loss for the quarter was $9.1 million, or $0.33 per share, compared to a net loss of $1.5 million, or $0.59 per share, in the same period last year and a net loss of $9.4 million, or $3.61 per share, for the first quarter of 2013.

On a non-GAAP basis, Cyan’s net loss for the second quarter was $6.6 million, or $0.24 per share, compared to a net loss of $0.8 million, or $0.30 per share for the same period last year and a net loss of $6.3 million, or $2.43 per share, for the quarter ended March 31, 2013. The non-GAAP net loss for the second quarters of 2013 and 2012 and the first quarter of 2013 exclude stock-based compensation expense and costs associated with the change in the fair value of preferred stock warrants. Effective upon its initial public offering (IPO) in May 2013, the company’s preferred stock warrants became exercisable for common stock and will no longer be marked to market.

The non-GAAP net loss per share for the second quarter of 2013 was based upon 27.4 million weighted average shares outstanding. In connection with its IPO, the company issued 8.9 million shares of common stock and 34.7 million shares of preferred stock converted into common stock. Cyan ended the second quarter with 46.3 million shares of common stock outstanding.

“For the second quarter, Cyan delivered record revenue and gross margin while continuing to make investments to capitalize on our large and growing addressable market,” said Mark Floyd, Cyan’s chairman and chief executive officer. “Our Blue Planet software-defined network (SDN) platform is a key differentiator and continued to gain momentum, with over 85 customers implementing this innovative technology since its launch last December. We continued to make significant strides in our international expansion, increasing our presence to 13 countries outside of North America and increasing our international partnership base. During the second quarter, we successfully completed our IPO and ended the quarter with over $92 million in cash and cash equivalents.”

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

DOW 18,010.68 -115.44 -0.64%
S&P 500 2,107.39 -13.40 -0.63%
NASDAQ 5,070.0260 -27.95 -0.55%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs