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Aruba Networks Reports Fourth Quarter And Fiscal Year 2013 Financial Results

Stocks in this article: ARUN

Aruba Networks, Inc. (NASDAQ: ARUN) today released financial results for its fourth quarter and fiscal year ended July 31, 2013.

Revenue for Q4’13 was $153.1 million, compared with $139.2 million reported in Q4’12. GAAP net loss in Q4’13 was $16.3 million, or $0.14 per share, compared with a GAAP net loss of $3.0 million, or $0.03 per share, in Q4’12.

Non-GAAP net income for Q4’13 was $15.1 million, or $0.12 per diluted share, compared with Q4’12 non-GAAP net income of $22.1 million, or $0.18 per diluted share. A reconciliation between GAAP and non-GAAP information is contained in the tables below.

Fiscal year 2013 revenue was $600.0 million, an increase of 16 percent from $516.8 million reported in fiscal year 2012. GAAP net loss for fiscal year 2013 was $32.3 million, or $0.29 per share, compared with a net loss of $8.9 million, or $0.08 per share, in fiscal year 2012. Non-GAAP net income for fiscal year 2013 was $78.5 million, or $0.63 per diluted share, compared with non-GAAP net income of $77.5 million, or $0.64 per diluted share, in fiscal year 2012.

“We exceeded our fourth quarter revenue expectations and added a record number of new customers,” said Dominic Orr, Aruba’s president and chief executive officer. “This performance was driven by strong execution, improvements across most of our geographical theatres and increased demand in our core verticals globally. Looking forward, we are confident in our strong growth drivers including our 802.11ac products, ClearPass, public facing enterprise solutions and Aruba Instant.”

Michael Galvin, Aruba’s chief financial officer, added, “In fiscal 2013, we achieved a record $600 million in revenue while our gross margin remained strong. Throughout the fiscal year, we continued our strong working capital management, generated $153 million in cash flow from operations and ended the year with approximately $415 million in cash and short-term investments. We completed our initial stock repurchase program by purchasing $86 million of our common stock in fiscal 2013 and subsequently expanded our share repurchase program by another $100 million.”

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