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Mellanox Technologies, Ltd. Announces Fourth Quarter And Fiscal Year 2013 Financial Results

Mellanox® Technologies, Ltd. (NASDAQ: MLNX), a leading supplier of end-to-end connectivity solutions for servers and storage systems, today announced financial results for its fourth quarter and fiscal year 2013.

Fourth Quarter and Fiscal Year 2013 Highlights
  • Revenues were $105.5 million in the fourth quarter, and $390.9 million in fiscal year 2013.
  • GAAP gross margins were 64.9 percent in the fourth quarter, and 65.4 percent in fiscal year 2013.
  • Non-GAAP gross margins were 68.5 percent in the fourth quarter, and 68.8 percent in fiscal year 2013.
  • GAAP operating loss was $7.9 million in the fourth quarter, and $20.3 million in fiscal year 2013.
  • Non-GAAP operating income was $9.1 million in the fourth quarter, and $43.4 million in fiscal year 2013.
  • GAAP net loss was $7.3 million in the fourth quarter, and $22.9 million in fiscal year 2013.
  • Non-GAAP net income was $9.7 million in the fourth quarter, and $40.9 million in fiscal year 2013.
  • GAAP net loss per diluted share was $0.17 in the fourth quarter, and $0.53 in fiscal year 2013.
  • Non-GAAP net income per diluted share was $0.21 in the fourth quarter, and was $0.90 in fiscal year 2013.
  • $30.7 million in cash was provided by operating activities during the fourth quarter.
  • $52.0 million in cash was provided by operating activities during fiscal year 2013.
  • Cash and investments totaled $330.2 million at December 31, 2013.

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $105.5 million for the fourth quarter, up 1.4 percent from $104.1 million in the third quarter of 2013, and down 13.6 percent from $122.1 million in the fourth quarter of 2012. For the year ended December 31, 2013, revenue was $390.9 million, a decrease of 22.0 percent from revenue of $500.8 million reported in 2012.

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