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

GAAP gross margins in the fourth quarter of 2013 were 64.9 percent, compared with 64.4 percent in the third quarter of 2013 and 68.1 percent in the fourth quarter of 2012. GAAP gross margins in 2013 were 65.4 percent, compared with 68.5 percent in 2012.

Non-GAAP gross margins in the fourth quarter of 2013 were 68.5 percent, compared with 69.0 percent in the third quarter of 2013 and 70.0 percent in the fourth quarter of 2012. Non-GAAP gross margins in 2013 were 68.8 percent, compared with 70.3 percent in 2012.

GAAP net loss in the fourth quarter of 2013 was $7.3 million, or $0.17 per diluted share, compared with GAAP net loss of $5.4 million, or $0.12 per diluted share in the third quarter of 2013 and net income of $18.4 million or $0.41 per diluted share in the fourth quarter of 2012.

Non-GAAP net income in the fourth quarter of 2013 was $9.7 million, or $0.21 per diluted share, compared with $13.1 million, or $0.29 per diluted share in the third quarter of 2013, and $30.7 million, or $0.69 per diluted share in the fourth quarter of 2012. The fourth quarter 2013 non-GAAP net income excludes $11.7 million of share-based compensation expense compared to $11.9 million in the third quarter of 2013, and $10.0 million in the fourth quarter of 2012. The fourth quarter 2013 non-GAAP net income also excludes amortization expenses of acquired intangible assets of $4.4 million, and $0.9 million of acquisition related charges associated with the acquisition of Kotura, Inc. and IPtronics A/S, compared to amortization expenses of acquired intangible assets of $4.6 million and acquisition related charges of $2.0 million in the third quarter of 2013, and compared to $2.3 million of amortization expense of acquired intangibles assets in the fourth quarter of 2012.

GAAP net loss in 2013 was $22.9 million, or $0.53 per diluted share, compared to $111.4 million of GAAP net income, or $2.54 per diluted share in 2012.

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