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Mellanox Technologies, Ltd. Announces First Quarter 2014 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 first quarter 2014, ended March 31, 2014.

First Quarter 2014 Highlights
  • Revenues were $98.7 million.
  • GAAP gross margins were 65.7 percent.
  • Non-GAAP gross margins were 68.6 percent.
  • GAAP operating loss was $10.9 million.
  • Non-GAAP operating income was $4.9 million.
  • GAAP net loss was $11.4 million.
  • Non-GAAP net income was $4.5 million.
  • GAAP net loss per diluted share was $0.26.
  • Non-GAAP net income per diluted share was $0.10.
  • $10.5 million in cash was provided by operating activities.
  • Cash and investments totaled $340.1 million at March 31, 2014.

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $98.7 million for the first quarter of 2014, down 6.5 percent from $105.5 million in the fourth quarter of 2013, and up 18.8 percent from $83.1 million in the first quarter of 2013.

GAAP gross margins in the first quarter of 2014 were 65.7 percent, compared with 64.9 percent in the fourth quarter of 2013 and 65.2 percent in the first quarter of 2013.

Non-GAAP gross margins in the first quarter of 2014 were 68.6 percent, compared with 68.5 percent in the fourth quarter of 2013 and 68.1 percent in the first quarter of 2013.

GAAP net loss in the first quarter of 2014 was $11.4 million, or $0.26 per diluted share, compared with GAAP net loss of $7.3 million, or $0.17 per diluted share in the fourth quarter of 2013 and GAAP net loss of $8.5 million or $0.20 per diluted share in the first quarter of 2013.

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