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Mellanox Technologies, Ltd. Announces Second Quarter 2014 Financial Results

Mellanox® Technologies, Ltd. (NASDAQ: MLNX), a leading supplier of end-to-end interconnect solutions for servers and storage systems, today announced financial results for its second quarter 2014, ended June 30, 2014.

Second Quarter 2014 Highlights

  • Revenues were $102.6 million
  • GAAP gross margins were 66.6 percent
  • Non-GAAP gross margins were 69.1 percent
  • GAAP operating loss was $9.4 million
  • Non-GAAP operating income was $6.4 million
  • GAAP net loss was $9.0 million
  • Non-GAAP net income was $6.8 million
  • GAAP net loss per diluted share was $0.20
  • Non-GAAP net income per diluted share was $0.15
  • $7.3 million in cash was provided by operating activities
  • Total cash and investments increased $3.6 million to $343.7 million at June 30, 2014

Second Quarter Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $102.6 million for the second quarter of 2014, up 3.9 percent from $98.7 million in the first quarter of 2014, and up 4.5 percent from $98.2 million in the second quarter of 2013.

GAAP gross margins in the second quarter of 2014 were 66.6 percent, compared with 65.7 percent in the first quarter of 2014, and 67.2 percent in the second quarter of 2013.

Non-GAAP gross margins in the second quarter of 2014 were 69.1 percent, compared with 68.6 percent in the first quarter of 2014, and 69.4 percent in the second quarter of 2013.

GAAP net loss in the second quarter of 2014 was $9.0 million, or $0.20 per diluted share, compared with GAAP net loss of $11.4 million, or $0.26 per diluted share in the first quarter of 2014, and GAAP net loss of $1.7 million, or $0.04 per diluted share in the second quarter of 2013.

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