Mellanox Technologies, Ltd. Announces Third Quarter 2013 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 third quarter 2013, ended September 30, 2013.

Third Quarter 2013 Highlights
  • Revenues were $104.1 million
  • GAAP gross margins were 64.4 percent
  • Non-GAAP gross margins were 69.0 percent
  • GAAP operating loss was $4.8 million
  • Non-GAAP operating income was $13.7 million
  • GAAP net loss was $5.4 million
  • Non-GAAP net income was $13.1 million
  • GAAP net loss per diluted share was $0.12
  • Non-GAAP net income per diluted share was $0.29
  • $16.4 million in cash was provided by operating activities
  • Total cash and investments was $306.4 million at September 30, 2013

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported revenue of $104.1 million for the third quarter of 2013, up 6.0 percent from $98.2 million in the second quarter of 2013, and down 33.5 percent from $156.5 million in the third quarter of 2012.

GAAP gross margins in the third quarter of 2013 were 64.4 percent, compared with 67.2 percent in the second quarter of 2013, and 69.1 percent in the third quarter of 2012.

Non-GAAP gross margins in the third quarter of 2013 were 69.0 percent, compared with 69.4 percent in the second quarter of 2013, and 70.5 percent in the third quarter of 2012.

GAAP net loss in the third quarter of 2013 was $5.4 million, or $0.12 per diluted share, compared with GAAP net loss of $1.7 million, or $0.04 per diluted share in the second quarter of 2013, and GAAP net income of $48.4 million, or $1.09 per diluted share in the third quarter of 2012.

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