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Meru Networks Reports Record Fourth Quarter and Full Year 2010 Financial Results

SUNNYVALE, Calif. Feb. 2, 2011 Meru Networks, Inc. December 31, 2010

http://photos.prnewswire.com/prnh/20100621/SF23611LOGO

Fourth Quarter Financial and Operational Highlights

  • $20.5 million
  • Our Non-GAAP gross margin of 65.2% improved 490 basis points year-over-year.
  • Total customer install base up approximately 50% year-over-year.

Fourth Quarter Fiscal Year 2010 Financial Results

$22.6 million $19.3 million $20.5 million $15.3 million

$0.9 million $0.06 $8.0 million $20.27

$305,000 $0.02 $119,000 $0.01 $1.2 million $429,000 $7.6 million

Fiscal Year 2010 Financial Results

December 31, 2010 $85.0 million $69.5 million $73.7 million $51.1 million $36.6 million $3.06 $17.2 million $45.15 $859,000 $0.05 $2.3 million $5.44

Ihab Abu-Hakima ."

Fourth Quarter Business Highlights

  • Introduced the AP1000i, the newest entry-level, high-value enterprise access point solution in Meru’s product family with breakthrough connectivity, mobility and security and designed to be the industry’s simplest to deploy and easiest to manage WLAN solution.
    • the United States Asia
    • Two Fortune Global 500 Japanese consumer electronics manufacturers.
    • A Fortune 100 financial services insurance company.
    • A large regional medical center.
    • A world leading solar panel manufacturer.
    • The 2010 CRN Specialist Vendor of the Year.
    • CRN’s 2010 Top 100 Healthcare Vendor.
    • 2010 Award of Excellence, Product of the Year AP320i.
    • The "Coolest Product of 2010" Service Assurance Platform, by Health Management Technology.

Conference Call Information

February 2nd 2:00 p.m. Pacific Time 5:00 p.m. Eastern Time

http://investors.merunetworks.com

About Meru Networks, Inc.

Sunnyvale, CA Europe Middle East Asia Pacific www.merunetworks.com

Cautionary Statement Regarding Forward Looking Statements

November 5, 2010

Non-GAAP Financial Measurements

In addition to reporting financial results in accordance with generally accepted accounting principles, or GAAP, Meru reports non-GAAP net income (loss), which excludes stock-based compensation expense and adjustments to the fair value of the warrant liability.  Meru believes that its non-GAAP net income (loss) provides useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations.  Meru also believes the non-GAAP measures provide useful supplemental information for investors to evaluate its operating results in the same manner as the research analysts that follow Meru, all of whom will present non-GAAP projections in their published reports.  As such, the non-GAAP measures provided by Meru facilitate a more direct comparison of its performance with the financial projections published by the analysts as well as its competitors, many of whom report financial results on a non-GAAP basis.  The economic substance behind its decision to use such non-GAAP measures is that such measures approximate its controllable operating performance more closely than the most directly comparable GAAP financial measures.  For example, Meru’s management has no control over certain variables that have a major influence in the determination of stock-based compensation such as the volatility of its stock price and changing interest rates.  Meru believes that all of these excluded expenses and income do not accurately reflect the underlying performance of its continuing operations for the period in which they are incurred, even though these excluded items may be incurred and reflected in Meru’s GAAP financial results.

The material limitation associated with the use of non-GAAP financial measures is that the non-GAAP measures do not reflect the full economic impact of Meru’s activities.  Meru’s non-GAAP measures may be calculated differently than non-GAAP financial information disclosed by other companies.  Accordingly, investors are cautioned not to place undue reliance on non-GAAP information.

Media contact:

Investors contact:

Neila Matheny

Ingrid Ebeling or Elaine Chen

Engage PR

Market Street Partners

(510) 748-8200, ext. 215

(408) 215-5658

[email protected]

[email protected]

MERU NETWORKS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

December 31,

December 31,

2010

2009

ASSETS

CURRENT ASSETS:

Cash and cash equivalents  

$          62,270

$          21,283

Short-term investments  

4,999

Accounts receivable, net

8,796

5,967

Inventory

4,636

2,833

Deferred inventory costs, current portion

1,273

4,547

Prepaid expenses and other current assets

1,195

1,382

Total current assets

83,169

36,012

Property and equipment, net

763

698

Deferred inventory costs, net of current portion

77

1,419

Other assets  

359

283

TOTAL ASSETS

$          84,368

$          38,412

LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

CURRENT LIABILITIES:

Accounts payable

$            4,302

$            3,310

Accrued liabilities

10,694

6,989

Long-term debt, current portion

2,808

11,447

Deferred revenue, current portion

12,723

18,864

Warrant liability

18,939

Total current liabilities

30,527

59,549

Long-term debt, net of current portion  

2,808

Deferred revenue, net of current portion

3,923

6,248

Total liabilities

34,450

68,605

Convertible preferred stock

125,255

STOCKHOLDERS’ EQUITY (DEFICIT):

Preferred stock

Common stock

8

1

Additional paid-in capital

245,160

3,211

Accumulated other comprehensive loss

(27)

(43)

Accumulated deficit

(195,223)

(158,617)

Total stockholders’ equity (deficit)

49,918

(155,448)

TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

$          84,368

$          38,412

MERU NETWORKS, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except for share and per share amounts)

Three months ended
December 31,

Years ended
December 31,

2010

2009

2010

2009

REVENUES:

 Products

$      17,470

$ 13,387

$      63,197

$  45,196

 Support and services

3,048

1,959

10,479

5,866

 Ratable products and services

2,128

3,906

11,328

18,432

         Total revenues

22,646

19,252

85,004

69,494

COSTS OF REVENUES:

 Products

6,148

5,080

22,060

17,332

 Support and services

715

281

2,297

876

 Ratable products and services

1,093

2,310

6,021

9,571

         Total costs of revenues *

7,956

7,671

30,378

27,779

         Gross profit

14,690

11,581

54,626

41,715

OPERATING EXPENSES:

 Research and development *

3,439

2,932

12,399

10,018

 Sales and marketing *

9,315

7,039

33,483

25,762

 General and administrative *

2,646

1,540

10,462

6,858

          Total operating expenses

15,400

11,511

56,344

42,638

Income (loss) from operations

(710)

70

(1,718)

(923)

Interest expense, net

(153)

(313)

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