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Meru Networks Reports Record Second Quarter 2011 Financial Results

SUNNYVALE, Calif. July 27, 2011 Meru Networks, Inc. June 30, 2011

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

Second Quarter Financial and Operational Highlights

  • $23.2 million
  • Customer count now over 5,000 worldwide, an increase in the installed base of approximately 9% from the end of the prior quarter.
  • Reported non-GAAP gross margin of 64.5%, an improvement of 120 basis points from the prior quarter.
  • Days Sales Outstanding (DSO) was 40 days when excluding the impact of the ratable revenue element, an improvement of approximately 12 days from the prior quarter.  

Second Quarter Fiscal Year 2011 Financial Results

$23.2 million $20.9 million $22.1 million $18.0 million $19.0 million $15.3 million

$9.8 million $0.56 $901,000 $0.05 $1.6 million $7.3 million $974,000 $1.6 million

$945,000 $0.05 $309,000 $0.02

Second Quarter Business Highlights

  • Larry Vaughan Carl Gustin
  • Meru announced the AP400 mobile edge access point, an innovative product designed to deliver more than a gigabit per second data rate. IT organizations will use these access points to manage a smooth and accelerating transformation of their enterprise edge network from a wired Ethernet switch architecture to a new mobile edge.  
    • the United States
    • New York City
    • The parent company of some of the largest real estate brokerage networks in the world.    
    • A leading provider of innovative network applications to government, healthcare, education and enterprise.
    • A worldwide leader in the development of advanced digital camera technology products for machine vision, industrial imaging, and computer vision applications.

Ihab Abu-Hakima

Brett White

Conference Call Information

July 27th 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

May 6, 2011

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, adjustments to the fair value of a warrant liability, and the litigation reserve expense incurred in the second fiscal quarter of 2011.  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 Meru’s 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.  In addition, Meru’s management does not consider the litigation reserve expense relevant when comparing its performance to prior periods.  Meru believes that all of these excluded expenses 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 may 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.

MERU NETWORKS, INC.

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

June 30,

December 31,

2011

2010

ASSETS

CURRENT ASSETS:

 Cash and cash equivalents

$                 53,552

$                 62,270

 Short-term investments

4,999

4,999

 Accounts receivable, net

9,693

8,796

 Inventory

5,213

4,636

 Deferred inventory costs, current portion

339

1,273

 Prepaid expenses and other current assets

1,113

1,195

          Total current assets

74,909

83,169

Property and equipment, net

978

763

Deferred inventory costs, net of current portion

50

77

Other assets

363

359

TOTAL ASSETS

$                 76,300

$                 84,368

LIABILITIES AND STOCKHOLDERS’ EQUITY

CURRENT LIABILITIES:

Accounts payable

$                   4,153

$                   4,302

Accrued liabilities

8,999

10,694

Litigation reserve

7,250

Long-term debt, current portion

2,808

Deferred revenue, current portion

9,015

12,723

Total current liabilities

29,417

30,527

Deferred revenue, net of current portion

4,262

3,923

Total liabilities

33,679

34,450

STOCKHOLDERS’ EQUITY:

Preferred stock

Common stock

9

8

Additional paid-in capital

250,939

245,160

Accumulated other comprehensive income (loss)

37

(27)

Accumulated deficit

(208,364)

(195,223)

Total stockholders’ equity

42,621

49,918

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$                 76,300

$                 84,368

MERU NETWORKS, INC.

Condensed Consolidated Statements of Operations

(Unaudited)

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

Three months ended
June 30,

Six months ended
June 30,

2011

2010

2011

2010

REVENUES:

 Products

$      19,015

$      15,279

$      34,455

$    29,017

 Support and services

3,120

2,708

6,260

4,860

 Ratable products and services

1,094

2,915

2,665

6,644

         Total revenues

23,229

20,902

43,380

40,521

COSTS OF REVENUES:

 Products

6,664

5,255

12,375

10,036

 Support and services

1,043

618

1,940

971

 Ratable products and services

639

1,517

1,491

3,617

         Total costs of revenues *

8,346

7,390

15,806

14,624

         Gross profit

14,883

13,512

27,574

25,897

OPERATING EXPENSES:

 Research and development *

3,393

3,059

6,815

5,836

 Sales and marketing *

10,445

8,124

20,057

15,515

 General and administrative *

3,426

2,670

6,344

5,015

 Litigation reserve

7,250

7,250

          Total operating expenses

24,514

13,853

40,466

26,366

Loss from operations

(9,631)

(341)

(12,892)

(469)

Interest expense, net

(62)

(224)

(154)

(478)

Other income (expense), net

13

1,523

68

(33,860)

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