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NEI Announces Financial Results for the First Fiscal Quarter of 2011

CANTON, Mass. Jan. 27, 2011 NEI application platforms appliances support services December 31, 2010

First Quarter Financial Performance

  • $71.7 million $44.1 million $59 to $64 million
  • Gross profit margin was 10.5 percent of net revenues, at the top end of the guidance of 10.0 to 10.5 percent and compared to 13.7 percent for the first fiscal quarter of the prior year.
  • $5.9 million $191,000 $333,000 $5.8 million to $6.4 million $5.9 million $274,000 $389,000
  • $1.4 million $0.03 $228,000 $333,000 $100,000 to $700,000 $198,000 $0.00 $312,000 $389,000
  • $1.9 million $0.04 $600,000 to $1.2 million $899,000 $0.02
  • EMC comprised 59 percent of total revenues during the quarter compared to 58 percent in the fourth fiscal quarter of 2010 and 40 percent in the year-ago quarter. Tektronix comprised 12 percent of net revenues during the quarter, compared to 16 percent of net revenues during the fourth fiscal quarter of 2010 and 21 percent in the year-ago quarter.

Greg Shortell

Ireland

Balance Sheet

$16.4 million $51.9 million $43.0 million $25.8 million $34.4 million $23.2 million September 30, 2010 $10 million

Business Outlook

March 31, 2011

  • $60 million to $65 million
  • Gross profit margin in the range of 10.0 percent to 10.5 percent of net revenues.
  • $5.8 million and $6.4 million $185,000 $332,000
  • $200,000 to $800,000
  • $700,000 to $1.3 million

Doug Bryant

Conference Call Details

10 a.m. (ET) March 31, 2011 www.nei.com

12 p.m. (ET) February 3, 2011

Important Information about Non-GAAP References

References by NEI (the "Company") to non-GAAP net income and non-GAAP per share information refer to net income or per share information excluding stock-based compensation expense and amortization expense. GAAP requires that these expenses be included in determining net income or loss and per share information. The Company’s management uses non-GAAP operating expenses, and associated non-GAAP net income (which is the basis for non-GAAP per share information) to make operational and investment decisions, and the Company believes that they are among several useful measures for an enhanced understanding of its operating results for a number of reasons.

First, although the Company undertakes analyses to ensure that its stock-based compensation grants are in line with peer companies and do not unduly dilute shareholders, the Company allocates grants and measures them at the corporate level. Second, management excludes their financial statement effect when planning or measuring the periodic financial performance of the Company’s functional organizations since they are episodic in nature and unrelated to its core operating metrics. Lastly, we believe that providing non-GAAP per share information affords investors a view of results that may be more easily compared to peer companies and enables investors to consider the Company’s results on both a GAAP and non-GAAP basis in periods when the Company is undertaking non-recurring activities.

The Company believes these non-GAAP measures will aid investors’ overall understanding of the Company’s results by providing a higher degree of transparency for certain expenses, and providing a level of disclosure that will help investors understand how the Company plans and measures its own business. However, non-GAAP net income should be construed neither as an alternative to GAAP net income or loss or per share information as an indicator of our operating performance nor as a substitute for cash flow from operations as a measure of liquidity because the items excluded from the non-GAAP measures often have a material impact on the Company’s results of operations. Therefore, management uses, and investors should use, non-GAAP measures only in conjunction with the Company’s reported GAAP results.

About NEI

Canton, Massachusetts www.nei.com

Safe Harbor for Forward-Looking Statements

September 30, 2010

   Contact:

     Hayden IR

     Peter Seltzberg

     646-415-8972

      [email protected]

      [email protected]

Tables to follow

NEI

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended

December 31,

December 31,

2010

2009

Net revenues

$          71,706

$          44,053

Cost of revenues

64,184

37,998

Gross profit

7,522

6,055

Operating expenses:

Research and development

1,567

1,683

Selling and marketing

1,910

1,758

General and administrative

2,130

2,021

Amortization of intangible asset

333

389

Total operating expenses

5,940

5,851

Income from operations

1,582

204

Interest and other income (expense), net

(56)

18

Income before income taxes

$            1,526

$               222

Provision for income taxes

174

24

Net income

$            1,352

$               198

Net income per share – basic

$              0.03

$              0.00

Net income per share – diluted

$              0.03

$              0.00

Shares used in computing basic net income per share

42,859

42,027

Shares used in computing diluted net income per share

43,867

42,833

The amounts in the table above include employee stock-based compensation as follows (in thousands):

Three Months Ended

December 31,

December 31,

2010

2009

Cost of revenues

$                 37

$                 38

Research and development

33

46

Selling and marketing

72

77

General and administrative

86

151

$               228

$               312

NEI

Non-GAAP Financial Measures and Reconciliations

(in thousands, except per share data)

(unaudited)

Three Months Ended

December 31,

December 31,

2010

2009

GAAP net income

$            1,352

$               198

Amortization of intangible asset

333

389

Stock-based compensation

228

312

Non-GAAP net income

$            1,913

$               899

GAAP basic net income per share

$              0.03

$              0.00

Amortization of intangible asset

0.01

0.01

Stock-based compensation

0.01

Non-GAAP basic net income per share

$              0.04

$              0.02

GAAP diluted net income per share

$              0.03

$              0.00

Amortization of intangible asset

0.01

0.01

Stock-based compensation

0.01

Non-GAAP diluted net income per share

$              0.04

$              0.02

Shares used in computing GAAP and non-GAAP basic

net income per share

42,859

42,027

Shares used in computing GAAP and non-GAAP diluted

net income per share

43,867

42,833

NEI

Condensed Consolidated Balance Sheets

(in thousands)

(unaudited)

December 31,

September 30,

2010

2010

ASSETS

Current assets:

Cash and cash equivalents

$          16,409

$            15,323

Accounts receivable, net

43,028

34,377

Taxes receivable

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