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NEI Announces Financial Results for the Second Quarter of Fiscal 2012

CANTON, Mass. April 26, 2012 —  NEI application platforms deployment solutions lifecycle support services March 31, 2012

Second Quarter Financial Performance

  • $65.9 million $65.0 million $64 million to $69 million
  • EMC represented 42% of net revenues, a decrease from 59% of net revenues for the second fiscal quarter last year and a decrease from the 50% of net revenues reported in the first fiscal quarter of 2012. Tektronix comprised 22% of net revenues during the quarter, an increase from 11% of net revenues in the second fiscal quarter last year and from the 16% of net revenues for the first fiscal quarter this year. Symantec represented 10% of net revenues during the quarter, down slightly from 11% of net revenues during the first fiscal quarter. Symantec was not a customer in the year-ago quarter.
  • Gross margin was 12.5% of net revenues, above guidance of 11.0% to 11.5% and compared to 11.6% in the second quarter last year. The higher gross margin was the result of a more favorable customer and product mix.
  • $6.2 million $5.6 million to $6.1 million $6.1 million
  • $1.2 million $0.03 $600,000 to $1.1 million $1.5 million $0.03 $813,000 $60,000 September 30, 2011
  • $88,000 $280,000 $1.6 million $0.04 $1.0 million to $1.5 million $2.0 million $0.05

Greg Shortell Thailand

"As we have done in the past, I am confident that we can overcome these challenges," continued Mr. Shortell. "With a strong pipeline of new business opportunities, including design wins from 2011, we have the opportunity to further diversify our customer base. We will continue to both aggressively pursue opportunities for growth and manage our expenses. That being said, we will not reduce expenses to the point where our product quality, customer service or our ability to compete for new business and grow revenues are at risk."

March 31, 2012 $135.6 million $136.7 million $16.6 million $15.1 million $12.0 million $12.1 million $2.7 million $0.06 $2.8 million $0.06 $3.5 million $4.0 million $1.8 million $234,000

Balance Sheet

$7.8 million $78.1 million $42.4 million $42.9 million March 31, 2012 $46.2 million $44.7 million December 31, 2011 $10 million

Business Outlook

June 30, 2012

  • $51 million to $56 million
  • Gross margin in the range of 11.0% to 11.5% of net revenues.
  • $5.5 million and $6.0 million $100,000 $280,000
  • $(200,000) to $300,000
  • $200,000 to $700,000

Doug Bryant

$200 and $250 million

Conference Call Details

10 a.m. (ET) www.nei.com

12 p.m. (ET) May 3, 2012

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. Last, 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

application management application deployment solutions Canton, Massachusetts Plano, Texas Ireland www.nei.com

Safe Harbor for Forward-Looking Statements

September 30, 2011 December 31, 2011

Peter Seltzberg

[email protected]
[email protected]

 

 

NEI

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended 

Six Months Ended

March 31,

March 31,

March 31,

March 31,

2012

2011

2012

2011

Net revenues

$   65,860

$   64,953

$ 135,589

$ 136,659

Cost of revenues

57,613

57,397

118,986

121,581

Gross profit

8,247

7,556

16,603

15,078

Operating expenses:

Engineering and development

1,632

1,611

3,273

3,178

Selling and marketing

1,789

1,951

3,405

3,861

General and administrative

2,474

2,227

4,740

4,357

Amortization of intangible asset

280

332

560

665

Total operating expenses

6,175

6,121

11,978

12,061

Income from operations

2,072

1,435

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