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NETGEAR® Reports Record Fourth Quarter and Full Year 2010 Results

SAN JOSE, Calif. , Feb. 8, 2011

  • $258.5 million $218.8 million
  • $16.1 million $11.8 million
  • $0.44 $0.34
  • $902.1 million $686.6 million
  • $62.9 million $23.7 million
  • $1.74 $0.68
  • $250 million to $260 million

December 31, 2010

December 31, 2010 $258.5 million $218.8 million December 31, 2009 $236.0 million October 3, 2010 $13.6 million $0.37 $7.9 million $0.22 $13.1 million $0.36

$0.44 $0.34 $0.45

The differences between GAAP and non-GAAP financial measures include adjustments, net of any tax effect, for amortization of purchased intangibles, stock-based compensation, restructuring, technology license arrangements, acquisition related compensation, and litigation reserves. The accompanying schedules provide a reconciliation of financial measures computed on a GAAP basis to financial measures computed on a non-GAAP basis.

$902.1 million $686.6 million $50.9 million $1.41 $9.3 million $0.27

$62.9 million $23.7 million $1.74 $0.68

Patrick Lo

"The strong revenue performance in the fourth quarter was driven by higher than expected revenue contribution from new products. We introduced a record 26 new products during the fourth quarter 2010. In total, we introduced an unprecedented 81 new products in 2010.  Notable new products include the industry’s first 500Mbps Powerline adapter, the Neo TV™ 550 Digital/Internet Media Player, the ReadyNAS® Ultra 2 Media Server Network Storage, the 4G LTE WiFi router, and a 10Gbps Ethernet Switch for medium size businesses.  At the Las Vegas International Consumer Electronics Show in January, three of our new products were the recipients of 2011 Innovations Design and Engineering awards."

Christine Gorjanc $270.7 million $247.1 million $243.5 million $127.4 million $90.6 million $110.4 million

Net revenue by geography comprises gross revenue less such items as marketing incentives paid to customers, sales returns and price protection. The following table shows net revenue by geography for the periods indicated:

Net revenue by geography:

Three months ended

Year ended

December 31, 2010

October 3, 2010

December 31, 2009

December 31, 2010

December 31, 2009

North America

$134,358

52%

$121,956

52%

$104,327

48%

$465,063

51%

$314,392

46%

Europe, Middle-East and Africa

101,620

39%

89,120

38%

91,177

42%

340,473

38%

292,182

42%

Asia Pacific

22,553

9%

24,941

10%

23,328

10%

96,516

11%

80,021

12%

$258,531

100%

$236,017

100%

$218,832

100%

$902,052

100%

$686,595

100%

$250 million to $260 million

Investor Conference Call / Webcast Details

Tuesday, February 8, 2011 5 p.m. EST 2 p.m. PST www.netgear.com midnight EST 9 p.m. PST Tuesday, February 15, 2011 www.netgear.com

About NETGEAR, Inc.

San Jose, Calif. http://www.netgear.com/ http://twitter.com/NETGEAR http://www.facebook.com/NETGEAR

the United States The information contained herein is subject to change without notice. NETGEAR shall not be liable for technical or editorial errors or omissions contained herein.  All rights reserved.  

Contact:

Joseph Villalta

The Ruth Group

(646) 536-7003

[email protected]

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 for NETGEAR, Inc .:

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. The words "anticipate", "expect", "believe", "will", "may", "should", "estimate", "project", "outlook", "forecast" or other similar words are used to identify such forward-looking statements.  However, the absence of these words does not mean that the statements are not forward-looking. The forward-looking statements represent NETGEAR, Inc.’s expectations or beliefs concerning future events based on information available at the time such statements were made and include statements, among others, regarding NETGEAR’s expected revenue, earnings, gross and operating margin and operating income on both a GAAP and non-GAAP basis, our ability and intent to launch new product offerings and continue product development efforts, current and future demand for the Company’s existing and anticipated new products, and our ability to increase market share for the Company’s products globally. These statements are based on management’s current expectations and are subject to certain risks and uncertainties, including, without limitation, the following: future demand for the Company’s products may be lower than anticipated; consumers may choose not to adopt the Company’s new product offerings or adopt competing products; product performance may be adversely affected by real world operating conditions; the Company may be unsuccessful or experience delays in manufacturing and distributing its new and existing products; telecommunications service providers may choose to slow their deployment of the Company’s products or utilize competing products; the Company may be unable to collect receivables as they become due; the Company may fail to manage costs, including the cost of developing new products and manufacturing and distribution of its existing offerings; the Company may fail to successfully continue to effect operating expense savings; channel inventory information reported is estimated based on the average number of weeks of inventory on hand on the last Saturday of the quarter, as reported by certain of NETGEAR’s customers; changes in the level of NETGEAR’s cash resources and the Company’s planned usage of such resources; changes in the Company’s stock price and developments in the business that could increase the Company’s cash needs, fluctuations in foreign exchange rates, and the actions and financial health of the Company’s customers. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. Therefore, actual outcomes and results may differ materially from what is expressed or forecast in such forward-looking statements. October 3, 2010 November 10, 2010

Use of Non-GAAP Financial Information:

the United States

NETGEAR, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

December 31,

December 31,

2010

2009

ASSETS

Current assets:

Cash and cash equivalents

$        126,173

$         172,202

Short-term investments

144,564

74,898

Accounts receivable, net

226,731

162,853

Inventories

127,394

90,590

Deferred income taxes

19,332

13,347

Prepaid expenses and other current assets

23,850

20,835

Total current assets

668,044

534,725

Property and equipment, net

17,503

16,891

Intangibles, net

6,241

8,298

Goodwill

74,198

64,908

Other non-current assets

14,335

8,299

Total assets

$        780,321

$         633,121

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$          89,155

$           69,081

Accrued employee compensation

24,130

11,040

Other accrued liabilities

110,413

87,894

Deferred revenue

27,538

22,106

Income taxes payable

3,487

5,488

Total current liabilities

254,723

195,609

Non-current income taxes payable

19,719

17,479

Other non-current liabilities

5,443

5,880

Total liabilities

279,885

218,968

Stockholders’ equity:

Common stock

36

35

Additional paid-in capital

316,108

280,256

Cumulative other comprehensive income

281

24

Retained earnings

184,011

133,838

Total stockholders’ equity

500,436

414,153

Total liabilities and stockholders’ equity

$        780,321

$         633,121

NETGEAR, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

Three months ended

Year ended

December 31,

October 3,

December 31,

December 31,

December 31,

2010

2010

2009

2010

2009

Net revenue

$        258,531

$  236,017

$        218,832

$        902,052

$        686,595

Cost of revenue

177,377

160,310

152,368

602,805

480,195

Gross profit

81,154

75,707

66,464

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