Meru Networks Reports Record Q2 2010 Financial Results
28/07/10 Filed in:Meru
SUNNYVALE, Calif., Oct 27, 2010 – Meru Networks, Inc., (Nasdaq: MERU), the leader in 802.11n virtualized wireless LAN solutions for enterprise networking, today announced its financial results for the quarter ended September 30, 2010.
Third Quarter Financial and Operational Highlights
Total revenues for the third quarter of fiscal year 2010 were $21.8 million, up 22% from $17.8 million in the third quarter of fiscal year 2009. Products and services revenues for the third quarter of fiscal year 2010 were $19.3 million, up 41% from the $13.6 million reported in the third quarter of fiscal year 2009.
Net loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $0.8 million for the third quarter of 2010, or net loss per share of $0.05, compared to a net loss of $5.0 million, or net loss per share of $13.06, for the same period of fiscal year 2009. GAAP results for the third quarter of 2010 included stock-based compensation expense of $1.1 million. GAAP results for the third quarter of 2009 included stock-based compensation expense of $157,000, and a $5.0 million expense related to the adjustment to fair value of the warrant liability.
Meru reported third quarter fiscal year 2010 non-GAAP net income of $342,000, or $0.02 per fully diluted share, compared to non-GAAP net income of $165,000, or $0.01 per fully diluted share, for the third quarter of fiscal year 2009. Non-GAAP results for both periods exclude the impact of stock-based compensation, and results for the third quarter of 2009 also exclude the impact of adjustments to the fair value of the warrant liability. Please refer to the reconciliation of GAAP to non-GAAP results provided at the end of this release.
"This was another very strong quarter for Meru, with record financial results as well as the addition of more than 500 new customers during the quarter," said Ihab Abu-Hakima, president and chief executive officer of Meru Networks. "We believe the growing proliferation of wireless devices such as the iPhone, iPad, Android phones and PC tablet devices, as well as the evolution of wireless networks to business critical enterprise infrastructure has helped fuel the strong uptake for our solutions."
Abu-Hakima continued, "We are pleased to see that what we have referred to as the All-Wireless Enterprise™ is becoming more commonplace, and that more organizations across major verticals and geographies are selecting Meru's virtualized wireless LAN solution to run their business critical operations."
Third Quarter Business Highlights
- Total revenues of $21.8 million, up 22% year-over-year.
- Products and services revenues of $19.3 million, up 41% year-over-year.
- Increased installed base to over 4,000 customers, up over 50% year-over-year.
Total revenues for the third quarter of fiscal year 2010 were $21.8 million, up 22% from $17.8 million in the third quarter of fiscal year 2009. Products and services revenues for the third quarter of fiscal year 2010 were $19.3 million, up 41% from the $13.6 million reported in the third quarter of fiscal year 2009.
Net loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $0.8 million for the third quarter of 2010, or net loss per share of $0.05, compared to a net loss of $5.0 million, or net loss per share of $13.06, for the same period of fiscal year 2009. GAAP results for the third quarter of 2010 included stock-based compensation expense of $1.1 million. GAAP results for the third quarter of 2009 included stock-based compensation expense of $157,000, and a $5.0 million expense related to the adjustment to fair value of the warrant liability.
Meru reported third quarter fiscal year 2010 non-GAAP net income of $342,000, or $0.02 per fully diluted share, compared to non-GAAP net income of $165,000, or $0.01 per fully diluted share, for the third quarter of fiscal year 2009. Non-GAAP results for both periods exclude the impact of stock-based compensation, and results for the third quarter of 2009 also exclude the impact of adjustments to the fair value of the warrant liability. Please refer to the reconciliation of GAAP to non-GAAP results provided at the end of this release.
"This was another very strong quarter for Meru, with record financial results as well as the addition of more than 500 new customers during the quarter," said Ihab Abu-Hakima, president and chief executive officer of Meru Networks. "We believe the growing proliferation of wireless devices such as the iPhone, iPad, Android phones and PC tablet devices, as well as the evolution of wireless networks to business critical enterprise infrastructure has helped fuel the strong uptake for our solutions."
Abu-Hakima continued, "We are pleased to see that what we have referred to as the All-Wireless Enterprise™ is becoming more commonplace, and that more organizations across major verticals and geographies are selecting Meru's virtualized wireless LAN solution to run their business critical operations."
Third Quarter Business Highlights
- Introduced Meru Networks SG1000 Wireless Security, making Meru the only WLAN provider delivering 802.11n solutions built to the National Institute of Standards and Technology's highest level FIPS 140-2 Level 3 security specifications.
- Recipient of the 2010 Inc. 500|5000 Award and Deloitte Technology Fast 500 Award.
- Added industry veteran Stan Meresman to its Board of Directors.
- Largest privately-owned furniture retail chain in the UK.
- Project EDUCAT 1X1, a 1 child, 1 PC program, across 130 schools in Spain.
- A municipal government for the world's largest metropolitan city.
- One of the largest cruise lines.
- One of the largest aircraft manufacturers.
- One of the world's largest construction & engineering companies.