 | mellanox® technologies, ltd. (mlnx), a leading supplier of end-to-end connectivity solutions for servers and storage systems, today announced financial results for its fourth quarter and fiscal year 2013.
fourth quarter and fiscal year 2013 highlights
revenues were $105.5 million in the fourth quarter, and $390.9 million in fiscal year 2013.
gaap gross margins were 64.9 percent in the fourth quarter, and 65.4 percent in fiscal year 2013.
non-gaap gross margins were 68.5 percent in the fourth quarter, and 68.8 percent in fiscal year 2013.
gaap operating loss was $7.9 million in the fourth quarter, and $20.3 million in fiscal year 2013.
non-gaap operating income was $9.1 million in the fourth quarter, and $43.4 million in fiscal year 2013.
gaap net loss was $7.3 million in the fourth quarter, and $22.9 million in fiscal year 2013.
non-gaap net income was $9.7 million in the fourth quarter, and $40.9 million in fiscal year 2013.
gaap net loss per diluted share was $0.17 in the fourth quarter, and $0.53 in fiscal year 2013.
non-gaap net income per diluted share was $0.21 in the fourth quarter, and was $0.90 in fiscal year 2013.
$30.7 million in cash was provided by operating activities during the fourth quarter.
$52.0 million in cash was provided by operating activities during fiscal year 2013.
cash and investments totaled $330.2 million at december 31, 2013.
financial results
in accordance with u.s. generally accepted accounting principles (gaap), the company reported revenue of $105.5 million for the fourth quarter, up 1.4 percent from $104.1 million in the third quarter of 2013, and down 13.6 percent from $122.1 million in the fourth quarter of 2012. for the year ended december 31, 2013, revenue was $390.9 million, a decrease of 22.0 percent from revenue of $500.8 million reported in 2012.
gaap gross margins in the fourth quarter of 2013 were 64.9 percent, compared with 64.4 percent in the third quarter of 2013 and 68.1 percent in the fourth quarter of 2012. gaap gross margins in 2013 were 65.4 percent, compared with 68.5 percent in 2012.
non-gaap gross margins in the fourth quarter of 2013 were 68.5 percent, compared with 69.0 percent in the third quarter of 2013 and 70.0 percent in the fourth quarter of 2012. non-gaap gross margins in 2013 were 68.8 percent, compared with 70.3 percent in 2012.
gaap net loss in the fourth quarter of 2013 was $7.3 million, or $0.17 per diluted share, compared with gaap net loss of $5.4 million, or $0.12 per diluted share in the third quarter of 2013 and net income of $18.4 million or $0.41 per diluted share in the fourth quarter of 2012.
non-gaap net income in the fourth quarter of 2013 was $9.7 million, or $0.21 per diluted share, compared with $13.1 million, or $0.29 per diluted share in the third quarter of 2013, and $30.7 million, or $0.69 per diluted share in the fourth quarter of 2012. the fourth quarter 2013 non-gaap net income excludes $11.7 million of share-based compensation expense compared to $11.9 million in the third quarter of 2013, and $10.0 million in the fourth quarter of 2012. the fourth quarter 2013 non-gaap net income also excludes amortization expenses of acquired intangible assets of $4.4 million, and $0.9 million of acquisition related ges associated with the acquisition of kotura, inc. and iptronics a/s, compared to amortization expenses of acquired intangible assets of $4.6 million and acquisition related ges of $2.0 million in the third quarter of 2013, and compared to $2.3 million of amortization expense of acquired intangibles assets in the fourth quarter of 2012.
gaap net loss in 2013 was $22.9 million, or $0.53 per diluted share, compared to $111.4 million of gaap net income, or $2.54 per diluted share in 2012.
non-gaap net income in 2013 was $40.9 million, or $0.90 per diluted share, compared to $155.7 million or $3.60 per diluted share in 2012. 2013 non-gaap net income excludes $45.1 million of share-based compensation expense, $13.9 million of amortization expense of acquired intangible assets and $4.7 million of acquisition related ges. 2012 non-gaap net income excludes $35.0 million of share-based compensation expense and amortization expense of acquired intangible assets of $9.3 million.
total cash and investments at december 31, 2013 were $330.2 million compared to $426.3 million at december 31, 2012. the company generated $30.7 million in cash from operating activities in the fourth quarter of 2013, and $52.0 million for fiscal year 2013.
“our fourth quarter and fiscal year 2013 results were solid, and we made progress on many of the goals that we outlined for you when we started the year. we believe that approximately $50 million of revenue that was shipped in 2012 was actually deployed in 2013. we acquired two companies in 2013 and believe that these technologies will be important building blocks for our future solutions,” said eyal waldman, president and ceo of mellanox technologies. “throughout the year, we worked with many new and existing partners on programs for our infiniband and ethernet interconnect technologies, and in particular, we saw increased adoption of our ethernet products. we believe that the trends that we see in the market today will result in multiple opportunities for mellanox in the future.”
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