Mellanox Touts Record Results

Company announces eighth consecutive quarter of revenue growth

July 24, 2008

1 Min Read
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SANTA CLARA, Calif. and YOKNEAM, Israel -- Mellanox Technologies, Ltd. (NASDAQ:MLNX) (TASE:MLNX), a leading supplier of semiconductor-based, server and storage interconnect products, today announced record financial results for its second quarter ended June 30, 2008.

Second Quarter Highlights

  • Net revenue increased to a record $28.2 million, up 43% from the same quarter last year

  • Gross margins were 79.8%

  • Net income: $4.6 million GAAP, $9.6 million non-GAAP

  • Net income per diluted share: $0.14 GAAP, $0.28 non-GAAP

  • $10.1 million in cash generated from operations

  • $165 million in total cash and investments at quarter end

Financial Results

In accordance with U.S. generally accepted accounting principles (GAAP), the company reported record revenue of $28.2 million, up from $25.2 million in the first quarter of 2008 and up 43 percent from the $19.8 million reported in the second quarter of 2007.Gross margins in the second quarter were 79.8 percent, compared with 76.4 percent in the first quarter of 2008 and 75.1 percent reported in the second quarter a year ago. GAAP net income in the second quarter was $4.6 million or $0.14 per diluted share and included a tax expense of $3.0 million from the realization of deferred tax assets and $2.0 million of share-based compensation expense

Mellanox Technologies Ltd.

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