finance.yahoo.com
Extreme Networks Reports Second Quarter Fiscal Year 2014 Financial Results
Completed Acquisition of Enterasys Networks for $180M -
Doubled in Size and immediately accretive to non-GAAP EPS
GAAP Revenue: $146.6 million & non-GAAP Revenue: $148.3 million
GAAP EPS: Loss of $0.17 primarily related to acquisition expenses
Non-GAAP EPS: $0.14, increased $0.11 compared to the prior year
SAN JOSE, Calif., Feb. 5, 2014 /PRNewswire/ -- Extreme Networks, Inc. ( EXTR) today announced GAAP revenue of $146.6 million for its second quarter of fiscal 2014 ending December 31, 2013. This represents a 94% increase compared to revenue of $75.6 million reported for the second quarter of fiscal 2013 and a 93% increase compared to the first quarter of fiscal 2014. The second fiscal quarter results included two full months of Enterasys ownership. GAAP net loss for the second fiscal quarter was $16.0 million or $0.17 per share, which includes $11.0 million of purchase accounting expenses, $8.7 million of acquisition and integration costs, $6.5 million of amortization of intangibles related to the Enterasys Networks acquisition and $3.5 million of stock based compensation. This is compared to a GAAP net loss for the second quarter of fiscal 2013 of $4.2 million or $0.04 per share, which included $5.2 million related to restructuring charges and $1.6 million of stock based compensation. On a non-GAAP basis, revenue was $148.3 million, which includes a purchase accounting adjustment of $1.8 million and net income for the second quarter of fiscal 2014 was $14.1 million, or $0.14 per diluted share, compared to non-GAAP net income for the second quarter of fiscal 2013 of $2.8 million, or $0.03 per diluted share.
"We completed the acquisition of Enterasys on the final day of October making Extreme the fifth largest Ethernet switching company in the market. Our second quarter non-GAAP results, that were within our guidance on both revenue and earnings per share; demonstrate the scale we have achieved as a result of the acquisition," said Chuck Berger, president and CEO for Extreme Networks. "Our integration plans are on track. The senior management team for the combined Company has been established and announced and we continue to make steady progress towards a complete integration. In mid January, in a joint announcement with the NFL, we were named the Official WIFI analytics provider of the NFL and Super Bowl XLVIII. Our newly released Purview WIFI data analytics product provided the NFL with detailed information about WIFI usage at Super Bowl XLVIII." |
