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Mellanox Technologies Announces Financial Results for Q3 2007
Fifth Consecutive Quarter of Record Revenue and Record Operating and Net Income
Santa Clara, Calif. and Yokneam, Israel – Oct. 24, 2007
Mellanox™ Technologies, Ltd. (NASDAQ: MLNX; TASE: MLNX), a leading supplier of semiconductor-based, server and storage interconnect products, today announced financial results for its third quarter of 2007, ended Sept. 30, 2007.
In accordance with U.S. generally accepted accounting principles (GAAP), the company recorded revenue in the third quarter of $22.7 million, up 15 percent from $19.8 million in the second quarter of 2007 and up 69 percent from $13.4 million in the third quarter a year ago.
Gross margins in the third quarter were 74.9 percent, compared with 75.1 percent in the second quarter of 2007 and 72.8 percent in the third quarter of 2006. GAAP net income in the third quarter was $7.0 million or $0.21 per diluted share, compared with $5.6 million or $0.17 per diluted share in the second quarter of 2007 and $2.8 million in the third quarter of 2006.
On a non-GAAP basis, the company recorded third quarter net income of $8.0 million compared with $6.4 million in the second quarter of 2007 and $2.9 million in the third quarter a year ago. These non-GAAP net income results exclude share-based compensation expenses.
Total cash and investments were $148.2 million at Sept. 30, 2007. The company generated $9.6 million of cash from operations during the quarter and $21.3 million during the first nine months of 2007.
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