Shares of Voltaire Ltd. (NASDAQ:VOLT) fell by 2.8% or by 19 cents after the company reported net loss on GAAP basis of $0.04 per share for the third quarter of fiscal year 2010, improvement of 43% from the last year's loss of $0.07 per share in consequence to strong channel development and a growing customer roster. Revenues for the third quarter of 2010 totaled $18.1 million, an increase of 25% compared to $14.5 million reported in the third quarter of 2009 while Gross profit totaled $9.4 million, an increase of 27% compared to $7.4 million in the third quarter of 2009. Gross margin for the third quarter of 2010 totaled 51.9%, an improvement compared to 51% for the third quarter of 2009. Net loss on a GAAP basis, for the third quarter of 2010 totaled $768 thousand, or $0.04 loss per share. This represents an improvement from a net loss of $1.5 million, or $0.07 loss per share, in the third quarter of 2009. Net loss on a non-GAAP basis, for the third quarter of 2010 totaled $49 thousand, compared to a net loss, on a non-GAAP basis, of $949 thousand, or $0.05 loss per share, in the third quarter of 2009. The Company expects 2010 revenues in the range of $67 – 70 million with full year gross margins to be approximately 52%. Management improves its outlook for full year expenses, with operating expenses for 2010 to be in the range of $37.0 to 37.5 million, updated from an earlier estimate of between $38.0 to 39.5 million. Mr. Ronnie Kenneth, Chairman and CEO of Voltaire commented, "We are very pleased with our business performance and strong financial results in the quarter. In the third quarter, we achieved a major financial milestone. We significantly improved our bottom line and generated positive cash flow, while increasing sales of our software and Ethernet solutions– our top two long-term growth engines for the business." Voltaire (NASDAQ: VOLT) is a leading provider of scale-out computing fabrics for data centers, high performance computing and cloud environments.
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Monday, November 1, 2010
Stock Alert: Voltaire Ltd. (VOLT)
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