Mellanox Technologies, Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter of 2013
For the year, the company's total revenue was $500,799,000 compared to $259,251,000 reported in 2011. Income from operations was $118,308,000 against $12,593,000 a year ago. Income before taxes was $119,567,000 against $13,352,000 a year ago. GAAP net income was $111,380,000 or $2.54 per diluted share compared with $9,977,000 or $0.26 per diluted share in 2011. Non-GAAP net income was $155,676,000 or $3.60 per diluted share compared with $45,598,000 or $1.16 per diluted share in 2011. Non-GAAP income from operations was $162,604,000 compared to $48,214,000 a year ago. Net cash provided by operating activities was $182,489,000 against $61,176,000 a year ago. Purchase of property and equipment was $30,544,000 against $22,717,000 a year ago.
The company provided non-GAAP earnings guidance for the first quarter of 2013. For the quarter, the company expected revenues of $78 million to $83 million, gross margins of 67% to 68%. The company expected a sequential increase in non-GAAP operating expenses of 7% to 9%. The company estimated first quarter stock compensation expense to be between $10.5 million to $11 million. Non-GAAP diluted share count guidance for first quarter is 44.4 million to 44.9 million shares.