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Voltaire Presents Continued Growth
Voltaire presents continued growth in revenues and profitability in second-quarter 2008
July 30, 2008
2 Min Read
BILLERICA, Mass. and HERZLIYA, Israel -- Voltaire Ltd. (NASDAQ: VOLT), a leading provider of grid backbone solutions for data centers, today announced financial results for the three-month period ended June 30, 2008.
Second Quarter Highlights (compared to second quarter 2007)
Revenues up 46% reaching $17.1 million
Gross margin reaches record 54.5%, compared to 39.6% in second quarter 2007
Non-GAAP net income reaches $0.8 million; GAAP net income totals $0.4 million
Strong increase in order generation in financial services, manufacturing and life science vertical markets
Introduce third quarter revenue guidance of $17$18 million; non-GAAP EPS $0.02 - $0.04
Revenues for the second quarter of 2008 totaled $17.1 million, an increase of 46% compared to $11.7 million in the second quarter 2007. Gross profit for the second quarter of 2008 totaled $9.3 million, an increase of 101% compared to $4.6 million in the second quarter 2007. Gross profit, as a percent of revenues, for the second quarter of 2008, totaled 54.5%, a substantial increase from the 39.6% gross profit, as a percent of revenues, for the second quarter 2007.
Operating profit for the second quarter of 2008 totaled $0.3 million, an improvement from the GAAP operating loss of $1.3 million in the second quarter of 2007. Net profit for the second quarter of 2008 totaled $0.4 million, or $0.02 per diluted share, compared to a net loss, after non-cash accretion of redeemable preferred shares, of $6.8 million, or $9.79 loss per diluted share, in the second quarter of 2007.Operating profit, on a non-GAAP basis, for the second quarter of 2008 totaled $0.7 million, a substantial increase compared to the non-GAAP operating loss of $1.0 million in the second quarter of 2007. Net income, on a non-GAAP basis, for the second quarter of 2008 totaled $0.8 million, or $0.04 per diluted share, compared to a non-GAAP net loss of $1.0 million, or $0.07 loss per diluted share, in the second quarter 2007.
“This quarter our three pronged growth strategy comprised of our vertical market approach, OEM partnerships and leading and differentiated products contributed to our strong business and financial performance. We continued to see demand from our main commercial verticals with orders from the financial services vertical doubling over the previous quarter adding more than 10 new customers, closely followed by strong order growth in both the manufacturing and life science verticals,” said Ronnie Kenneth, Chairman and CEO of Voltaire.
Voltaire Inc.
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