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Meru Networks (MERU): Fourth Quarter and Fiscal 2012 Financial Results

Meru Networks Inc., (MERU) provides a virtualized wireless LAN solution that cost-effectively optimizes the enterprise network to deliver the performance, reliability, predictability and operational simplicity of a wired network, with the advantages of mobility. MERU enables enterprises to migrate their business-critical applications from wired networks to wireless networks.

Meru Networks reported its financial results for the fourth quarter and full year ended December 31, 2012.

Fourth Quarter 2012 Financial Results:

  • Total revenues were $28.2 million, up 21% from $23.3 million in the fourth quarter of 2011.
  • Products revenues were $23.8 million, up 20% from the $19.7 million reported in the fourth quarter of 2011.
  • Net loss as reported in accordance with GAAP was $4.3 million, or a net loss of $0.24 per basic and diluted share, compared to net loss of $8.2 million, or a net loss of $0.46 per basic and diluted share, for the same period of 2011.
  • Non-GAAP net loss of $2.5 million, or $0.13 [loss] per basic and diluted share, compared to non-GAAP net loss of $5.4 million, or $0.30 [loss] per basic and diluted share, for the same period of 2011.

2012 Financial Results:

  • Revenues were $97.5 million, an increase of 8% from $90.5 million in 2011.
  • Products and services revenues (excluding ratable revenues) were $97.3 million, up 12% from the $87.2 million reported in 2011.
  • Products revenues were $80.8 million, up 9% from the $74.3 million reported in 2011.
  • Net loss as reported in accordance with GAAP was $31.1 million, or $1.73 per basic and diluted share, compared to a net loss of $26.7 million, or $1.54 per basic and diluted share in 2011.
  • Non-GAAP net loss was $19.9 million, or $1.11 loss per basic and diluted share, compared to non-GAAP net loss of $12.1 million, or $0.69 loss per basic and diluted share in 2011.

Dr. Bami Bastani, Meru Networks’ President and Chief Executive Officer, commented:

Q4 2012 was a new high water mark for Meru so far, where we saw our vertical market‑focused transformation and solid execution produce positive results. Our new products are being well received and we have laid the groundwork for success in the rapidly developing 802.11ac market.