InfiniBand chipset developer Mellanox Technologies Ltd. (Nasdaq:MLNX; TASE:MLNX) reported revenue of $22.6 million for the first quarter of 2009, compared with $25.2 million in the fourth quarter of 2008, and the same figure of $25.2 million in the first quarter of 2008.
Mellanox is the first of the Israeli companies traded on Nasdaq to post its first quarter figures.
GAAP net profit in the first quarter of 2009 was $2.1 million ($0.06 per share), compared with $4.6 million ($0.14 per share) in the first quarter of 2008.
Mellanox, posted net profit on a non-GAAP basis of $5.2 million ($0.15 per share), compared with $4.4 million ($0.13 per share) in the fourth quarter of 2008.
These first quarter 2009 non-GAAP net profit results exclude $2.3 million of share-based compensation expenses and tax expense of $0.8 million from changes in certain deferred tax assets.
Mellanox Technologies chairman, president and CEO Eyal Waldman said, “Mellanox delivered a financially solid first quarter, marked with increased OEM adoption of our industry-leading 40Gb/s ConnectX InfiniBand adapters and InfiniScale IV-based switches, industry-wide OS certification and market-readiness of our 10 Gigabit Ethernet adapter product line, and new product introductions such as our BridgeX gateway ICs and systems. Unit shipments increased 5.6 percent from the fourth quarter of 2008, and operating income increased sequentially due to prudent cost control management.”
The share closed on Nasdaq yesterday at $8.99, giving a market cap of $286.64 million. In early afternoon trading on TASE the share was up 1.64% at NIS 39.73.
Published by Globes [online], Israel business news - www.globes-online.com - on April 21, 2009
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