Data center switching and software developer Voltaire Ltd. (Nasdaq:VOLT) had a fairly good year in 2009, with sales returning to their levels of mid-2008, and its guidance predicts growth in 2010. The company yesterday published its financial report for the fourth quarter and full-year of 2009.
Voltaire posted $17.4 million revenue for the fourth quarter, 32% more than the $13.2 million revenue for the corresponding quarter of 2008, and slightly beating analysts' estimates.
The company narrowed its GAAP-based net loss to $468,000 ($0.02) for the fourth quarter from $2.4 million for the corresponding quarter. The company switched to a non-GAAP net profit of $295,000 ($0.01 per share) from a non-GAAP net loss of $1.7 million for the corresponding quarter.
For 2009 as a whole, Voltaire's revenue fell 18% to $50.4 million from $61.6 million in 2008. GAAP-based net loss more than doubled to $11 million ($0.52 per share) in 2009 from $5 million in 2008. Non-GAAP net loss ballooned to $8.5 million ($0.41 per share) in 2009 from $938,000 in 2008.
In its full-year guidance for 2010, Voltaire expects $66-69 million revenue, 31-37% growth over 2009, with most of the growth in the second half of the year. The company also expects a "sustainable" non-GAAP operating profit by the fourth quarter, although it did not provide a specific figure.
Voltaire chairman and CEO Ronnie Kenneth said, “Looking ahead, I believe 2010 will be an inflection point for Voltaire and our markets." He added, "We believe that we are well-positioned at the forefront of a coming widespread infrastructure refresh in the data center.”
Voltaire's share fell 9% yesterday to $6.12, giving a market cap of $128 million.
Published by Globes [online], Israel business news - www.globes-online.com - on February 9, 2010
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