SUNNYVALE, Calif.--(BUSINESS WIRE)--
Aruba Networks, Inc. (NASDAQ: ARUN) today released financial results for
its fourth quarter and fiscal year ended July 31, 2013.
In the fourth quarter, the company purchased $55.7 million of its
common stock. Additionally, Aruba’s Board of Directors authorized an
increase of $100 million to its share repurchase program.
Launched Aruba’s flagship 802.11ac solution, the first in the industry
to deliver gigabit Wi-Fi combined with the device density and
application intelligence required by today’s Wi-Fi networks. The Aruba
220 Series APs are purpose-built for the 802.11ac standard, resulting
in time and cost savings for enterprises. Aruba’s patented ClientMatch
technology resolves the issue of “sticky clients” and dynamically
optimizes Wi-Fi client performance by putting the Wi-Fi infrastructure
in control of client connection and roaming decisions.
Revenue for Q4’13 was $153.1 million, compared with $139.2 million
reported in Q4’12. GAAP net loss in Q4’13 was $16.3 million, or $0.14
per share, compared with a GAAP net loss of $3.0 million, or $0.03 per
share, in Q4’12.
Non-GAAP net income for Q4’13 was $15.1 million, or $0.12 per diluted
share, compared with Q4’12 non-GAAP net income of $22.1 million, or
$0.18 per diluted share. A reconciliation between GAAP and non-GAAP
information is contained in the tables below.
Fiscal year 2013 revenue was $600.0 million, an increase of 16 percent
from $516.8 million reported in fiscal year 2012. GAAP net loss for
fiscal year 2013 was $32.3 million, or $0.29 per share, compared with a
net loss of $8.9 million, or $0.08 per share, in fiscal year 2012.
Non-GAAP net income for fiscal year 2013 was $78.5 million, or $0.63 per
diluted share, compared with non-GAAP net income of $77.5 million, or
$0.64 per diluted share, in fiscal year 2012.
“We exceeded our fourth quarter revenue expectations and added a record
number of new customers,” said Dominic Orr, Aruba’s president and chief
executive officer. “This performance was driven by strong execution,
improvements across most of our geographical theatres and increased
demand in our core verticals globally. Looking forward, we are confident
in our strong growth drivers including our 802.11ac products, ClearPass,
public facing enterprise solutions and Aruba Instant.”
Michael Galvin, Aruba’s chief financial officer, added, “In fiscal 2013,
we achieved a record $600 million in revenue while our gross margin
remained strong. Throughout the fiscal year, we continued our strong
working capital management, generated $153 million in cash flow from
operations and ended the year with approximately $415 million in cash
and short-term investments. We completed our initial stock repurchase
program by purchasing $86 million of our common stock in fiscal 2013 and
subsequently expanded our share repurchase program by another $100