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Meru Networks Posts Q4 and Full Year 2013 Financial Results

February 18, 2014

Meru Networks, Inc., a provider of Wi-Fi networking, announced its financial results for the fourth quarter and full year ended December 31, 2013.

In a release on February 12, the Company reported that total revenues for the fourth quarter of 2013 were $30.2 million, up 6.9 percent from $28.2 million in the fourth quarter of 2012. Product revenues for the fourth quarter of 2013 were $25.3 million, up 6.3 percent from the $23.8 million reported in the fourth quarter of 2012.

Net loss as reported in accordance with GAAP was $2.1 million for the fourth quarter of 2013, or a net loss of $0.09 per basic and diluted share, compared to a net loss of $4.3 million, or a net loss of $0.24 per basic and diluted share, for the same period of 2012.

Meru reported a fourth quarter 2013 non-GAAP net loss of $51,000, or ($0.00) loss per basic and diluted share, compared to a non-GAAP net loss of $2.5 million, or $0.13 loss per basic and diluted share, for the same period of 2012. Non-GAAP results for the fourth quarter of 2013 exclude the impact of stock-based compensation expense of $2.0 million and amortization of other intangibles totaling $0.1 million. Non-GAAP results for the fourth quarter of 2012 exclude the impact of stock-based compensation expense of $1.8 million and amortization of other intangibles of $0.1 million.

Revenues for the year ended December 31, 2013 were $105.7 million, an increase of 8.4 percent from $97.5 million in 2012. Products and services revenues (excluding ratable revenues) for 2013 were $105.7 million, up 8.6 percent from the $97.3 million reported in 2012. Products revenues for 2013 were $87.2 million, up 7.9 percent from the $80.8 million reported in 2012.

Net loss as reported in accordance with GAAP for 2013 was $12.4 million, or $0.57 per basic and diluted share, compared to a net loss of $31.1 million, or $1.73 per basic and diluted share in 2012.

"Customer interest in our 802.11ac products surpassed all expectations, leading to record revenues and non-GAAP operating income profitability in the fourth quarter," said Dr. Bami Bastani, president and CEO, Meru Networks. "Our leadership in the newest Wi- Fi standard will be strengthened by our rollout of additional 802.11ac products. We expect this to lead to above-market growth in the second half of the year, with even greater financial discipline around operating expenses in 2014."

More information:

www.merunetworks.com

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