NTGR » Topics » SANTA CLARA, California - April 24, 2008 -

This excerpt taken from the NTGR 8-K filed Apr 24, 2008.
SANTA CLARA, California – April 24, 2008 – NETGEAR, Inc. (NASDAQGM: NTGR), a worldwide provider of technologically advanced, branded networking products, today reported financial results for the first quarter ended March 30, 2008.

Net revenue for the first quarter ended March 30, 2008 was $198.2 million, a 14% increase as compared to $173.6 million for the first quarter ended April 1, 2007, and flat as compared to $198.3 million in the fourth quarter ended December 31, 2007. Net income for the first quarter of 2008 computed in accordance with GAAP was $11.2 million, or $0.31 per diluted share. This compared to net income of $14.0 million for the first quarter of 2007 and to net income of $12.5 million in the fourth quarter of 2007. Diluted earnings per share, computed in accordance with GAAP, was $0.40 for the first quarter of 2007 and $0.35 for the fourth quarter of 2007.

Gross margin on a non-GAAP basis in the first quarter of 2008 was 32.9%, as compared to 34.7% in the year ago comparable quarter, and 32.4% in the fourth quarter of 2007. Non-GAAP operating margin was 9.5% in the first quarter of 2008, as compared to 12.3% in the first quarter of 2007, and 10.8% in the fourth quarter of 2007. In the first quarter of 2008, non-GAAP operating expenses were 23.4% of net revenue, as compared to 22.4% in the year ago comparable quarter, and 21.6% in the prior quarter.

Net income on a non-GAAP basis for the first quarter of 2008 was $14.1 million compared to non-GAAP net income of $15.6 million for the first quarter of 2007, and compared to non-GAAP net income of $14.8 million for the fourth quarter of 2007. Non-GAAP net income was $0.39 per diluted share in the first quarter of 2008, compared to $0.44 per diluted share in the first quarter of 2007 and $0.41 per diluted share in the fourth quarter of 2007. Non-GAAP net income for the first quarter of 2008 excludes $762,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes, related to our recent acquisitions. Non-GAAP net income for the first quarter of 2008 also excludes non-cash, stock-based compensation, net of tax, of $2.1 million and $31,000 in litigation reserve requirements, net of tax. Non-GAAP net income for the first quarter of 2007 excludes $254,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes. Non-GAAP net income for the first quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.3 million. Non-GAAP net income for the fourth quarter of 2007 excludes $763,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes, related to our recent acquisitions. Non-GAAP net income for the fourth quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.5 million and a $21,000 benefit due to a reduction in litigation reserve requirements, net of tax. The accompanying schedules provide a reconciliation of net income computed on a GAAP basis to net income computed on a non-GAAP basis.

Patrick Lo, Chairman and Chief Executive Officer of NETGEAR, commented, “We enjoyed very healthy growth in Q1 in both the Asia Pacific and North America Regions, as well as in Service Provider channels worldwide. However, we encountered significant market weakness in the UK in the latter part of the quarter. We believe the downturn of the UK market in March was due to the country’s macroeconomic weakness. We also observed a slow down in the

This excerpt taken from the NTGR 8-K filed Feb 13, 2008.
SANTA CLARA, California – February 13, 2008 – NETGEAR, Inc. (NASDAQGM: NTGR), a worldwide provider of technologically advanced, branded networking products, today reported financial results for the fourth quarter and fiscal year ended December 31, 2007.

Net revenue for the fourth quarter ended December 31, 2007 was $198.3 million, a 21% increase as compared to $164.0 million for the fourth quarter ended December 31, 2006, and an increase of 3% as compared to $191.7 million in the third quarter ended September 30, 2007. Net income, computed in accordance with GAAP, for the fourth quarter of 2007 was $12.5 million, or $0.35 per diluted share. This compared to net income of $13.4 million for the fourth quarter of 2006 and to net income of $13.3 million in the third quarter of 2007. Diluted earnings per share, computed in accordance with GAAP, was $0.38 for the fourth quarter of 2006 and $0.37 for the third quarter of 2007.

Gross margin on a non-GAAP basis in the fourth quarter of 2007 was 32.4%, as compared to 32.5% in the year ago comparable quarter, and 34.0% in the third quarter of 2007. Non-GAAP operating margin was 10.8% in the fourth quarter of 2007, as compared to 11.6% in the fourth quarter of 2006, and 11.7% in the third quarter of 2007. In the fourth quarter of 2007, non-GAAP operating expenses were 21.6% of net revenue, as compared to 20.9% in the year ago comparable quarter, and 22.3% in the prior quarter.

Net income on a non-GAAP basis for the fourth quarter of 2007 was $14.8 million compared to non-GAAP net income of $14.9 million for the fourth quarter of 2006, and compared to non-GAAP net income of $16.0 million for the third quarter of 2007. Non-GAAP net income was $0.41 per diluted share in the fourth quarter of 2007, compared to $0.43 per diluted share in the fourth quarter of 2006 and $0.44 per diluted share in the third quarter of 2007. Non-GAAP net income for the fourth quarter of 2007 excludes $763,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes, related to our recent acquisitions. Non-GAAP net income for the fourth quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.5 million and a $21,000 benefit due to a reduction in litigation reserve requirements, net of tax. Non-GAAP net income for the fourth quarter of 2006 excludes $278,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes. Non-GAAP net income for the fourth quarter of 2006 also excludes non-cash, stock-based compensation, net of tax, of $1.2 million. Non-GAAP net income for the third quarter of 2007 excludes $811,000 of adjustments related to amortization of purchased intangibles and acquisition related retention bonuses, net of taxes, related to our recent acquisitions. Non-GAAP net income for the third quarter of 2007 also excludes non-cash, stock-based compensation, net of tax, of $1.8 million and $124,000 in litigation reserves, net of tax. The accompanying schedules provide a reconciliation of net income computed on a GAAP basis to net income computed on a non-GAAP basis.

EXCERPTS ON THIS PAGE:

8-K
Apr 24, 2008
8-K
Feb 13, 2008
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