TMCnet News
Violin Memory Announces Third Quarter Fiscal 2015 Financial ResultsSANTA CLARA, Calif. --(Business Wire)-- Violin Memory®, Inc., (NYSE:VMEM), a leading provider of award-winning all-flash storage arrays and appliances delivering application solutions for the enterprise, today announced financial results for the third fiscal quarter ended October 31, 2014. Third Quarter Fiscal 2015 Financial Highlights
"With our momentum building and strong execution by our team, we delivered a successive quarter of sequential revenue growth and rapidly accelerating bookings," said Kevin DeNuccio, president and chief executive officer, Violin Memory. "We're now growing at a 40 to 50 percent annualized rate while beginning to build a backlog that should further improve our performance going forward." "With renewed growth and increasing customer confidence in our technology and balance sheet, we're gaining significant traction in the primary storage segment as large enterprise and cloud data centers begin to transition from disk to flash," added DeNuccio. Third Quarter Fiscal 2015 Financial Results Third quarter fiscal 2015 revenue was $21.7 million, 17% higher than the $18.6 million reported in the second quarter of fiscal 2015, and 23% lower than the $28.3 million recorded in the third quarter of fiscal 2014. Third quarter fiscal 2015 GAAP gross margin was 51%, compared to 52% reported in the second quarter of fiscal 2015, and 54% recorded in the third quarter of fiscal 2014. Third quarter fiscal 2015 non-GAAP gross margin was 54%, compared to 55% reported in the second quarter of fiscal 2015, and 55% recorded in the third quarter of fiscal 2014. Third quarter fiscal 2015 GAAP net loss was $23.5 million, or $0.25 per share, compared to second quarter fiscal 2015 GAAP net loss of $8.4 million, or $0.09 per share. Second quarter fiscal 2015 GAAP net loss included a gain on the sale of the PCIe product line of $17.4 million, or $0.19 per share. Third quarter fiscal 2015 GAAP net loss compares to third quarter fiscal 2014 GAAP net loss of $34.1 million, or $0.85 per share. Third quarter fiscal 2015 non-GAAP net loss was $17.8 million, or $0.19 per share, compared to second quarter fiscal 2015 non-GAAP net loss of $19.0 million, or $0.21 per share. Third quarter fiscal 2015 non-GAAP net loss compares to third quarter fiscal 2014 non-GAAP net loss of $25.7 million, or $0.64 per share. Business Outlook The Company will provide fourth quarter guidance during today's conference call. Guidance will be posted on Violin Memory's investor relations website at investor.violin-memory.com following the conclusion of the conference call. All forward-looking non-GAAP measures exclude estimates for stock-based compensation expense, amortization of acquired intangibles, restructuring and related costs, impairment charges, litigation settlements, gain on the sale of the PCIe product line and gain or loss on equity investments. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis. 1 Generally Accepted Accounting Principles. 2 A reconciliation of GAAP to non-GAAP financial measures is provided in the financial statement tables included in this press release. An explanation of these measures is also included under the heading "Non-GAAP Financial Measures." Violin Memory Conference Call Information Violin Memory will host a conference call today at 2:00 p.m. pacific time to discuss financial results and business highlights. This call will be webcast and can be accessed via the Violin Memory website at investor.violin-memory.com. A replay will be available following the call on the same website for one week at the following numbers: (855) 859-2056 (domestic) or (404) 537-3406 (international) using ID # 26409789. Non-GAAP Financial Measures To supplement the reader's overall understanding of both its reported results presented in accordance with U.S. generally accepted accounting principles ("GAAP") and its outlook, the Company also presents non-GAAP measures of gross profit, gross margin, operating expenses, net loss and net loss per share. The Company uses these non-GAAP financial measures internally in analyzing its financial results and believes they are useful to investors as a supplement to GAAP measures in evaluating its ongoing operational performance and trends. As the calculation of non-GAAP financial measures differs between companies, the non-GAAP financial measures used by the Company may not be comparable to similarly titled measures used by other companies. As a result, the Company does not use, nor does it intend to use, the non-GAAP financial measures when assessing the Company's performance against that of other companies. Non-GAAP financial measures should not be considered in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. A reconciliation of the non-GAAP financial measures to their most directly comparable GAAP measures has been provided in the financial statement tables included below in this press release. Investors are encouraged to review the reconciliation of these non-GAAP financial measures to their most directly comparable GAAP financial measures. The Company defines non-GAAP gross profit, operating expenses, net loss and net loss per share as the respective GAAP balances, adjusted for stock-based compensation expense, recovery of PCIe components, restructuring charges, litigation settlement, amortization of acquired intangibles, gain on sale of the PCIe product line and loss of debt extinguishment. This press release contains forward-looking non-GAAP financial information. A reconciliation of non-GAAP guidance measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to an inability to make accurate projections and estimates related to certain information needed to calculate, for example, future stock-based compensation expense. Forward Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the following: the Company's ability to build backlog, improve its future performance, continue to deliver quarterly sequential revenue growth, continue to grow at the current annualized rate of 40 to 50 percent, continue to accelerate bookings, and gain significant traction in the primary storage segment as large enterprise and cloud data centers transition to flash; and the Company's business plans and strategy. There are a number of risks and uncertainties that could affect the Company's performance and financial results are included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations," in the Company's quarterly report on Form 10-Q for the second quarter of fiscal year 2015, which was filed with the U.S. Securities and Exchange Commission, and which is available on the Company's investor relations website at investor.violin-memory.com and on the SEC's website at www.sec.gov. All forward-looking statements in this press release are based on information available to the Company as of the date hereof, and the Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. About Violin Memory, Inc. Business in a Flash. Violin Memory transforms the speed of business with high performance, always available, low cost management of critical business information and applications. Violin's All Flash optimized solutions accelerate breakthrough CAPEX and OPEX savings for building the next generation data center. Violin's Flash Fabric Architecture™ (FFA) speeds data delivery with chip-to-chassis performance optimization that achieves lower consistent latency and cost per transaction for Cloud, Enterprise and Virtualized mission-critical applications. Violin's All Flash Arrays and Appliances, and enterprise data management software solutions enhance agility and mobility while revolutionizing data center economics. Founded in 2005, Violin Memory is headquartered in Santa Clara, California. For more information, visit www.violin-memory.com. Follow us on Twitter at twitter.com/violinmemory All Violin Memory news releases (financial, acquisitions, manufacturing, products, technology, etc.) are issued exclusively by Business Wire and are immediately thereafter posted on the company's external website, www.violin-memory.com. Violin, Violin Memory and the Violin Memory logo are trademarks of Violin Memory, Inc. in the U.S. and other countries.
|