Gigamon® Inc. (NYSE: GIMO), has released financial results for the first quarter ended March 29, 2014.
Revenues for the first quarter of fiscal 2014 were $31.8 million, compared to $25.8 million in the first quarter of fiscal 2013, representing growth of 23% year-over-year.
GAAP gross margins were 73% in the first quarter of fiscal 2014, compared to 79% in the first quarter of fiscal 2013.
Non-GAAP gross margins were 75% in the first quarter of fiscal 2014, compared to 79% in the first quarter of fiscal 2013.
GAAP net loss for the first quarter of fiscal 2014 was $8.2 million, or $0.26 per diluted share, compared to GAAP net loss of $1.2 million, or $0.07 per diluted share, in the first quarter of fiscal 2013.
Non-GAAP net loss for the first quarter of fiscal 2014 was $2.2 million, or $0.07 per diluted share, compared to non-GAAP net income of $0.4 million, or $0.02 per diluted share, in the first quarter of fiscal 2013.
"Our revenue shortfall in the first quarter was impacted by one expected large transaction from an existing customer in EMEA that did not materialize and certain other transactions that were expected to close late in the quarter that slipped into the second quarter," said Paul Hooper, CEO of Gigamon. "We remain confident in our business strategy and in our continued market leadership driven by the versatility and intelligence of our GigaVUE technology and GigaSMART applications platform."
Recent Business Highlights:
Announced the release of the GigaVUE-HC2 fabric node.
Demonstrated flow-level visibility using our NetFlow Generation application and packet-based monitoring solutions at RSA conference in San Francisco, in conjunction with our partners FireEye, Riverbed, Sourcefire, and ForeScout.
Selected as 'Best of Interop' 2014 finalist for the management award category, recognizing Gigamon's NetFlow Generation application.
Introduced a vision of Network Functions Virtualization for Tools (NFVfT), in partnership with Vistapointe, Inc., to standardize APIs and the demarcation point for network traffic and Big Data in highly virtualized service provider environments.
Appointed Ananda Rajagopal as Vice President of Product Management. Ananda joins Gigamon from Brocade, where he was most recently VP Routing, Product Management & Strategy for their Data Center Routing business.
Non-GAAP Financial Measures
In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Gigamon considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance, and are used by the company's management for that purpose. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented for supplemental informational purposes only for understanding the company's operating results. The non-GAAP financial measures should not be considered a substitute for financial information presented in accordance with GAAP. Please see the reconciliation of non-GAAP financial measures to the most directly comparable GAAP measure attached to this release.
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