Wednesday, Voltaire Ltd. (VOLT), a provider of server and storage switching and software solutions, reported second a profit for the second quarter, compared to a loss in the year-ago quarter, as revenues increased 46%. The company also issued financial outlook for its third quarter.
The Billerica, Massachusetts-based company's second quarter net income attributable to ordinary shareholders was $0.4 million or $0.02 per share, in comparison with a net loss of $6.8 million or $9.79 per share in the same quarter last year.
On a non-GAAP basis, net income for the second quarter was $0.8 million or $0.04 per share, compared to a non-GAAP net loss of $1.0 million or $0.07 per share in the previous year quarter.
Quarterly revenue rose 46% to $17.1 million from $11.7 million in the year-ago quarter.
Gross profit for the second quarter of 2008 totaled $9.3 million, an increase of 101% from to $4.6 million in the second quarter 2007.
For the six-month period, net loss narrowed to $1.68 million from $4.45 million prior year.
Net income attributable to ordinary shareholders totaled $1.68 million or $0.08 per share from $11.0 million or $16.15 per share last year. Non-GAAP net income was $1.23 million or $0.05 per share, compared to a non-GAAP net loss of $3.65 million or $0.26 per share in 2007.
Revenues for the six-month period rose to $33.71 million from $20.25 million a year ago.
Looking forward, the company expects third quarter earnings per share, on a non-GAAP basis, to be in the range of $0.02 to $0.04 per share.
Revenues for the third quarter of 2008 are expected to be in the range of $17 million - $18 million, while revenues for the nine-month period are expected to be in the range of $50.7 million - $51.7 million, an increase of 43% over the nine months in 2007.
VOLT is currently trading at $4.10, down $0.10 or 2.38%.
For comments and feedback: editorial@rttnews.com