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October 29, 2010

Meru Networks total revenues up 22% in Q3 FY10

41% increase in products & services revenues from Q3 last fiscal

By CBR Staff Writer

Meru Networks, a provider 802.11n virtualised wireless LAN offerings for enterprise networking, has reported total revenues of $21.8m for the third quarter of fiscal year 2010, up 22% from $17.8m in the same quarter previuos fiscal.

The company also reported $19.3m in products and services revenues for the third quarter of fiscal year 2010, up 41% from the $13.6m in the same quarter last fiscal.

Meru Networks posted a net loss of generally accepted accounting principles (GAAP) $0.8m for the third quarter of 2010, or net loss per share of $0.05, compared to a net loss of $5m, or net loss per share of $13.06, for the same period of fiscal year 2009.

Non-GAAP net income of $342,000 has been reported for the third quarter ended 30 September 2010, compared to non-GAAP net income of $165,000 for the same quarter previous fiscal.

Meru Networks president and chief executive officer of Ihab Abu-Hakima said that this was another very strong quarter for Meru, with record financial results as well as the addition of more than 500 new customers during the quarter.

"We believe the growing proliferation of wireless devices such as the iPhone, iPad, Android phones and PC tablet devices, as well as the evolution of wireless networks to business critical enterprise infrastructure has helped fuel the strong uptake for our solutions," Abu-Hakima said.

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