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July 22, 2010

Netgear Q2 revenue up 35% to $195.9m

Expects net revenue to be in the range of $215m to $225m for Q3 2010

By CBR Staff Writer

Netgear has reported net revenue of $195.9m for the second quarter of 2010, an increase of 35%, compared to $144.7m for the same period last year.

The company posted an operating income of $20.8m for the second quarter of 2010, compared to $1.4m for the same quarter last year.

For the second quarter ended June 27, 2010, the company posted a net income of $10.4m, or $0.29 per diluted share, compared to a net loss of $3.2m, or $0.10 per diluted share, for the same quarter of 2009.

Geographically, North America net revenue was $102.4m, which accounted for 52% of the total revenue, an increase of four percentage points from a year ago quarter. EMEA region accounted for 35% of net revenue with $68.5m, while Asia Pacific region accounted for 13% with $24.8m net revenue.

Christine Gorjanc, chief financial officer of NETGEAR, said: "We ended the second quarter of 2010 with $231.0m in cash, cash equivalents and short-term investments, compared to $224.5m at the end of the second quarter of 2009, and $240.9m at the end of the first quarter of 2010.

"Our net inventory ended at $125.7m, compared to $75.0m at the end of the second quarter of 2009, and $109.9m at the end of the first quarter of 2010."

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The company expects net revenue for third quarter 2010 to be in the range of $215m to $225m, and non-GAAP operating margin to be in the range of 11% to 12%.

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