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February 8, 2010

Netgear Q4 revenue up 36% to $218.8m

Expects revenue to be in the range of $195m to $205m

By CBR Staff Writer

Netgear has reported net revenue of $218.8m for the fourth quarter of 2009, an increase of 36%, compared to $161.4m for the same period last year. Net revenue for the third quarter of 2009 was $171.1m.

The company posted an operating income of $17.86m for the fourth quarter of 2009, an increase compared to $1.2m for the same quarter last year.

For the fourth quarter ended December 31, 2009, the company posted a net income of $7.9m, or $0.22 per diluted share, compared to a net loss of $7.3m, or $0.21 per diluted share, for the fourth quarter of 2008.

Geographically, North America net revenue was $104.33m, which accounted for 48% of the total revenue, an increase of five percentage points from a year ago quarter. EMEA region accounted for 42% of net revenue with $91.18m, while Asia Pacific region accounted for 10% with $23.33m net revenue.

For full year 2009, the company reported net revenue of $686.6m, a decrease compared to net revenue of $743.34m in 2008. Operating income decreased to $32.06m from $49.4m in 2008. Net income in 2009 was $9.33m, or $0.27 per dilute share, compared to a net income of $18.05m, or $0.51 per dilute share in 2008.

Patrick Lo, chairman and CEO of Netgear, said: We exceeded expectations and recorded net revenue of $218.8m in the fourth quarter 2009, a new record for net revenue during any quarter since Netgear’s inception. Revenue upside was driven by better than planned market share gain in the US, European market year-over-year growth and higher than expected revenue contribution from new products.”

The company plans to roll out 18-20 new products in the first quarter of 2010. It expects revenue to be in the range of approximately $195m to $205m, with non-GAAP operating margin to be in the range of 10% to 11%.

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