Extreme Networks has announced financial results for its fiscal first quarter ended September 30, 2007. For the quarter, net revenue increased 6 percent to $89.0 million, from $83.8 million in the fiscal first quarter of 2007.
Net income on a GAAP basis for the fiscal first quarter of 2008 was $3.6 million or $0.03 cents per diluted share, compared to a net loss of $4.9 million or a loss of $0.04 per diluted share in the year-ago quarter.
Non-GAAP net income for the fiscal first quarter of 2008, excluding $1.0 million in stock-based compensation charges, was $4.7 million or $0.04 EPS per diluted share. That compares to a year-ago non-GAAP net loss of $1.5 million or a loss of $0.01 per diluted share, which excludes $1.9 million in stock-based compensation charges and a $1.5 million restructuring charge. A reconciliation of GAAP to non-GAAP financial measures is included in the accompanying financial tables.
“We are pleased to see a continuation of our turnaround this quarter, with substantial improvement to operating margins, and with revenue up both sequentially and year-over-year to a level we have not seen since December 2005,” said Extreme Networks Regional Director for UK & Ireland, Paul Phillips. “We continue to demonstrate consistent measured progress. Our results reflect solid demand for our products.”
Cash, short-term investments, and marketable securities were $224.7 million as of September 30, 2007, compared to $215.9 million as of July 1, 2007, reflecting positive cash flow from operations.