NetScout Systems, Inc.announced financial results for its first quarter of fiscal year 2014 ended June 30, 2014
  
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NetScout Systems, Inc.announced financial results for its first quarter of fiscal year 2014 ended June 30, 2014
29 Jul 2014

NetScout Systems, Inc., an industry leader for advanced network, application and service assurance solutions has announced financial results for its first quarter of fiscal year 2014 ended June 30, 2014. 

“Continuing our revenue growth performance of the past two fiscal years, NetScout delivered a strong beginning to our 2014 fiscal year,” said Anil Singhal, President and CEO of NetScout Systems.  “We are executing well on our strategy, and our results reflect market acceptance of our solutions and value proposition.  We are demonstrating that we can set and achieve ambitious operating goals and we are excited about our market positioning and growth prospects.  This quarter, we saw very strong demand from our Service Provider customers as they are focusing on their 4G/LTE network rollouts and new LTE enabled services.  Our new nGeniusONE platform is gaining mind share with key customers from varied industries as they realize the value of integrated network and application performance management functionality. We are pleased to reiterate our full year 2015 guidance with a revenue growth range of 13%-17% and an EPS growth range of 14%-18%” , - added Anil Singhal.

Total GAAP and non-GAAP revenue for the first quarter was $107.9 million.  A reconciliation of GAAP and non-GAAP results is included in the attached financial tables. 

Product revenue for the first quarter, on a GAAP and non-GAAP basis was $64.4 million.  Service revenue on a GAAP and non-GAAP basis was $43.5 million.

GAAP net income for the first quarter was $11.5 million, or $0.27 per diluted share.  GAAP income from operations was $19.6 million.  On a non-GAAP basis, net income for the quarter was $15.2 million, or $0.36 per diluted share, and non-GAAP income from operations was $25.3 million.

  • GAAP and non-GAAP revenue increased 32% year-over-year and decreased 4% sequentially.
  • GAAP and non-GAAP product revenue increased 50% year-over-year and decreased 9% sequentially.
  • GAAP operating margin was 18%, up seven points from a year ago and down five points sequentially. Non-GAAP operating margin was 23%, up six points from a year ago and down five points sequentially.
  • As of June 30, 2014, cash and cash equivalents and short and long-term marketable securities were $234.4 million, up $15.6 million from $218.8 million as of the end of the prior quarter.

Additional information regarding this report

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