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Voltaire Announces 32% Revenue Growth in Q4

Company provides next generation, virtualized data centers and the rapidly expanding cloud computing opportunity

Forward Looking Statements

Information provided in this press release contains statements relating to current expectations, estimates, forecasts and projections about future events that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements generally relate to Voltaire's plans, objectives and expectations for future operations and are based upon management's current estimates and projections of future results or trends. They also include third-party projections regarding expected industry growth rates. Actual future results may differ materially from those projected as a result of certain risks and uncertainties. These factors include in particular, but are not limited to, the impact of the economic downturn on capital expenditures by our customers and our product mix during the balance of the year. These factors and others are discussed in detail under the heading "Risk Factors" in Voltaire’s annual report on Form 20-F for the year ended December 31, 2008. These forward-looking statements are made only as of the date hereof, and we undertake no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise.

VOLTAIRE LTD.

CONSOLIDATED BALANCE SHEETS

(U.S. dollars in thousands)

   
December 31, December 31,
2009 2008
(unaudited) (audited)

ASSETS

CURRENT ASSETS:

Cash and cash equivalents

$ 12,896 $ 24,768
Short term investments 20,074 28,252
Restricted deposits 1,733 1,478
Accounts receivable:
Trade 13,056 9,787
Other 1,862 1,486
Inventories   5,795     5,198  
Total current assets   55,416     70,969  
INVESTMENTS:
Restricted long-term deposit 1,139 321
Long-term deposits 219 183
Marketable securities 11,614 987
Funds in respect of employee rights upon retirement   2,522     1,631  
Total investments   15,494     3,122  
 
DEFERRED INCOME TAXES 97 1,125
PROPERTY AND EQUIPMENT, net of accumulated depreciation and amortization   7,149     3,657  
Total assets $ 78,156   $ 78,873  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Accounts payable and accruals:
Trade $ 10,470 $ 4,539
Other 4,246 4,408
Deferred revenues   4,308     3,469  
Total current liabilities   19,024     12,416  
LONG-TERM LIABILITIES:
Accrued severance pay 3,454 2,634
Deferred revenues 3,647 3,311
Other long-term liabilities   621     861  
Total long-term liabilities   7,722     6,806  
Total liabilities   26,746     19,222  
 
SHAREHOLDERS’ EQUITY:
Ordinary shares of NIS 0.01 par value 2,787 2,787
Additional Paid-in capital 152,770 150,129
Accumulated other comprehensive income 130 16
Accumulated deficit   (104,277 )   (93,281 )
Total shareholders’ equity   51,410     59,651  
Total liabilities and shareholders’ equity $ 78,156   $ 78,873  

VOLTAIRE LTD.

CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except per share data)
   

Three months ended

Year ended

December 31,

December 31,

2009   2008 2009   2008
(unaudited) (unaudited) (audited)
REVENUES $ 17,388 $ 13,211 $ 50,369 $ 61,592
COST OF REVENUES   8,700     5,872     24,212     30,957  
GROSS PROFIT   8,688     7,339     26,157     30,635  
OPERATING EXPENSES:
Research and development 4,177 4,641 16,267 15,692
Sales and marketing 3,195 3,159 12,210 13,205
General and administrative   1,740     1,955     8,310     7,396  
Total operating expenses   9,112     9,755     36,787     36,293  

LOSS FROM OPERATIONS

(424 ) (2,416 ) (10,630 ) (5,658 )
FINANCIAL INCOME 61 299 382 1,452
FINANCIAL EXPENSES   -     (20 )   (206 )   (26 )
LOSS BEFORE TAX (363 ) (2,137 ) (10,454 ) (4,232 )
TAX EXPENSES   (105 )   (277 )   (542 )   (776 )
 
NET LOSS $ (468 ) $ (2,414 ) $ (10,996 ) $ (5,008 )
 
 
Net loss per share- basic and diluted $ (0.02 ) $ (0.12 ) $ (0.52 ) $ (0.24 )

Weighted average number of shares used in computing net loss per share, basic and diluted

  21,046,342     20,933,708     21,006,644     20,777,243  

VOLTAIRE LTD.
RECONCILIATION BETWEEN GAAP TO NON-GAAP RESULTS
(U.S. dollars in thousands, except per share data)

The non-GAAP financial information presented herein was not prepared under a comprehensive set of accounting rules or principles and should not be viewed as a substitute for the Company’s GAAP financial information.

 

Three months ended

 

Year ended

December 31,

December 31,

2009   2008 2009   2008
(unaudited) (unaudited)
GAAP Net loss $ (468 ) $ (2,414 ) $ (10,996 ) $ (5,008 )

Termination of the participation in the Chief Scientist grant program

  -     -     -   $ 2,075  
 
Equity based compensation expenses included in:
 
Cost of revenues 13 10 44 23
Research and development 126 133 482 391
Sales and marketing 159 181 625 512
General and administrative   465     370     1,320     1,069  
  763     694     2,471     1,995  
 
Non-GAAP Net income (loss) $ 295   $ (1,720 ) $ (8,525 ) $ (938 )
 
Non-GAAP Net income (loss) per share -
Basic $ 0.01   $ (0.08 ) $ (0.41 ) $ (0.05 )
Diluted $ 0.01   $ (0.08 ) $ (0.41 ) $ (0.05 )
 

Weighted average number of shares used in computing net income (loss) per share:

 
Basic   21,046,342     20,933,708     21,006,644     20,777,243  
Diluted   22,865,461     20,933,708     21,006,644     20,777,243  
VOLTAIRE LTD.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(U.S. dollars in thousands)

   

Three months ended

Year ended

December 31,

December 31,

2009   2008 2009   2008
(unaudited) (unaudited) (audited)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (468 ) $ (2,414 ) $ (10,996 ) $ (5,008 )

Adjustments required to reconcile net loss to net cash used in operating activities:

 
Depreciation of property and equipment 749 563 2,656 1,676
Amortization of discount and premium related to marketable securities, net
27 (32 ) 56 (121 )
Deferred income taxes 697 268 773 360
Change in accrued severance pay 166 (51 ) 663 785
Loss (gain) in funds in respect of employee rights upon retirement
(16 ) 132 (280 ) 132
Non-cash share-based compensation expense 763 694 2,471 1,995
Excess tax benefit on options exercised (18 ) (566 ) (70 ) (566 )
Changes in operating asset and liability items:
Decrease (increase) in accounts receivable (3,389 ) 1,657 (3,297 ) 696
Increase (decrease) in accounts payable and accruals and deferred revenues
2,513 (4,672 ) 6,872 (2,435 )
Decrease (increase) in inventories   (2,027 )   741     (597 )   485  
Net cash used in operating activities   (1,003 )   (3,680 )   (1,749 )   (2,001 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Increase in restricted deposits (62 ) (204 ) (1,073 ) (1,558 )
Purchase of property and equipment (1,727 ) (887 ) (6,146 ) (2,323 )
Investment in marketable securities (8,322 ) (18,555 ) (50,229 ) (79,705 )
Investment in short term deposit, net 5,123 (901 ) 101 (901 )
Proceeds from sale of marketable securities 8,550 18,416 47,590 58,721
Amounts funded in respect of employee rights upon Retirement, net
(146 ) 25 (500 ) (622 )
Increase in long-term deposits   (36 )   (5 )   (36 )   (23 )
Net cash provided by (used in) investing activities   3,380     (2,111 )   (10,293 )   (26,411 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from exercise of options 26 62 100 375
Excess tax benefit on options exercised   18     566     70     566  
Net cash provided by financing activities   44     628     170     941  
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS 2,421 (5,163 ) (11,872 ) (27,471 )
BALANCE OF CASH, CASH EQUIVALENTS AT BEGINNING OF PERIOD   10,475     29,931     24,768     52,239  
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD $ 12,896   $ 24,768   $ 12,896   $ 24,768  

 

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Salvatore Genovese is a Cloud Computing consultant and an i-technology blogger based in Rome, Italy. He occasionally blogs about SOA, start-ups, mergers and acquisitions, open source and bleeding-edge technologies, companies, and personalities. Sal can be reached at hamilton(at)sys-con.com.

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