Extreme Networks, Inc. today announced financial results for its 2010 fiscal fourth quarter and year ended June 27, 2010. For the quarter, net revenue was $85.5 million, which was in line with Company's revised guidance and compares to revenue of $78.2 million in the previous quarter and $81.3 million in the fourth quarter of last year.
"Product revenue in North America and EMEA increased by 17 percent and 22 percent, respectively from Q3, as we enter new markets and add new customers," said Bob L. Corey, CFO and acting President & CEO of Extreme Networks. "Revenue per employee for the fourth quarter was the highest in more than 16 quarters, as we continue our focus on growing revenue and introducing innovative new products."
Fourth quarter non-GAAP operating income increased by 17 percent to $5.6 million or 6.6 percent of net revenue, compared to $4.8 million or 6.2 percent of net revenue in the previous quarter, and increased by 84 percent from $3.1 million or 3.8 percent of net revenue in the fourth quarter of last year. Additionally, non-GAAP net income was $6.3 million or $0.07 per diluted share, compared to $5.5 million or $0.06 per diluted share in the previous quarter, and $2.3 million or $0.03 per diluted share in the fourth quarter of last year. Non-GAAP financial results exclude the impact of stock-based compensation, restructuring charges and litigation settlement costs. A reconciliation of GAAP to non-GAAP financial measures is included in the accompanying financial tables.
Operating income on a GAAP basis for the fourth quarter was $2.8 million, compared to $3.0 million in the previous quarter and $1.7 million for the fourth quarter of last year . Net income on a GAAP basis for the fourth quarter was $3.4 million or $0.04 per diluted share, which included additional restructuring charge of $0.2 million, a charge of approximately $1.7 million related to stock based compensation and settlement cost related to patent litigation of $1.0 million. That compares to net income on a
GAAP basis of $3.7 million or $0.04 per diluted share in the previous quarter, and net income of $0.9 million or $0.01 per diluted share in the fourth quarter of last year.
