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Stocks R / Rackable Systems
|Subject: Q1 Results||Date: 4/27/2006 7:35 PM|
|Author: newsreporter||Number: 13 of 28|
Total revenue for the first quarter of 2006 was $84.4 million, up 1.6% from $83.1 million in the fourth quarter of 2005, and up 176.8% from $30.5 million in the first quarter of 2005. GAAP operating income for the quarter was $9.3 million or 11.0% of revenue, compared to $12.2 million or 14.7% of revenue for the fourth quarter of 2005, and compared to an operating income of $949,000 or 3.1% of revenue in the same period a year ago. Gross margins for the quarter were 23.1%, compared to 24.9% in the fourth quarter of 2005, and compared to 19.4% in the first quarter a year ago.
Non-GAAP net income for the quarter was $7.9 million or $0.30 per diluted share, compared to non-GAAP net income of $724,000 or $0.04 per share in the same period one year ago. These non-GAAP financial measures exclude stock-based compensation expense, the amortization of patents and customer list, change in fair value of embedded derivatives in preferred stock, dividends on preferred stock recorded as interest expense and the related tax effect of the applicable items. The reconciliation between GAAP and non-GAAP and net income (loss) is provided in the financial tables accompanying this press release.
"We are very pleased with our Q1 results and are continuing to see strong demand for our products," said Chief Executive Officer, Tom Barton.
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