Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 

 

 

 

For more information, contact:

 

 

 

 

 

 

 

 

 

 

 

Investor Relations

Stan Kovler

 

Media Contact

Christi Nicolacopoulos

919/595-4196

 

603/952-5005

Investor_relations@extremenetworks.com

 

pr@extremenetworks.com

 

Extreme Networks Reports Third Quarter Fiscal Year 2019 Financial Results

 

SAN JOSE, Calif., May 1, 2019

-- Extreme Networks, Inc. (“Extreme”) (Nasdaq: EXTR) today released financial results for its fiscal third quarter ended March 31, 2019.

 

Fiscal Third Quarter Results:  

 

 

Revenue $250.9 million, down 4% year-over-year and down 1% quarter-over-quarter.

 

GAAP gross margin 55.4% compared to 54.6%, in Q3 last year.

 

Non-GAAP gross margin 57.6% compared to 57.9%, in Q3 last year.  

 

GAAP operating margin (0.9%) compared to (3.1)%, in Q3 last year.

 

Non-GAAP operating margin 5.6%, compared to 9.3%, in Q3 last year.

 

Net cash provided by operating activities $17.7 million.

 

Free Cash Flow $12.7 million.

 

“We reported revenue towards the midpoint of our guidance range reflecting seasonality in our business following a strong second quarter. The execution of our acquisition strategy is coming together: customers are embracing the capabilities and ease of use of our software driven solutions; especially in our Automated Campus and Agile Data Center pillars. We are at the early stages of refreshing 70% of our products, which will put us in a better competitive position; our supply chain operations are running more efficiently than ever before; our digital transformation is paving the way for higher productivity; and we have a strong balance sheet resulting from consistent quarterly cash flow generation this year.” stated Ed Meyercord, President and CEO of Extreme Networks.

 

Meyercord added, “Looking ahead, we expect FY19 revenue of approximately $1 billion. Our outlook for Q4 reflects the weakening economic environment in EMEA, lengthening sales cycles in our wireless business reflecting the introduction of WiFi6, and a lower backlog entering Q4. On a positive note, our E-Rate filings were up 50% year-over-year, the benefit of which will be realized in Q1 and Q2, FY20. We remain committed to achieving our goal of a 15% operating margin and are focused on driving greater operational efficiency to balance the near-term revenue trends we are experiencing.”

 

Recent Key Highlights:

 

Brigham Young University, (BYU), deployed Extreme’s Smart OmniEdge™ solution to deliver an interactive game-day experience and provide mobile ticketing and payment at LaVell Edwards Stadium; making it the first collegiate football stadium in Utah to have an NFL-caliber, high-density Wi-Fi system. Extreme installed approximately 1,250 access points throughout the 64,000-seat arena, along with switching, management, and network access control technology Extreme


The following information was filed by Extreme Networks Inc (EXTR) on Wednesday, May 1, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

View differences made from one quarter to another to evaluate Extreme Networks Inc's financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Extreme Networks Inc.

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

FREE Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue for FREE

Log in with your credentials

or    

Forgot your details?

Create Account