Exhibit 99.1

 

FOR IMMEDIATE RELEASE

 

 

For more information, contact:

 

 

 

 

 

 

 

 

 

 

 

 

 

Investor Relations

 

 

 

Media Contact

 

Stan Kovler

 

 

 

Christi Nicolacopoulos

919/595-4196

 

 

 

603/952-5005

 

Investor_relations@extremenetworks.com

 

 

 

pr@extremenetworks.com

 

Extreme Networks Reports Fourth Quarter Fiscal Year 2019 Financial Results

Conference Call at 8:00 a.m. EDT

 

SAN JOSE, Calif., July 31, 2019

-- Extreme Networks, Inc. (“Extreme”) (Nasdaq: EXTR) today released financial results for its fiscal fourth quarter ended June 30, 2019.

 

Fiscal Fourth Quarter Results:  

 

 

GAAP EPS ($0.14), down ($0.09) year-over-year and down ($0.08) quarter-over-quarter

 

Non-GAAP EPS $0.06, down ($0.14) year-over-year and down ($0.02) quarter-over-quarter

 

Revenue $252.4 million, down 9% year-over-year and up 1% quarter-over-quarter

 

GAAP gross margin 55.1% compared to 54.0%, in Q4 last year

 

Non-GAAP gross margin 59.2% compared to 57.6%, in Q4 last year  

 

GAAP operating margin (4.8)% compared to (1.2)%, in Q4 last year

 

Non-GAAP operating margin 4.9%, compared to 9.8%, in Q4 last year

 

Net cash provided by operating activities $25.4 million

 

Free Cash Flow $18.9 million

 

“We reported revenue above the high-end of our guidance range, reflecting strength in our Americas business and early signs of demand for new products in our Smart OmniEdge switching portfolio. Our year-over-year and sequential improvement in gross margin put us towards the high-end of our guidance range, and close to our 60% target. Our gross margin performance was a function of several factors: lower standard costs, partly related to the improved profitability of our new products; higher mix of Services revenue; and mix shift owing to stronger demand in North America in Q4. We closed fiscal year 2019 at $1B in revenue and look forward to bringing exciting new solutions to our partners and customers once we have successfully closed the Aerohive acquisition,” stated Ed Meyercord, President and CEO of Extreme Networks.

 

Meyercord added, “Looking ahead, we are expecting fiscal year 2020 organic revenue growth to be in the low single-digit range. Our outlook for Q1 reflects the normal seasonality of our business, ongoing economic challenges in EMEA, and conservatism around our wireless business as customers consider the alternative Smart OmniEdge solutions that will be available following the close of our Aerohive acquisition. With the cost savings actions we took at the end of Q4, we are on plan to achieve our goal of a 15% operating margin toward year-end fiscal year 2020, and to improve our cash flow generation throughout the year.”

 

 


The following information was filed by Extreme Networks Inc (EXTR) on Wednesday, July 31, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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