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Fusion-io Q1 2014 revenue $86.3m, down from $118.1m

Staff writer |
Fusion-io reported revenue of $86.3 million for the fiscal first quarter of 2014, compared to $118.1 million for the same quarter of 2013.

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Net loss for the fiscal first quarter of 2014 was $27.9 million, or a net loss per diluted share of $0.28, compared to net income of $3.9 million, or $0.04 per diluted share, in the fiscal first quarter of 2013. Gross margin for the fiscal first quarter of 2014 was 57.7%. Operating margin for the fiscal first quarter of 2014 was a negative 32.2%.

Non-GAAP net loss for the fiscal first quarter of 2014 was $6.7 million, or a net loss per diluted share of $0.07, compared to non-GAAP net income of $14.9 million, or $0.14 per diluted share in the same quarter of 2013. Non-GAAP gross margin for the fiscal first quarter of 2014 was 59.4%. Non-GAAP operating margin for the fiscal first quarter of 2014 was a negative 13.3%.

"We have made progress in the last several months on key technology and strategic initiatives that we believe sharpen our execution and create a strong foundation for future growth," said Shane Robison, Fusion-io chairman and chief executive officer.

Cash and cash equivalents totaled $225.3 million at the end of fiscal first quarter 2014, a decrease of $13.1 million from the prior quarter-end. Deferred revenue at the end of fiscal first quarter 2014 was $37.2 million, a decrease of $1.8 million from the prior quarter-end.

Inventory was $74.1 million at the end of fiscal first quarter 2014, an increase of $3.0 million from the prior quarter-end. Capital expenditures were $3.3 million in fiscal first quarter 2014. Cash used in operations was $17.1 million for the fiscal first quarter 2014. Fusion-io executed a new $25 million unsecured credit facility during the quarter.


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