Infinera Corporation Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended Dec. 27, 2014; Provides Earnings Guidance for First Quarter of 2015
For the year, the company reported total revenue of $668,079,000, income from operations of $27,342,000, income before income taxes of $16,412,000, net income of $13,659,000 or $0.11 per diluted share compared to the total revenue of $544,122,000, loss from operations of $24,186,000, loss before income taxes of $30,465,000, net loss of $32,119,000 or $0.27 per diluted share for the previous year. Net cash provided by operating activities was of $35,963,000 compared to $35,180,000 a year ago. Purchase of property and equipment was of $23,122,000 compared to $21,065,000 a year ago. Non-GAAP net income for the quarter was $49,783,000 or $0.39 per diluted share, compared to net income of $4,021,000 or $0.03 per share, in the fourth quarter of 2013.
The company provided outlook for the first quarter of fiscal 2015. The company currently project revenue in the range of $180 million to $190 million, a tremendous expectation in a quarter where typical seasonality in the industry would be a sequential decline of above 15%. The company believes guidance is supported by the continued strong demand for DTN-X on both new and existing routes across a diverse customer base, growing momentum from Cloud Xpress, an exceptional backlog entering the year and some benefits related to calendar year-end money. The company project non-GAAP gross margin in first quarter to be 44%, plus or minus 100 basis points, as we continue to demonstrate the company's ability to deliver strong margins in line with the company's midterm business model. The company projects non-GAAP EPS to be $0.10 per diluted share, plus or minus a couple of pennies. As for GAAP EPS, the company expects it to be lower than non-GAAP EPS by about $0.07 per share, primarily due to stock-based compensation expense.