Ruckus Wireless has announced financial results for its fourth quarter and year-ended December 31, 2012.
The company achieved an increase of 15 % which means revenue for the fourth quarter was $62.2 million, compared to $41.0 million reported in the fourth quarter of 2011. 2012 revenue was $214.7 million, an increase of 79% when compared to $120.0 million reported in 2011. GAAP net income for the fourth quarter was $1.9 million, compared with a net income of $3.2 million in the fourth quarter of 2011. 2012 included a tax benefit of $17.2 million primarily related to the release of the valuation allowance on net deferred tax assets. The results also showed an addition of 2,900 new end-customers reaching over 21,700 total end-customers. The company received $28.1 million of cash by operating activities in 2012.
Selina Lo, President and Chief Executive Officer, Ruckus Wireless stated, “2012 was an exciting year for Ruckus Wireless. In addition to completing our IPO, we continued to make progress on our business objectives while growing our revenue 79% and significantly increasing profitability over the prior year. Our differentiated, carrier-class Wi-Fi technology has positioned us as a leader in the nascent service provider Wi-Fi market; we also had the highest revenue growth rate, year-over-year and sequentially, among the top five revenue producers in enterprise Wi-Fi, according to the most recent Gartner Enterprise WLAN Equipment Market Shares report. A major beneficiary of the mobile Internet movement, Wi-Fi is a secular growth opportunity and Ruckus is well-positioned to capitalize on it in 2013 and beyond.”
