Meru swings first-quarter loss

Wireless LAN vendor Meru Networks, which went public on March 30, reported a surge in revenues but a net loss overall in the first quarter.

The company's fiscal first-quarter revenues came in at $19.6 million, representing an increase of 28 percent over the year-ago period. using generally accepted account principles and non-GAAP measures, Meru's first quarter as a public company added up to a loss--$35.8 million according to GAAP, or $74.19 per share, compared with a year-ago calculation of $1.9 million, or $5.14 per share. The results include charges of more than $500,000 for stock-based compensation expense an about $35 million for the "adjustment to fair value of the warrant liability."

Non-GAAP net loss came in at $97,000, or 20 cents per share compared with a net loss of $2 million, or $4.75 per share, as calculated for the previous year. Meru raised about $65.8 million in its initial public offering, pricing approximately 4.4 million shares at $15 each.

For more:
- see this NetworkWorld article
- see this FierceWireless Q1 earnings page

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