Arris Group has published preliminary and unaudited financial results for the first quarter 2014.
On April 17th 2013, the company closed the acquisition of Motorola Home. As a result, Arris stated that some comparisons to prior periods may not be meaningful.
– Revenues in the first quarter 2014 were $1,225.0 million
– Adjusted net income (a non-GAAP measure) in the first quarter 2014 was $0.47 per diluted share
– GAAP net income in the first quarter 2014 was $0.28 per diluted share
– The Company ended the first quarter 2014 with $521.5 million of cash – Order backlog at the end of the first quarter 2014 was $996.1 million
– The Company’s book-to-bill ratio in the first quarter 2014 was 1.37
“We had a strong first quarter achieving record revenue levels. As we had anticipated last quarter, 2014 is shaping up to be our best year so far. Continued product deployments, new product acceptances, and an expanding international interest will continue to drive overall improved performance,” said Bob Stanzione, Arris Chairman and CEO.
“We are off to a great start in 2014. Our revenues were up 2.2 per cent from the previous quarter and we ended the quarter with a very strong order backlog of $996.1 million,” said David Potts, Arris EVP & CFO. “With respect to the second quarter 2014, we now project that revenues for the company will be in the range of $1,410 million to $1,450 million, with adjusted net income per diluted share in the range of $0.64 to $0.70 and GAAP net income per diluted share in the range of $0.27 to $0.33.”
Revenues in the first quarter 2014 were $1,225.0 million as compared to first quarter 2013 revenues of $353.7 million. Fourth quarter 2013 revenues were $1,199.1 million.