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Gigamon Reports Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Record revenue delivers

year-over-year growth

Margins continue to expand driven by Security & Software portfolio

Gigamon

Inc. (NYSE:GIMO), the leader in traffic visibility solutions, today released financial results for the third quarter ended September 26, 2015.

Third Quarter 2015 Financial Highlights:

Revenue of

$56.7 million

year-over-year.

GAAP gross margin was

, compared to

in the third quarter of fiscal 2014.

Non-GAAP gross margin was

GAAP net income was

$4. 3 million

per diluted share, compared to GAAP net loss of

$3.0 million

per basic and diluted share, in the third quarter of fiscal 2014.

$8.0 million

per diluted share, compared to non-GAAP net income of

$1.2 million

per diluted share, in the third quarter of fiscal 2014.

Increased cash and investments to

$186 million

, up $52 million from the third quarter of fiscal 2014.

“We continue to differentiate ourselves in this disruptive and high growth market through the delivery of innovative technology and outstanding financial performance,” said Paul Hooper, chief executive officer of Gigamon. “The demand for our Security Delivery Platform portfolio continues to accelerate following 20 of the world’s leading security instrumentation vendors supporting our platform. Our leadership position in the visibility market and our rapidly expanding presence in the security market establishes a healthy momentum entering what is typically our strongest quarter of the fiscal year.”

Recent Business Highlights:

In conjunction with VMWare, announced automated visibility for Software Defined Data Centers using VMware NSX Dynamic Service Insertion.

Released the Gigamon® Visibility App for Splunk, which provides Visibility Fabric™ health and analytics of the Gigamon platform within a Splunk environment.

Announced a collaboration with RSA, the Security Division of EMC, to provide pervasive visibility into Software Defined Data Center (SDDC) traffic by leveraging our Security Delivery Platform, GigaSECURE®.

Launched version 4.4 of our market-leading visibility software, GigaVUE-OS®.

Appointed Simon Gibson, formerly a member of the information security team at Bloomberg L.P. and an advisor to the World Economic Forum on cyber-security, as Fellow, Security Architect.

Appointed Carlos Perea as Vice President, Sales for Latin America.

Conference Call Information:

Gigamon will host a conference call and live webcast for analysts and investors at 5:00 p.m. Eastern time on October 22, 2015. The news release with the financial results will be accessible from the company’s website prior to the conference call. Parties in the United States and Canada can access the call by dialing +1 (888) 632-3384, using conference code 793805. International parties can access the call by dialing +1 (785) 424-1675, using conference code 793805.

The webcast will be accessible on Gigamon’s investor relations website at

http://investor.gigamon.com

for a period of one year. A telephonic replay of the conference call will be available through Thursday, October 29, 2015. To access the replay, parties in the United States and Canada should call +1 (888) 203-1112 and enter conference code 793805. International parties should call +1 (719) 457-0820 and enter conference code 793805.

Non-GAAP Financial Measures

In addition to disclosing financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), this press release and the accompanying tables contain certain non-GAAP financial measures that exclude stock-based compensation and related payroll taxes, income tax effect of stock-based compensation expense, and a valuation allowance against deferred tax assets. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. Gigamon considers these non-GAAP financial measures to be important because they provide useful measures of the operating performance of the company, exclusive of unusual events or factors that do not directly affect what we consider to be our core operating performance, and are used by the company’s management for that purpose. In addition, investors often use similar measures to evaluate the operating performance of a company. Non-GAAP financial measures are presented for supplemental informational...


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