LanOptics Ltd. (Nasdaq: LNOP; TASE:LNOP) published its financial report for the third quarter of 2007 yesterday. The company posted $5.2 million revenue, up 5.2% from the $2.1 million revenue in the corresponding quarter of 2006. The company had a non-GAAP operating profit of $200,000 and an operating loss on a GAAP basis of $900,000.
LanOptics posted a net loss on a GAAP basis of $800,000. On a non-GAAP basis it recorded a net profit of $400,000. The company had $47.5 million in cash, cash equivalents and marketable securities at the end of September. During the third quarter the company completed a $43.5 million public offering of its shares, of which $14.2 million was used to increase LanOptics' ownership interest in EZchip Technologies Ltd. through the purchase of EZchip shares issued upon the exercise of employee stock options.
LanOptics chairman and CEO Eli Fruchter said, "This quarter has been another significant quarter for our company, continuing the growth trend experienced in recent quarters. We achieved record revenue levels, crossing the $5 million revenue mark, and generated record gross margins. Combined with lower than expected NRE expenses, this resulted in our achieving for the first time operating and net income on a non-GAAP basis."
LanOptics' share closed at $22.92 on Nasdaq yesterday, giving a market cap of $362 million.
Published by Globes [online], Israel business news - www.globes.co.il - on October 31, 2007
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