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Sierra Wireless Reports Third Quarter 2014 Results

Sierra Wireless Reports Third Quarter 2014 Results

Record revenue of $143.3 million; 28% year-over-year growth.

Third Quarter 2014 highlights:
++ Record revenue of $143.3 million, an increase of 27.6% compared to Q3 2013
++ Non-GAAP earnings from operations of $8.4 million, an increase of 249% compared to $2.4 million in Q3 2013
++ Adjusted EBITDA of $11.8 million, an increase of 101% compared to Q3 2013
++ Non-GAAP EPS of $0.24 compared to $0.11 in Q3 2013

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its third quarter ending September 30, 2014.

Jason Cohenour, President and Chief Executive Officer, said:

“In the third quarter of 2014, we leveraged our global leadership position in M2M to drive record revenue and strong profitability. In the fourth quarter, we expect to deliver continued growth in revenue and profitability. While executing operationally, we will continue to pursue acquisitions that help accelerate our growth and enhance our strategic position.”

Revenue for the third quarter of 2014 was $143.3 million, an increase of 27.6% compared to $112.3 million in the third quarter of 2013, and an increase of 6.1% compared to $135.0 million in the second quarter of 2014.
Revenue from OEM Solutions was $124.3 million in the third quarter of 2014, up 29.7% compared to $95.9 million in the third quarter of 2013.
Revenue from Enterprise Solutions was $19.0 million in the third quarter of 2014, up 15.4% compared to $16.4 million in the third quarter of 2013.

On a consolidated basis, organic revenue growth, which excludes contribution from the acquired In Motion Technology and AnyData businesses, was 18.8% compared to the third quarter of 2013.

All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated.
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