Press release BoxID: 403877 (Sierra Wireless Inc.)
  • Sierra Wireless Inc.
  • 13811 Wireless Way
  • V6V 3A Richmond, British Columbia
  • Contact person
  • David G. McLennan
  • +1 (604) 231-1181

Sierra Wireless Reports Fourth Quarter and Fiscal Year 2010 Results

(PresseBox) (Vancouver, ) .
- Revenue in the fourth quarter of 2010 was $167.2 million, up 16% year-over-year, and non-GAAP net earnings were $4.9 million, up 32% year-over-year.
- Record revenue in fiscal 2010 of $650.3 million, up 24% year-over-year. Non-GAAP net earnings grew to $0.64 per diluted share, up 52% year-over-year.
- Executing on diversification strategy: M2M revenue up 54% for fiscal 2010 to $332.4 million.
- Delivered positive cash flow in the fourth quarter, adding $6.9 million to the balance sheet.

Sierra Wireless, Inc. (NASDAQ: SWIR, TSX: SW) today reported fourth quarter and fiscal year 2010 results. 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 below.

"We are pleased with the progress we made in 2010 and believe that we are well-positioned heading into 2011. During the year, we delivered solid growth and improved profitability while executing on our strategic objectives to diversify our business and build on our market leadership position," said Jason Cohenour, President and Chief Executive Officer.

"In the first quarter, we anticipate some weakness in our Mobile Computing business as major operator customers transition to new 4G products, and we expect lower sales of embedded modules to a single large consumer M2M customer as they transition to a next generation platform. We remain confident in our business and leadership position and expect the company to return to solid year-over-year growth by the second half of the year," added Cohenour.