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ARUN > SEC Filings for ARUN > Form 8-K on 16-Sep-2013All Recent SEC Filings

Show all filings for ARUBA NETWORKS, INC.

Form 8-K for ARUBA NETWORKS, INC.


16-Sep-2013

Results of Operations and Financial Condition, Financial Statements and Exhi


Item 2.02. Results of Operations and Financial Condition.

On August 22, 2013, Aruba Networks, Inc. (the "Company") issued a press release announcing financial results for the fiscal quarter and year ended July 31, 2013. The press release reported GAAP net loss of $16.3 million, or $(0.14) per share, for the fiscal quarter ended July 31, 2013, and GAAP net loss of $32.3 million, or $(0.29) per share, for the fiscal year ended July 31, 2013. The press release also reported non-GAAP net income of $15.1 million, or $0.12 per diluted share, for the fiscal quarter ended July 31, 2013, and non-GAAP net income of $78.5 million, or $0.63 per diluted share, for the fiscal year ended July 31, 2013.

As a result of a favorable adjustment to the Company's income tax provision relating to the calculation of taxes on intercompany profits, the Company is now reporting the following GAAP and non-GAAP impacts of this tax adjustment:

(All figures are "GAAP", unless otherwise indicated)

                                                  Aruba Networks, Inc.
                                    Condensed Consolidated Statements of Operations
                                        (In thousands, except per share amount)
                                                      (Unaudited)

                                    Three months ended July 31, 2013                     Year-end July 31, 2013

                                 Previously                                      Previously
                                  Reported         Adjusted       Change          Reported       Adjusted       Change
GAAP Loss before income
taxes                          $    (20,569 )    $  (20,569 )   $      -        $  (10,225 )   $  (10,225 )   $      -

GAAP Provision for (benefit
from) income taxes                   (4,282 )        (4,988 )       (706 )          22,089         21,383         (706 )

GAAP Net loss                  $    (16,287 )    $  (15,581 )   $    706        $  (32,314 )   $  (31,608 )   $    706

GAAP Net loss per common
share, basic                   $      (0.14 )    $    (0.14 )   $   0.00        $    (0.29 )   $    (0.28 )   $   0.01
GAAP Net loss per common
share, diluted                 $      (0.14 )    $    (0.14 )   $   0.00        $    (0.29 )   $    (0.28 )   $   0.01


Non-GAAP Net income            $     15,068      $   15,774     $    706        $   78,514     $   79,220     $    706

Non-GAAP Net income per
common share, diluted          $       0.12      $     0.13     $   0.01        $     0.63     $     0.64     $   0.01

As summarized in the table, the Company's GAAP net loss decreased by $0.7 million to $15.6 million, and GAAP net loss per share remained $(0.14) for the fiscal quarter ended July 31, 2013. For the fiscal year ended July 31, 2013, the Company's GAAP net loss decreased by $0.7 million to $31.6 million, and GAAP net loss per share decreased to $(0.28).

This same favorable income tax adjustment increased non-GAAP net income by $0.7 million to $15.8 million, or $0.13 per diluted share, for the fiscal quarter ended July 31, 2013. For the fiscal year ended July 31, 2013, non-GAAP net income increased by $0.7 million to $79.2 million, and non-GAAP net income per diluted common share increased to $0.64.

The Company's unaudited financial statements, including a reconciliation between GAAP and non-GAAP financial measures, are attached as Exhibit 99.1. These financial statements should be read in conjunction with the audited consolidated financial statements and notes set forth in the Company's annual report on Form 10-K for the fiscal year ended July 31, 2013, when available.

The information in this Item 2.02 of Form 8-K is furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended.



Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit
No. Description

99.1 Amended Financial Tables


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