Ubiquiti Networks Inc Issues Q1 2013 Guidance Below Analysts' Estimates; Announces Share Repurchase Program

Ubiquiti Networks Inc announced that for the first quarter of 2013, it expects revenues of $62 million to $70 million, GAAP diluted EPS of $0.14 to $0.17 and non-GAAP diluted EPS of $0.14 to $0.17. According to I/B/E/S Estimates, analysts were expecting the Company to report revenue of $98 million and EPS of $0.29 for the first quarter of 2013. The Company also announced that its Board of Directors has authorized the Company to repurchase as much as $100 million of Company common stock. The Company is authorized to repurchase shares of its outstanding common stock on the open market or in privately negotiated transactions. The share repurchase program will be funded from existing cash on hand and from the proceeds related to amended term loan and revolving credit line agreements. The Company expect the share repurchase program will commence August 13, 2012.