Key Developments For NETGEAR Inc
NETGEAR Inc (NTGR.O) (Nasdaq)
NetGear, Inc. Issues Q4 2009 Revenue Guidance Above Analysts' Estimates
NetGear, Inc. announced that for fourth quarter 2009 it expects net revenue in the range of $170 million to $180 million. According to Reuters Estimates, analysts are expecting the Company to report revenue of $165 million for fourth quarter 2009.
NetGear, Inc. Launches RangeMax
NetGear, Inc. announced the launch of RangeMax Wireless-N Gigabit Router with USB (WNR3500L), a Wireless-N router offering wireless range and speed along with Gigabit Ethernet ports and ReadyShare USB storage access.
NetGear, Inc. Announces First Gigabit Firewall With DMZ For Small Businesses
NetGear, Inc. announced the availability of the NETGEAR ProSafe 8-Port VPN Firewall (FVS318G), a compact, affordable VPN firewall that provides reliable, business-class network security, remote access and internet access for small businesses with as many as 10 users.
NetGear, Inc. Announces Collaboration With OpenDNS In The Release Of Live Parental Controls
NetGear, Inc. announced its collaboration with OpenDNS in the release of Live Parental Controls. NETGEAR selected OpenDNS, provider of the service, to integrate its technology into select wireless router and gateway products. Live Parental Controls enable families and small businesses to restrict access to unsafe and inappropriate websites on all Internet-connected devices via the router, with filtering for more than 50 categories of content.
NetGear, Inc. Issues Q3 2009 Revenue Guidance In Line With Analysts' Estimates; Restates Financial Statements For First Quarter Ended March 29, 2009
NetGear, Inc. announced that for third quarter of 2009, it expects revenue to be in the range of approximately $150-$160 million. According to Reuters Estimates, analysts were expecting the Company to report revenue of $152 million for the same period. The Company also announced that it will restate its financial statements for the first quarter ended March 29, 2009, due to a misapplication of FASB Interpretation No. 18, Accounting for Income Taxes in Interim Periods (FIN 18). As a result, the Audit Committee of the Board of Directors has concluded that investors should no longer rely on the Company's previously filed financial statements for the quarter ended March 29, 2009. The restatement relates solely to the correction of the recorded tax expense for the first quarter ended March 29, 2009. In its previously filed financial statements for the first quarter ended March 29, 2009, the Company incorrectly included a particular foreign entity with anticipated losses in calculating the Company's estimated annualized tax provision instead of calculating tax for that entity independently in accordance with FIN 18. As a result, based on the Company's preliminary analysis, the Company believes that it overstated the previously recorded tax benefit in the quarter ended March 29, 2009, by $3.8 million. Based on current projections, the Company does not expect its overall annual estimated tax provision to be affected for the entire year.
