Silver Spring Networks (SSNI) Prelim. Q4, FY15 EPS Outpaces Views

Silver Spring Networks, Inc. (NYSE: SSNI) announced preliminary financial results for its fourth quarter and year ended December 31, 2015. Silver Spring is providing preliminary results and will hold a conference call this afternoon to coincide with today’s announcement of its contract award with Consolidated Edison Companies.

“We completed 2015 on a high note, and now expect fourth quarter and full year 2015 non-GAAP revenue and earnings per share at the upper end of the range we provided in November,” said Mike Bell, President and CEO. “Our preliminary results, and our award with Con Edison, demonstrate the strength of our business model and the leadership position we have built in the smart grid and smart city markets. I see significant potential for continued innovation and growth in our core markets, and with Starfish, look to leverage Silver Spring’s technology and platform into the broader Internet of Things opportunity.”

The company is providing the following preliminary financial results:

For the fourth quarter, 20151:

• Non-GAAP revenue $74-$75 million.
• GAAP revenue $189-$199 million.
• Non-GAAP income per share $0.07-$0.08.
• GAAP income per share $0.99-$1.19.
• Approximately 633,000 endpoints delivered in Q4 2015.

*** The Street sees Q4 revenue of $74 million with EPS of $0.06.

For the full year, 20151:

• Non-GAAP revenue $281-$282 million.
• GAAP revenue $480-$490 million.
• Non-GAAP income per share $0.08-$0.09.
• GAAP income per share $1.35-$1.55.
• 2.68 million endpoints delivered in 2015 resulting in over 22.9 million cumulative network endpoints delivered from inception through December 31, 2015, up 13% from a year ago.
• Total backlog of $770 million as of December 31, 2015.

*** The Street sees FY15 revenue of $281 million with EPS of $0.06.

Conference Call

Silver Spring will host a conference call today at 2:00 pm PT (5:00 pm ET) to review its preliminary fourth quarter and full year ended December 31, 2015 financial results and its outlook for the future. During the course of this call, Silver Spring may also disclose material developments affecting its business and/or financial performance. Listeners may access the conference call live at 877-407-0832 (U.S.) or 201-689-8433 (International) or via webcast at http://ir.silverspringnet.com. A dial-in replay of the conference call will be available until April 1, 2016 and can be accessed at 877-660-6853 (domestic) or 201-612-7415 (international) passcode 13630388. An audio webcast replay of the conference call will be available for one year at http://ir.silverspringnet.com.

Silver Spring expects to release its detailed fourth quarter and full year 2015 results on February 16, 2016. The call today is intended to replace the conference call originally scheduled for February 16, 2016. Silver Spring no longer intends to hold a call on that day.

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