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Ubiquiti Networks (UBNT) CFO Resign; Guides Below the Street

April 23, 2015 4:33 PM EDT

Ubiquiti Networks (NASDAQ: UBNT) announced that Craig L. Foster, the Company's Chief Financial Officer and member of the Company's Board of Directors, has resigned to accept a position with another company. Ubiquiti Networks is conducting a search for a new Chief Financial Officer.

Hartley Nisenbaum, Executive Vice President of Operations and Legal Affairs, has been appointed as the Company's interim Chief Financial Officer. Mr. Foster's duties as principal financial officer and principal accounting officer will be performed on an interim basis by Rohit Chakravarthy, Vice President of Finance and Corporate Controller, who has also been appointed as the Company's Chief Accounting Officer.

Preliminary Results

With the announcement of Mr. Foster's resignation, the Company announced preliminary results for third quarter of fiscal 2015 ended March 31, 2015. While performance is expected to be within the guidance previously provided on February 5, 2015, the Company's third quarter of fiscal 2015 financial results will be at the low end of the previously-provided range. Specifically, revenues are expected to be $147.5 million, with GAAP diluted EPS of $0.46 and Non-GAAP diluted EPS of $0.47.

**** the consensus is $0.49 and $153 million



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