Meru Networks issued preliminary unaudited guidance for Q1 2012, saying that it now expects to report first quarter revenue in the range of $19.0 million to $19.5 million. The company expects to report cash, cash equivalents and investments of approximately $36.6 million and outstanding borrowings on its existing credit facility of $6.9 million as of March 31, 2012.
“In fourth quarter 2011 and first quarter 2012 the company has been managing several key transitions,” said William Quigley, chairman of the board of directors of Meru Networks. “Among the more notable ones were the search for, appointment and installation of Dr. Bami Bastani as CEO who started full time on April 2nd, the rapid expansion and training of the sales force, and the introduction of major new products. The challenges related to these transitions proved greater than expected, and it became apparent as the quarter came to a close that they contributed to lower than expected performance.”http://www.merunetworks.com
