n addition, our strong 2011 performance left us with a record backlog going into the first quarter and accelerated activity that has carried over with strong sales in the first months of Q1," Lidsky added. "As we exit the year, we continue to see increasing demand for unified data center solutions with flexible architectures. Our investments in our expanded data center portfolio support these market conditions, and our ability to deliver unified platforms to our customers should fuel growth in 2012."
Outlook With the strong start to the new year, Datalink's first quarter guidance suggests a 17% to 24% year-over-year revenue increase in fiscal 2012. Based on the company's current backlog and sales pipeline, the company projects revenues of $108 million to $116 million for Q1 2012 compared to $85.7 million for Q1 2011. In addition, Datalink's first quarter operating expenses are typically higher than other quarters. Therefore the company expects first quarter 2012 net earnings to be between $0.07 and $0.12 per diluted share on a GAAP basis, and net earnings of between $0.13 and $0.18 per diluted share on a non-GAAP basis. This compares to net earnings of $0.12 per diluted share and $0.16 per diluted share on a GAAP and non-GAAP basis, respectively, for the same period in 2011.
As was pointed out in the Q&A 1st quarter revenue growth from $85.7 million in 2011 to a projected $108.0 million to $116.0 million in Q1 2012 is not y/o/y growth of 17% to 24% but rather (at the midpoint) 31%. Apparently, the 17% to 24% excludes Midwave. Great progress toward that $1 billion revenue goal.