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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Dialogic, Inc. (MM) | NASDAQ:DLGC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 1.18 | 0 | 01:00:00 |
Dialogic Inc. (Nasdaq:DLGC), the Network Fuel™ company, today announced fourth quarter and full year financial results for the period ending December 31, 2012.
Fourth Quarter 2012 Highlights
Full Year 2012 Highlights
GAAP Results
Revenue for the fourth quarter of 2012 was $37.9 million compared to $42.4 million in the third quarter of 2012 and $50.0 million in the fourth quarter of 2011. Gross Margin for the fourth quarter of 2012 was 60.6% compared to 61.8% in the third quarter of 2012 and 58.1% in the fourth quarter of 2011. Operating Expense for the fourth quarter of 2012 was $28.5 million compared to $26.4 million in the third quarter of 2012 and $33.9 million in the fourth quarter of 2011. Net Loss for the fourth quarter of 2012 was $4.7 million, or $0.32 per share compared to $0.3 million, or $0.03 per share, in the third quarter of 2012 and $9.2 million, or $1.46 per share, in the fourth quarter of 2011. Cash on hand for the fourth quarter of 2012 was $6.5 million compared to $2.7 million in the third quarter of 2012 and $10.4 million in the fourth quarter of 2011.
Revenue for full year 2012 was $160.0 million compared to $198.1 million in 2011. Gross Margin for 2012 was 57.3% compared to 58.4% in 2011. Operating Expense for 2012 was $122.5 million compared to $152.0 million in 2011. Net Loss for 2012 was $37.8 million, or $4.04 per share, compared to a net loss of $54.8 million in 2011, or $8.75 per share.
Non-GAAP Results
Total Revenue for the fourth quarter of 2012 was $39.1 million compared to $42.5 million in the third quarter of 2012 and $50.4 million in the fourth quarter of 2011. Gross Margin for the fourth quarter of 2012 was 64.5% compared to 65.3% in the third quarter of 2012 and 65.8% in the fourth quarter of 2011. Operating Expense for the fourth quarter of 2012 was $23.8 million compared to $23.9 million in the third quarter of 2012 and $28.8 million in the fourth quarter of 2011. Adjusted EBITDA for the fourth quarter of 2012 was $1.4 million compared to $3.8 million in the third quarter of 2012 and $4.4 million in the fourth quarter of 2011.
Total Revenue for 2012 was $162.4 million compared to $203.0 million in 2011. Gross Margin for 2012 was 65.0% compared to 64.0% in 2011. Operating Expense for 2012 was $104.7 million compared to $127.5 million in 2011. Adjusted EBITDA for 2012 was $0.8 million compared to $2.4 million in 2011.
Restructuring:
In December 2012, the company initiated a plan to further streamline operations and reduce operating costs, including specific workforce reductions. In the fourth quarter of 2012, the company recorded $2.3 million for severance and related charges for workforce reductions that were implemented in the first quarter of 2013. In total, the Company recorded $5.8 million for severance and related charges for the full year 2012.
Quote
"Throughout 2012 we focused on transitional activities including operational, organizational, and financial initiatives that significantly improved the health of the company," said Kevin Cook, President and CEO. "We successfully realigned our product organization to focus on our most promising solutions, evolved the talent on our senior management team and Board of Directors, eliminated $22.8 million in operating expenses year over year and restructured our long-term debt."
"Dialogic is now in a transformational phase and we have positioned the company favorably for 2013 and beyond. Core to our strategy is Network Fuel™, a go-to-market approach that elevates the performance of service provider networks and application platforms and enables these customers to offer a dynamic subscriber experience including video, voice, data — and whatever's next," added Cook.
Conference Call Details:
Date: March 21, 2013Time: 4:30pm EDT
Dial-in number: 800.860.2442 International callers: 412.858.4600Live Webcast: investor.dialogic.com
Replay Information:
A replay of the webcast will be accessible from the "Investor Relations" section of the Dialogic website. A telephonic replay of the conference call will be available one hour after the call and will run for 30 days. Parties in the United States should call 1-877-344-7529 and enter passcode 10026340#. International parties should call +1-412-317-0088 and enter passcode 10026340#.
About Dialogic:
Dialogic (Nasdaq:DLGC), the Network Fuel™ company, inspires the world’s leading service providers and application developers to elevate the performance of media-rich communications across the most advanced networks. We boost the reliability of any-to-any network connections, supercharge the impact of applications and amplify the capacity of congested networks. Forty-eight of the world’s top 50 mobile operators and nearly 3,000 application developers rely on Dialogic to redefine the possible and exceed user expectations.
For more information on Dialogic and the communications solutions energized by our technology, visit www.dialogic.com and www.dialogic.com/en/showcase. Also, visit our social media newsroom for the latest news, videos and blog posts.
This press release may contain forward-looking statements regarding future events that involve risks and uncertainties. Readers are cautioned that these forward-looking statements are only predictions and may differ materially from actual future events or results. These forward-looking statements involve risks and uncertainties, as well as assumptions that if they do not fully materialize or prove incorrect, could cause our results to differ materially from those expressed or implied by such forward-looking statements. The risks and uncertainties that could cause our results to differ materially from those expressed or implied by such forward-looking statements include but are not limited to our ability to continue to achieve operational, organizational and financial savings through initiatives already in process or which may be put in process, generate positive cash flow and support continued revenue growth, the potential market for and market acceptance of our products, industry and competitive market conditions, gross margin expansion, creating new revenue opportunities, reducing operating expenses and other risks and uncertainties described more fully in our documents filed with or furnished to the SEC. More information about these and other risks that may impact Dialogic's business is set forth in the "Risk Factors" section in our Quarterly Report on Form 10-Q for the period ended September 30, 2012, as filed with the SEC. These filings are available on a website maintained by the SEC http://www.sec.gov/. All forward-looking statements in this press release are based on information available to us as of the date hereof, and we assume no obligation to update these forward-looking statements.
Dialogic is a registered trademark and Network Fuel is a trademark of Dialogic Inc. or a subsidiary. (DLGC-IR)
GAAP Financial Tables
Dialogic Inc. Consolidated Statements of Operations (GAAP) (In thousands, except per share data) Three Months Ended December 31, Twelve Months Ended December 31, 2012 2011 2012 2011 Revenue: Products $ 28,980 $ 38,660 $ 121,229 $ 157,088 Services 8,932 11,352 38,740 40,996 Total revenue 37,912 50,012 159,969 198,084 Cost of revenue: Products 10,483 15,753 48,521 60,990 Services 4,445 5,207 19,712 21,422 Total cost of revenue 14,928 20,960 68,233 82,412 Gross profit 22,984 29,052 91,736 115,672 Operating expenses: Research and development, net 9,326 12,300 42,785 54,562 Sales and marketing 9,521 12,464 41,456 54,293 General and administrative 7,414 8,369 31,180 35,921 Restructuring charges 2,270 793 7,030 7,214 Total operating expenses 28,531 33,926 122,451 151,990 Loss from operations (5,547 ) (4,874 ) (30,715 ) (36,318 ) Other income (expense): Interest and other income (expense), net 85 76 180 73 Interest expense (1,894 ) (4,789 ) (10,730 ) (18,016 ) Change in fair value of warrants 2,932 - 5,086 - Foreign exchange loss, net (331 ) 118 (1,378 ) (266 ) Total other income (expense), net 792 (4,595 ) (6,842 ) (18,209 ) Loss before provision (benefit) for income taxes (4,755 ) (9,469 ) (37,557 ) (54,527 ) Income tax (benefit) provision (91 ) (306 ) 213 282 Net loss $ (4,664 ) $ (9,163 ) $ (37,770 ) $ (54,809 ) Net loss per share - basic and diluted $ (0.32 ) $ (1.46 ) $ (4.04 ) $ (8.75 ) Weighted average shares of common stock used in calculation of net loss per share - basic and diluted 14,409 6,289 9,341 6,265 Dialogic Inc. Consolidated Balance Sheets (In thousands, except share and per share data) December 31, 2012 2011 ASSETS Current assets: Cash and cash equivalents $ 6,501 $ 10,353 Restricted cash 900 1,497 Accounts receivable, net of allowance of $1,217 and $3,622, respectively 34,248 47,460 Inventory 8,306 20,127 Prepaid expenses 4,639 3,580 Other current assets 4,354 5,577 Total current assets 58,948 88,594 Property and equipment, net 5,978 7,947 Intangible assets, net 25,089 33,267 Goodwill 31,223 31,223 Other assets 2,147 2,311 Total assets $ 123,385 $ 163,342 LIABILITIES AND STOCKHOLDERS' DEFICIT Current liabilities: Accounts payable $ 16,994 $ 21,569 Accrued liabilities 21,270 22,449 Deferred revenue, current portion 12,742 14,872 Bank indebtedness 11,717 12,509 Income taxes payable 1,007 1,665 Interest payable, related parties - 3,452 Total current liabilities 63,730 76,516 Long-term debt, related parties, net of discount 66,536 94,675 Warrants 1,985 - Other long-term liabilities 8,978 7,587 Total liabilities 141,229 178,778 Commitments and contingencies Preferred stock, $0.001 par value: Authorized - 10,000,000 shares; Issued and outstanding - 1 share - - Stockholders' deficit: Common stock, $0.001 par value: Authorized - 200,000,000 shares; Issued and outstanding 14,415,652 and 6,295,230 shares, respectively 14 6 Additional paid-in capital 257,658 222,087 Accumulated other comprehensive loss (22,423 ) (22,206 ) Accumulated deficit (253,093 ) (215,323 ) Total stockholders' deficit (17,844 ) (15,436 ) Total liabilities and stockholders' deficit $ 123,385 $ 163,342Use of Non-GAAP Financial Measures
Some of the measures in this press release are non-GAAP financial measures within the meaning of the SEC Regulation G. Dialogic believes that presenting non-GAAP Adjusted EBITDA is useful to investors, because it reflects the operating performance of Dialogic. Dialogic management uses these non-GAAP measures as important indicators of the company's past performance and in planning and forecasting performance in future periods. Dialogic considers EBITDA, as adjusted, an important measure of its ability to generate cash flows to fund operating activities, service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA, as adjusted, eliminates the non-cash effect of tangible asset depreciation and amortization of intangible assets and stock-based compensation, as well as certain nonrecurring expenses. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities. The non-GAAP financial information Dialogic presents may not be comparable to similarly-titled financial measures used by other companies, and investors should not consider non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP. You are encouraged to review the reconciliation of GAAP financial measures to non-GAAP financial measures included elsewhere in this press release.
In respect of the foregoing, Dialogic provides the following supplemental information to provide additional context for the use and consideration of the non-GAAP financial measures used elsewhere in this press release:
"EBITDA" is defined as earnings before interest, income taxes, depreciation and amortization. "Adjusted EBITDA" is defined as EBITDA, plus adjustments for nonrecurring items or other adjustments. Adjusted EBITDA includes EBITDA and also restructuring and integration costs, product rationalization, non-cash stock compensation expense, purchase accounting adjustments, SEC inquiry expenses and other income (expense) items, which includes the change in the fair value of warrants and foreign exchange gain (loss). Dialogic considers Adjusted EBITDA as a key metric in evaluating its financial performance.
Non-GAAP Financial Tables
Dialogic Inc. Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results Three Months Ended December 31, 2012 (in thousands, except per share data) (unaudited) GAAPDepreciation and Amortization
Restructuring and Integration Costs
Product Rationalization
Stock-based Compensation Expense
Purchase Accounting Adjustments
SEC InquiryOther Adjustments
Adjusted EBITDA
Revenue: Products $ 28,980 - - - - 73 - 737 $ 29,790 Services 8,932 - - - - 149 - 200 9,281 Cost of revenue: Products 10,483 (1,016 ) - - (61 ) - - - 9,406 Services 4,445 - - - - - - - 4,445 Operating expenses: Research and development, net 9,326 (303 ) - - (130 ) - - - 8,893 Sales and marketing 9,521 (620 ) - - (157 ) - - - 8,744 General and administrative 7,414 (358 ) (352 ) - (245 ) (60 ) (232 ) - 6,167 Restructuring charges 2,270 - (2,270 ) - - - - - - Total other income (expense), net 792 - - - - - - (792 ) - Income tax benefit (91 ) - - - - - - 91 - Net (loss) income $ (4,664 ) 2,297 2,622 - 593 282 232 54 $ 1,416 Net (loss) income per share - basic and diluted $ (0.32 ) $ 0.10 Weighted average shares of common stock used in calculation of net (loss) income per share - basic and diluted 14,409 14,409 Dialogic Inc. Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results Three Months Ended December 31, 2011 (in thousands, except per share data) (unaudited) GAAPDepreciation and Amortization
Restructuring and Integration Costs
Product Rationalization
Stock-based Compensation Expense
Purchase Accounting Adjustments
SEC InquiryOther Adjustments
Non-GAAP Revenue: Products $ 38,660 - - - - 144 - - $ 38,804 Services 11,352 - - - - 281 - - 11,633 Cost of revenue: Products 15,753 (2,096 ) - - (79 ) (18 ) - (1,500 ) 12,060 Services 5,207 - - - - - - - 5,207 Operating expenses: Research and development, net 12,300 (376 ) - - (199 ) - - - 11,725 Sales and marketing 12,464 (1,270 ) - - (196 ) - - - 10,998 General and administrative 8,369 (776 ) (175 ) - (225 ) - (1,147 ) - 6,046 Restructuring charges 793 - (793 ) - - - - - - Total other expense, net (4,595 ) - - - - - - 4,595 - Income tax benefit (306 ) - - - - - - 306 - Net (loss) income $ (9,163 ) 4,518 968 - 699 443 1,147 5,789 $ 4,401 Net (loss) income per share - basic and diluted $ (1.46 ) $ 0.70 Weighted average shares of common stock used in calculation of net (loss) income per share - basic and diluted 6,289 6,289 Dialogic Inc. Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results Three Months Ended September 30, 2012 (in thousands, except per share data) (unaudited) GAAPDepreciation and Amortization
Restructuring and Integration Costs
Product Rationalization
Stock-based Compensation Expense
Purchase Accounting Adjustments
SEC InquiryOther Adjustments
Non-GAAP Revenue: Products $ 32,140 - - - - 165 - - $ 32,305 Services 10,251 - - - - (77 ) - - 10,174 Cost of revenue: Products 11,070 (1,226 ) - (516 ) (86 ) 371 - - 9,613 Services 5,118 - - - - - - 5,118 Operating expenses: Research and development, net 9,266 (324 ) 4 - (146 ) 73 - - 8,872 Sales and marketing 9,261 (471 ) 19 - (175 ) 6 - - 8,641 General and administrative 7,375 (269 ) (486 ) - (238 ) 69 (64 ) - 6,387 Restructuring charges 457 - (457 ) - - - - - - Total other expense, net (78 ) - - - - - - 78 - Income tax provision 56 - - - - - - (56 ) - Net (loss) income $ (290 ) 2,290 920 516 645 (431 ) 64 134 $ 3,848 Net (loss) income per share - basic and diluted $ (0.03 ) $ 0.38 Weighted average shares of common stock used in calculation of net (loss) income per share - basic and diluted 10,229 10,229 Dialogic Inc. Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results Twelve Months Ended December 31, 2012 (in thousands, except per share data) (unaudited) GAAPDepreciation and Amortization
Restructuring and Integration Costs
Product Rationalization
Stock-based Compensation Expense
Purchase Accounting Adjustments
SEC InquiryOther Adjustments
Non-GAAP Revenue: Products $ 121,229 - - - - 507 - 737 $ 122,473 Services 38,740 - - - - 976 - 200 39,916 Cost of revenue: Products 48,521 (5,860 ) - (5,337 ) (210 ) 156 - - 37,270 Services 19,712 - - - (95 ) - - - 19,617 Operating expenses: Research and development, net 42,785 (1,409 ) 4 - (636 ) 73 - - 40,816 Sales and marketing 41,456 (2,739 ) 19 - (708 ) 6 - - 38,035 General and administrative 31,180 (1,494 ) (2,550 ) - (840 ) 9 (475 ) - 25,830 Restructuring charges 7,030 - (7,030 ) - - - - - - Total other expense, net (6,842 ) - - - - - - 6,842 - Income tax provision 213 - - - - - - (213 ) - Net (loss) income $ (37,770 ) 11,502 9,557 5,337 2,489 1,239 475 7,992 $ 821 Net (loss) income per share - basic and diluted $ (4.04 ) $ 0.09 Weighted average shares of common stock used in calculation of net (loss) income per share - basic and diluted 9,341 9,341 Dialogic Inc. Reconciliation of Condensed Consolidated Statement of Operations to Adjusted EBITDA Results Twelve Months Ended December 31, 2011 (in thousands, except per share data) (unaudited) GAAPDepreciation and Amortization
Restructuring and Integration Costs
Product Rationalization
Stock-based Compensation Expense
Purchase Accounting Adjustments
SEC InquiryOther Adjustments
Non-GAAP Revenue: Products $ 157,088 - - - - 2,808 - - $ 159,896 Services 40,996 - - - - 2,082 - - 43,078 Cost of revenue: Products 60,990 (8,568 ) - - (261 ) 1,110 - (1,500 ) 51,771 Services 21,422 - (25 ) - (63 ) - - - 21,334 Operating expenses: Research and development, net 54,562 (1,674 ) (65 ) - (764 ) - - - 52,059 Sales and marketing 54,293 (5,158 ) (21 ) - (971 ) (389 ) - - 47,754 General and administrative 35,921 (3,180 ) (461 ) - (968 ) - (3,673 ) - 27,639 Restructuring charges 7,214 - (7,214 ) - - - - - - Total other expense, net (18,209 ) - - - - - - 18,209 - Income tax provision 282 - - - - - - (282 ) - Net (loss) income $ (54,809 ) 18,580 7,786 - 3,027 4,169 3,673 19,991 $ 2,417 Net (loss) income per share - basic and diluted $ (8.75 ) $ 0.39 Weighted average shares of common stock used in calculation of net (loss) income per share - basic and diluted 6,265 6,265
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