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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Symmetricom, Inc. (MM) | NASDAQ:SYMM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.18 | 0 | 01:00:00 |
In the first of two tables with the title "RECONCILIATION OF GAAP TO NON-GAAP RESULTS," in the first row labeled "Non-GAAP income from continuing operations," the third and fifth figures should read: $4,328 and $6,933, respectively (sted: $3,563 and $5,400, respectively). Within the same table, in the second row labeled "Non-GAAP income from continuing operations," the third and fifth figures should read: $0.10 and $0.16, respectively (sted: $0.08 and $0.12, respectively).
The corrected release reads:
SYMMETRICOM REPORTS SECOND QUARTER FISCAL 2011 FINANCIAL RESULTS
Symmetricom, Inc. (NASDAQ:SYMM), a worldwide leader in precision time and frequency technologies, today reported financial results for its second quarter of fiscal 2011, ended December 26, 2010.
Net revenue for the second quarter of fiscal 2011 was $41.8 million, down $15.1 million or 26.5%, compared to the $56.9 million reported for the second quarter of fiscal 2010. Symmetricom reported a loss from continuing operations of $3.5 million, or $(0.08) per share, for the second quarter of fiscal 2011, compared to income from continuing operations of $1.9 million, or $0.04 per share, in the second quarter of fiscal 2010. The loss from continuing operations for the second quarter of fiscal 2011 included $3.9 million of restructuring charges, as compared to $1.5 million of restructuring charges for the second quarter of fiscal 2010.
The decrease in revenue is due to product supply and fulfillment delays associated with the company’s transition to an outsourced manufacturing and logistics model. Symmetricom ceased manufacturing operations in Puerto Rico in December 2010 and expects to complete the transition to an outsourced manufacturing and logistics model in the third quarter, as previously disclosed.
The company’s order volume was at expected levels for the quarter. Total sales backlog was $64.2 million as of December 26, 2010, compared to $54.4 million as of September 26, 2010.
Non-GAAP income from continuing operations for the second quarter of fiscal 2011 was $1.4 million, or $0.03 per share, compared to $4.3 million, or $0.10 per share, reported in the same period of the prior year.
Cash, cash equivalents and short-term investments totaled $78.5 million as of December 26, 2010, an increase of $5.7 million from the $72.8 million reported as of September 26, 2010. Net cash provided by operating activities in the second quarter was $8.0 million and property, plant and equipment purchases were approximately $1.3 million, resulting in free cash flow of $6.7 million.
"The financial results of our second quarter were disappointing due to fulfillment delays that resulted from issues we encountered during our manufacturing transition," said Dave Côté, President and Chief Executive Officer of Symmetricom. "These difficulties are not related to the inherent manufacturability or quality of our products, but are logistical and process issues related to component supply and material flows, which we are working hard to solve as rapidly as possible."
"Despite these challenges, I am encouraged by the ongoing level of demand for our products and feel good about the progress we are making on new product and new market initiatives. Once these manufacturing transition issues are behind us, I am confident that our overall performance will once again reflect the company's strong market position and many new market and growth opportunities," said Côté.
Business Results
Revenue in the Communications Business in the second quarter of fiscal 2011 was $20.4 million, compared to $35.8 million reported in the same period of the prior fiscal year. Revenue in the Government Business in the second quarter of fiscal 2011 was $21.5 million, compared to $21.1 million reported in the same period of the prior fiscal year.
Third Quarter 2011 Guidance
Symmetricom’s guidance for the third quarter of fiscal 2011 is as follows:
A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.
Investor Conference Call
As previously announced, management will hold a conference call to discuss these results today, at 1:30 p.m. Pacific Time. Investors are invited to join the conference call by dialing +1-312-470-7356 and referencing “Symmetricom.” A live webcast will also be available on the investor relations section of the company’s website at www.symmetricom.com. An audio replay will be available for one week and can be accessed by dialing +1-203-369-1321 and referencing the passcode LEADER.
About Symmetricom, Inc.
Symmetricom, a world leader in precise time solutions, sets the world's standard for time. The company generates, distributes and applies precise time for the communications, aerospace/defense, IT infrastructure and metrology industries. Symmetricom's customers, from communications service providers and network equipment manufacturers to governments and their suppliers worldwide, are able to build more reliable networks and systems by using the company's advanced timing technologies, atomic clocks, services and solutions. All products support today's precise timing standards, including GPS-based timing, IEEE 1588 (PTP), Network Time Protocol (NTP), Synchronous Ethernet and DOCSIS(R) timing. Symmetricom is based in San Jose, California, with offices worldwide. For more information, visit: http://www.symmetricom.com.
Non-GAAP Information
Certain non-GAAP financial information is included in this press release. In the reconciliation of GAAP to non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, amortization of intangible assets, restructuring charges, manufacturing transition costs and non-cash interest expense charges that the company does not consider indicative of its ongoing performance. The income tax effect after these non-GAAP adjustments was determined based upon Symmetricom’s estimate of its annual non-GAAP effective tax rate excluding these non-GAAP adjustments. Symmetricom believes that excluding such items provides investors, analysts and management with a representation of the Company’s core operating performance and with information useful in assessing, in conjunction with GAAP results, underlying trends in operating performance. Management uses such non-GAAP information to evaluate financial results and to establish operational goals. Non-GAAP information should not be considered superior to or as a substitute for data prepared in accordance with GAAP. A reconciliation of the non-GAAP results to the GAAP results is provided in the financial schedules portion of this press release.
Free cash flow is defined as net cash provided by operating activities minus purchases of property, plant and equipment. Symmetricom believes this metric provides useful information to its investors, analysts, and management about the level of cash generated by normal business operations, including the use of cash for the purchase of property, plant and equipment. Management also views it as a measure of cash available to pay debt and return cash to stockholders. Free cash flow is not a GAAP financial measure and should not be considered superior to or a substitute for operating cash flow or other cash flow data prepared in accordance with GAAP.
Safe Harbor
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning third quarter fiscal 2011 guidance and future performance, as well as the information regarding the usefulness of the non-GAAP financial information. The statements in this press release are made as of the date of this press release, even if subsequently made available by Symmetricom on its website or otherwise. Symmetricom's actual results could differ materially from those projected or suggested in these forward-looking statements. Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include: reduced rates of demand for telecommunication products, cable products or test and measurement products, reduced rates or changes in government spending patterns, customers' ability and need to upgrade existing equipment, the company’s ability to fulfill delayed shipments, delays in its transition to an outsourced manufacturing and logistics model, the company’s ability to maintain or reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 27, 2010 and subsequent Form 10-Q’s and 8-K's.
SYMM-F
SYMMETRICOM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three months ended Six months ended December 26, September 26, December 27, December 26, December 27, 2010 2010 2009 2010 2009 Net revenue $ 41,844 $ 54,379 $ 56,862 $ 96,223 $ 109,130 Cost of sales: Cost of products and services 23,222 26,606 30,884 49,828 60,421 Amortization of intangible assets 267 287 368 554 736 Restructuring charges 3,910 3,747 931 7,657 1,793 Total cost of sales 27,399 30,640 32,183 58,039 62,950 Gross profit 14,445 23,739 24,679 38,184 46,180 Gross margin 34.5 % 43.7 % 43.4 % 39.7 % 42.3 % Operating expenses: Research and development 6,738 6,606 6,113 13,344 11,827 Selling, general and administrative 13,596 12,799 14,259 26,395 27,798 Amortization of intangible assets 61 62 62 123 157 Restructuring charges 38 (881 ) 535 (843 ) 1,011 Total operating expenses 20,433 18,586 20,969 39,019 40,793 Operating income (loss) (5,988 ) 5,153 3,710 (835 ) 5,387Interest income, net of amortization (accretion) ofpremium (discount) on investments
331 (108 ) 505 223 966 Interest expense - (55 ) (1,270 ) (55 ) (2,544 ) Income (loss) from continuing operations before taxes (5,657 ) 4,990 2,945 (667 ) 3,809 Income tax provision (benefit) (2,181 ) 1,896 1,055 (285 ) 1,370 Income (loss) from continuing operations (3,476 ) 3,094 1,890 (382 ) 2,439 Income (loss) from discontinued operations, net of tax (49 ) 127 (391 ) 78 (766 ) Net income (loss) $ (3,525 ) $ 3,221 $ 1,499 $ (304 ) $ 1,673 Earnings (loss) per share - basic: Income (loss) from continuing operations $ (0.08 ) $ 0.07 $ 0.04 $ (0.01 ) $ 0.06 Income (loss) from discontinued operations - - (0.01 ) - (0.02 ) Net income (loss) $ (0.08 ) $ 0.07 $ 0.03 $ (0.01 ) $ 0.04 Weighted average shares outstanding - basic 43,272 43,430 43,313 43,351 43,245 Earnings (loss) per share - diluted: Income (loss) from continuing operations $ (0.08 ) $ 0.07 $ 0.04 $ (0.01 ) $ 0.06 Income (loss) from discontinued operations - - (0.01 ) - (0.02 ) Net income (loss) $ (0.08 ) $ 0.07 $ 0.03 $ (0.01 ) $ 0.04 Weighted average shares outstanding - diluted 43,272 43,772 43,708 43,351 43,771 SYMMETRICOM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) December 26, June 27, 2010 2010 ASSETS Current assets: Cash and cash equivalents $ 25,722 $ 21,794 Short-term investments 52,739 53,825 Accounts receivable, net 25,527 40,075 Inventories 41,665 37,229 Prepaids and other current assets 14,650 15,108 Total current assets 160,303 168,031 Property, plant and equipment, net 22,570 23,077 Intangible assets, net 3,068 3,745 Deferred taxes and other assets 38,077 36,534 Total assets $ 224,018 $ 231,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,136 $ 6,768 Accrued compensation 13,849 18,731 Accrued warranty 2,002 2,900 Other accrued liabilities 12,277 10,506 Total current liabilities 35,264 38,905 Long-term obligations 6,560 8,296 Deferred income taxes 334 334 Total liabilities 42,158 47,535 Stockholders' equity: Common stock 200,622 202,450 Accumulated other comprehensive loss (216 ) (356 ) Accumulated deficit (18,546 ) (18,242 ) Total stockholders' equity 181,860 183,852 Total liabilities and stockholders' equity $ 224,018 $ 231,387 SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Six months ended December 26, September 26, December 27, December 26, December 27, 2010 2010 2009 2010 2009 Reconciliation from GAAP to Non-GAAP GAAP Income (loss) from continuing operations $ (3,476 ) $ 3,094 $ 1,890 $ (382 ) $ 2,439 Non-GAAP adjustments: Equity-based compensation expense: Cost of products and services 230 23 262 253 472 Research and development 184 138 228 322 428 Selling, general and administrative 704 291 700 995 894 Total equity-based compensation expense 1,118 452 1,190 1,570 1,794 Amortization of intangible assets: Cost of products and services 267 287 368 554 736 Operating expenses 61 62 62 123 157 Total amortization of intangible assets 328 349 430 677 893 Restructuring charges 3,948 2,866 1,466 6,814 2,804 Manufacturing transition costs 2,041 2,041Non-cash interest expense on convertible notes
-
-
765
-
1,533
Income tax effect of Non-GAAP adjustments (2,551 ) (1,177 ) (1,413 ) (3,728 ) (2,530 ) Non-GAAP income from continuing operations $ 1,408 $ 5,584 $4,328
$ 6,992 $6,933
Earnings (loss) per share - diluted: GAAP income (loss) from continuing operations $ (0.08 ) $ 0.07 $ 0.04 $ (0.01 ) $ 0.06 Non-GAAP income from continuing operations $ 0.03 $ 0.13 $0.10
$ 0.16 $0.16
Weighted average shares outstanding - diluted 43,972 43,772 43,708 43,862 43,771 SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Six months ended December 26, September 26, December 27, December 26, December 27, 2010 2010 2009 2010 2009 GAAP Revenue $ 41,844 $ 54,379 $ 56,862 $ 96,223 $ 109,130Reconciliation from GAAP to Non-GAAP GrossProfit from continuing operations:
GAAP Gross profit (A) $ 14,445 $ 23,739 $ 24,679 $ 38,184 $ 46,180 GAAP Gross margin 34.5% 43.7% 43.4% 39.7% 42.3% Non-GAAP adjustments: Equity-based compensation expense 230 23 262 253 472 Amortization of intangible assets 267 287 368 554 736 Restructuring charges 3,910 3,747 931 7,657 1,793 Manufacturing transition costs 2,041 - - 2,041 - Non-GAAP Gross profit (B) $ 20,893 $ 27,796 $ 26,240 $ 48,689 $ 49,181 Non-GAAP Gross margin 49.9% 51.1% 46.1% 50.6% 45.1%Reconciliation from GAAP to Non-GAAP OperatingExpense from continuing operations:
GAAP Operating expenses (C) $ 20,433 $ 18,586 $ 20,969 $ 39,019 $ 40,793 Operating expense % to revenue 48.8% 34.2% 36.9% 40.6% 37.4% Non-GAAP adjustments: Equity-based compensation expense (888) (429) (928) (1,317) (1,322) Amortization of intangible assets (61) (62) (62) (123) (157) Restructuring charges (38) 881 (535) 843 (1,011) Non-GAAP operating expenses (D) $ 19,446 $ 18,976 $ 19,444 $ 38,422 $ 38,303 Non-GAAP operating expenses % to revenue 46.5% 34.9% 34.2% 39.9% 35.1%Reconciliation from GAAP to Non-GAAP OperatingIncome (loss) from continuing operations:
GAAP Operating income (loss) (A) - (C) $ (5,988) $ 5,153 $ 3,710 $ (835) $ 5,387 Operating income (loss) % to revenue -14.3% 9.5% 6.5% -0.9% 4.9% Non-GAAP Operating income (loss) (B) - (D) $ 1,447 $ 8,820 $ 6,796 $ 10,267 $ 10,878 Operating income % to revenue 3.5% 16.2% 12.0% 10.7% 10.0% SYMMETRICOM, INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP GUIDANCE FOR REVENUE AND EPS (In thousands, except per share amounts) (Unaudited) Three Months Ending March 27, 2011 Revenue Earnings (Loss) Per Share fromContinuing Operations
From To From To GAAP Guidance $ 45,000 $ 55,000 $ (0.09 ) $ 0.01 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.03 0.03 Amortization of intangible assets 0.01 0.01 Restructuring charges 0.07 0.05 Manufacturing transition costs 0.02 0.01 Income tax effect of non-GAAP adjustments (0.04 ) (0.03 ) Total Non-GAAP Adjustments 0.09 0.07 Non-GAAP Guidance $ 45,000 $ 55,000 $ - $ 0.08
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