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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 |
Symmetricom, Inc. (NASDAQ:SYMM), a world leader in precise time solutions, today reported financial results for its first quarter of fiscal 2011, ended September 26, 2010.
Net revenue for the first quarter of fiscal 2011 was $54.4 million, up $2.1 million or 4%, compared to the $52.3 million reported for the first quarter of fiscal 2010. Symmetricom reported income from continuing operations of $3.1 million, or $0.07 per share, for the first quarter of fiscal 2011, compared to $0.5 million, or $0.01 per share, in the first quarter of fiscal 2010. The income from continuing operations for the first quarter of fiscal 2011 included $2.9 million of restructuring charges, as compared to $1.3 million of restructuring charges for the first quarter of fiscal 2010.
In the first quarter of fiscal 2011, the Company continued its project to transfer its product fabrication processes from its Aguadilla, Puerto Rico facility to Sanmina-SCI facilities. In conjunction with these activities, the Company recorded approximately $3.7 million of restructuring charges for severance benefits, transition support services and additional depreciation.
Non-GAAP income from continuing operations in the first quarter of fiscal 2011 was $5.6 million, or $0.13 per share, an increase from the $2.6 million, or $0.06 per share, reported in the same period of the prior year.
Cash, cash equivalents and short-term investments totaled $72.8 million as of September 26, 2010, a decrease of $2.8 million from the $75.6 million reported as of June 27, 2010. This decrease included $2.0 million for the repurchase of approximately 397,000 shares of common stock and roughly $5 million of expenditures for buffer inventories and other manufacturing transfer support payments.
“We are pleased with our first quarter financial results as well as progress on our key strategic initiatives,” said Dave Côté, president and chief executive officer of Symmetricom. “In our communications business, we made progress in next generation deployments as our new PTP PackeTime products continued to ramp. In our government business, we received more than $9 million in research contracts related to the development of next-generation atomic clock technology.
“We are also encouraged about activities in several new markets that we believe hold the potential for growth, including oil and gas exploration and the power utility market,” continued Côté. “We are actively engaged in product and market development in each of these markets.”
Business Results
Revenue in the Communications Business in the first quarter of fiscal 2011 was $33.1 million, compared to $32.4 million reported in the same period of the prior fiscal year. This revenue increase reflected continuing momentum within the portfolio of next-generation communications products.
Revenue in the Government Business in the first quarter of fiscal 2011 was $21.2 million, compared to $19.9 million reported in the same period of the prior fiscal year. The 7% year-over-year increase was due primarily to higher sales of instrument and enterprise products.
Second Quarter 2011 Guidance
Symmetricom’s guidance for the second 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 +1-415-228-5002 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 +1-402-998-0923 and referencing the passcode 5220.
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 acquired intangibles, restructuring charges, losses on repayment of convertible notes, 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 second quarter fiscal 2011 guidance, 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 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 September 26, June 27, September 27, 2010 2010 2009 Net revenue $ 54,379 $ 55,660 $ 52,268 Cost of sales: Cost of products and services 26,606 28,101 29,537 Amortization of purchased technology 287 268 368 Restructuring charges 3,747 3,384 862 Total cost of sales 30,640 31,753 30,767 Gross profit 23,739 23,907 21,501 Gross margin 43.7 % 43.0 % 41.1 % Operating expenses: Research and development 6,606 6,190 5,714 Selling, general and administrative 12,799 14,560 13,539 Amortization of intangible assets 62 62 95 Restructuring charges (881 ) 2,657 476 Total operating expenses 18,586 23,469 19,824 Operating income 5,153 438 1,677 Loss on repayment of convertible notes, net - (7,026 ) - Interest income, net of amortization (accretion) of premium (discount) on investments (108 ) 278 461 Interest expense (55 ) (792 ) (1,274 ) Income (loss) from continuing operations before taxes 4,990 (7,102 ) 864 Income tax provision (benefit) 1,896 (3,521 ) 315 Income (loss) from continuing operations 3,094 (3,581 ) 549 Income (loss) from discontinued operations, net of tax 127 (58 ) (375 ) Net income (loss) $ 3,221 $ (3,639 ) $ 174 Earnings (loss) per share - basic: Income (loss) from continuing operations $ 0.07 $ (0.08 ) $ 0.01 Income (loss) from discontinued operations - - (0.01 ) Net income (loss) $ 0.07 $ (0.08 ) $ - Weighted average shares outstanding - basic 43,430 43,593 43,177 Earnings (loss) per share - diluted: Income (loss) from continuing operations $ 0.07 $ (0.08 ) $ 0.01 Income (loss) from discontinued operations - - (0.01 ) Net income (loss) $ 0.07 $ (0.08 ) $ - Weighted average shares outstanding - diluted 43,772 43,593 43,815 SYMMETRICOM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) September 26, June 27, 2010 2010 ASSETS Current assets: Cash and cash equivalents $ 21,972 $ 21,794 Short-term investments 50,791 53,825 Accounts receivable, net 41,425 40,075 Inventories 42,946 37,229 Prepaids and other current assets 15,594 15,108 Total current assets 172,728 168,031 Property, plant and equipment, net 22,787 23,077 Intangible assets, net 3,396 3,745 Deferred taxes and other assets 34,394 36,534 Total assets $ 233,305 $ 231,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 9,763 $ 6,768 Accrued compensation 16,613 18,731 Accrued warranty 2,339 2,900 Other accrued liabilities 11,594 10,506 Total current liabilities 40,309 38,905 Long-term obligations 7,276 8,296 Deferred income taxes 334 334 Total liabilities 47,919 47,535 Stockholders' equity: Common stock 200,394 202,450 Accumulated other comprehensive income (loss) 13 (356 ) Accumulated deficit (15,021 ) (18,242 ) Total stockholders' equity 185,386 183,852 Total liabilities and stockholders' equity $ 233,305 $ 231,387 SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended September 26, June 27, September 27, 2010 2010 2009 Reconciliation from GAAP to Non-GAAP GAAP Income (loss) from continuing operations $ 3,094 $ (3,581 ) $ 549 Non-GAAP adjustments: Equity-based compensation expense: Cost of products and services 23 161 210 Research and development 138 136 200 Selling, general and administrative 291 803 194 Total equity-based compensation expense 452 1,100 604 Amortization of intangible assets: Cost of products and services 287 268 368 Operating expenses 62 62 95 Total amortization of intangible assets 349 330 463 Restructuring charges 2,866 6,041 1,338 Non-cash interest expense on convertible notes - 500 768 Loss on repayment of convertible notes, net - 7,026 - Income tax effect of Non-GAAP adjustments (1,177 ) (6,125 ) (1,117 ) Non-GAAP income from continuing operations $ 5,584 $ 5,291 $ 2,605 Earnings (loss) per share - diluted: GAAP income (loss) from continuing operations $ 0.07 $ (0.08 ) $ 0.01 Non-GAAP income from continuing operations $ 0.13 $ 0.12 $ 0.06 Weighted average shares outstanding - diluted 43,772 44,092 43,815 SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended September 26, June 27, September 27, 2010 2010 2009 GAAP Revenue $ 54,379 $ 55,660 $ 52,268 Reconciliation from GAAP to Non-GAAP Gross Profit from continuing operations: GAAP Gross profit (A) $ 23,739 $ 23,907 $ 21,501 GAAP Gross margin 43.7 % 43.0 % 41.1 % Non-GAAP adjustments: Equity-based compensation expense 23 161 210 Amortization of intangible assets 287 268 368 Restructuring charges 3,747 3,384 862 Non-GAAP Gross profit (B) $ 27,796 $ 27,720 $ 22,941 Non-GAAP Gross margin 51.1 % 49.8 % 43.9 % Reconciliation from GAAP to Non-GAAP Operating Expense from continuing operations: GAAP Operating expenses (C) $ 18,586 $ 23,469 $ 19,824 Operating expense % to revenue 34.2 % 42.2 % 37.9 % Non-GAAP adjustments: Equity-based compensation expense (429 ) (939 ) (394 ) Amortization of intangible assets (62 ) (62 ) (95 ) Restructuring charges 881 (2,657 ) (476 ) Non-GAAP operating expenses (D) $ 18,976 $ 19,811 $ 18,859 Non-GAAP operating expenses % to revenue 34.9 % 35.6 % 36.1 % Reconciliation from GAAP to Non-GAAP Operating Income from continuing operations: GAAP Operating income (A) - (C) $ 5,153 $ 438 $ 1,677 Operating income % to revenue 9.5 % 0.8 % 3.2 % Non-GAAP Operating income (B) - (D) $ 8,820 $ 7,909 $ 4,082 Operating income % to revenue 16.2 % 14.2 % 7.8 % SYMMETRICOM, INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR GAAP REVENUE AND EPS TO NON-GAAP GUIDANCE FOR REVENUE AND EPS (In thousands, except per share amounts) (Unaudited) Three Months Ending December 26, 2010 Revenue Earnings Per Share From To From To GAAP Guidance $ 52,000 $ 57,000 $ (0.05 ) $ 0.04 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.03 0.02 Amortization of intangible assets 0.01 0.01 Restructuring charges 0.14 0.09 Income tax effect of non-GAAP adjustments (0.06 ) (0.04 ) Total Non-GAAP Adjustments 0.12 0.08 Non-GAAP Guidance $ 52,000 $ 57,000 $ 0.07 $ 0.12
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