We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register for Free to get streaming real-time quotes, interactive charts, live options flow, and more.
| 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 |
From Jul 2019 to Jul 2024
Symmetricom, Inc. (NASDAQ:SYMM), a worldwide leader in precise time and frequency technologies that accelerate the deployment and enable the management of next generation networks, today reported financial results for its first quarter ended September 27, 2009.
Net revenue for the first quarter of fiscal 2010 was $52.5 million compared to $55.9 million in the first quarter of fiscal 2009. Symmetricom reported net income of $0.2 million, or $0.00 per share, for the first quarter of fiscal 2010, compared to a net loss of $1.2 million, or $0.03 per share, in the first quarter of fiscal 2009.
Non-GAAP net income in the first quarter of fiscal 2010 was $2.2 million, or $0.05 per share, compared with $4.4 million, or $0.10 per share, in the same period of the prior year.
Cash, cash equivalents and short-term investments totaled $119.1 million as of September 27, 2009, an increase of $6.3 million from the $112.8 million reported as of June 28, 2009. Net cash provided by operating activities in the first quarter was $8.1 million and property, plant and equipment purchases were approximately $1.7 million, resulting in free cash flow of $6.3 million.
“First quarter revenue was in line with our guidance and we saw strength in many areas, most notably in our Timing Test and Measurement business and in the continuing market traction of our PackeTime solutions for Ethernet backhaul, which have now been sold for deployment in three service provider networks,” said Dave Côté, Chief Executive Officer of Symmetricom.
“While we are still cautious with respect to the economic environment, we are encouraged by signs that the capital spending environment is improving and by a strong bookings quarter. Over the longer term, we believe our participation in the growing wireless and government markets, which require specialized timing and frequency technologies, positions us for growth through an extended product and market reach,” continued Côté.
Division Results
Telecom Solutions Division revenue in the first quarter was $32.6 million compared to $39.0 million reported in the same period of last year. The year-over-year revenue comparison was impacted by approximately $8 million of cable products backlog that had built up in fiscal 2008 but was not able to ship until the first quarter of fiscal 2009.
Timing, Test & Measurement Division revenue in the first quarter was $19.9 million compared to $16.9 million reported in the same period of last year. Revenues in the TT&M Division improved based upon growth in sales from international markets and an increase in sales of secure communications products for government applications.
Second Quarter and Fiscal 2010 Guidance
Symmetricom’s guidance for fiscal 2010 is as follows:
For the second quarter of fiscal 2010, Symmetricom guidance is as follows:
In the first quarter of fiscal 2010, we adopted Financial Accounting Standards Board (FASB) authoritative guidance on accounting for our contingent convertible subordinated notes, which requires retrospective adoption to previously disclosed consolidated financial statements. Under this authoritative guidance, issuers of convertible debt instruments separately account for the liability and equity components of convertible instruments. As such, certain prior period amounts have been revised in the accompanying financial statement reports to reflect adoption. Our GAAP EPS Guidance includes the impact of the adoption of the FASB authoritative guidance. The adoption resulted in a material amount of additional non-cash interest expense.
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 +1-203-369-1710.
About Symmetricom, Inc.
As a worldwide leader in precise time and frequency products and services, Symmetricom provides “Perfect Timing” to customers around the world. Since 1985, the Company’s solutions have helped define the world’s time and frequency standards, delivering precision, reliability and efficiency to wireline and wireless networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, the Company’s synchronization solutions include primary reference sources, building integrated timing supplies (BITS), GPS timing receivers, time and frequency distribution systems, network time servers and ruggedized oscillators. Symmetricom also incorporates technologies including Universal Timing Interface (UTI), Network Time Protocol (NTP), IEEE 1588 (Precision Time Protocol), and others supporting the world’s migration to Next Generation Networks (NGN). Symmetricom’s QoE video quality management solutions provide the tools necessary to accurately monitor and analyze video quality and bring higher satisfaction levels to the end user. 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, integration and restructuring charges, impairment of goodwill and other intangibles, gains and losses on asset sales, investments and repayment of convertible notes, non-cash interest expense charges, and other unusual or infrequent items. The income tax effect after these Non-GAAP adjustments is determined based upon the Company’s estimate of its annual Non-GAAP effective tax rate excluding these Non-GAAP adjustments. Symmetricom believes that excluding such items provides investors and management with a representation of the Company’s core operating performance and with information useful in assessing our prospects for the future and underlying trends in Symmetricom’s 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. We believe this metric provides useful information to our 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 and fiscal 2010 guidance and our prospects for longer term growth expectations of operating performance in fiscal 2010, 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, our customers' ability and need to upgrade existing equipment, our 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 28, 2009 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 27, June 28, September 28, 2009 2009 (1) 2008 (1) Net revenue$
52,474$
60,356$
55,898
Cost of sales: Cost of products and services 29,597 31,057 26,609 Amortization of purchased technology 368 369 368 Integration and restructuring charges 862 1,591 - Total cost of sales 30,827 33,017 26,977 Gross profit 21,647 27,339 28,921 Gross margin 41.3 % 45.3 % 51.7 % Operating expenses: Research and development 6,334 7,421 7,304 Selling, general and administrative 13,660 16,708 15,679 Amortization of intangible assets 95 103 103 Integration and restructuring charges 476 1,368 585 Total operating expenses 20,565 25,600 23,671 Operating income 1,082 1,739 5,250 Loss on repayment of convertible notes, net - - (5,623 ) Loss on short-term investments, net - - (473 ) Interest income 461 226 768 Interest expense (1,274 ) (1,219 ) (1,654 ) Earnings (loss) before income taxes 269 746 (1,732 ) Income tax provision (benefit) 95 (740 ) (556 ) Net income (loss) $ 174 $ 1,486 $ (1,176 ) Earnings (loss) per share: Basic $ - $ 0.03 $ (0.03 ) Diluted $ - $ 0.03 $ (0.03 ) Weighted average shares outstanding: Basic 43,177 43,028 43,964 Diluted 43,815 43,619 43,964 (1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes SYMMETRICOM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited)September 27,
June 28, 2009 2009 (1) ASSETS Current assets: Cash and cash equivalents $ 78,134 $ 72,064 Short-term investments 40,936 40,737 Accounts receivable, net 34,337 42,389 Inventories, net 37,691 38,566 Prepaids and other current assets 16,002 16,143 Total current assets 207,100 209,899 Property, plant and equipment, net 21,136 20,749 Intangible assets, net 4,845 5,308 Deferred taxes and other assets 36,463 36,431 Total assets $ 269,544 $ 272,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,085 $ 8,116 Accrued compensation 15,721 19,093 Accrued warranty 3,775 3,737 Other accrued liabilities 9,642 9,810 Total current liabilities 36,223 40,756 Long-term obligations 52,655 51,769 Deferred income taxes 334 334 Total liabilities 89,212 92,859 Stockholders' equity: Common stock 200,791 200,152 Accumulated other comprehensive income 135 144 Accumulated deficit (20,594 ) (20,768 ) Total stockholders' equity 180,332 179,528 Total liabilities and stockholders' equity $ 269,544 $ 272,387(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes
SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended September 27, June 28, September 28, 2009 2009 (1) 2008 (1) Reconciliation from GAAP to Non-GAAP GAAP net earnings (loss) $ 174 $ 1,486 $ (1,176 ) Add Non-GAAP adjustments: Equity-based compensation expense: Cost of products and services 209 182 205 Research and development 200 193 329 Selling, general and administrative 195 641 472 Total equity-based compensation expense 604 1,016 1,006 Amortization of intangible assets: Cost of products and services 368 369 368 Operating expenses 95 103 103 Total amortization of intangible assets 463 472 471 Integration and restructuring charges 1,338 2,959 585 Non-cash interest expense on convertible notes 768 736 922 Loss on repayment of convertible notes, net - - 5,623 Loss on short-term investments, net - - 473 Income tax effect of Non-GAAP adjustments (1,117 ) (3,110 ) (3,519 ) Non-GAAP net earnings $ 2,230 $ 3,559 $ 4,385 Earnings from per share-diluted: GAAP income (loss) $ - $ 0.03 $ (0.03 ) Non-GAAP income $ 0.05 $ 0.08 $ 0.10 Shares used in diluted shares calculation 43,815 43,619 44,582(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes
SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended September 27, June 28, September 28, 2009 2009 (1) 2008 (1) Reconciliation from GAAP to Non-GAAP Gross Margin: GAAP Revenue $ 52,474 $ 60,356$
55,898 GAAP Gross profit $ 21,647 $ 27,339$
28,921 GAAP Gross margin 41.3 % 45.3 % 51.7 % Add Non-GAAP adjustments: Equity-based compensation expense 209 182 205 Amortization of intangible assets 368 369 368 Integration and restructuring charges 862 1,591 - Non-GAAP Gross profit $ 23,086 $ 29,481 $ 29,494 Non-GAAP Gross margin 44.0 % 48.8 % 52.8 % Reconciliation from GAAP to Non-GAAP Operating Expense: GAAP Revenue $ 52,474 $ 60,356 $ 55,898 GAAP Operating expenses $ 20,565 $ 25,600$
23,671 Operating expense % to revenue 39.2 % 42.4 % 42.3 % Add Non-GAAP adjustments: Equity-based compensation expense 395 834801 Amortization of intangible assets 95 103 103 Integration and restructuring charges 476 1,368 585 Non-GAAP operating expenses $ 19,599 $ 23,295 $ 22,182 Non-GAAP operating expenses % to revenue 37.3 % 38.6 % 39.7 %
(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes
Symmetricom, Inc. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE AND EPS (In thousands, except per share amounts) (Unaudited) Three Months Ending December 27, 2009 Revenue Earnings Per Share From To From To GAAP Guidance $ 50,000 $ 57,000 $ (0.03 ) $ 0.04 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.03 0.02 Amortization of intangible assets 0.01 0.01 Integration and restructuring charges 0.06 0.04 Non-cash interest expense on convertible notes 0.02 0.02 Income tax effect of non-GAAP adjustments (0.04 ) (0.03 ) Total Non-GAAP Adjustments 0.08 0.06 Non-GAAP Guidance $ 50,000 $ 57,000 $ 0.05 $ 0.10 Twelve Months Ending June 27, 2010 Revenue Earnings Per Share From To From To GAAP Guidance $ 210,000 $ 230,000 $ 0.11 $ 0.22 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.11 0.10 Amortization of intangible assets 0.03 0.03 Integration and restructuring charges 0.16 0.14 Non-cash interest expense on convertible notes 0.07 0.07 Income tax effect of non-GAAP adjustments (0.13 ) (0.12 ) Total Non-GAAP Adjustments 0.24 0.22 Non-GAAP Guidance $ 210,000 $ 230,000 $ 0.35 $ 0.44
1 Year Symmetricom Chart |
1 Month Symmetricom Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
