Symmetricom Reports Fiscal First Quarter 2009 Financial Results

  
    
  
  
    
      Symmetricom, Inc. (NASDAQ: SYMM), a worldwide leader in precise time and 
      frequency technologies that accelerate the deployment, enable the 
      management and assure the performance of next generation networks, today 
      reported financial results for its first fiscal quarter ended September 
      28, 2008.
    
    
      Revenue for the first quarter of fiscal 2009 was $55.9 million, an 
      increase of 10.2% from $50.7 million in the first quarter of fiscal 
      2008. Symmetricom earned $2.6 million, or $0.06 per share from 
      continuing operations on a fully diluted basis, compared with a net loss 
      from continuing operations of $0.3 million, or $0.01 per share on a 
      fully diluted basis, in the first quarter of fiscal 2008.
    
    
      Non-GAAP net income in the first quarter was $4.5 million, or $0.10 per 
      share on a fully diluted basis, compared with $1.8 million, or $0.04 per 
      share on a fully diluted basis, in the same period of the prior year. A 
      reconciliation of GAAP and non-GAAP results is provided at the end of 
      this press release.
    
    
      Cash and short term investments totaled $106.4 million as of September 
      28, 2008, a decrease of $57.9 million from June 29, 2008. During the 
      first quarter, the company used $62.5 million to repurchase a portion of 
      Symmetricom’s outstanding convertible 
      debentures and $1.8 million for stock buybacks. Net cash flow from 
      operating activities was $8.4 million and property, plant and equipment 
      purchases were $1.1 million, resulting in free cash flow of $7.3 million.
    
    
      Business Segment Results
    
    
      Telecom Solutions Division revenue in the quarter was $39.0 million, up 
      27.9% from $30.5 million in the same period of the prior year. Growth in 
      Telecom Solutions Division revenue was primarily driven by shipments of 
      TimeCreator™, our new precise timing product 
      for DOCSIS 3.0 broadband cable networks. Timing, Test & Measurement 
      Division revenue in the quarter was $16.9 million, down 16.5% from $20.2 
      million in the same period of the prior year.
    
    
      “Strong shipments of our new cable product 
      made a significant contribution to overall revenue growth and operating 
      profit in the first quarter,” said Thomas 
      Steipp, president and CEO. “I credit our 
      strong financial performance to the growing diversification of our 
      product portfolio and markets we serve. On the commercial side, cable 
      has become a meaningful revenue contributor, while in our government 
      business, strong orders show broad-based and relatively stable 
      Government spending on our products.”
    
    
      “In addition to an expanding product portfolio 
      and customer base, our solid balance sheet provides flexibility and 
      allows us to capitalize on a wider range of opportunities, such as the 
      recently announced increase to our stock repurchase program,” 
      said Justin Spencer, chief financial officer.
    
    
      Second Quarter and Fiscal 2009 Guidance
    
    
      Symmetricom reaffirms its previous guidance for fiscal year 2009 as 
      follows:
    
    
      
        Net revenues in the range of $230 million to $240 million
      
      
        GAAP earnings in the range of $0.20 to $0.26 per share
      
      
        Non-GAAP earnings in the range of $0.35 to $0.41 per share
      
    
    
      For the second fiscal quarter, Symmetricom expects:
    
    
      
        Net revenues in the range of $50 million to $57 million
      
      
        GAAP results ranging from a net loss of $(0.01) per share to net 
        earnings of $0.04 per share
      
      
        Non-GAAP earnings in the range of $0.03 to $0.08 per share
      
    
    
      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 1-210-234-0003 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 1-402-220-6422.
    
    
      Analyst and Investor Day
    
    
      Symmetricom will host an Analyst and Investor Day on Thursday, November 
      13, 2008 from 9:00 am to 1:30 pm Eastern Standard Time at the Grand 
      Hyatt Hotel in New York City. Tom Steipp, president and chief executive 
      officer, Justin Spencer, chief financial officer, and other senior 
      executives will present information about the company. Mr. Nicholas 
      Hamilton-Piercy, the former Chief Technology Officer of Rogers 
      Communications, Inc., will join Symmetricom management as a special 
      guest speaker.
    
    
      The meeting will be webcast simultaneously and a replay will be 
      available for 30 days. To access the webcast, please go to http://www.wsw.com/webcast/symm/.
    
    
      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), Precision Time Protocol (IEEE 1588), 
      and others supporting the world’s migration 
      to Next-Generation-Networks (NGN). Symmetricom is based in San Jose, 
      Calif., with offices worldwide. For more information, visit 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 compensation, amortization of 
      acquired intangibles, impairment of goodwill and other intangibles, 
      integration and restructuring charges, investment gains and losses, and 
      unusual and non-recurring items. 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 is not determined using GAAP and 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 2009 guidance and our expectations of operating performance 
      in fiscal 2009, as well as the information regarding the usefulness of 
      the non-GAAP financial information. 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 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 29, 2008 and subsequent Form 
      10-Q’s and Form 8-K’s.
    
    
      Note: Financial schedules attached.
    
    
      SYMM-F
    
    
      
        
          SYMMETRICOM, INC.
        
      
      
        
          CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
        
      
      
        
          (In thousands, except per share amounts)
        
      
      
        
          (unaudited)
        
      
      
        
        
        
           
        
        
           
        
        
           
        
        
        
        
           
        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
        
        
        
        
          September 28,
        
        
        
        
        
        
          September 30,
        
      
      
        
        
        
        
        
        
        
        
        
           
        
        
          2008
        
        
           
        
        
        
        
        
        
           
        
        
          2007
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Net revenue
        
        
        
        
        
        
        
        
          $
        
        
          55,898
        
        
        
        
        
        
        
        
          $
        
        
          50,735
        
        
        
      
      
        
          Cost of products and services
        
        
        
        
        
        
        
        
        
        
          26,609
        
        
        
        
        
        
        
        
        
        
          28,027
        
        
        
      
      
        
          Amortization of purchased technology
        
        
        
        
        
        
        
        
        
        
          368
        
        
        
        
        
        
        
        
        
        
          805
        
        
        
      
      
        
          Integration and restructuring charges
        
        
        
        
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
           
        
        
          3
        
        
           
        
      
      
        
          Gross profit
        
        
        
        
        
        
        
        
        
        
          28,921
        
        
        
        
        
        
        
        
        
        
          21,900
        
        
        
      
      
        
          Gross margin
        
        
        
        
        
        
        
        
        
        
          51.7
        
        
          %
        
        
        
        
        
        
        
        
          43.2
        
        
          %
        
      
      
        
          Operating expenses:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Research and development
        
        
        
        
        
        
        
        
        
        
          7,304
        
        
        
        
        
        
        
        
        
        
          7,286
        
        
        
      
      
        
          Selling, general and administrative
        
        
        
        
        
        
        
        
        
        
          15,679
        
        
        
        
        
        
        
        
        
        
          15,516
        
        
        
      
      
        
          Amortization of intangible assets
        
        
        
        
        
        
        
        
        
        
          103
        
        
        
        
        
        
        
        
        
        
          260
        
        
        
      
      
        
          Integration and restructuring charges
        
        
        
        
        
        
        
        
           
        
        
          585
        
        
           
        
        
        
        
        
        
           
        
        
          293
        
        
           
        
      
      
        
          Operating income (loss)
        
        
        
        
        
        
        
        
        
        
          5,250
        
        
        
        
        
        
        
        
        
        
          (1,455
        
        
          )
        
      
      
        
          Loss on repayment of convertible notes
        
        
        
        
        
        
        
        
        
        
          (522
        
        
          )
        
        
        
        
        
        
        
        
          -
        
        
        
      
      
        
          Loss on investments
        
        
        
        
        
        
        
        
        
        
          (473
        
        
          )
        
        
        
        
        
        
        
        
          -
        
        
        
      
      
        
          Interest income
        
        
        
        
        
        
        
        
        
        
          768
        
        
        
        
        
        
        
        
        
        
          2,210
        
        
        
      
      
        
          Interest expense
        
        
        
        
        
        
        
        
           
        
        
          (765
        
        
          )
        
        
        
        
        
        
           
        
        
          (1,195
        
        
          )
        
      
      
        
          Earnings (loss) before income taxes
        
        
        
        
        
        
        
        
        
        
          4,258
        
        
        
        
        
        
        
        
        
        
          (440
        
        
          )
        
      
      
        
          Income tax provision (benefit)
        
        
        
        
        
        
        
        
           
        
        
          1,660
        
        
           
        
        
        
        
        
        
           
        
        
          (129
        
        
          )
        
      
      
        
          Net income (loss) from continuing operations
        
        
        
        
        
        
        
        
        
        
          2,598
        
        
        
        
        
        
        
        
        
        
          (311
        
        
          )
        
      
      
        
          Gain from discontinued operations, net of tax
        
        
        
        
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
           
        
        
          68
        
        
           
        
      
      
        
          Net income (loss)
        
        
        
        
        
        
        
        
          $
        
        
          2,598
        
        
           
        
        
        
        
        
        
          $
        
        
          (243
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings (loss) per share - basic:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
        
        
          $
        
        
          0.06
        
        
        
        
        
        
        
        
        
        
          (0.01
        
        
          )
        
      
      
        
          Gain from discontinued operations
        
        
        
        
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
           
        
        
          -
        
        
           
        
      
      
        
          Net earnings (loss)
        
        
        
        
        
        
        
        
          $
        
        
          0.06
        
        
           
        
        
        
        
        
        
          $
        
        
          (0.01
        
        
          )
        
      
      
        
          Weighted average shares outstanding - basic
        
        
        
        
        
        
        
        
           
        
        
          43,964
        
        
           
        
        
        
        
        
        
           
        
        
          45,474
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings (loss) per share - diluted:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Income (loss) from continuing operations
        
        
        
        
        
        
        
        
          $
        
        
          0.06
        
        
        
        
        
        
        
        
        
        
          (0.01
        
        
          )
        
      
      
        
          Gain from discontinued operations
        
        
        
        
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
           
        
        
          -
        
        
           
        
      
      
        
          Net earnings (loss)
        
        
        
        
        
        
        
        
          $
        
        
          0.06
        
        
           
        
        
        
        
        
        
          $
        
        
          (0.01
        
        
          )
        
      
      
        
          Weighted average shares outstanding - diluted
        
        
        
        
        
        
        
        
           
        
        
          44,582
        
        
           
        
        
        
        
        
        
           
        
        
          45,474
        
        
           
        
      
    
    
      
        
          SYMMETRICOM, INC.
        
      
      
        
          RECONCILIATION OF GAAP TO NON-GAAP RESULTS
        
      
      
        
          (In thousands, except per share amounts)
        
      
      
        
          (unaudited)
        
      
      
        
        
        
           
        
        
        
        
           
        
        
        
      
      
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
          September 28,
        
        
        
        
          September 30,
        
      
      
        
        
        
        
        
           
        
        
          2008
        
        
           
        
        
        
        
           
        
        
          2007
        
        
           
        
      
      
        
          Reconciliation from GAAP to Non-GAAP
        
        
        
        
        
        
        
        
        
      
      
        
          GAAP net earnings (loss) from continuing operations
        
        
        
        
          $
        
        
          2,598
        
        
        
        
        
        
          $
        
        
          (311
        
        
          )
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Equity-based compensation expense:
        
        
        
        
        
        
        
        
        
      
      
        
          Cost of products and services
        
        
        
        
        
        
          205
        
        
        
        
        
        
        
        
          270
        
        
        
      
      
        
          Research and development
        
        
        
        
        
        
          329
        
        
        
        
        
        
        
        
          538
        
        
        
      
      
        
          Selling, general and administrative
        
        
        
        
           
        
        
          472
        
        
           
        
        
        
        
           
        
        
          779
        
        
           
        
      
      
        
          Total equity-based compensation expense
        
        
        
        
        
        
          1,006
        
        
        
        
        
        
        
        
          1,587
        
        
        
      
      
        
          Amortization of intangible assets:
        
        
        
        
        
        
        
        
        
      
      
        
          Cost of products and services
        
        
        
        
        
        
          368
        
        
        
        
        
        
        
        
          805
        
        
        
      
      
        
          Operating expenses
        
        
        
        
           
        
        
          103
        
        
           
        
        
        
        
           
        
        
          260
        
        
           
        
      
      
        
          Total amortization of intangible assets
        
        
        
        
        
        
          471
        
        
        
        
        
        
        
        
          1,065
        
        
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Integration and restructuring charges
        
        
        
        
        
        
          585
        
        
        
        
        
        
        
        
          296
        
        
        
      
      
        
          Loss on repayment of convertible notes
        
        
        
        
        
        
          522
        
        
        
        
        
        
        
        
          -
        
        
        
      
      
        
          Loss on investments
        
        
        
        
        
        
          473
        
        
        
        
        
        
        
        
          -
        
        
        
      
      
        
          Income tax effect of Non-GAAP adjustments
        
        
        
        
           
        
        
          (1,189
        
        
          )
        
        
        
        
           
        
        
          (864
        
        
          )
        
      
      
        
          Non-GAAP net earnings from continuing operations
        
        
        
        
          $
        
        
          4,466
        
        
           
        
        
        
        
          $
        
        
          1,773
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Earnings from continuing operations per share-diluted:
        
        
        
        
        
        
        
        
        
      
      
        
          GAAP income (loss) from continuing operations
        
        
        
        
          $
        
        
          0.06
        
        
        
        
        
        
          $
        
        
          (0.01
        
        
          )
        
      
      
        
          Non-GAAP income from continuing operations
        
        
        
        
          $
        
        
          0.10
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
      
      
        
          Shares used in diluted shares calcuation
        
        
        
        
        
        
          44,582
        
        
        
        
        
        
        
        
          46,068
        
        
        
      
    
    
      
        
          SYMMETRICOM, INC.
        
      
      
        
          RECONCILIATION OF GAAP TO NON-GAAP RESULTS
        
      
      
        
          (In thousands, except per share amounts)
        
      
      
        
          (unaudited)
        
      
      
        
        
        
           
        
        
        
        
           
        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          Three months ended
        
      
      
        
        
        
        
        
          September 28,
        
        
        
        
        
        
          September 30,
        
      
      
        
        
        
        
        
           
        
        
          2008
        
        
           
        
        
        
        
        
        
           
        
        
          2007
        
        
           
        
      
      
        
          Reconciliation from GAAP to Non-GAAP Gross Margin:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          GAAP Revenue
        
        
        
        
          $
        
        
          55,898
        
        
        
        
        
        
        
        
          $
        
        
          50,735
        
        
        
      
      
        
          GAAP Gross profit
        
        
        
        
        
        
          28,921
        
        
        
        
        
        
        
        
        
        
          21,900
        
        
        
      
      
        
          GAAP Gross margin
        
        
        
        
        
        
          51.7
        
        
          %
        
        
        
        
        
        
        
        
          43.2
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Add Non-GAAP Items:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Equity-based compensation expense
        
        
        
        
        
        
          205
        
        
        
        
        
        
        
        
        
        
          270
        
        
        
      
      
        
          Amortization of intangible assets
        
        
        
        
        
        
          368
        
        
        
        
        
        
        
        
        
        
          805
        
        
        
      
      
        
          Integration and restructuring charges
        
        
        
        
           
        
        
          -
        
        
           
        
        
        
        
        
        
           
        
        
          3
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-GAAP Gross profit
        
        
        
        
          $
        
        
          29,494
        
        
        
        
        
        
        
        
          $
        
        
          22,978
        
        
        
      
      
        
          Non-GAAP Gross margin
        
        
        
        
        
        
          52.8
        
        
          %
        
        
        
        
        
        
        
        
          45.3
        
        
          %
        
      
      
        
          Reconciliation from GAAP to Non-GAAP Operating Expense:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          GAAP Revenue
        
        
        
        
          $
        
        
          55,898
        
        
        
        
        
        
        
        
          $
        
        
          50,735
        
        
        
      
      
        
          GAAP Operating expenses
        
        
        
        
        
        
          23,671
        
        
        
        
        
        
        
        
        
        
          23,355
        
        
        
      
      
        
          Operating expenses % to revenue
        
        
        
        
        
        
          42.3
        
        
          %
        
        
        
        
        
        
        
        
          46.0
        
        
          %
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Add Non-GAAP Items:
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Equity-based compensation expense
        
        
        
        
          $
        
        
          801
        
        
        
        
        
        
        
        
          $
        
        
          1,317
        
        
        
      
      
        
          Amortization of intangible assets
        
        
        
        
        
        
          103
        
        
        
        
        
        
        
        
        
        
          260
        
        
        
      
      
        
          Integration and restructuring charges
        
        
        
        
           
        
        
          585
        
        
           
        
        
        
        
           
        
        
           
        
        
          293
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Non-GAAP operating expenses
        
        
        
        
          $
        
        
          22,182
        
        
        
        
        
        
        
        
          $
        
        
          21,485
        
        
        
      
      
        
          Non-GAAP operating expenses % to revenue
        
        
        
        
        
        
          39.7
        
        
          %
        
        
        
        
        
        
        
        
          42.3
        
        
          %
        
      
    
    
      
        
          SYMMETRICOM, INC.
        
      
      
        
          CONDENSED CONSOLIDATED BALANCE SHEETS
        
      
      
        
          (In thousands)
        
      
      
        
          (unaudited)
        
      
      
        
        
        
        
        
        
        
        
        
           
        
        
        
        
           
        
        
           
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
          September 28,
        
        
        
        
        
        
          June 29,
        
      
      
        
        
        
        
        
        
        
        
        
        
        
           
        
        
          2008
        
        
           
        
        
        
        
        
        
           
        
        
          2008
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          ASSETS
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Current assets:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Cash and cash equivalents
        
        
        
        
        
        
        
        
          $
        
        
          88,014
        
        
        
        
        
        
        
        
          $
        
        
          142,419
        
        
        
      
      
        
          Short-term investments
        
        
        
        
        
        
        
        
        
        
          18,383
        
        
        
        
        
        
        
        
        
        
          21,910
        
        
        
      
      
        
          Accounts receivable, net
        
        
        
        
        
        
        
        
        
        
          36,378
        
        
        
        
        
        
        
        
        
        
          36,682
        
        
        
      
      
        
          Inventories, net
        
        
        
        
        
        
        
        
        
        
        
        
          40,339
        
        
        
        
        
        
        
        
        
        
          38,273
        
        
        
      
      
        
          Prepaids and other current assets
        
        
        
        
        
        
           
        
        
          15,006
        
        
           
        
        
        
        
        
        
           
        
        
          14,402
        
        
           
        
      
      
        
          Total current assets
        
        
        
        
        
        
        
        
        
        
          198,120
        
        
        
        
        
        
        
        
        
        
          253,686
        
        
        
      
      
        
          Property, plant and equipment, net
        
        
        
        
        
        
        
        
          23,990
        
        
        
        
        
        
        
        
        
        
          25,036
        
        
        
      
      
        
          Goodwill, net
        
        
        
        
        
        
        
        
        
        
        
        
          48,144
        
        
        
        
        
        
        
        
        
        
          48,144
        
        
        
      
      
        
          Other intangible assets, net
        
        
        
        
        
        
        
        
        
        
          6,721
        
        
        
        
        
        
        
        
        
        
          7,191
        
        
        
      
      
        
          Deferred taxes and other assets
        
        
        
        
        
        
           
        
        
          41,689
        
        
           
        
        
        
        
        
        
           
        
        
          44,512
        
        
           
        
      
      
        
          Total assets
        
        
        
        
        
        
        
        
        
        
          $
        
        
          318,664
        
        
           
        
        
        
        
        
        
          $
        
        
          378,569
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          LIABILITIES AND STOCKHOLDERS' EQUITY
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Current liabilities:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Accounts payable
        
        
        
        
        
        
        
        
        
        
          $
        
        
          10,647
        
        
        
        
        
        
        
        
          $
        
        
          9,018
        
        
        
      
      
        
          Accrued compensation
        
        
        
        
        
        
        
        
        
        
          16,252
        
        
        
        
        
        
        
        
        
        
          13,582
        
        
        
      
      
        
          Accrued warranty
        
        
        
        
        
        
        
        
        
        
        
        
          3,622
        
        
        
        
        
        
        
        
        
        
          3,801
        
        
        
      
      
        
          Other accrued liabilities
        
        
        
        
        
        
        
        
        
        
          9,363
        
        
        
        
        
        
        
        
        
        
          11,233
        
        
        
      
      
        
          Current maturities of long-term obligations
        
        
        
        
           
        
        
          1,006
        
        
           
        
        
        
        
        
        
           
        
        
          64,515
        
        
           
        
      
      
        
          Total current liabilities
        
        
        
        
        
        
        
        
        
        
          40,890
        
        
        
        
        
        
        
        
        
        
          102,149
        
        
        
      
      
        
          Long-term obligations
        
        
        
        
        
        
        
        
        
        
        
        
          59,898
        
        
        
        
        
        
        
        
        
        
          59,855
        
        
        
      
      
        
          Deferred income taxes
        
        
        
        
        
        
        
        
        
        
           
        
        
          426
        
        
           
        
        
        
        
        
        
           
        
        
          426
        
        
           
        
      
      
        
          Total liabilities
        
        
        
        
        
        
        
        
        
        
        
        
          101,214
        
        
        
        
        
        
        
        
        
        
          162,430
        
        
        
      
      
        
          Stockholders' equity:
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Common stock
        
        
        
        
        
        
        
        
        
        
        
        
          180,916
        
        
        
        
        
        
        
        
        
        
          182,201
        
        
        
      
      
        
          Accumulated other comprehensive income
        
        
        
        
        
        
          (62
        
        
          )
        
        
        
        
        
        
        
        
          (60
        
        
          )
        
      
      
        
          Retained earnings
        
        
        
        
        
        
        
        
        
        
           
        
        
          36,596
        
        
           
        
        
        
        
        
        
           
        
        
          33,998
        
        
           
        
      
      
        
          Total stockholders' equity
        
        
        
        
        
        
        
        
           
        
        
          217,450
        
        
           
        
        
        
        
        
        
           
        
        
          216,139
        
        
           
        
      
      
        
          Total liabilities and stockholders' equity
        
        
        
        
          $
        
        
          318,664
        
        
           
        
        
        
        
        
        
          $
        
        
          378,569
        
        
           
        
      
    
    
      
        
          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 28, 2008
        
      
      
        
        
        
        
        
          Revenue
        
        
        
        
        
        
          Earnings (Loss) Per Share
        
      
      
        
        
        
        
        
          From
        
        
        
        
          To
        
        
        
        
        
        
          From
        
        
        
        
          To
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          GAAP Guidance
        
        
        
        
          $
        
        
          50,000
        
        
        
        
          $
        
        
          57,000
        
        
        
        
        
        
        
        
          ($0.01
        
        
          )
        
        
        
        
          $
        
        
          0.04
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Estimated Non-GAAP Adjustments
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Equity-based compensation expense
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.03
        
        
        
        
        
        
          
            $
          
        
        
          
            0.03
          
        
        
        
      
      
        
          Amortization of intangible assets
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.01
        
        
        
        
        
        
          $
        
        
          0.01
        
        
        
      
      
        
          Integration and restructuring charges
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.02
        
        
        
        
        
        
          $
        
        
          0.02
        
        
        
      
      
        
          Income tax effect of non-GAAP adjustments
        
        
        
        
           
        
        
           
        
        
           
        
        
           
        
        
        
        
           
        
        
          ($0.02
        
        
          )
        
        
           
        
        
           
        
        
          ($0.02
        
        
          )
        
      
      
        
          Total Non-GAAP Adjustments
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
      
      
        
        
        
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
           
        
        
           
        
        
           
        
      
      
        
          Non-GAAP Guidance
        
        
        
        
          $
        
        
          50,000
        
        
           
        
        
          $
        
        
          57,000
        
        
        
        
        
        
          $
        
        
          0.03
        
        
           
        
        
           
        
        
          $
        
        
          0.08
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
        
        
        
        
          Twelve Months Ending June 28, 2009
        
      
      
        
        
        
        
        
          Revenue
        
        
        
        
        
        
          Earnings Per Share
        
      
      
        
        
        
        
        
          From
        
        
        
        
          To
        
        
        
        
        
        
          From
        
        
        
        
          To
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          GAAP Guidance
        
        
        
        
          $
        
        
          230,000
        
        
        
        
          $
        
        
          240,000
        
        
        
        
        
        
          $
        
        
          0.20
        
        
        
        
        
        
          $
        
        
          0.26
        
        
        
      
      
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
           
        
      
      
        
          Estimated Non-GAAP Adjustments
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
        
      
      
        
          Equity-based compensation expense
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.13
        
        
        
        
        
        
          $
        
        
          0.13
        
        
        
      
      
        
          Amortization of intangible assets
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
      
      
        
          Integration and restructuring charges
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
        
        
        
          $
        
        
          0.04
        
        
        
      
      
        
          Loss on repayment of convertible notes
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.01
        
        
        
        
        
        
          $
        
        
          0.01
        
        
        
      
      
        
          Loss on investments
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.01
        
        
        
        
        
        
          $
        
        
          0.01
        
        
        
      
      
        
          Income tax effect of non-GAAP adjustments
        
        
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
           
        
        
          ($0.08
        
        
          )
        
        
           
        
        
           
        
        
          ($0.08
        
        
          )
        
      
      
        
          Total Non-GAAP Adjustments
        
        
        
        
        
        
        
        
        
        
        
        
        
        
          $
        
        
          0.15
        
        
        
        
        
        
          $
        
        
          0.15
        
        
        
      
      
        
        
        
        
        
           
        
        
           
        
        
           
        
        
        
        
        
        
           
        
        
           
        
        
           
        
      
      
        
          Non-GAAP Guidance
        
        
        
        
          $
        
        
          230,000
        
        
           
        
        
          $
        
        
          240,000
        
        
        
        
        
        
          $
        
        
          0.35
        
        
           
        
        
           
        
        
          $
        
        
          0.41