We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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 |
SAN JOSE, Calif., Aug. 8, 2012 /PRNewswire/ -- Symmetricom®, Inc. (NASDAQ: SYMM), a worldwide leader in precision time and frequency technologies, today reported financial results for its fourth quarter and fiscal year 2012 ended July 1, 2012.
(Logo: http://photos.prnewswire.com/prnh/20110829/AQ59077LOGO)
Net revenue for the fourth quarter of fiscal 2012 was $62.6 million, a year-over-year increase of $1.9 million, driven by strong performance overall in the Government and Enterprise business and continued strength in PackeTime® for wireless and Ethernet backhaul deployments. Symmetricom reported net income of $4.0 million, or $0.09 per share, for the fourth quarter of fiscal 2012, compared to a net loss of $1.3 million, or $0.03 per share, in the fourth quarter of fiscal 2011.
Non-GAAP net income for the fourth quarter of fiscal 2012 was $5.2 million, or $0.12 per share, compared to $5.4 million, or $0.12 per share, reported for the fourth quarter of fiscal 2011.
Net revenue for fiscal 2012 was $237.7 million, compared to $208.1 million for fiscal 2011. Symmetricom reported net income of $11.4 million, or $0.27 per share, in fiscal 2012, compared to net income of $1.4 million, or $0.03 per share, in fiscal 2011. Non-GAAP net income for fiscal 2012 was $16.8 million, or $0.39 per share, compared to $17.7 million, or $0.40 per share, reported for the prior year.
Cash, cash equivalents and short-term investments totaled $66.9 million as of July 1, 2012, an increase of $5.4 million from the $61.5 million reported as of April 1, 2012, reflecting strong cash inflows from operations, offset by approximately $6.0 million in stock repurchases during the fourth quarter of fiscal 2012. Net cash generated from operating activities in the fourth quarter was approximately $12.2 million, driven by a sequential decrease in inventories, as compared to the prior quarter. After subtracting approximately $1.4 million of property, plant and equipment purchases, free cash flow was approximately $10.9 million.
"We had another quarter of solid earnings, as we delivered revenue growth and generated strong cash flow. Our Government and Enterprise business delivered robust growth overall, driven primarily by solid government programs and Quantum™ SA.45s Chip Scale Atomic Clock (CSAC) revenue. In Communications, we continued to grow our PackeTime® revenue for wireless and Ethernet backhaul networks," said Dave Côté, president and chief executive officer of Symmetricom. "We are expanding our reach in new and existing vertical markets with our industry-leading Quantum™ CSAC and PackeTime® solutions, further diversifying our product and customer base. Looking forward to fiscal 2013, our primary focus will be on ramping new products. Our diverse product portfolio and geographic footprint is a key differentiator for Symmetricom as we face a challenging macro-economic environment in the near-term. With a strong competitive position supported by a wide range of timing technologies, we are well positioned for future growth."
Business Results
Revenue in the Communications Business in the fourth quarter of fiscal 2012 was $32.8 million, compared to $35.2 million reported in the fourth quarter of fiscal 2011. Revenue in the Government and Enterprise Business in the fourth quarter of fiscal 2012 was $29.8 million, compared to $25.5 million reported in the fourth quarter of fiscal 2011.
First Quarter 2013 Guidance
Symmetricom's guidance for the first quarter of fiscal 2013 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 +1-517-308-9149 and referencing "Symmetricom." A live webcast will also be available on the investor relations section of the company's website at http://www.symmetricom.com. An audio replay will be available for one week and can be accessed by dialing +1-203-369-0530.
About Symmetricom, Inc.
Symmetricom (NASDAQ:SYMM), 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® timing. Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit: http://www.symmetricom.com or join the dialogue at http://www.twitter.com/symmetricom.
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, and manufacturing transition costs and non-cash income tax expenses for valuation allowances against deferred tax assets that the company does not consider indicative of its ongoing performance. The income tax effect after these non-GAAP adjustments is 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 or used in 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 or used in 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 first quarter fiscal 2013 guidance and future performance, expectations regarding positioning for future growth, ramping of new products, diversification of our revenue streams and customer base 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 expressly disclaims any obligation to update or revise any forward-looking statement contained herein, whether as a result of a change in its expectations, a change in any events, conditions or circumstances on which a forward-looking statement is based, 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: but are not limited to, risks relating to general economic conditions in the markets we address and the telecommunications market in general, risks related to the development of our new products and services, reliance on our contract manufacturer, the effects of increasing competition and competitive pricing pressure, uncertainties associated with changing intellectual property laws, developments in and expenses related to litigation, the inability to obtain sufficient amounts of key components, the rescheduling or cancellation of key customer orders, the loss of a key customer, the effects of new and emerging technologies, the risk that excess inventory may result in write-offs, price erosion and decreased demand, fluctuations in the rate of exchange of foreign currency, changes in our effective tax rate, market acceptance of our new products and services, technological advancements, undetected errors or defects in our products, the risks associated with our international sales, potential short-term investment losses and other risks due to credit market dislocation, geopolitical risks and risk of terrorist activities, the risks associated with attempting to integrate other companies and businesses we acquire, 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 July 3, 2011 and subsequent Forms 10-Q and 8-K.
SYMM-F
Contact:
Dan Madden
VP Finance & Investor Relations
+1-408-428-7929
dmadden@symmetricom.com
SYMMETRICOM, INC. | ||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||
(In thousands, except per share amounts) | ||||||||||
(unaudited) | ||||||||||
Three months ended |
Twelve months ended | |||||||||
July 1, |
April 1, |
July 3, |
July 1, |
July 3, | ||||||
2012 |
2012 |
2011 |
2012 |
2011 | ||||||
Net revenue |
$62,606 |
$60,438 |
$60,689 |
$237,716 |
$208,146 | |||||
Cost of sales: |
||||||||||
Cost of products and services |
34,214 |
35,638 |
31,384 |
131,907 |
107,990 | |||||
Amortization of purchased technology |
174 |
74 |
260 |
619 |
1,073 | |||||
Restructuring charges |
22 |
65 |
364 |
1,178 |
9,351 | |||||
Total cost of sales |
34,410 |
35,777 |
32,008 |
133,704 |
118,414 | |||||
Gross profit |
28,196 |
24,661 |
28,681 |
104,012 |
89,732 | |||||
Gross margin |
45.0% |
40.8% |
47.3% |
43.8% |
43.1% | |||||
Operating expenses: |
||||||||||
Research and development |
7,385 |
7,129 |
6,984 |
27,960 |
27,045 | |||||
Selling, general and administrative |
14,966 |
14,281 |
16,620 |
58,921 |
56,607 | |||||
Amortization of intangible assets |
86 |
52 |
60 |
242 |
243 | |||||
Restructuring charges |
(78) |
(76) |
691 |
45 |
(1,294) | |||||
Total operating expenses |
22,359 |
21,386 |
24,355 |
87,168 |
82,601 | |||||
Operating income |
5,837 |
3,275 |
4,326 |
16,844 |
7,131 | |||||
Interest income, net of amortization (accretion) of premium (discount) on investments |
287 |
225 |
294 |
282 |
957 | |||||
Interest expense |
- |
- |
(3) |
- |
(58) | |||||
Income from continuing operations before income taxes |
6,124 |
3,500 |
4,617 |
17,126 |
8,030 | |||||
Income tax provision |
2,167 |
1,296 |
6,051 |
5,771 |
6,861 | |||||
Income (loss) from continuing operations |
3,957 |
2,204 |
(1,434) |
11,355 |
1,169 | |||||
Income from discontinued operations, net of tax |
- |
- |
157 |
- |
254 | |||||
Net income (loss) |
$ 3,957 |
$ 2,204 |
$ (1,277) |
$ 11,355 |
$ 1,423 | |||||
Earnings (loss) per share - basic: |
||||||||||
Income (loss) from continuing operations |
$ 0.10 |
$ 0.05 |
$ (0.03) |
$ 0.27 |
$ 0.03 | |||||
Income from discontinued operations |
- |
- |
- |
- |
- | |||||
Net earnings (loss) |
$ 0.10 |
$ 0.05 |
$ (0.03) |
$ 0.27 |
$ 0.03 | |||||
Weighted average shares outstanding - basic |
41,152 |
41,795 |
42,897 |
41,981 |
43,188 | |||||
Earnings (loss) per share - diluted: |
||||||||||
Income (loss) from continuing operations |
$ 0.09 |
$ 0.05 |
$ (0.03) |
$ 0.27 |
$ 0.03 | |||||
Income from discontinued operations |
- |
- |
- |
- |
- | |||||
Net earnings (loss) |
$ 0.09 |
$ 0.05 |
$ (0.03) |
$ 0.27 |
$ 0.03 | |||||
Weighted average shares outstanding - diluted |
41,927 |
42,615 |
42,897 |
42,697 |
43,782 |
SYMMETRICOM, INC. | |||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||
(In thousands) | |||||
(unaudited) | |||||
July 1, |
July 3, |
||||
2012 |
2011 |
||||
ASSETS |
|||||
Current assets: |
|||||
Cash and cash equivalents |
$ 27,659 |
$ 20,318 |
|||
Short-term investments |
39,280 |
43,340 |
|||
Accounts receivable, net |
45,952 |
40,511 |
|||
Inventories, net |
47,618 |
61,368 |
|||
Prepaids and other current assets |
17,386 |
14,004 |
|||
Total current assets |
177,895 |
179,541 |
|||
Property, plant and equipment, net |
22,702 |
23,255 |
|||
Intangible assets, net |
3,458 |
2,429 |
|||
Deferred taxes and other assets |
26,970 |
30,615 |
|||
Total assets |
$231,025 |
$235,840 |
|||
LIABILITIES AND STOCKHOLDERS' EQUITY |
|||||
Current liabilities: |
|||||
Accounts payable |
$ 9,300 |
$ 16,113 |
|||
Accrued compensation |
14,574 |
13,743 |
|||
Accrued warranty |
1,722 |
1,601 |
|||
Other accrued liabilities |
11,841 |
14,683 |
|||
Total current liabilities |
37,437 |
46,140 |
|||
Long-term obligations |
5,472 |
5,212 |
|||
Deferred income taxes |
334 |
334 |
|||
Total liabilities |
43,243 |
51,686 |
|||
Stockholders' equity: |
|||||
Common stock |
193,478 |
201,002 |
|||
Accumulated other comprehensive loss |
(232) |
(29) |
|||
Accumulated deficit |
(5,464) |
(16,819) |
|||
Total stockholders' equity |
187,782 |
184,154 |
|||
Total liabilities and stockholders' equity |
$231,025 |
$235,840 |
SYMMETRICOM, INC. | |||||||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS | |||||||||
(In thousands, except per share amounts) | |||||||||
(unaudited) | |||||||||
Three months ended |
Twelve months ended | ||||||||
July 1, |
April 1, |
July 3, |
July 1, |
July 3, | |||||
2012 |
2012 |
2011 |
2012 |
2011 | |||||
Reconciliation from GAAP to Non-GAAP |
|||||||||
GAAP Income (loss) from continuing operations |
$3,957 |
$2,204 |
$(1,434) |
$11,355 |
$ 1,169 | ||||
Add Non-GAAP adjustments: |
|||||||||
Equity-based compensation expense: |
|||||||||
Cost of products and services |
261 |
272 |
296 |
867 |
802 | ||||
Research and development |
287 |
312 |
308 |
1,183 |
870 | ||||
Selling, general and administrative |
1,013 |
1,154 |
1,190 |
4,092 |
3,240 | ||||
Total equity-based compensation expense |
1,561 |
1,738 |
1,794 |
6,142 |
4,912 | ||||
Amortization of intangible assets: |
|||||||||
Cost of products and services |
174 |
74 |
260 |
619 |
1,073 | ||||
Operating expenses |
86 |
52 |
60 |
242 |
243 | ||||
Total amortization of intangible assets |
260 |
126 |
320 |
861 |
1,316 | ||||
Restructuring charges |
(56) |
(11) |
1,055 |
1,223 |
8,057 | ||||
Manufacturing transition costs |
- |
- |
- |
- |
2,839 | ||||
Valuation allowance on Ca R&D tax credits |
- |
- |
4,476 |
- |
4,476 | ||||
Income tax effect of Pretax Non-GAAP adjustments |
(511) |
(793) |
(772) |
(2,774) |
(5,086) | ||||
Non-GAAP Income from continuing operations |
$5,211 |
$3,264 |
$ 5,439 |
$16,807 |
$17,683 | ||||
Earnings from continuing operations per share-diluted: |
|||||||||
GAAP income (loss) from continuing operations |
$ 0.09 |
$ 0.05 |
$ (0.03) |
$ 0.27 |
$ 0.03 | ||||
Non-GAAP income from continuing operations |
$ 0.12 |
$ 0.08 |
$ 0.12 |
$ 0.39 |
$ 0.40 | ||||
Weighted average shares outstanding - diluted |
41,927 |
42,615 |
43,562 |
42,697 |
43,782 |
SYMMETRICOM, INC. | |||||||||||
RECONCILIATION OF GAAP TO NON-GAAP RESULTS | |||||||||||
(In thousands, except per share amounts) | |||||||||||
(unaudited) | |||||||||||
Three months ended |
Twelve months ended | ||||||||||
July 1, |
April 1, |
July 3, |
July 1, |
July 3, | |||||||
2012 |
2012 |
2011 |
2012 |
2011 | |||||||
GAAP Revenue |
$62,606 |
$60,438 |
$60,689 |
$237,716 |
$208,146 | ||||||
Reconciliation from GAAP to Non-GAAP Gross Margin: |
|||||||||||
GAAP Gross profit |
(A) |
$28,196 |
$24,661 |
$28,681 |
$104,012 |
$ 89,732 | |||||
GAAP Gross margin |
45.0% |
40.8% |
47.3% |
43.8% |
43.1% | ||||||
Non-GAAP adjustments: |
|||||||||||
Equity-based compensation expense |
261 |
272 |
296 |
867 |
802 | ||||||
Amortization of intangible assets |
174 |
74 |
260 |
619 |
1,073 | ||||||
Restructuring charges |
22 |
65 |
364 |
1,178 |
9,351 | ||||||
Manufacturing transition costs |
- |
- |
- |
- |
2,839 | ||||||
Non-GAAP Gross profit |
(B) |
$28,653 |
$25,072 |
$29,601 |
$106,676 |
$103,797 | |||||
Non-GAAP Gross margin |
45.8% |
41.5% |
48.8% |
44.9% |
49.9% | ||||||
Reconciliation from GAAP to Non-GAAP Operating Expense: |
|||||||||||
GAAP Operating expenses |
(C) |
$22,359 |
$21,386 |
$24,355 |
$ 87,168 |
$ 82,601 | |||||
Operating expense % to revenue |
35.7% |
35.4% |
40.1% |
36.7% |
39.7% | ||||||
Non-GAAP adjustments: |
|||||||||||
Equity-based compensation expense |
(1,300) |
(1,466) |
(1,498) |
(5,275) |
(4,110) | ||||||
Amortization of intangible assets |
(86) |
(52) |
(60) |
(242) |
(243) | ||||||
Restructuring charges |
78 |
76 |
(691) |
(45) |
1,294 | ||||||
Non-GAAP operating expenses |
(D) |
$21,051 |
$19,944 |
$22,106 |
$ 81,606 |
$ 79,542 | |||||
Non-GAAP operating expenses % to revenue |
33.6% |
33.0% |
36.4% |
34.3% |
38.2% | ||||||
Reconciliation from GAAP to Non-GAAP Operating Income: |
|||||||||||
GAAP Operating income |
(A) - (C) |
$ 5,837 |
$ 3,275 |
$ 4,326 |
$ 16,844 |
$ 7,131 | |||||
Operating income % to revenue |
9.3% |
5.4% |
7.1% |
7.1% |
3.4% | ||||||
Non-GAAP Operating income |
(B) - (D) |
$ 7,602 |
$ 5,128 |
$ 7,495 |
$ 25,070 |
$ 24,255 | |||||
Non-GAAP Operating income % to revenue |
12.1% |
8.5% |
12.3% |
10.5% |
11.7% |
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 September 30, 2012 | ||||||
Revenue |
Income (Loss) Per Share from Continuing Operations | |||||
From |
To |
From |
To | |||
GAAP Guidance |
$55,000 |
$61,000 |
$0.01 |
$0.07 | ||
Estimated Non-GAAP Adjustments |
||||||
Equity-based compensation expense |
0.04 |
0.03 | ||||
Amortization of intangible assets |
0.01 |
0.01 | ||||
Restructuring charges |
0.01 |
0.01 | ||||
Income tax effect of non-GAAP adjustments |
(0.02) |
(0.02) | ||||
Total Non-GAAP Adjustments |
- |
- |
0.04 |
0.03 | ||
Non-GAAP Guidance |
$55,000 |
$61,000 |
$0.05 |
$0.10 |
SOURCE Symmetricom, Inc.
Copyright 2012 PR Newswire
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