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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Symmetricom, Inc. (MM) | NASDAQ:SYMM | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 7.18 | 0 | 01:00:00 |
From Jul 2019 to Jul 2024
Symmetricom, Inc. (NASDAQ:SYMM), a major supplier of precise time and frequency technologies, today reported financial results for its second quarter of fiscal 2010 ended December 27, 2009.
Net revenue from continuing operations for the second quarter of fiscal 2010 was $56.9 million, up 19% compared to the $47.6 million reported for the second quarter of fiscal 2009. Symmetricom reported net earnings from continuing operations of $1.9 million, or $0.04 per share, for the second quarter of fiscal 2010, compared to net earnings of $1.2 million, or $0.02 per share, in the second quarter of fiscal 2009.
Non-GAAP net earnings from continuing operations in the second quarter of fiscal 2010 was $4.3 million, or $0.10 per share, compared with $2.8 million, or $0.06 per share, in the same period of the prior year.
In the second quarter of fiscal 2010, Symmetricom committed to a plan to sell its video Quality of Experience business, and is currently engaged in negotiations toward an expected sale transaction. Accordingly, the assets and related liabilities for this business have been classified as held for sale and the results of operations have been reflected as a discontinued operation.
Cash, cash equivalents and short-term investments totaled $120.8 million as of December 27, 2009, an increase of $1.7 million from the $119.1 million reported as of September 27, 2009. Net cash provided by operating activities in the second quarter was $5.7 million and property, plant and equipment purchases were approximately $3.1 million, resulting in free cash flow of $2.6 million.
“I am pleased with our results for the second quarter as our revenues, earnings and cash flow were all up from the prior year period,” said Dave Côté, Chief Executive Officer of Symmetricom. “We benefited from business strength across a wide spectrum of products, markets, and geographies led by improved carrier spending on next-generation networks. We continue to see acceleration of Ethernet backhaul deployments using our new IEEE 1588 precise packet timing products and our government business remained robust. Based on solid first half results and the strength we’ve seen in our services and OEM businesses, we are raising our full year revenue guidance to a range of $220 million to $235 million from the former range of $210 million to $230 million.”
Business Highlights
Revenue in our Communications business in the second quarter was $35.2 million compared to $26.7 million reported in the same period of last year. The 32% year-over-year growth was driven by increases in sales of sync equipment, continuing deployment of our WiMAX solutions, and growth in installation services revenues.
Revenue in our Timing, Test & Measurement business in the second quarter was $21.6 million compared to $21.0 million reported in the same period of last year. Revenues in TT&M improved due to strong sales of cesium atomic clocks for government applications.
Third Quarter and Fiscal 2010 Guidance
Symmetricom’s guidance for fiscal 2010 is as follows:
For the third quarter of fiscal 2010, Symmetricom guidance is as follows:
A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.
Investor Conference Call
As previously announced, management will hold a conference call to discuss these results today, at 1:30 p.m. Pacific Time. Investors are invited to join the conference call by dialing +1-415-228-5002 and referencing “Symmetricom.” A live webcast will also be available on the investor relations section of the company’s website at www.symmetricom.com. An audio replay will be available for one week and can be accessed by dialing +1-203-369-2014 and referencing the passcode 5220.
About Symmetricom, Inc.
As a major supplier of 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 is based in San Jose, California, with offices worldwide. For more information, visit http://www.symmetricom.com.
Non-GAAP Information
Certain non-GAAP financial information is included in this press release. In the reconciliation of GAAP to Non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, amortization of acquired intangibles, restructuring charges, impairment of goodwill and other intangibles, gains and losses on 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 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 Symmetricom’s prospects for the future and underlying trends in operating performance. Management uses such Non-GAAP information to evaluate financial results and to establish operational goals. Non-GAAP information should not be considered superior to or as a substitute for data prepared in accordance with GAAP. A reconciliation of the non-GAAP results to the GAAP results is provided in the financial schedules portion of this press release.
Free cash flow is defined as net cash provided by operating activities minus purchases of property, plant and equipment. Symmetricom believes this metric provides useful information to 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, the expected sale of the QoE business, 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, risks associated with negotiating and consummating a divestiture, 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 Six months ended December 27, September 27, December 28, December 27, December 28, 2009 2009 2008 (1) 2009 2008 (1) Net revenue $ 56,862 $ 52,268 $ 47,646 $ 109,130 $ 103,318 Cost of sales: Cost of products and services 30,884 29,537 24,835 60,421 51,321 Amortization of purchased technology 368 368 369 736 737 Restructuring charges 931 862 - 1,793 - Total cost of sales 32,183 30,767 25,204 62,950 52,058 Gross profit 24,679 21,501 22,442 46,180 51,260 Gross margin 43.4 % 41.1 % 47.1 % 42.3 % 49.6 % Operating expenses: Research and development 6,113 5,714 5,830 11,827 11,897 Selling, general and administrative 14,259 13,539 12,836 27,798 28,094 Amortization of intangible assets 62 95 103 157 206 Restructuring charges 535 476 252 1,011 837 Total operating expenses 20,969 19,824 19,021 40,793 41,034 Operating income 3,710 1,677 3,421 5,387 10,226 Loss on repayment of convertible notes, net - - - - (5,623 ) Loss on short-term investments, net - - (895 ) - (1,368 ) Interest income 505 461 491 966 1,259 Interest expense (1,270 ) (1,274 ) (1,205 ) (2,544 ) (2,859 )Earnings from continuing operations before income taxes
2,945 864 1,812 3,809 1,635 Income tax provision 1,055 315 658 1,370 699 Net earnings from continuing operations 1,890 549 1,154 2,439 936 Loss from discontinued operations, net of tax (391 ) (375 ) (112 ) (766 ) (1,070 ) Net income (loss) $ 1,499 $ 174 $ 1,042 $ 1,673 $ (134 ) Earnings (loss) per share - basic: Income from continuing operations $ 0.04 $ 0.01 $ 0.02 $ 0.06 $ 0.02 Loss from discontinued operations (0.01 ) (0.01 ) - (0.02 ) (0.02 ) Net earnings $ 0.03 $ - $ 0.02 $ 0.04 $ - Weighted average shares outstanding - basic43,313
43,177
43,684
43,245
43,824
Earnings (loss) per share - diluted: Income from continuing operations $ 0.04 $ 0.01 $ 0.02 $ 0.06 $ 0.02 Loss from discontinued operations (0.01 ) (0.01 ) - (0.02 ) (0.02 ) Net earnings $ 0.03 $ - $ 0.02 $ 0.04 $ - Weighted average shares outstanding - diluted43,708
43,815 44,13943,771
43,824
(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting forour contingent convertible subordinated notes
SYMMETRICOM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) December 27, June 28, 2009 2009 (1) ASSETS Current assets: Cash and cash equivalents $ 42,076 $ 72,064 Short-term investments 78,718 40,737 Accounts receivable, net 37,305 42,389 Inventories, net 38,242 38,566 Prepaids and other current assets 15,731 16,143 Assets held for sale 613 - Total current assets 212,685 209,899 Property, plant and equipment, net 22,707 20,749 Intangible assets, net 4,414 5,308 Deferred taxes and other assets 35,988 36,431 Total assets $ 275,794 $ 272,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 7,521 $ 8,116 Accrued compensation 15,927 19,093 Accrued warranty 3,648 3,737 Other accrued liabilities 12,482 9,810 Liabilities held for sale 439 - Total current liabilities 40,017 40,756 Long-term obligations 53,169 51,769 Deferred income taxes 334 334 Total liabilities 93,520 92,859 Stockholders' equity: Common stock 201,479 200,152 Accumulated other comprehensive income (loss) (110 ) 144 Accumulated deficit (19,095 ) (20,768 ) Total stockholders' equity 182,274 179,528 Total liabilities and stockholders' equity $ 275,794 $ 272,387(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting forour contingent convertible subordinated notes
SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Six months ended December 27, September 27, December 28, December 27, December 28, 2009 2009 2008 (1) 2009 2008 (1) Reconciliation from GAAP to Non-GAAP GAAP net earnings from continuing operations $ 1,890 $ 549 $ 1,154 $ 2,439 $ 936 Add Non-GAAP adjustments: Equity-based compensation expense: Cost of products and services 262 210 90 472 295 Research and development 228 200 125 428 454 Selling, general and administrative 700 194 199 894 671 Total equity-based compensation expense 1,190 604 414 1,794 1,420 Amortization of intangible assets: Cost of products and services 368 368 369 736 737 Operating expenses 62 95 103 157 206 Total amortization of intangible assets 430 463 472 893 943 Restructuring charges 1,466 1,338 252 2,804 837 Loss on repayment of convertible notes, net - - - - 5,623 Loss on short-term investments, net - - 895 - 1,368 Non-cash interest expense on convertible notes 765 768 686 1,533 1,608 Income tax effect of Non-GAAP adjustments (1,413 ) (1,117 ) (1,033 ) (2,530 ) (4,552 ) Non-GAAP net earnings from continuing operations $ 4,328 $ 2,605 $ 2,840 $ 6,933 $ 8,183 Earnings from continuing operations per share-diluted: GAAP income from continuing operations $ 0.04 $ 0.01 $ 0.02 $ 0.06 $ 0.02 Non-GAAP income from continuing operations $ 0.10 $ 0.06 $ 0.06 $ 0.16 $ 0.18 Shares used in diluted shares calculation 43,708 43,815 44,13943,771
44,379
(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting forour contingent convertible subordinated notes
SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Six months ended December 27, September 27, December 28, December 27, December 28, 2009 2009 2008 (1) 2009 2008 Reconciliation from GAAP to Non-GAAP Gross Margin: GAAP Revenue $ 56,862 $ 52,268 $ 47,646 $ 109,130 $ 103,318 GAAP Gross profit $ 24,679 $ 21,501 $ 22,442 $ 46,180 $ 51,260 GAAP Gross margin 43.4 % 41.1 % 47.1 % 42.3 % 49.6 % Add Non-GAAP adjustments: Equity-based compensation expense 262 210 90 472 295 Amortization of intangible assets 368 368 369 736 737 Restructuring charges 931 862 - 1,793 - Non-GAAP Gross profit $ 26,240 $ 22,941 $ 22,901 $ 49,181 $ 52,292 Non-GAAP Gross margin 46.1 % 43.9 % 48.1 % 45.1 % 50.6 % Reconciliation from GAAP to Non-GAAP Operating Expense: GAAP Revenue $ 56,862 $ 52,268 $ 47,646 $ 109,130 $ 103,318 GAAP Operating expenses $ 20,969 $ 19,824 $ 19,021 $ 40,793 $ 41,034 Operating expense % to revenue 36.9 % 37.9 % 39.9 % 37.4 % 39.7 % Add Non-GAAP adjustments: Equity-based compensation expense 928 394 324 1,322 1,125 Amortization of intangible assets 62 95 103 157 206 Restructuring charges 535 476 252 1,011 837 Non-GAAP operating expenses $ 19,444 $ 18,859 $ 18,342 $ 38,303 $ 38,866 Non-GAAP operating expenses % to revenue 34.2 % 36.1 % 38.5 % 35.1 % 37.6 %(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting forour 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 March 28, 2010 Earnings Per Share Revenue from Continuing Operations From To From To GAAP Guidance $ 55,000 $ 62,000 $ 0.02 $ 0.08 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.03 0.02 Amortization of intangible assets 0.01 0.01 Restructuring charges 0.04 0.04 Non-cash interest expense on convertible notes 0.02 0.02 Income tax effect of non-GAAP adjustments (0.03 ) (0.03 ) Total Non-GAAP Adjustments 0.07 0.06 Non-GAAP Guidance $ 55,000 $ 62,000 $ 0.09 $ 0.14 Twelve Months Ending June 27, 2010 Earnings Per Share Revenue from Continuing Operations From To From To GAAP Guidance $ 220,000 $ 235,000 $ 0.13 $ 0.22 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.11 0.10 Amortization of intangible assets 0.04 0.04 Restructuring charges 0.16 0.15 Non-cash interest expense on convertible notes 0.07 0.07 Income tax effect of non-GAAP adjustments (0.13 ) (0.13 ) Total Non-GAAP Adjustments 0.25 0.23 Non-GAAP Guidance $ 220,000 $ 235,000 $ 0.38 $ 0.45
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