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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Symmetricom, Inc. (MM) | NASDAQ:SYMM | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 7.18 | 0 | 01:00:00 |
Symmetricom, Inc. (NASDAQ:SYMM), a worldwide leader in precision time and frequency technologies, today reported financial results for its third quarter of fiscal 2011, ended March 27, 2011.
Net revenue for the third quarter of fiscal 2011 was $51.2 million, up $9.4 million, or 22.5%, compared to the second quarter of fiscal 2011, driven by an increase in the company’s manufacturing supply. Symmetricom reported income from continuing operations of $3.0 million, or $0.07 per share, for the third quarter of fiscal 2011, compared to a loss from continuing operations of $3.5 million, or $0.08 per share, in the second quarter of fiscal 2011. The income from continuing operations for the third quarter of fiscal 2011 included $0.2 million of restructuring charges, as compared to $3.9 million of restructuring charges for the second quarter of fiscal 2011.
Non-GAAP income from continuing operations for the third quarter of fiscal 2011 was $5.3 million, or $0.12 per share, compared to $1.4 million, or $0.03 per share, reported for the second quarter.
Net revenue for the third quarter of fiscal 2011 was down $5.3 million or 9.4% compared to the $56.5 million reported for the year ago third quarter of fiscal 2010. Income from continuing operations was down $0.7 million, or 19.1% compared to the $3.7 million, or $0.08 per share, reported for the year ago third quarter of fiscal 2010. The decrease in revenue is due to product supply and fulfillment delays associated with the company’s transition to an outsourced manufacturing and logistics model.
Cash, cash equivalents and short-term investments totaled $75.3 million as of March 27, 2011, a decrease of $3.2 million from the $78.5 million reported as of December 26, 2010. Net cash used in operating activities in the third quarter was $1.1 million and property, plant and equipment purchases were approximately $0.9 million, resulting in free cash outflow of approximately $2.0 million.
"We made significant progress on our manufacturing transition, resulting in higher sequential revenue and earnings,” said Dave Côté, President and Chief Executive Officer of Symmetricom. "We expect to continue this momentum in the fourth quarter as we strengthen customer confidence, further improve our manufacturing capability and restore our product flow.
“In addition, we moved forward on multiple key growth initiatives. Our PackeTime products continued to gain traction, and we introduced our SyncWorldTM Ecosystem program. We also launched some important new products – the TimeProvider® 1500 primary reference source, and our groundbreaking QuantumTM Chip Scale Atomic Clock (CSAC). These products build on our core strengths and leadership position and support our expansion into new applications and markets,” said Côté.
Business Results
Revenue in the Communications Business in the third quarter of fiscal 2011 was $30.4 million, compared to $35.3 million reported in the same period last year and $20.4 million in the second quarter of this fiscal year. Revenue in the Government Business in the third quarter of fiscal 2011 was $20.8 million, compared to $21.2 million reported in the same period last year and $21.5 million in the second quarter of this fiscal year.
Fourth Quarter 2011 Guidance
Symmetricom’s guidance for the fourth quarter of fiscal 2011 is as follows:
A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.
Investor Conference Call
As previously announced, management will hold a conference call to discuss these results today, at 1:30 p.m. Pacific Time. Investors are invited to join the conference call by dialing +1-312-470-7356 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 +1-203-369-3888.
About Symmetricom, Inc.
Symmetricom, a world leader in precise time solutions, sets the world's standard for time. The company generates, distributes and applies precise time for the communications, aerospace/defense, IT infrastructure and metrology industries. Symmetricom's customers, from communications service providers and network equipment manufacturers to governments and their suppliers worldwide, are able to build more reliable networks and systems by using the company's advanced timing technologies, atomic clocks, services and solutions. All products support today's precise timing standards, including GPS-based timing, IEEE 1588 (PTP), Network Time Protocol (NTP), Synchronous Ethernet and DOCSIS(R) timing. Symmetricom is based in San Jose, California, with offices worldwide. For more information, visit: http://www.symmetricom.com.
Non-GAAP Information
Certain non-GAAP financial information is included in this press release. In the reconciliation of GAAP to non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, amortization of intangible assets, restructuring charges, manufacturing transition costs and non-cash interest expense charges that the company does not consider indicative of its ongoing performance. The income tax effect after these non-GAAP adjustments 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 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 fourth quarter fiscal 2011 guidance and future performance, expectations regarding strengthening customer confidence, further improvements to manufacturing capabilities and restoration of product flows, 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: reduced rates of demand for telecommunication products, cable products or test and measurement products, reduced rates or changes in government spending patterns, customers' ability and need to upgrade existing equipment, the company’s ability to fulfill delayed shipments, complications or difficulties in its transition to an outsourced manufacturing and logistics model, the company’s ability to maintain or reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 27, 2010 and subsequent Form 10-Q’s and 8-K's.
SYMM-F
SYMMETRICOM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three months ended Nine months ended March 27, December 26, March 28, March 27, March 28, 2011 2010 2010 2011 2010 Net revenue $ 51,234 $ 41,844 $ 56,526 $ 147,457 $ 165,656 Cost of sales: Cost of products and services 26,778 23,222 28,367 76,606 88,788 Amortization of intangible assets 260 267 278 814 1,014 Restructuring charges 1,330 3,910 448 8,987 2,241 Total cost of sales 28,368 27,399 29,093 86,407 92,043 Gross profit 22,866 14,445 27,433 61,050 73,613 Gross margin 44.6 % 34.5 % 48.5 % 41.4 % 44.4 % Operating expenses: Research and development 6,717 6,738 5,684 20,061 17,511 Selling, general and administrative 13,592 13,596 14,385 39,987 42,183 Amortization of intangible assets 60 61 62 183 219 Restructuring charges (1,142 ) 38 998 (1,985 ) 2,009 Total operating expenses 19,227 20,433 21,129 58,246 61,922 Operating income (loss) 3,639 (5,988 ) 6,304 2,804 11,691 Interest income, net of amortization (accretion)of premium (discount) on investments
441 331 350 664 1,316 Interest expense - - (1,318 ) (55 ) (3,862 ) Income (loss) from continuing operations before taxes 4,080 (5,657 ) 5,336 3,413 9,145 Income tax provision (benefit) 1,095 (2,181 ) 1,648 810 3,018 Income (loss) from continuing operations 2,985 (3,476 ) 3,688 2,603 6,127 Income (loss) from discontinued operations, net of tax 19 (49 ) 804 97 38 Net income (loss) $ 3,004 $ (3,525 ) $ 4,492 $ 2,700 $ 6,165 Earnings (loss) per share - basic: Income (loss) from continuing operations $ 0.07 $ (0.08 ) $ 0.08 $ 0.06 $ 0.14 Income (loss) from discontinued operations - - 0.02 - - Net income (loss) $ 0.07 $ (0.08 ) $ 0.10 $ 0.06 $ 0.14 Weighted average shares outstanding - basic 43,153 43,272 43,438 43,285 43,309 Earnings (loss) per share - diluted: Income (loss) from continuing operations $ 0.07 $ (0.08 ) $ 0.08 $ 0.06 $ 0.14 Income (loss) from discontinued operations - - 0.02 - - Net income (loss) $ 0.07 $ (0.08 ) $ 0.10 $ 0.06 $ 0.14 Weighted average shares outstanding - diluted 43,859 43,272 43,934 43,853 43,828 SYMMETRICOM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) March 27, June 27, 2011 2010 ASSETS Current assets: Cash and cash equivalents $ 28,383 $ 21,794 Short-term investments 46,959 53,825 Accounts receivable, net 36,778 40,075 Inventories 45,049 37,229 Prepaids and other current assets 14,227 15,108 Total current assets 171,396 168,031 Property, plant and equipment, net 22,728 23,077 Intangible assets, net 2,749 3,745 Deferred taxes and other assets 37,217 36,534 Total assets $ 234,090 $ 231,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,700 $ 6,768 Accrued compensation 12,607 18,731 Accrued warranty 1,587 2,900 Other accrued liabilities 14,061 10,506 Total current liabilities 43,955 38,905 Long-term obligations 4,533 8,296 Deferred income taxes 334 334 Total liabilities 48,822 47,535 Stockholders' equity: Common stock 200,793 202,450 Accumulated other comprehensive income (loss) 17 (356 ) Accumulated deficit (15,542 ) (18,242 ) Total stockholders' equity 185,268 183,852 Total liabilities and stockholders' equity $ 234,090 $ 231,387 SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Nine months ended March 27, December 26, March 28, March 27, March 28, 2011 2010 2010 2011 2010 Reconciliation from GAAP to Non-GAAP GAAP Income (loss) from continuing operations $ 2,985 $ (3,476 ) $ 3,688 $ 2,603 $ 6,127 Non-GAAP adjustments: Equity-based compensation expense: Cost of products and services $ 253 230 176 506 648 Research and development 240 184 228 562 656 Selling, general and administrative 1,055 704 776 2,050 1,670 Total equity-based compensation expense 1,548 1,118 1,180 3,118 2,974 Amortization of intangible assets: Cost of products and services 260 267 278 814 1,014 Operating expenses 60 61 62 183 219 Total amortization of intangible assets 320 328 340 997 1,233 Restructuring charges 188 3,948 1,446 7,002 4,250 Manufacturing Transition costs 798 2,041 - 2,839 - Non-cash interest expense on convertible notes - - 812 - 2,345 Income tax effect of Non-GAAP adjustments (586 ) (2,551 ) (1,035 ) (4,314 ) (3,565 ) Non-GAAP income from continuing operations $ 5,253 $ 1,408 $ 6,431 $ 12,245 $ 13,364 Earnings (loss) per share - diluted: GAAP income (loss) from continuing operations $ 0.07 $ (0.08 ) $ 0.08 $ 0.06 $ 0.14 Non-GAAP income from continuing operations $ 0.12 $ 0.03 $ 0.15 $ 0.28 $ 0.30 Weighted average shares outstanding - diluted 43,859 43,972 43,934 43,853 43,828 SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Nine months ended March 27, December 26, March 28, March 27, March 28, 2011 2010 2010 2011 2010 GAAP Revenue $ 51,234 $ 41,844 $ 56,526 $ 147,457 $ 165,656 Reconciliation from GAAP to Non-GAAP Gross Profitfrom continuing operations:
GAAP Gross profit (A) $ 22,866 $ 14,445 $ 27,433 $ 61,050 $ 73,613 GAAP Gross margin 44.6 % 34.5 % 48.5 % 41.4 % 44.4 % Non-GAAP adjustments: Equity-based compensation expense 253 230 176 506 648 Amortization of intangible assets 260 267 278 814 1,014 Restructuring charges 1,330 3,910 448 8,987 2,241 Manufacturing transition costs 798 2,041 - 2,839 - Non-GAAP Gross profit (B) $ 25,507 $ 20,893 $ 28,335 $ 74,196 $ 77,516 Non-GAAP Gross margin 49.8 % 49.9 % 50.1 % 50.3 % 46.8 % Reconciliation from GAAP to Non-GAAP OperatingExpense from continuing operations:
GAAP Operating expenses (C) $ 19,227 $ 20,433 $ 21,129 $ 58,246 $ 61,922 Operating expense % to revenue 37.5 % 48.8 % 37.4 % 39.5 % 37.4 % Non-GAAP adjustments: Equity-based compensation expense (1,295 ) (888 ) (1,004 ) (2,612 ) (2,326 ) Amortization of intangible assets (60 ) (61 ) (62 ) (183 ) (219 ) Restructuring charges 1,142 (38 ) (998 ) 1,985 (2,009 ) Non-GAAP operating expenses (D) $ 19,014 $ 19,446 $ 19,065 $ 57,436 $ 57,368 Non-GAAP operating expenses % to revenue 37.1 % 46.5 % 33.7 % 39.0 % 34.6 % Reconciliation from GAAP to Non-GAAP OperatingIncome (loss) from continuing operations:
GAAP Operating income (loss) (A) - (C) $ 3,639 $ (5,988 ) $ 6,304 $ 2,804 $ 11,691 Operating income (loss)% to revenue 7.1 % -14.3 % 11.2 % 1.9 % 7.1 % Non-GAAP Operating income (B) - (D) $ 6,493 $ 1,447 $ 9,270 $ 16,760 $ 20,148 Operating income % to revenue 12.7 % 3.5 % 16.4 % 11.4 % 12.2 % SYMMETRICOM, INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR GAAP REVENUE AND EPS TO NON-GAAP GUIDANCE FOR REVENUE AND EPS (In thousands, except per share amounts) (Unaudited) Three Months Ending July 3, 2011 Revenue Earnings Per Share fromContinuing Operations
From To From To GAAP Guidance $ 52,000 $ 62,000 $ 0.01 $ 0.08 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.03 0.03 Amortization of intangible assets 0.01 0.01 Restructuring charges 0.04 0.03 Income tax effect of non-GAAP adjustments (0.02 ) (0.02 ) Total Non-GAAP Adjustments 0.06 0.05 Non-GAAP Guidance $ 52,000 $ 62,000 $ 0.07 $ 0.13
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