We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Register to chat with like-minded investors on our interactive forums.
| 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):
Symmetricom, Inc. (NASDAQ:SYMM), a major supplier of precise time and frequency technologies, today reported financial results for its third quarter of fiscal 2010 ended March 28, 2010.
Net revenue for the third quarter of fiscal 2010 was $56.5 million, compared to the $56.2 million reported for the third quarter of fiscal 2009. Symmetricom reported income from continuing operations of $3.7 million, or $0.08 per share, for the third quarter of fiscal 2010, compared to a loss from continuing operations of $46.8 million, or $(1.08) per share, in the third quarter of fiscal 2009. The loss from continuing operations in the third quarter of fiscal 2009 was principally driven by a $48.1 million charge for impairment of goodwill and $5.9 million of restructuring charges.
In the third quarter of fiscal 2010, Symmetricom completed the sale of its video Quality of Experience business and recorded income from discontinued operations of $0.8 million, or $0.02 per share.
Non-GAAP Income from continuing operations in the third quarter of fiscal 2010 were $6.4 million, or $0.15 per share, compared with $6.6 million, or $0.15 per share, in the same period of the prior year.
Cash, cash equivalents and short-term investments totaled $133.5 million as of March 28, 2010, an increase of $12.7 million from the $120.8 million reported as of December 27, 2009. Net cash provided by operating activities in the third quarter was approximately $11.7 million and property, plant and equipment purchases were $1.8 million, resulting in free cash flow of $9.9 million.
“Our revenues were up slightly over the prior year quarter and improved gross margins drove strong earnings and cash flows,” said Dave Côté, Chief Executive Officer of Symmetricom. “In our Communications Business, we saw continued growth in our IEEE1588 packet timing products, driven by the continuing conversion to Ethernet backhaul by carriers worldwide. We also won a three-year, $5 million service contract with a major carrier, our largest ever. In addition, we made key organizational progress by hiring a new Executive VP of Sales, completing the sale of our QoE business, and initiating the outsourcing of activities from our Puerto Rico facility.”
Business Highlights
Revenue in our Communications business in the third quarter was $35.2 million compared to $33.4 million reported in the same period of last year. The 5% year-over-year growth was driven primarily by increased sales of our WiMAX GPS modules and growth in installation services revenues.
Revenue in our Government business in the third quarter was $21.3 million compared to $22.7 million reported in the same period of last year. The 6% year-over-year decline in revenues was due primarily to lower sales of government communications and signal intelligence systems.
Fourth Quarter and Fiscal 2010 Guidance
Symmetricom’s updated guidance for fiscal 2010 is as follows:
For the fourth quarter of fiscal 2010, Symmetricom updated 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 +1-402-220-9789 and referencing the passcode 5220.
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: 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 items that we do not consider indicative of our 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 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 fourth quarter and fiscal 2010 guidance, 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, reduced rates or changes in government spending patterns, our customers' ability and need to upgrade existing equipment, our ability to maintain or reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 28, 2009 and subsequent Form 10-Q’s and 8-K's.
SYMM-F
SYMMETRICOM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts) (unaudited) Three months ended Nine months ended March 28, December 27, March 29, March 28, March 29, 2010 2009 2009 (1) 2010 2009 (1) Net revenue $ 56,526 $ 56,862 $ 56,168 $ 165,656 $ 159,486 Cost of sales: Cost of products and services 28,367 30,884 28,945 88,788 80,266 Amortization of purchased technology 278 368 368 1,014 1,105 Restructuring charges 448 931 2,275 2,241 2,275 Total cost of sales 29,093 32,183 31,588 92,043 83,646 Gross profit 27,433 24,679 24,580 73,613 75,840 Gross margin 48.5 % 43.4 % 43.8 % 44.4 % 47.6 % Operating expenses: Research and development 5,684 6,113 4,705 17,511 16,602 Selling, general and administrative 14,385 14,259 13,531 42,183 41,625 Amortization of intangible assets 62 62 102 219 308 Restructuring charges 998 535 3,635 2,009 4,472 Impairment of goodwill - - 48,144 - 48,144 Total operating expenses 21,129 20,969 70,117 61,922 111,151 Operating income (loss) 6,304 3,710 (45,537 ) 11,691 (35,311 ) Loss on repayment of convertible notes, net - - - - (5,623 ) Loss on short-term investments, net - - - - (1,368 ) Interest income 350 505 322 1,316 1,581 Interest expense (1,318 ) (1,270 ) (1,243 ) (3,862 ) (4,102 ) Income (loss) from continuing operations before income taxes 5,336 2,945 (46,458 ) 9,145 (44,823 ) Income tax provision 1,648 1,055 292 3,018 991 Income (loss) from continuing operations 3,688 1,890 (46,750 ) 6,127 (45,814 ) Income (loss) from discontinued operations, net of tax 804 (391 ) (358 ) 38 (1,428 ) Net income (loss) $ 4,492 $ 1,499 $ (47,108 ) $ 6,165 $ (47,242 ) Earnings (loss) per share - basic: Income (loss) from continuing operations $ 0.08 $ 0.04 $ (1.08 ) $ 0.14 $ (1.05 ) Income (loss) from discontinued operations 0.02 (0.01 ) (0.01 ) - (0.03 ) Net earnings (loss) $ 0.10 $ 0.03 $ (1.09 ) $ 0.14 $ (1.08 ) Weighted average shares outstanding - basic 43,438 43,313 43,326 43,309 43,658 Earnings (loss) per share - diluted: Income (loss) from continuing operations $ 0.08 $ 0.04 $ (1.08 ) $ 0.14 $ (1.05 ) Income (loss) from discontinued operations 0.02 (0.01 ) (0.01 ) - (0.03 ) Net earnings (loss) $ 0.10 $ 0.03 $ (1.09 ) $ 0.14 $ (1.08 ) Weighted average shares outstanding - diluted 43,934 43,708 43,326 43,828 43,658(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes
SYMMETRICOM, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands) (unaudited) March 28, June 28, 2010 2009 (1) ASSETS Current assets: Cash and cash equivalents $ 49,072 $ 72,064 Short-term investments 84,391 40,737 Accounts receivable, net 36,685 42,389 Inventories, net 36,889 38,566 Prepaids and other current assets 14,699 16,143 Total current assets 221,736 209,899 Property, plant and equipment, net 23,095 20,749 Intangible assets, net 4,075 5,308 Deferred taxes and other assets 33,627 36,431 Total assets $ 282,533 $ 272,387 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 6,048 $ 8,116 Accrued compensation 15,806 19,093 Accrued warranty 3,440 3,737 Other accrued liabilities 13,575 9,810 Total current liabilities 38,869 40,756 Long-term obligations 54,814 51,769 Deferred income taxes 334 334 Total liabilities 94,017 92,859 Stockholders' equity: Common stock 203,307 200,152 Accumulated other comprehensive income (loss) (188 ) 144 Accumulated deficit (14,603 ) (20,768 ) Total stockholders' equity 188,516 179,528 Total liabilities and stockholders' equity $ 282,533 $ 272,387 (1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Nine months ended March 28, December 27, March 29, March 28, March 29, 2010 2009 2009 (1) 2010 2009 (1) Reconciliation from GAAP to Non-GAAP GAAP Income (loss) from continuing operations $ 3,688 $ 1,890 $ (46,750 ) $ 6,127 $ (45,814 ) Add Non-GAAP adjustments: Equity-based compensation expense: Cost of products and services 176 262 153 648 448 Research and development 228 228 (20 ) 656 434 Selling, general and administrative 776 700 723 1,670 1,394 Total equity-based compensation expense 1,180 1,190 856 2,974 2,276 Amortization of intangible assets: Cost of products and services 278 368 368 1,014 1,105 Operating expenses 62 62 102 219 308 Total amortization of intangible assets 340 430 470 1,233 1,413 Restructuring charges 1,446 1,466 5,910 4,250 6,747 Impairment of goodwill - - 48,144 48,144 CEO post-employment compensation - - 1,007 - 1,007 Loss on repayment of convertible notes, net - - - - 5,623 Loss on short-term investments, net - - - - 1,368 Non-cash interest expense on convertible notes 812 765 731 2,345 2,339 Income tax effect of Non-GAAP adjustments (1,035 ) (1,413 ) (3,718 ) (3,565 ) (8,270 ) Non-GAAP Income from continuing operations $ 6,431 $ 4,328 $ 6,650 $ 13,364 $ 14,833 Earnings from continuing operations per share-diluted: GAAP income (loss) from continuing operations $ 0.08 $ 0.04 $ (1.08 ) $ 0.14 $ (1.05 ) Non-GAAP income from continuing operations $ 0.15 $ 0.10 $ 0.15 $ 0.30 $ 0.34 Shares used in diluted shares calculation 43,934 43,708 43,790 43,828 44,199
(1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes
SYMMETRICOM, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (In thousands, except per share amounts) (unaudited) Three months ended Nine months ended March 28, December 27, March 29, March 28, March 29, 2010 2009 2009 (1) 2010 2009 (1) Reconciliation from GAAP to Non-GAAP Gross Margin: GAAP Revenue $ 56,526 $ 56,862 $ 56,168 $ 165,656 $ 159,486 GAAP Gross profit $ 27,433 $ 24,679 $ 24,580 $ 73,613 $ 75,840 GAAP Gross margin 48.5 % 43.4 % 43.8 % 44.4 % 47.6 % Add Non-GAAP adjustments: Equity-based compensation expense 176 262 153 648 448 Amortization of intangible assets 278 368 368 1,014 1,105 Restructuring charges 448 931 2,275 2,241 2,275 Non-GAAP Gross profit $ 28,335 $ 26,240 $ 27,376 $ 77,516 $ 79,668 Non-GAAP Gross margin 50.1 % 46.1 % 48.7 % 46.8 % 50.0 % Reconciliation from GAAP to Non-GAAP Operating Expense: GAAP Revenue $ 56,526 $ 56,862 $ 56,168 $ 165,656 $ 159,486 GAAP Operating expenses $ 21,129 $ 20,969 $ 70,117 $ 61,922 $ 111,151 Operating expense % to revenue 37.4 % 36.9 % 124.8 % 37.4 % 69.7 % Add Non-GAAP adjustments: Equity-based compensation expense 1,004 928 703 2,326 1,828 Amortization of intangible assets 62 62 102 219 308 Restructuring charges 998 535 3,635 2,009 4,472 Impairment of goodwill - - 48,144 - 48,144 CEO post-employment compensation - - 1,007 - 1,007 Non-GAAP operating expenses $ 19,065 $ 19,444 $ 16,526 $ 57,368 $ 55,392 Non-GAAP operating expenses % to revenue 33.7 % 34.2 % 29.4 % 34.6 % 34.7 % (1) Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes SYMMETRICOM, INC. RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO PROJECTED GAAP REVENUE AND EPS (In thousands, except per share amounts) (Unaudited) Three Months Ending June 27, 2010 Earnings Per Share Revenue from Continuing Operations From To From To GAAP Guidance $ 50,000 $ 57,000 $ (0.03 ) $ 0.03 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.03 0.02 Amortization of intangible assets 0.01 0.01 Restructuring charges 0.09 0.08 Non-cash interest expense on convertible notes 0.02 0.02 Income tax effect of non-GAAP adjustments (0.05 ) (0.04 ) Total Non-GAAP Adjustments 0.10 0.09 Non-GAAP Guidance $ 50,000 $ 57,000 $ 0.07 $ 0.12 Twelve Months Ending June 27, 2010 Earnings Per Share Revenue from Continuing Operations From To From To GAAP Guidance $ 216,000 $ 223,000 $ 0.11 $ 0.17 Estimated Non-GAAP Adjustments Equity-based compensation expense 0.10 0.09 Amortization of intangible assets 0.04 0.04 Restructuring charges 0.18 0.17 Non-cash interest expense on convertible notes 0.07 0.07 Income tax effect of non-GAAP adjustments (0.13 ) (0.12 ) Total Non-GAAP Adjustments 0.26 0.25 Non-GAAP Guidance $ 216,000 $ 223,000 $ 0.37 $ 0.42
1 Year Symmetricom Chart |
1 Month Symmetricom Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions
Hot Features
Premium
