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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Westell Technologies | NASDAQ:WSTL | 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% | 0.7183 | 0.73 | 0.755 | 0 | 01:00:00 |
Delaware | 0-27266 | 36-3154957 | ||
(State of other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
750 North Commons Drive, Aurora, Illinois | 60504 | |||
(Address of principal executive offices) | (Zip Code) |
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. | RESULTS OF OPERATIONS AND FINANCIAL CONDITION |
Item 9.01. | FINANCIAL STATEMENTS AND EXHIBITS |
99.1 | Press release announcing financial results for the fiscal year 2016 first quarter ended June 30, 2015. |
WESTELL TECHNOLOGIES, INC. | ||||
Date: | July 29, 2015 | By: | /s/ Thomas P. Minichiello | |
Thomas P. Minichiello | ||||
Senior Vice President, Chief Financial Officer, Treasurer and Secretary |
NEWS RELEASE |
Three months ended | ||||||||||||
June 30, | March 31, | June 30, | ||||||||||
2015 | 2015 | 2014 | ||||||||||
Revenue | $ | 21,570 | $ | 18,613 | $ | 27,825 | ||||||
Gross profit | 8,429 | 4,666 | 9,684 | |||||||||
Gross margin | 39.1 | % | 25.1 | % | 34.8 | % | ||||||
Operating expenses: | ||||||||||||
Sales and marketing | 3,196 | 3,343 | 3,421 | |||||||||
Research and development | 5,086 | 4,220 | 4,475 | |||||||||
General and administrative | 2,969 | 5,547 | 3,054 | |||||||||
Intangible amortization | 1,399 | 1,520 | 1,585 | |||||||||
Restructuring | 17 | 3,188 | (1) | 57 | ||||||||
Total operating expenses | 12,667 | 17,818 | 12,592 | |||||||||
Operating income (loss) | (4,238 | ) | (13,152 | ) | (2,908 | ) | ||||||
Other income (expense), net | 38 | (18 | ) | 61 | ||||||||
Income (loss) before income taxes and discontinued operations | (4,200 | ) | (13,170 | ) | (2,847 | ) | ||||||
Income tax benefit (expense) | 62 | 31 | 29 | |||||||||
Net income (loss) from continuing operations | (4,138 | ) | (13,139 | ) | (2,818 | ) | ||||||
Income from discontinued operations (2) | 272 | 139 | — | |||||||||
Net income (loss) | $ | (3,866 | ) | $ | (13,000 | ) | $ | (2,818 | ) | |||
Basic net income (loss) per share: | ||||||||||||
Basic net income (loss) from continuing operations | $ | (0.07 | ) | $ | (0.22 | ) | $ | (0.05 | ) | |||
Basic net income (loss) from discontinued operations | — | — | — | |||||||||
Basic net income (loss) | $ | (0.06 | ) | $ | (0.22 | ) | $ | (0.05 | ) | |||
Diluted net income (loss) per share: | ||||||||||||
Diluted net income (loss) from continuing operations | $ | (0.07 | ) | $ | (0.22 | ) | $ | (0.05 | ) | |||
Diluted net income (loss) from discontinued operations | — | — | — | |||||||||
Diluted net income (loss) | $ | (0.06 | ) | $ | (0.22 | ) | $ | (0.05 | ) | |||
Weighted-average number of common shares outstanding: | ||||||||||||
Basic | 60,703 | 60,286 | 59,715 | |||||||||
Diluted | 60,703 | 60,286 | 59,715 |
(1) | The Company recorded restructuring expense primarily relating to abandonment of excess office space at its headquarters. |
(2) | Income from discontinued operations resulted from the expiration of indemnity periods and release of contingency reserves related to the sale of ConferencePlus. |
June 30, 2015 (unaudited) | March 31, 2015 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 20,847 | $ | 14,026 | ||||
Short-term investments | 16,071 | 23,906 | ||||||
Accounts receivable, net | 14,452 | 11,845 | ||||||
Inventories | 14,785 | 16,205 | ||||||
Prepaid expenses and other current assets | 3,423 | 3,285 | ||||||
Deferred income taxes | 958 | 973 | ||||||
Land held-for-sale | — | 264 | ||||||
Total current assets | 70,536 | 70,504 | ||||||
Property and equipment, net | 3,760 | 3,603 | ||||||
Intangible assets, net | 24,543 | 25,942 | ||||||
Other non-current assets | 184 | 258 | ||||||
Total assets | $ | 99,023 | $ | 100,307 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Accounts payable | $ | 7,004 | $ | 4,011 | ||||
Accrued expenses | 4,014 | 4,131 | ||||||
Accrued restructuring | 1,092 | 1,161 | ||||||
Contingent consideration | 1,265 | 1,184 | ||||||
Deferred revenue | 1,859 | 2,415 | ||||||
Total current liabilities | 15,234 | 12,902 | ||||||
Deferred revenue non-current | 1,032 | 751 | ||||||
Deferred income tax liability | 1,114 | 1,019 | ||||||
Accrued restructuring non-current | 1,372 | 1,642 | ||||||
Contingent consideration non-current | 169 | 400 | ||||||
Other non-current liabilities | 376 | 409 | ||||||
Total liabilities | 19,297 | 17,123 | ||||||
Total stockholders’ equity | 79,726 | 83,184 | ||||||
Total liabilities and stockholders’ equity | $ | 99,023 | $ | 100,307 |
Three months ended June 30, | ||||||||
2015 | 2014 | |||||||
Cash flows from operating activities: | ||||||||
Net income (loss) | $ | (3,866 | ) | $ | (2,818 | ) | ||
Reconciliation of net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 1,696 | 1,806 | ||||||
Stock-based compensation | 457 | 554 | ||||||
Restructuring | 17 | 57 | ||||||
Deferred taxes | 110 | — | ||||||
Exchange rate loss | (6 | ) | (27 | ) | ||||
Changes in assets and liabilities: | ||||||||
Accounts receivable | (2,607 | ) | (1,075 | ) | ||||
Inventory | 1,420 | 993 | ||||||
Accounts payable and accrued expenses | 2,521 | (1,355 | ) | |||||
Deferred revenue | (275 | ) | (425 | ) | ||||
Other | (76 | ) | (229 | ) | ||||
Net cash provided by (used in) operating activities | (609 | ) | (2,519 | ) | ||||
Cash flows from investing activities: | ||||||||
Net maturity (purchase) of short-term investments and debt securities | 7,835 | 2,456 | ||||||
Acquisitions, net of cash acquired | — | (304 | ) | |||||
Proceeds from sale of land | 264 | — | ||||||
Purchases of property and equipment, net | (455 | ) | (723 | ) | ||||
Net cash provided by (used in) investing activities | 7,644 | 1,429 | ||||||
Cash flows from financing activities: | ||||||||
Purchase of treasury stock | (49 | ) | (585 | ) | ||||
Proceeds from stock options exercised | — | 130 | ||||||
Payment of contingent consideration | (167 | ) | (575 | ) | ||||
Net cash provided by (used in) financing activities | (216 | ) | (1,030 | ) | ||||
(Gain) loss of exchange rate changes on cash | 2 | 16 | ||||||
Net increase (decrease) in cash and cash equivalents | 6,821 | (2,104 | ) | |||||
Cash and cash equivalents, beginning of period | 14,026 | 35,793 | ||||||
Cash and cash equivalents, end of period | $ | 20,847 | $ | 33,689 |
Three months ended June 30, 2015 | ||||||||||||
IBW | CSG | Total | ||||||||||
Revenue | $ | 9,070 | $ | 12,500 | $ | 21,570 | ||||||
Cost of revenue | 5,069 | 8,072 | 13,141 | |||||||||
Gross profit | 4,001 | 4,428 | 8,429 | |||||||||
Gross margin | 44.1 | % | 35.4 | % | 39.1 | % | ||||||
Research and development | 3,162 | 1,924 | 5,086 | |||||||||
Segment profit (loss) | 839 | 2,504 | 3,343 | |||||||||
Operating expenses: | ||||||||||||
Sales and marketing | 3,196 | |||||||||||
General and administrative | 2,969 | |||||||||||
Intangible amortization | 1,399 | |||||||||||
Restructuring | 17 | |||||||||||
Operating income (loss) | (4,238 | ) | ||||||||||
Other income (expense), net | 38 | |||||||||||
Income tax benefit (expense) | 62 | |||||||||||
Net income (loss) from continuing operations | $ | (4,138 | ) |
Three Months Ended March 31, 2015 | ||||||||||||
IBW | CSG | Total | ||||||||||
Revenue | $ | 7,082 | $ | 11,531 | $ | 18,613 | ||||||
Cost of revenue | 5,456 | 8,491 | 13,947 | |||||||||
Gross profit | 1,626 | 3,040 | 4,666 | |||||||||
Gross margin | 23.0 | % | 26.4 | % | 25.1 | % | ||||||
Research & development | 2,315 | 1,905 | 4,220 | |||||||||
Segment profit (loss) | $ | (689 | ) | $ | 1,135 | 446 | ||||||
Operating expenses: | ||||||||||||
Sales and marketing | 3,343 | |||||||||||
General and administrative | 5,547 | |||||||||||
Intangible amortization | 1,520 | |||||||||||
Restructuring | 3,188 | |||||||||||
Operating income (loss) | (13,152 | ) | ||||||||||
Other income (expense), net | (18 | ) | ||||||||||
Income tax benefit (expense) | 31 | |||||||||||
Net income (loss) from continuing operations | $ | (13,139 | ) |
(1) | The Company recorded restructuring expense primarily relating to abandonment of excess office space at its headquarters. |
Three months ended June 30, 2014 | ||||||||||||
IBW | CSG | Total | ||||||||||
Revenue | $ | 14,097 | $ | 13,728 | $ | 27,825 | ||||||
Cost of revenue | 8,286 | 9,855 | 18,141 | |||||||||
Gross profit | 5,811 | 3,873 | 9,684 | |||||||||
Gross margin | 41.2 | % | 28.2 | % | 34.8 | % | ||||||
Research and development | 2,195 | 2,280 | 4,475 | |||||||||
Segment profit (loss) | $ | 3,616 | $ | 1,593 | 5,209 | |||||||
Operating expenses: | ||||||||||||
Sales and marketing | 3,421 | |||||||||||
General and administrative | 3,054 | |||||||||||
Intangible amortization | 1,585 | |||||||||||
Restructuring | 57 | |||||||||||
Operating income (loss) | (2,908 | ) | ||||||||||
Other income (expense), net | 61 | |||||||||||
Income tax benefit (expense) | 29 | |||||||||||
Net income (loss) from continuing operations | $ | (2,818 | ) |
Three months ended | ||||||||||||
June 30, | March 31, | June 30. | ||||||||||
2015 | 2015 | 2014 | ||||||||||
GAAP net income (loss) | $ | (3,866 | ) | $ | (13,000 | ) | $ | (2,818 | ) | |||
Adjustments: | ||||||||||||
Inventory fair value step-up (1) | — | 36 | 256 | |||||||||
Deferred revenue adjustment (1) | 73 | 64 | 146 | |||||||||
Amortization of intangibles (2) | 1,399 | 1,520 | 1,585 | |||||||||
CEO severance (3) | — | 1,801 | — | |||||||||
Restructuring (4) | 17 | 3,188 | 57 | |||||||||
Land impairment | — | 108 | — | |||||||||
Stock-based compensation (5) | 457 | 977 | 554 | |||||||||
(Income) loss from discontinued operations (6) | (272 | ) | (227 | ) | — | |||||||
Total adjustments | 1,674 | 7,467 | 2,598 | |||||||||
Non-GAAP net income (loss) | $ | (2,192 | ) | $ | (5,533 | ) | $ | (220 | ) | |||
GAAP net income (loss) per common share: | ||||||||||||
Basic | $ | (0.06 | ) | $ | (0.22 | ) | $ | (0.05 | ) | |||
Diluted | $ | (0.06 | ) | $ | (0.22 | ) | $ | (0.05 | ) | |||
Non-GAAP net income (loss) per common share: | ||||||||||||
Basic | $ | (0.04 | ) | $ | (0.09 | ) | $ | 0.00 | ||||
Diluted | $ | (0.04 | ) | $ | (0.09 | ) | $ | 0.00 | ||||
Average number of common shares outstanding: | ||||||||||||
Basic | 60,703 | 60,286 | 59,715 | |||||||||
Diluted | 60,703 | 60,286 | 59,715 |
Three Months Ended June 30, 2015 | Three Months Ended March 31, 2015 | |||||||||||||||||||||
Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | |||||||||||||||||
GAAP - Consolidated | $ | 21,570 | $ | 8,429 | 39.1 | % | $ | 18,613 | $ | 4,666 | 25.1 | % | ||||||||||
Deferred revenue adjustment (1) | 73 | 73 | 64 | 64 | ||||||||||||||||||
Inventory fair value step-up (1) | — | — | — | 36 | ||||||||||||||||||
Stock-based compensation (5) | — | (3 | ) | — | 24 | |||||||||||||||||
Non-GAAP - Consolidated | $ | 21,643 | $ | 8,499 | 39.3 | % | $ | 18,677 | $ | 4,790 | 25.6 | % |
Three months ended | |||||||||||
June 30, | March 31, | June 30, | |||||||||
2015 | 2015 | 2014 | |||||||||
GAAP operating expenses | $ | 12,667 | $ | 17,818 | $ | 12,592 | |||||
Adjustments: | |||||||||||
Amortization of intangibles (2) | (1,399 | ) | (1,520 | ) | (1,585 | ) | |||||
CEO severance (3) | — | (1,801 | ) | — | |||||||
Restructuring (4) | (17 | ) | (3,188 | ) | (57 | ) | |||||
Stock-based compensation (5) | (460 | ) | (953 | ) | (536 | ) | |||||
Land impairment | — | (108 | ) | — | |||||||
Total adjustments | (1,876 | ) | (7,570 | ) | (2,178 | ) | |||||
Non-GAAP operating expenses | $ | 10,791 | $ | 10,248 | $ | 10,414 |
(1) | On April 1, 2013 and March 1, 2014, the Company purchased Kentrox and Cellular Specialties, Inc. (CSI), respectively. These acquisitions required the step-up of certain assets to fair value, which resulted in cost that will not recur once those assets have fully settled. The adjustments remove the increased costs associated with the third-party sales of inventory that was stepped-up and the step-down on acquired deferred revenue that was recognized. |
(2) | Amortization of intangibles is a non-cash expense arising from the acquisition of intangible assets. |
(3) | The Company recorded severance expense related to the departure of the former CEO. |
(4) | Restructuring expenses are not directly related to the ongoing performance of our fundamental business operations. |
(5) | Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards. |
(6) | The release of contingent liabilities related to the sale of ConferencePlus are presented as discontinued operations. |
Tom Minichiello Chief Financial Officer Westell Technologies, Inc. +1 (630) 375 4740 tminichiello@westell.com |
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