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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 third quarter ended December 31, 2015. |
WESTELL TECHNOLOGIES, INC. | ||||
Date: | February 3, 2016 | By: | /s/ Thomas P. Minichiello | |
Thomas P. Minichiello | ||||
Senior Vice President, Chief Financial Officer, Treasurer and Secretary |
NEWS RELEASE |
3Q16 | 2Q16 | 3Q15 | 3Q16 | 3Q16 | |
3 months ended | 3 months ended | 3 months ended | vs. | vs. | |
12/31/15 | 09/30/15 | 12/31/14 | 2Q16 | 3Q15 | |
Consolidated Revenue | $20.2M | $25.5M | $14.0M | -21% | +44% |
Gross Margin | 39.4% | 40.1% | 31.3% | -0.7% | +8.1% |
Net Income (Loss) | ($4.8M) | ($2.5M) | ($27.5M) | ($2.3M) | $22.7M |
Earnings (Loss) Per Share | ($0.08) | ($0.04) | ($0.46) | ($0.04) | +$0.38 |
Non-GAAP Earnings (Loss) Per Share (1) | ($0.05) | ($0.01) | ($0.08) | ($0.04) | +$0.03 |
(1) Please refer to the schedule at the end of this press release for a complete GAAP to non-GAAP reconciliation and other information related to non-GAAP financial measures. |
3Q16 | 2Q16 | 3Q15 | 3Q16 | 3Q16 | |
3 months ended | 3 months ended | 3 months ended | vs. | vs. | |
12/31/15 | 09/30/15 | 12/31/14 | 2Q16 | 3Q15 | |
IBW Segment Revenue | $8.7M | $10.8M | $5.4M | -20% | +60% |
IBW Segment Gross Margin | 38.2% | 42.0% | 35.3% | -3.8% | +3.0% |
IBW Segment R&D Expense | $2.7M | $2.8M | $2.3M | ($0.1M) | $0.4M |
IBW Segment Profit (Loss) | $0.6M | $1.8M | ($0.4M) | ($1.2M) | $1.1M |
3Q16 | 2Q16 | 3Q15 | 3Q16 | 3Q16 | |
3 months ended | 3 months ended | 3 months ended | vs. | vs. | |
12/31/15 | 09/30/15 | 12/31/14 | 2Q16 | 3Q15 | |
CSG Segment Revenue | $11.5M | $14.7M | $8.6M | -22% | +34% |
CSG Segment Gross Margin | 40.3% | 38.7% | 28.8% | +1.6% | +11.5% |
CSG Segment R&D Expense | $2.2M | $1.9M | $2.0M | $0.3M | $0.2M |
CSG Segment Profit (Loss) | $2.5M | $3.8M | $0.5M | ($1.4M) | $2.0M |
Three months ended | Nine months ended | ||||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | |||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||
Revenue | $ | 20,215 | $ | 25,514 | $ | 14,043 | $ | 67,299 | $ | 65,514 | |||||||||||
Gross profit | 7,963 | 10,231 | 4,395 | 26,623 | 22,144 | ||||||||||||||||
Gross margin | 39.4 | % | 40.1 | % | 31.3 | % | 39.6 | % | 33.8 | % | |||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | 4,893 | 4,625 | 4,353 | 14,604 | 13,128 | ||||||||||||||||
Sales and marketing | 3,900 | 4,113 | 2,719 | 11,209 | 9,064 | ||||||||||||||||
General and administrative | 2,627 | 2,493 | 2,797 | 8,089 | 9,131 | ||||||||||||||||
Intangible amortization | 1,418 | 1,432 | 1,562 | 4,249 | 4,857 | ||||||||||||||||
Restructuring | — | — | — | 17 | 55 | ||||||||||||||||
Goodwill impairment (1) | — | — | 20,547 | — | 31,997 | ||||||||||||||||
Total operating expenses | 12,838 | 12,663 | 31,978 | 38,168 | 68,232 | ||||||||||||||||
Operating income (loss) | (4,875 | ) | (2,432 | ) | (27,583 | ) | (11,545 | ) | (46,088 | ) | |||||||||||
Other income (expense), net | 85 | (61 | ) | (29 | ) | 62 | 16 | ||||||||||||||
Income (loss) before income taxes and discontinued operations | (4,790 | ) | (2,493 | ) | (27,612 | ) | (11,483 | ) | (46,072 | ) | |||||||||||
Income tax benefit (expense) | (7 | ) | 20 | 72 | 75 | 170 | |||||||||||||||
Net income (loss) from continuing operations | (4,797 | ) | (2,473 | ) | (27,540 | ) | (11,408 | ) | (45,902 | ) | |||||||||||
Income from discontinued operations (2) | — | — | — | 272 | — | ||||||||||||||||
Net income (loss) | $ | (4,797 | ) | $ | (2,473 | ) | $ | (27,540 | ) | $ | (11,136 | ) | $ | (45,902 | ) | ||||||
Basic net income (loss) per share: | |||||||||||||||||||||
Basic net income (loss) from continuing operations | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.19 | ) | $ | (0.77 | ) | ||||||
Basic net income (loss) from discontinued operations | — | — | — | — | — | ||||||||||||||||
Basic net income (loss) (3) | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.18 | ) | $ | (0.77 | ) | ||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Diluted net income (loss) from continuing operations | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.19 | ) | $ | (0.77 | ) | ||||||
Diluted net income (loss) from discontinued operations | — | — | — | — | — | ||||||||||||||||
Diluted net income (loss) (3) | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.18 | ) | $ | (0.77 | ) | ||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||
Basic | 60,810 | 60,783 | 60,016 | 60,765 | 59,885 | ||||||||||||||||
Diluted | 60,810 | 60,783 | 60,016 | 60,765 | 59,885 |
(1) | The Company recorded a non-cash charge during the second and third quarters of fiscal year 2015 to record the impairment of the full carrying value of the Company's goodwill related to the Kentrox and CSI acquisitions, respectively. |
(2) | Income from discontinued operations resulted from the expiration of indemnity periods and release of contingency reserves related to the sale of ConferencePlus. |
(3) | Totals may not sum due to rounding. |
December 31, 2015 (Unaudited) | March 31, 2015 | ||||||||
Assets | |||||||||
Cash and cash equivalents | $ | 33,559 | $ | 14,026 | |||||
Short-term investments | 1,242 | 23,906 | |||||||
Accounts receivable, net | 12,626 | 11,845 | |||||||
Inventories | 14,071 | 16,205 | |||||||
Prepaid expenses and other current assets | 2,519 | 3,285 | |||||||
Land held-for-sale | — | 264 | |||||||
Total current assets | 64,017 | 69,531 | |||||||
Property and equipment, net | 4,291 | 3,603 | |||||||
Intangible assets, net | 21,693 | 25,942 | |||||||
Other non-current assets | 108 | 258 | |||||||
Total assets | $ | 90,109 | $ | 99,334 | |||||
Liabilities and Stockholders’ Equity | |||||||||
Accounts payable | $ | 7,288 | $ | 4,011 | |||||
Accrued expenses | 5,937 | 5,576 | |||||||
Accrued restructuring | 1,092 | 1,161 | |||||||
Contingent consideration payable | 714 | 1,184 | |||||||
Deferred revenue | 1,199 | 2,415 | |||||||
Total current liabilities | 16,230 | 14,347 | |||||||
Deferred revenue non-current | 1,154 | 751 | |||||||
Deferred income tax liability | 75 | 46 | |||||||
Accrued restructuring non-current | 827 | 1,642 | |||||||
Contingent consideration payable non-current | — | 400 | |||||||
Other non-current liabilities | 333 | 409 | |||||||
Total liabilities | 18,619 | 17,595 | |||||||
Total stockholders’ equity | 71,490 | 81,739 | |||||||
Total liabilities and stockholders’ equity | $ | 90,109 | $ | 99,334 |
Nine months ended December 31, | |||||||||
2015 | 2014 | ||||||||
Cash flows from operating activities: | |||||||||
Net income (loss) | $ | (11,136 | ) | $ | (45,902 | ) | |||
Reconciliation of net loss to net cash used in operating activities: | |||||||||
Depreciation and amortization | 5,335 | 5,599 | |||||||
Goodwill impairment | — | 31,997 | |||||||
Stock-based compensation | 974 | 1,628 | |||||||
Restructuring | 17 | 55 | |||||||
Deferred taxes | 29 | — | |||||||
Exchange rate loss | 17 | 8 | |||||||
Changes in assets and liabilities: | |||||||||
Accounts receivable | (791 | ) | 8,699 | ||||||
Inventory | 2,134 | 1,147 | |||||||
Accounts payable and accrued expenses | 2,562 | (6,058 | ) | ||||||
Deferred revenue | (813 | ) | (1,270 | ) | |||||
Other | 916 | (634 | ) | ||||||
Net cash provided by (used in) operating activities | (756 | ) | (4,731 | ) | |||||
Cash flows from investing activities: | |||||||||
Net maturity (purchase) of short-term investments and debt securities | 22,664 | (9,638 | ) | ||||||
Acquisitions, net of cash acquired | — | (304 | ) | ||||||
Proceeds from sale of land | 264 | — | |||||||
Purchases of property and equipment, net | (1,776 | ) | (1,773 | ) | |||||
Net cash provided by (used in) investing activities | 21,152 | (11,715 | ) | ||||||
Cash flows from financing activities: | |||||||||
Purchase of treasury stock | (87 | ) | (692 | ) | |||||
Proceeds from stock options exercised | — | 155 | |||||||
Payment of contingent consideration | (770 | ) | (1,104 | ) | |||||
Net cash provided by (used in) financing activities | (857 | ) | (1,641 | ) | |||||
(Gain) loss of exchange rate changes on cash | (6 | ) | (7 | ) | |||||
Net increase (decrease) in cash and cash equivalents | 19,533 | (18,094 | ) | ||||||
Cash and cash equivalents, beginning of period | 14,026 | 35,793 | |||||||
Cash and cash equivalents, end of period | $ | 33,559 | $ | 17,699 |
Three months ended December 31, 2015 | Three Months Ended September 30, 2015 | |||||||||||||||||||||||
IBW | CSG | Total | IBW | CSG | Total | |||||||||||||||||||
Revenue | $ | 8,680 | $ | 11,535 | $ | 20,215 | $ | 10,819 | $ | 14,695 | $ | 25,514 | ||||||||||||
Cost of revenue | 5,361 | 6,891 | 12,252 | 6,272 | 9,011 | 15,283 | ||||||||||||||||||
Gross profit | 3,319 | 4,644 | 7,963 | 4,547 | 5,684 | 10,231 | ||||||||||||||||||
Gross margin | 38.2 | % | 40.3 | % | 39.4 | % | 42.0 | % | 38.7 | % | 40.1 | % | ||||||||||||
Research and development | 2,701 | 2,192 | 4,893 | 2,775 | 1,850 | 4,625 | ||||||||||||||||||
Segment profit (loss) | $ | 618 | $ | 2,452 | $ | 3,070 | $ | 1,772 | $ | 3,834 | $ | 5,606 |
Three months ended December 31, 2015 | Three months ended December 31, 2014 | |||||||||||||||||||||||
IBW | CSG | Total | IBW | CSG | Total | |||||||||||||||||||
Revenue | $ | 8,680 | $ | 11,535 | $ | 20,215 | $ | 5,414 | $ | 8,629 | $ | 14,043 | ||||||||||||
Cost of revenue | 5,361 | 6,891 | 12,252 | 3,504 | 6,144 | 9,648 | ||||||||||||||||||
Gross profit | 3,319 | 4,644 | 7,963 | 1,910 | 2,485 | 4,395 | ||||||||||||||||||
Gross margin | 38.2 | % | 40.3 | % | 39.4 | % | 35.3 | % | 28.8 | % | 31.3 | % | ||||||||||||
Research and development | 2,701 | 2,192 | 4,893 | 2,342 | 2,011 | 4,353 | ||||||||||||||||||
Segment profit (loss) | $ | 618 | $ | 2,452 | $ | 3,070 | $ | (432 | ) | $ | 474 | $ | 42 |
Nine months ended December 31, 2015 | Nine months ended December 31, 2014 | |||||||||||||||||||||||
IBW | CSG | Total | IBW | CSG | Total | |||||||||||||||||||
Revenue | $ | 28,569 | $ | 38,730 | $ | 67,299 | $ | 30,632 | $ | 34,882 | $ | 65,514 | ||||||||||||
Cost of revenue | 16,702 | 23,974 | 40,676 | 18,543 | 24,827 | 43,370 | ||||||||||||||||||
Gross profit | 11,867 | 14,756 | 26,623 | 12,089 | 10,055 | 22,144 | ||||||||||||||||||
Gross margin | 41.5 | % | 38.1 | % | 39.6 | % | 39.5 | % | 28.8 | % | 33.8 | % | ||||||||||||
Research and development | 8,638 | 5,966 | 14,604 | 6,640 | 6,488 | 13,128 | ||||||||||||||||||
Segment profit (loss) | $ | 3,229 | $ | 8,790 | $ | 12,019 | $ | 5,449 | $ | 3,567 | $ | 9,016 |
Three months ended | Nine months ended | |||||||||||||||||||
Dec. 31, | Sept. 30, | Dec. 31, | Dec. 31, | Dec. 31, | ||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
GAAP net income (loss) | $ | (4,797 | ) | $ | (2,473 | ) | $ | (27,540 | ) | $ | (11,136 | ) | $ | (45,902 | ) | |||||
Adjustments: | ||||||||||||||||||||
Inventory fair value step-up (1) | — | — | 79 | — | 540 | |||||||||||||||
Deferred revenue adjustment (1) | 73 | 73 | 64 | 218 | 322 | |||||||||||||||
Goodwill impairment (2) | — | — | 20,547 | — | 31,997 | |||||||||||||||
Amortization of intangibles (3) | 1,418 | 1,432 | 1,562 | 4,249 | 4,857 | |||||||||||||||
Restructuring, separation, and transition (4) | — | 59 | — | 223 | 55 | |||||||||||||||
Stock-based compensation (5) | 264 | 253 | 514 | 974 | 1,628 | |||||||||||||||
(Income) loss from discontinued operations (6) | — | — | — | (272 | ) | — | ||||||||||||||
Total adjustments | 1,755 | 1,817 | 22,766 | 5,392 | 39,399 | |||||||||||||||
Non-GAAP net income (loss) | $ | (3,042 | ) | $ | (656 | ) | $ | (4,774 | ) | $ | (5,744 | ) | $ | (6,503 | ) | |||||
GAAP net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.18 | ) | $ | (0.77 | ) | |||||
Diluted | $ | (0.08 | ) | $ | (0.04 | ) | $ | (0.46 | ) | $ | (0.18 | ) | $ | (0.77 | ) | |||||
Non-GAAP net income (loss) per common share: | ||||||||||||||||||||
Basic | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.09 | ) | $ | (0.11 | ) | |||||
Diluted | $ | (0.05 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.09 | ) | $ | (0.11 | ) | |||||
Average number of common shares outstanding: | ||||||||||||||||||||
Basic | 60,810 | 60,783 | 60,016 | 60,765 | 59,885 | |||||||||||||||
Diluted | 60,810 | 60,783 | 60,016 | 60,765 | 59,885 |
Three months ended December 31, 2015 | Three Months Ended September 30, 2015 | |||||||||||||||||||||
Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | |||||||||||||||||
GAAP - Consolidated | $ | 20,215 | $ | 7,963 | 39.4 | % | $ | 25,514 | $ | 10,231 | 40.1 | % | ||||||||||
Deferred revenue adjustment (1) | 73 | 73 | 73 | 73 | ||||||||||||||||||
Stock-based compensation (5) | — | 13 | — | 14 | ||||||||||||||||||
Non-GAAP - Consolidated | $ | 20,288 | $ | 8,049 | 39.7 | % | $ | 25,587 | $ | 10,318 | 40.3 | % |
Nine months ended December 31, 2015 | Nine Months Ended December 31, 2014 | |||||||||||||||||||||
Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | |||||||||||||||||
GAAP - Consolidated | $ | 67,299 | $ | 26,623 | 39.6 | % | $ | 65,514 | $ | 22,144 | 33.8 | % | ||||||||||
Inventory fair value step-up (1) | — | — | — | 540 | ||||||||||||||||||
Deferred revenue adjustment (1) | 218 | 218 | 322 | 322 | ||||||||||||||||||
Stock-based compensation (5) | — | 24 | — | 65 | ||||||||||||||||||
Non-GAAP - Consolidated | $ | 67,517 | $ | 26,865 | 39.8 | % | $ | 65,836 | $ | 23,071 | 35.0 | % |
Three months ended | Nine Months Ended | |||||||||||||||||||
December 31, | September 30, | December 31, | December 31, | December 31, | ||||||||||||||||
2015 | 2015 | 2014 | 2015 | 2014 | ||||||||||||||||
GAAP operating expenses | $ | 12,838 | $ | 12,663 | $ | 31,978 | $ | 38,168 | $ | 68,232 | ||||||||||
Adjustments: | ||||||||||||||||||||
Goodwill impairment (2) | — | — | (20,547 | ) | — | (31,997 | ) | |||||||||||||
Amortization of intangibles (3) | (1,418 | ) | (1,432 | ) | (1,562 | ) | (4,249 | ) | (4,857 | ) | ||||||||||
Restructuring, separation, and transition (4) | — | (59 | ) | — | (223 | ) | (55 | ) | ||||||||||||
Stock-based compensation (5) | (251 | ) | (239 | ) | (492 | ) | (950 | ) | (1,563 | ) | ||||||||||
Total adjustments | (1,669 | ) | (1,730 | ) | (22,601 | ) | (5,422 | ) | (38,472 | ) | ||||||||||
Non-GAAP operating expenses | $ | 11,169 | $ | 10,933 | $ | 9,377 | $ | 32,746 | $ | 29,760 |
(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) | The Company recorded a non-cash charge during the second and third quarters of fiscal year 2015 to record the impairment of the full carrying value of the Company's goodwill related to the Kentrox and CSI acquisitions, respectively. |
(3) | Amortization of intangibles is a non-cash expense arising from the acquisition of intangible assets. |
(4) | Restructuring expenses are not directly related to the ongoing performance of our fundamental business operations. This adjustment also includes severance benefits related to the departure of certain former executives. |
(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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