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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 |
|
|
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
¨
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
|
DELAWARE
|
|
36-3154957
|
(State or other jurisdiction of
|
|
(I.R.S. Employer
|
incorporation or organization)
|
|
Identification Number)
|
|
|
|
750 North Commons Drive, Aurora, IL
|
|
60504
|
(Address of principal executive offices)
|
|
(Zip Code)
|
|
Large Accelerated Filer
|
|
¨
|
|
Accelerated Filer
|
|
¨
|
|
|
|
|
|||
Non-Accelerated Filer
|
|
¨
|
|
Smaller Reporting Company
|
|
x
|
|
|
|
|
|
|
|
|
|
|
|
Emerging Growth Company
|
|
¨
|
|
(unaudited)
|
|
|
|
|||||
|
December 31,
2017 |
|
March 31,
2017 |
|
|||||
Assets
|
|
|
|
|
|||||
Current assets:
|
|
|
|
|
|||||
Cash and cash equivalents
|
$
|
21,492
|
|
|
$
|
21,778
|
|
|
|
Short-term investments
|
4,537
|
|
|
—
|
|
|
|||
Accounts receivable (net of allowance of $90 at December 31, 2017, and March 31, 2017)
|
11,070
|
|
|
12,075
|
|
|
|||
Inventories
|
9,464
|
|
|
12,511
|
|
|
|||
Prepaid expenses and other current assets
|
864
|
|
|
1,409
|
|
|
|||
Total current assets
|
47,427
|
|
|
47,773
|
|
|
|||
Land, property and equipment, gross
|
9,023
|
|
|
16,062
|
|
|
|||
Less accumulated depreciation and amortization
|
(7,393
|
)
|
|
(14,078
|
)
|
|
|||
Land, property and equipment, net
|
1,630
|
|
|
1,984
|
|
|
|||
Intangible assets, net
|
12,482
|
|
|
15,624
|
|
|
|||
Tax receivable, non-current
|
697
|
|
|
—
|
|
|
|||
Other non-current assets
|
80
|
|
|
160
|
|
|
|||
Total assets
|
$
|
62,316
|
|
|
$
|
65,541
|
|
|
|
|
|
|
|
|
|||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|||||
Current liabilities:
|
|
|
|
|
|||||
Accounts payable
|
$
|
2,494
|
|
|
$
|
4,163
|
|
|
|
Accrued expenses
|
3,528
|
|
|
4,273
|
|
|
|||
Accrued restructuring
|
166
|
|
|
1,171
|
|
|
|||
Deferred revenue
|
1,931
|
|
|
2,359
|
|
|
|||
Total current liabilities
|
8,119
|
|
|
11,966
|
|
|
|||
Deferred revenue non-current
|
912
|
|
|
1,102
|
|
|
|||
Accrued restructuring non-current
|
—
|
|
|
63
|
|
|
|||
Other non-current liabilities
|
341
|
|
|
236
|
|
|
|||
Total liabilities
|
9,372
|
|
|
13,367
|
|
|
|||
Commitments and contingencies (Note 9)
|
|
|
|
|
|
||||
Stockholders’ equity:
|
|
|
|
|
|||||
Class A common stock, par $0.01, Authorized – 109,000,000 shares
Outstanding – 12,117,569 and 12,015,043 (1) shares at December 31, 2017, and March 31, 2017, respectively |
121
|
|
|
120
|
|
(1
|
)
|
||
Class B common stock, par $0.01, Authorized – 25,000,000 shares
Issued and outstanding – 3,484,287 (1) shares at December 31, 2017, and March 31, 2017 |
35
|
|
|
35
|
|
(1
|
)
|
||
Preferred stock, par $0.01, Authorized – 1,000,000 shares
Issued and outstanding – none |
—
|
|
|
—
|
|
|
|||
Additional paid-in capital
|
417,408
|
|
|
416,422
|
|
(1
|
)
|
||
Treasury stock at cost – 4,628,795 and 4,440,600
(1)
shares at December 31, 2017, and March 31, 2017, respectively
|
(35,891
|
)
|
|
(35,335
|
)
|
|
|||
Cumulative translation adjustment
|
—
|
|
|
608
|
|
|
|||
Accumulated deficit
|
(328,729
|
)
|
|
(329,676
|
)
|
|
|||
Total stockholders’ equity
|
52,944
|
|
|
52,174
|
|
|
|||
Total liabilities and stockholders’ equity
|
$
|
62,316
|
|
|
$
|
65,541
|
|
|
|
Three months ended December 31,
|
|
Nine months ended
December 31,
|
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
|
||||||||
Revenue
|
|
|
|
|
|
|
|
|
||||||||
Products
|
$
|
11,754
|
|
|
$
|
12,746
|
|
|
$
|
43,396
|
|
|
$
|
42,240
|
|
|
Services
|
1,921
|
|
|
2,237
|
|
|
4,085
|
|
|
5,339
|
|
|
||||
Total revenue
|
13,675
|
|
|
14,983
|
|
|
47,481
|
|
|
47,579
|
|
|
||||
Cost of revenue
|
|
|
|
|
|
|
|
|
||||||||
Products
|
7,114
|
|
|
7,807
|
|
|
26,060
|
|
|
27,788
|
|
(1)
|
||||
Services
|
485
|
|
|
1,122
|
|
|
1,303
|
|
|
2,805
|
|
|
||||
Total cost of revenue
|
7,599
|
|
|
8,929
|
|
|
27,363
|
|
|
30,593
|
|
(1)
|
||||
Gross profit
|
6,076
|
|
|
6,054
|
|
|
20,118
|
|
|
16,986
|
|
(1)
|
||||
Operating expenses
|
|
|
|
|
|
|
|
|
||||||||
Research and development
|
1,542
|
|
|
2,414
|
|
|
6,023
|
|
|
10,018
|
|
|
||||
Sales and marketing
|
1,950
|
|
|
1,943
|
|
|
6,278
|
|
|
8,220
|
|
|
||||
General and administrative
|
1,502
|
|
|
1,777
|
|
|
5,022
|
|
|
6,340
|
|
|
||||
Intangible amortization
|
1,047
|
|
|
1,212
|
|
|
3,142
|
|
|
3,613
|
|
|
||||
Restructuring
|
—
|
|
|
490
|
|
|
165
|
|
|
3,055
|
|
|
||||
Long-lived assets impairment
|
—
|
|
|
—
|
|
|
—
|
|
|
1,181
|
|
|
||||
Total operating expenses
|
6,041
|
|
|
7,836
|
|
|
20,630
|
|
|
32,427
|
|
|
||||
Operating profit (loss)
|
35
|
|
|
(1,782
|
)
|
|
(512
|
)
|
|
(15,441
|
)
|
|
||||
Other income, net
|
79
|
|
|
(15
|
)
|
|
799
|
|
(2)
|
76
|
|
|
||||
Income (loss) before income taxes
|
114
|
|
|
(1,797
|
)
|
|
287
|
|
|
(15,365
|
)
|
|
||||
Income tax benefit (expense)
|
685
|
|
(3)
|
(10
|
)
|
|
660
|
|
(3)
|
(20
|
)
|
|
||||
Net income (loss)
|
$
|
799
|
|
|
$
|
(1,807
|
)
|
|
$
|
947
|
|
|
$
|
(15,385
|
)
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.05
|
|
|
$
|
(0.12
|
)
|
(4)
|
$
|
0.06
|
|
|
$
|
(1.00
|
)
|
(4)
|
Diluted
|
$
|
0.05
|
|
|
$
|
(0.12
|
)
|
(4)
|
$
|
0.06
|
|
|
$
|
(1.00
|
)
|
(4)
|
Weighted-average number of common shares outstanding:
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
15,504
|
|
|
15,391
|
|
(4)
|
15,482
|
|
|
15,315
|
|
(4)
|
||||
Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options
(5)
|
251
|
|
|
—
|
|
|
197
|
|
|
—
|
|
|
||||
Diluted
|
15,755
|
|
|
15,391
|
|
(4)
|
15,679
|
|
|
15,315
|
|
(4)
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net income (loss)
|
$
|
799
|
|
|
$
|
(1,807
|
)
|
|
$
|
947
|
|
|
$
|
(15,385
|
)
|
Other comprehensive income (loss):
|
|
|
|
|
|
|
|
||||||||
Foreign currency translation adjustment
(1)
|
—
|
|
|
—
|
|
|
(608
|
)
|
|
—
|
|
||||
Total comprehensive income (loss)
|
$
|
799
|
|
|
$
|
(1,807
|
)
|
|
$
|
339
|
|
|
$
|
(15,385
|
)
|
|
Common
Stock
Class A
|
|
Common
Stock
Class B
|
|
Additional
Paid-in
Capital
|
|
Treasury
Stock
|
|
Cumulative
Translation
Adjustment
|
|
Accumulated
Deficit
|
|
Total
Stockholders’
Equity
|
||||||||||||||
Balance, March 31, 2017
(1)
|
$
|
120
|
|
|
$
|
35
|
|
|
$
|
416,422
|
|
|
$
|
(35,335
|
)
|
|
$
|
608
|
|
|
$
|
(329,676
|
)
|
|
$
|
52,174
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
947
|
|
|
947
|
|
|||||||
Translation adjustment
(2)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(608
|
)
|
|
—
|
|
|
(608
|
)
|
|||||||
Common stock issued
|
3
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|||||||
Purchase of treasury stock
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(556
|
)
|
|
—
|
|
|
—
|
|
|
(558
|
)
|
|||||||
Stock-based compensation
|
—
|
|
|
—
|
|
|
988
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
988
|
|
|||||||
Balance, December 31, 2017
|
$
|
121
|
|
|
$
|
35
|
|
|
$
|
417,408
|
|
|
$
|
(35,891
|
)
|
|
$
|
—
|
|
|
$
|
(328,729
|
)
|
|
$
|
52,944
|
|
|
Nine months ended December 31,
|
||||||
|
2017
|
|
2016
|
||||
Cash flows from operating activities:
|
|
|
|
||||
Net income (loss)
|
$
|
947
|
|
|
$
|
(15,385
|
)
|
Reconciliation of net loss to net cash used in operating activities:
|
|
|
|
||||
Depreciation and amortization
|
3,747
|
|
|
4,714
|
|
||
Long-lived assets impairment
|
—
|
|
|
1,181
|
|
||
Stock-based compensation
|
988
|
|
|
1,346
|
|
||
Loss on sale of fixed assets
|
10
|
|
|
11
|
|
||
Restructuring
|
165
|
|
|
3,055
|
|
||
Deferred taxes
|
(697
|
)
|
|
20
|
|
||
Gain on disposal of foreign operations
|
(608
|
)
|
|
—
|
|
||
Exchange rate loss (gain)
|
(20
|
)
|
|
44
|
|
||
Changes in assets and liabilities:
|
|
|
|
||||
Accounts receivable
|
1,025
|
|
|
5,098
|
|
||
Inventories
|
3,047
|
|
|
509
|
|
||
Prepaid expenses and other current assets
|
545
|
|
|
494
|
|
||
Other assets
|
80
|
|
|
(7
|
)
|
||
Deferred revenue
|
(618
|
)
|
|
686
|
|
||
Accounts payable and accrued expenses
|
(3,542
|
)
|
|
(6,802
|
)
|
||
Net cash provided by (used in) operating activities
|
5,069
|
|
|
(5,036
|
)
|
||
Cash flows from investing activities:
|
|
|
|
||||
Maturities of held-to-maturity short-term debt securities
|
—
|
|
|
12,621
|
|
||
Maturities of other short-term investments
|
474
|
|
|
—
|
|
||
Purchases of held-to-maturity short-term debt securities
|
—
|
|
|
(2,066
|
)
|
||
Purchases of other short-term investments
|
(5,011
|
)
|
|
—
|
|
||
Purchases of property and equipment
|
(261
|
)
|
|
(527
|
)
|
||
Net cash provided by (used in) investing activities
|
(4,798
|
)
|
|
10,028
|
|
||
Cash flows from financing activities:
|
|
|
|
||||
Purchases of treasury stock
|
(558
|
)
|
|
(146
|
)
|
||
Payment of contingent consideration
|
—
|
|
|
(175
|
)
|
||
Net cash provided by (used in) financing activities
|
(558
|
)
|
|
(321
|
)
|
||
Gain (loss) of exchange rate changes on cash
|
1
|
|
|
2
|
|
||
Net increase (decrease) in cash and cash equivalents
|
(286
|
)
|
|
4,673
|
|
||
Cash and cash equivalents, beginning of period
|
21,778
|
|
|
19,169
|
|
||
Cash and cash equivalents, end of period
(1)
|
$
|
21,492
|
|
|
$
|
23,842
|
|
|
Nine months ended December 31, 2017
|
||||||||||
(in thousands)
|
Employee-related
|
|
Other costs
|
|
Total
|
||||||
Liability at beginning of period
|
$
|
—
|
|
|
$
|
1,234
|
|
|
$
|
1,234
|
|
Charged
|
165
|
|
|
—
|
|
|
165
|
|
|||
Paid
|
(165
|
)
|
|
(1,068
|
)
|
|
(1,233
|
)
|
|||
Liability at end of period
|
$
|
—
|
|
|
$
|
166
|
|
|
$
|
166
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine months ended December 31, 2017
|
|
||||||||||||||
(in thousands)
|
|
IBW
|
|
ISMS
|
|
CNS
|
|
Total
|
|
||||||||
Revenue
|
|
$
|
20,098
|
|
|
$
|
14,662
|
|
|
$
|
12,721
|
|
|
$
|
47,481
|
|
|
Cost of revenue
|
|
10,965
|
|
|
7,157
|
|
|
9,241
|
|
|
27,363
|
|
|
||||
Gross profit
|
|
9,133
|
|
|
7,505
|
|
|
3,480
|
|
|
20,118
|
|
|
||||
Gross margin
|
|
45.4
|
%
|
|
51.2
|
%
|
|
27.4
|
%
|
|
42.4
|
%
|
|
||||
Research and development
|
|
3,656
|
|
|
1,635
|
|
|
732
|
|
|
6,023
|
|
|
||||
Segment profit
|
|
$
|
5,477
|
|
|
$
|
5,870
|
|
|
$
|
2,748
|
|
|
14,095
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
|
|
|
|
|
|
|
6,278
|
|
|
|||||||
General and administrative
|
|
|
|
|
|
|
|
5,022
|
|
|
|||||||
Intangible amortization
|
|
|
|
|
|
|
|
3,142
|
|
|
|||||||
Restructuring
|
|
|
|
|
|
|
|
165
|
|
|
|||||||
Operating profit (loss)
|
|
|
|
|
|
|
|
(512
|
)
|
|
|||||||
Other income, net
|
|
|
|
|
|
|
|
799
|
|
(2)
|
|||||||
Income tax benefit (expense)
|
|
|
|
|
|
|
|
660
|
|
(1)
|
|||||||
Net income (loss)
|
|
|
|
|
|
|
|
$
|
947
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Nine months ended December 31, 2016
|
|
||||||||||||||
(in thousands)
|
|
IBW
|
|
ISMS
|
|
CNS
|
|
Total
|
|
||||||||
Revenue
|
|
$
|
18,989
|
|
|
$
|
14,773
|
|
|
$
|
13,817
|
|
|
$
|
47,579
|
|
|
Cost of revenue
|
|
13,251
|
|
|
7,552
|
|
|
9,790
|
|
|
30,593
|
|
(3)
|
||||
Gross profit
|
|
5,738
|
|
|
7,221
|
|
|
4,027
|
|
|
16,986
|
|
(3)
|
||||
Gross margin
|
|
30.2
|
%
|
|
48.9
|
%
|
|
29.1
|
%
|
|
35.7
|
%
|
(3)
|
||||
Research and development
|
|
5,265
|
|
|
3,336
|
|
|
1,417
|
|
|
10,018
|
|
|
||||
Segment profit (loss)
|
|
$
|
473
|
|
|
$
|
3,885
|
|
|
$
|
2,610
|
|
|
6,968
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
|
|
|
|
|
|
|
8,220
|
|
|
|||||||
General and administrative
|
|
|
|
|
|
|
|
6,340
|
|
|
|||||||
Intangible amortization
|
|
|
|
|
|
|
|
3,613
|
|
|
|||||||
Restructuring
|
|
|
|
|
|
|
|
3,055
|
|
|
|||||||
Long-lived assets impairment
|
|
|
|
|
|
|
|
1,181
|
|
|
|||||||
Operating profit (loss)
|
|
|
|
|
|
|
|
(15,441
|
)
|
|
|||||||
Other income, net
|
|
|
|
|
|
|
|
76
|
|
|
|||||||
Income tax benefit (expense)
|
|
|
|
|
|
|
|
(20
|
)
|
|
|||||||
Net income (loss)
|
|
|
|
|
|
|
|
$
|
(15,385
|
)
|
|
(in thousands)
|
December 31, 2017
|
|
March 31, 2017
|
||||
Raw materials
|
$
|
3,148
|
|
|
$
|
3,871
|
|
Finished goods
|
6,316
|
|
|
8,640
|
|
||
Total inventories
|
$
|
9,464
|
|
|
$
|
12,511
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Stock-based compensation expense
|
$
|
316
|
|
|
$
|
253
|
|
|
$
|
988
|
|
|
$
|
1,346
|
|
Income tax benefit
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Total stock-based compensation expense, after taxes
|
$
|
316
|
|
|
$
|
253
|
|
|
$
|
988
|
|
|
$
|
1,346
|
|
|
Shares
|
|
Weighted-Average
Exercise Price Per
Share
|
|
Weighted-Average
Remaining
Contractual Term
(in years)
|
|
Aggregate
Intrinsic Value
(1)
(in
thousands)
|
|||||
Outstanding on March 31, 2017
|
362,396
|
|
|
$
|
4.89
|
|
|
5.4
|
|
$
|
39
|
|
Granted
|
100,000
|
|
|
3.06
|
|
|
|
|
|
|||
Exercised
|
—
|
|
|
—
|
|
|
|
|
|
|||
Forfeited
|
(199,483
|
)
|
|
3.72
|
|
|
|
|
|
|||
Expired
|
(61,018
|
)
|
|
5.82
|
|
|
|
|
|
|||
Outstanding on December 31, 2017
|
201,895
|
|
|
$
|
4.86
|
|
|
4.6
|
|
$
|
76
|
|
(1)
|
The intrinsic value for the stock options is calculated based on the difference between the exercise price of the underlying awards and the Westell Technologies’ closing stock price as of the respective reporting date.
|
|
Shares
|
|
Weighted-Average
Grant Date Fair
Value
|
|||
Non-vested as of March 31, 2017
|
34,375
|
|
|
$
|
4.11
|
|
Granted
|
104,636
|
|
|
3.01
|
|
|
Vested
|
(66,250
|
)
|
|
3.30
|
|
|
Forfeited
|
—
|
|
|
—
|
|
|
Non-vested as of December 31, 2017
|
72,761
|
|
|
$
|
3.26
|
|
|
Shares
|
|
Weighted-Average
Grant Date Fair
Value
|
|||
Non-vested as of March 31, 2017
|
373,886
|
|
|
$
|
4.48
|
|
Granted
|
552,000
|
|
|
2.89
|
|
|
Vested
|
(137,162
|
)
|
|
5.05
|
|
|
Forfeited
|
(239,193
|
)
|
|
3.64
|
|
|
Non-vested as of December 31, 2017
|
549,531
|
|
|
$
|
3.11
|
|
|
Shares
|
|
Weighted-Average Grant Date Fair Value
|
|||
Non-vested as of March 31, 2017 (at target)
|
76,053
|
|
|
$
|
3.56
|
|
Granted, at target
|
40,000
|
|
|
3.06
|
|
|
Vested
|
(49,686
|
)
|
|
2.30
|
|
|
Forfeited
|
(58,867
|
)
|
|
2.79
|
|
|
Non-vested as of December 31, 2017 (at target)
|
7,500
|
|
|
$
|
15.30
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Total product warranty reserve at the beginning of the period
|
$
|
446
|
|
|
$
|
460
|
|
|
$
|
395
|
|
|
$
|
436
|
|
Warranty expense to cost of revenue
|
42
|
|
|
12
|
|
|
160
|
|
|
80
|
|
||||
Utilization
|
(39
|
)
|
|
(2
|
)
|
|
(106
|
)
|
|
(46
|
)
|
||||
Total product warranty reserve at the end of the period
|
$
|
449
|
|
|
$
|
470
|
|
|
$
|
449
|
|
|
$
|
470
|
|
•
|
Level 1 – Quoted prices in active markets for identical assets and liabilities.
|
•
|
Level 2 – Quoted prices in active markets for similar assets and liabilities, or other inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument.
|
•
|
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.
|
(in thousands)
|
Total Fair Value
of Asset or Liability |
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance Sheet
Classification |
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||
Money market funds
|
$
|
12,724
|
|
|
$
|
12,724
|
|
|
—
|
|
|
—
|
|
|
Cash and cash
equivalents |
(in thousands)
|
Total Fair Value
of Asset or Liability |
|
Quoted Prices in
Active Markets for Identical Assets (Level 1) |
|
Significant Other
Observable Inputs (Level 2) |
|
Significant
Unobservable Inputs (Level 3) |
|
Balance Sheet
Classification |
||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||
Money market funds
|
$
|
17,162
|
|
|
$
|
17,162
|
|
|
—
|
|
|
—
|
|
|
Cash and cash
equivalents |
(in thousands)
|
December 31, 2017
|
|
March 31, 2017
|
||||
Accrued compensation
|
$
|
731
|
|
|
$
|
1,256
|
|
Accrued contractual obligation
|
1,445
|
|
|
1,445
|
|
||
Other accrued expenses
|
1,352
|
|
|
1,572
|
|
||
Total accrued expenses
|
$
|
3,528
|
|
|
$
|
4,273
|
|
(in thousands)
|
December 31, 2017
|
|
March 31, 2017
|
||||
Land
|
$
|
672
|
|
|
$
|
672
|
|
Machinery and equipment
|
1,603
|
|
|
1,698
|
|
||
Office, computer and research equipment
|
5,473
|
|
|
6,012
|
|
||
Leasehold improvements
|
1,275
|
|
|
7,680
|
|
||
Land, property and equipment, gross
|
$
|
9,023
|
|
|
$
|
16,062
|
|
Less accumulated depreciation and amortization
|
(7,393
|
)
|
|
(14,078
|
)
|
||
Land, property and equipment, net
|
$
|
1,630
|
|
|
$
|
1,984
|
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
IBW
|
$
|
5,223
|
|
|
$
|
6,224
|
|
|
$
|
(1,001
|
)
|
|
$
|
20,098
|
|
|
$
|
18,989
|
|
|
$
|
1,109
|
|
ISMS
|
5,802
|
|
|
5,525
|
|
|
277
|
|
|
14,662
|
|
|
14,773
|
|
|
(111
|
)
|
||||||
CNS
|
2,650
|
|
|
3,234
|
|
|
(584
|
)
|
|
12,721
|
|
|
13,817
|
|
|
(1,096
|
)
|
||||||
Consolidated revenue
|
$
|
13,675
|
|
|
$
|
14,983
|
|
|
$
|
(1,308
|
)
|
|
$
|
47,481
|
|
|
$
|
47,579
|
|
|
$
|
(98
|
)
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||
IBW
|
47.3
|
%
|
|
40.3
|
%
|
|
7.0
|
%
|
|
45.4
|
%
|
|
30.2
|
%
|
|
15.2
|
%
|
ISMS
|
54.5
|
%
|
|
50.6
|
%
|
|
3.9
|
%
|
|
51.2
|
%
|
|
48.9
|
%
|
|
2.3
|
%
|
CNS
|
16.9
|
%
|
|
23.1
|
%
|
|
(6.2
|
)%
|
|
27.4
|
%
|
|
29.1
|
%
|
|
(1.7
|
)%
|
Consolidated gross margin
|
44.4
|
%
|
|
40.4
|
%
|
|
4.0
|
%
|
|
42.4
|
%
|
|
35.7
|
%
|
|
6.7
|
%
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
IBW
|
$
|
750
|
|
|
$
|
1,307
|
|
|
$
|
(557
|
)
|
|
$
|
3,656
|
|
|
$
|
5,265
|
|
|
$
|
(1,609
|
)
|
ISMS
|
547
|
|
|
805
|
|
|
(258
|
)
|
|
1,635
|
|
|
3,336
|
|
|
(1,701
|
)
|
||||||
CNS
|
245
|
|
|
302
|
|
|
(57
|
)
|
|
732
|
|
|
1,417
|
|
|
(685
|
)
|
||||||
Consolidated research and
development expense
|
$
|
1,542
|
|
|
$
|
2,414
|
|
|
$
|
(872
|
)
|
|
$
|
6,023
|
|
|
$
|
10,018
|
|
|
$
|
(3,995
|
)
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Consolidated sales and
marketing expense
|
$
|
1,950
|
|
|
$
|
1,943
|
|
|
$
|
7
|
|
|
$
|
6,278
|
|
|
$
|
8,220
|
|
|
$
|
(1,942
|
)
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Consolidated general and
administrative expense
|
$
|
1,502
|
|
|
$
|
1,777
|
|
|
$
|
(275
|
)
|
|
$
|
5,022
|
|
|
$
|
6,340
|
|
|
$
|
(1,318
|
)
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Consolidated intangible
amortization
|
$
|
1,047
|
|
|
$
|
1,212
|
|
|
$
|
(165
|
)
|
|
$
|
3,142
|
|
|
$
|
3,613
|
|
|
$
|
(471
|
)
|
|
Three months ended December 31,
|
|
Nine months ended December 31,
|
||||||||||||||||||||
(in thousands)
|
2017
|
|
2016
|
|
Change
|
|
2017
|
|
2016
|
|
Change
|
||||||||||||
Consolidated other
income (expense)
|
$
|
79
|
|
|
$
|
(15
|
)
|
|
$
|
94
|
|
|
$
|
799
|
|
|
$
|
76
|
|
|
$
|
723
|
|
Period
|
|
Total Number
of Shares
Purchased (a)
|
|
Average Price
Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announced Programs (b)
|
|
Maximum Number (or Approximate Dollar Value) that May Yet Be Purchased Under the Programs (b)
|
||||||
October 1 - 31, 2017
|
|
18,024
|
|
|
$
|
2.8773
|
|
|
18,024
|
|
|
$
|
1,721,196
|
|
November 1 - 30, 2017
|
|
17,337
|
|
|
2.8376
|
|
|
2,100
|
|
|
1,715,121
|
|
||
December 1 - 31, 2017
|
|
66
|
|
|
3.9800
|
|
|
—
|
|
|
1,715,121
|
|
||
Total
|
|
35,427
|
|
|
$
|
2.8599
|
|
|
20,124
|
|
|
$
|
1,715,121
|
|
(a)
|
In the three months ended
December 31, 2017
, the Company repurchased 15,303 shares from employees that were surrendered to satisfy the minimum statutory tax withholding obligations on the vesting of restricted stock, restricted stock units and performance-based restricted stock units. These repurchases were not included in the authorized share repurchase program and had a weighted-average purchase price of $2.83 per share.
|
(b)
|
In May 2017, the Board of Directors authorized a new share repurchase program whereby the Company may repurchase up to an aggregate of $2.0 million of its outstanding Class A Common Stock in addition to the $0.1 million remaining from the August 2011 authorization. The August 2011 authorization was exhausted during the first quarter of fiscal year 2018 and there was approximately
$1.7 million
remaining under the May 2017 authorization as of
December 31, 2017
.
|
|
Exhibit Number
|
|
Description
|
|
|
|
|
|
Exhibit 10.1
|
|
|
|
|
|
|
|
Exhibit 10.2
|
|
|
|
|
|
|
|
Exhibit 10.3
|
|
|
|
|
|
|
|
Exhibit 10.4
|
|
|
|
|
|
|
|
Exhibit 31.1
|
|
|
|
|
|
|
|
Exhibit 31.2
|
|
|
|
|
|
|
|
Exhibit 32.1
|
|
|
|
|
|
|
|
Exhibit 101
|
|
The following financial information from the Quarterly Report on Form 10-Q for the period ended December 31, 2017, formatted in XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Balance Sheets; (ii) the Condensed Consolidated Statements of Operations; (iii) the Condensed Consolidated Statements of Comprehensive Income (Loss); (iv) the Condensed Consolidated Statements of Stockholders' Equity (v) the Condensed Consolidated Statements of Cash Flows; and (vi) the Notes to the Condensed Consolidated Financial Statements.
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WESTELL TECHNOLOGIES, INC.
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(Registrant)
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DATE:
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February 9, 2018
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By:
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/s/ Kirk R. Brannock
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Kirk R. Brannock
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Chief Executive Officer
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By:
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/s/ Thomas P. Minichiello
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Thomas P. Minichiello
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Chief Financial Officer
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1 Year Westell Technologies Chart |
1 Month Westell Technologies Chart |
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