Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - SYMMETRICOM INC | d8k.htm |
Exhibit 99.1
Contact:
Dan Madden
VP Finance & Investor Relations
+1-408-428-7929
dmadden@symmetricom.com
Symmetricom Reports Fourth Quarter and
Fiscal Year 2011 Financial Results
Company achieves record Q4 revenue of $60.7 million
| • | Net revenue of $60.7 million in fiscal Q4’11 and $208.1 million for fiscal 2011 |
| • | Non-GAAP income from continuing operations of $5.4 million, or $0.12 per share, and $17.7 million, or $0.40 per share for fiscal 2011 |
| • | Loss from continuing operations of $1.4 million, or $0.03 per share, and income from continuing operations of $1.2 million, or $0.03 per share for fiscal 2011 |
SAN JOSE, Calif. — August 8, 2011 — Symmetricom, Inc. (NASDAQ:SYMM), a worldwide leader in precision time and frequency technologies, today reported financial results for its fourth quarter and the fiscal year ended July 3, 2011.
Net revenue for the fourth quarter of fiscal 2011 was $60.7 million, up $9.5 million, or 18.5%, compared to the third quarter of fiscal 2011, driven by increases in customer orders and improvements in the company’s manufacturing supply. Net revenue for the fourth quarter of fiscal 2011 was up $5.0 million, or 9.0%, compared to the fourth quarter of fiscal 2010. Symmetricom reported a loss from continuing operations of $1.4 million, or $0.03 per share, for the fourth quarter of fiscal 2011, compared to income from continuing operations of $3.0 million, or $0.07 per share, in the third quarter of fiscal 2011. The loss from continuing operations for the fourth quarter of fiscal 2011 included income tax expense of $6.1 million, driven by a non-cash charge for a valuation allowance of $4.5 million recorded against California R&D tax credit deferred tax assets that are not considered realizable due principally to changes in California’s state income tax apportionment rules.
Non-GAAP income from continuing operations for the fourth quarter of fiscal 2011 was $5.4 million, or $0.12 per share, compared to $5.3 million, or $0.12 per share, reported for the third quarter. As compared to the prior quarter, non-GAAP income from continuing operations was impacted by investments in improving our manufacturing processes as well as a higher effective tax rate.
Net revenue for fiscal 2011 was $208.1 million, compared to $221.3 million for fiscal 2010. Symmetricom reported income from continuing operations of $1.2 million, or $0.03 per share, in fiscal 2011, compared to income from continuing operations of $2.5 million, or $0.06 per share, in fiscal 2010. The income from continuing operations for fiscal 2011 included $8.1 million of restructuring charges and $6.9 million of income tax expense, principally for the valuation allowance recorded against the
Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 2 of 9
company’s California R&D tax credit deferred tax assets. The income from continuing operations in fiscal 2010 included $10.3 million of restructuring charges and $7.0 million of non-cash charges related to the repayment of convertible notes. Non-GAAP income from continuing operations for fiscal 2011 was $17.7 million, or $0.40 per share, compared to $18.7 million, or $0.42 per share, reported for the prior year.
Cash, cash equivalents and short-term investments totaled $63.7 million as of July 3, 2011, a decrease of $11.6 million from the $75.3 million reported as of March 27, 2011. Net cash used in operating activities in the fourth quarter was $7.6 million and property, plant and equipment purchases were approximately $2.0 million, resulting in free cash outflow of approximately $9.6 million. Included in the net cash used in operating activities in the fourth quarter was a $17.6 million investment in inventories to improve and ensure supply continuity as we completed our manufacturing transition.
“During fiscal 2011 we made considerable progress capitalizing on the migration to next-generation networks and expanding into new markets,” said Dave Côté, president and chief executive officer of Symmetricom. “Our government business generated record revenue and bookings, and our newest communications timing products for next generation networks gained significant traction. Full year revenue from our PackeTime products grew more than 75 percent over the prior year and our PackeTime equipment is now deployed in more than 80 live Ethernet backhaul implementations globally.”
“While the manufacturing transition impacted our financial results in fiscal 2011, we have upgraded our production capabilities, and our operational and financial outlook for fiscal 2012 is positive,” continued Côté. “Operationally, we are now focused on leveraging our new manufacturing model into a strategic asset for the company. Financially, we expect important contributions in the coming year from new products as we ramp production capabilities for our Quantum Chip Scale Atomic Clock and begin to generate revenue from our other new offerings, including embedded PTP soft clocks and timing products for the high frequency trading and power utility markets.”
Business Results
Revenue in the Communications Business in the fourth quarter of fiscal 2011 was $35.2 million, compared to $35.1 million reported in the same period last year and $30.4 million in the third quarter of this fiscal year. Revenue in the Government Business in the fourth quarter of fiscal 2011 was $25.5 million, compared to $20.6 million reported in the same period last year and $20.8 million in the third quarter of this fiscal year.
First Quarter 2012 Guidance
Symmetricom’s guidance for the first quarter of fiscal 2012 is as follows:
| • | Net revenue is expected to be in the range of $52 million to $57 million |
| • | GAAP earnings per share from continuing operations is expected to be in the range of $0.02 to $0.06 |
| • | Non-GAAP earnings per share from continuing operations is expected to be in the range of $0.07 to $0.11 |
A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.
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Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 3 of 9
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 +1-402-344-6639.
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, loss on repayment of convertible notes, non-cash interest expense charges and non-cash income tax expenses for valuation allowances against deferred tax assets 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 or used in 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 first quarter fiscal 2012 guidance and future performance, expectations regarding contributions of new products, and a positive operational and financial outlook for fiscal 2012
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Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 4 of 9
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
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Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 5 of 9
SYMMETRICOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
| Three months ended | Twelve months ended | |||||||||||||||||||
| July 3, 2011 |
March 27, 2011 |
June 27, 2010 |
July 3, 2011 |
June 27, 2010 |
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| Net revenue |
$ | 60,689 | $ | 51,234 | $ | 55,660 | $ | 208,146 | $ | 221,316 | ||||||||||
| Cost of sales: |
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| Cost of products and services |
31,384 | 26,778 | 28,101 | 107,990 | 116,889 | |||||||||||||||
| Amortization of purchased technology |
260 | 260 | 268 | 1,073 | 1,282 | |||||||||||||||
| Restructuring charges |
364 | 1,330 | 3,384 | 9,351 | 5,625 | |||||||||||||||
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| Total cost of sales |
32,008 | 28,368 | 31,753 | 118,414 | 123,796 | |||||||||||||||
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| Gross profit |
28,681 | 22,866 | 23,907 | 89,732 | 97,520 | |||||||||||||||
| Gross margin |
47.3 | % | 44.6 | % | 43.0 | % | 43.1 | % | 44.1 | % | ||||||||||
| Operating expenses: |
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| Research and development |
6,984 | 6,717 | 6,190 | 27,045 | 23,701 | |||||||||||||||
| Selling, general and administrative |
16,620 | 13,592 | 14,560 | 56,607 | 56,743 | |||||||||||||||
| Amortization of intangible assets |
60 | 60 | 62 | 243 | 281 | |||||||||||||||
| Restructuring charges |
691 | (1,142 | ) | 2,657 | (1,294 | ) | 4,666 | |||||||||||||
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| Total operating expenses |
24,355 | 19,227 | 23,469 | 82,601 | 85,391 | |||||||||||||||
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| Operating income |
4,326 | 3,639 | 438 | 7,131 | 12,129 | |||||||||||||||
| Loss on repayment of convertible notes, net |
— | — | (7,026 | ) | — | (7,026 | ) | |||||||||||||
| Interest income, net of amortization (accretion) of premium (discount) on investments |
294 | 441 | 278 | 957 | 1,594 | |||||||||||||||
| Interest expense |
(3 | ) | — | (792 | ) | (58 | ) | (4,654 | ) | |||||||||||
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| Income (loss) from continuing operations before income taxes |
4,617 | 4,080 | (7,102 | ) | 8,030 | 2,043 | ||||||||||||||
| Income tax provision (benefit) |
6,051 | 1,095 | (3,521 | ) | 6,861 | (503 | ) | |||||||||||||
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| Income (loss) from continuing operations |
(1,434 | ) | 2,985 | (3,581 | ) | 1,169 | 2,546 | |||||||||||||
| Income (loss) from discontinued operations, net of tax |
157 | 19 | (58 | ) | 254 | (20 | ) | |||||||||||||
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| Net income (loss) |
$ | (1,277 | ) | $ | 3,004 | $ | (3,639 | ) | $ | 1,423 | $ | 2,526 | ||||||||
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| Earnings (loss) per share - basic: |
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| Income (loss) from continuing operations |
$ | (0.03 | ) | $ | 0.07 | $ | (0.08 | ) | $ | 0.03 | $ | 0.06 | ||||||||
| Income (loss) from discontinued operations |
— | — | — | — | — | |||||||||||||||
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| Net earnings (loss) |
$ | (0.03 | ) | $ | 0.07 | $ | (0.08 | ) | $ | 0.03 | $ | 0.06 | ||||||||
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| Weighted average shares outstanding - basic |
42,897 | 43,153 | 43,593 | 43,188 | 43,380 | |||||||||||||||
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| Earnings (loss) per share - diluted: |
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| Income (loss) from continuing operations |
$ | (0.03 | ) | $ | 0.07 | $ | (0.08 | ) | $ | 0.03 | $ | 0.06 | ||||||||
| Income (loss) from discontinued operations |
— | — | — | — | — | |||||||||||||||
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| Net earnings (loss) |
$ | (0.03 | ) | $ | 0.07 | $ | (0.08 | ) | $ | 0.03 | $ | 0.06 | ||||||||
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| Weighted average shares outstanding - diluted |
42,897 | 43,859 | 43,593 | 43,782 | 43,897 | |||||||||||||||
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Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 6 of 9
SYMMETRICOM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
| July 3, 2011 |
June 27, 2010 |
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| ASSETS |
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| Current assets: |
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| Cash and cash equivalents |
$ | 20,318 | $ | 21,794 | ||||
| Short-term investments |
43,340 | 53,825 | ||||||
| Accounts receivable, net |
40,511 | 40,075 | ||||||
| Inventories, net |
62,622 | 37,229 | ||||||
| Prepaids and other current assets |
14,004 | 15,108 | ||||||
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| Total current assets |
180,795 | 168,031 | ||||||
| Property, plant and equipment, net |
23,255 | 23,077 | ||||||
| Intangible assets, net |
2,429 | 3,745 | ||||||
| Deferred taxes and other assets |
29,361 | 36,534 | ||||||
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| Total assets |
$ | 235,840 | $ | 231,387 | ||||
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| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Current liabilities: |
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| Accounts payable |
$ | 16,113 | $ | 6,768 | ||||
| Accrued compensation |
13,743 | 18,731 | ||||||
| Accrued warranty |
1,601 | 2,900 | ||||||
| Other accrued liabilities |
14,683 | 10,506 | ||||||
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| Total current liabilities |
46,140 | 38,905 | ||||||
| Long-term obligations |
5,212 | 8,296 | ||||||
| Deferred income taxes |
334 | 334 | ||||||
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| Total liabilities |
51,686 | 47,535 | ||||||
| Stockholders’ equity: |
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| Common stock |
201,002 | 202,450 | ||||||
| Accumulated other comprehensive loss |
(29 | ) | (356 | ) | ||||
| Accumulated deficit |
(16,819 | ) | (18,242 | ) | ||||
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| Total stockholders’ equity |
184,154 | 183,852 | ||||||
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| Total liabilities and stockholders’ equity |
$ | 235,840 | $ | 231,387 | ||||
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Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 7 of 9
SYMMETRICOM, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share amounts)
(unaudited)
| Three months ended | Twelve months ended | |||||||||||||||||||
| July 3, 2011 |
March 27, 2011 |
June 27, 2010 |
July 3, 2011 |
June 27, 2010 |
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| Reconciliation from GAAP to Non-GAAP |
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| GAAP Income (loss) from continuing operations |
$ | (1,434 | ) | $ | 2,985 | $ | (3,581 | ) | $ | 1,169 | $ | 2,546 | ||||||||
| Add Non-GAAP adjustments: |
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| Equity-based compensation expense: |
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| Cost of products and services |
296 | 253 | 161 | 802 | 809 | |||||||||||||||
| Research and development |
308 | 240 | 136 | 870 | 792 | |||||||||||||||
| Selling, general and administrative |
1,190 | 1,055 | 803 | 3,240 | 2,473 | |||||||||||||||
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| Total equity-based compensation expense |
1,794 | 1,548 | 1,100 | 4,912 | 4,074 | |||||||||||||||
| Amortization of intangible assets: |
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| Cost of products and services |
260 | 260 | 268 | 1,073 | 1,282 | |||||||||||||||
| Operating expenses |
60 | 60 | 62 | 243 | 281 | |||||||||||||||
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| Total amortization of intangible assets |
320 | 320 | 330 | 1,316 | 1,563 | |||||||||||||||
| Restructuring charges |
1,055 | 188 | 6,041 | 8,057 | 10,291 | |||||||||||||||
| Loss on repayment of convertible notes, net |
— | — | 7,026 | — | 7,026 | |||||||||||||||
| Manufacturing transition costs |
— | 798 | — | 2,839 | — | |||||||||||||||
| Non-cash interest expense on convertible debt |
— | — | 500 | — | 2,844 | |||||||||||||||
| Valuation allowance on Ca R&D tax credits |
4,476 | — | — | 4,476 | — | |||||||||||||||
| Income tax effect of Pretax Non-GAAP adjustments |
(772 | ) | (586 | ) | (6,125 | ) | (5,086 | ) | (9,690 | ) | ||||||||||
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| Non-GAAP Income from continuing operations |
$ | 5,439 | $ | 5,253 | $ | 5,291 | $ | 17,683 | $ | 18,654 | ||||||||||
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| Earnings from continuing operations per share-diluted: |
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| GAAP income (loss) from continuing operations |
$ | (0.03 | ) | $ | 0.07 | $ | (0.08 | ) | $ | 0.03 | $ | 0.06 | ||||||||
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| Non-GAAP income from continuing operations |
$ | 0.12 | $ | 0.12 | $ | 0.12 | $ | 0.40 | $ | 0.42 | ||||||||||
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| Shares used in diluted shares calculation |
43,562 | 43,859 | 44,092 | 43,782 | 43,897 | |||||||||||||||
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Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 8 of 9
SYMMETRICOM, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share amounts)
(unaudited)
| Three months ended | Twelve months ended | |||||||||||||||||||||
| July 3, 2011 |
March 27, 2011 |
June 27, 2010 |
July 3, 2011 |
June 27, 2010 |
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| GAAP Revenue |
$ | 60,689 | $ | 51,234 | $ | 55,660 | $ | 208,146 | $ | 221,316 | ||||||||||||
| Reconciliation from GAAP to Non-GAAP Gross Margin: |
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| GAAP Gross profit |
(A) | $ | 28,681 | $ | 22,866 | $ | 23,907 | $ | 89,732 | $ | 97,520 | |||||||||||
| GAAP Gross margin |
47.3 | % | 44.6 | % | 43.0 | % | 43.1 | % | 44.1 | % | ||||||||||||
| Non-GAAP adjustments: |
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| Equity-based compensation expense |
296 | 253 | 161 | 802 | 809 | |||||||||||||||||
| Amortization of intangible assets |
260 | 260 | 268 | 1,073 | 1,282 | |||||||||||||||||
| Restructuring charges |
364 | 1,330 | 3,384 | 9,351 | 5,625 | |||||||||||||||||
| Manufacturing transition costs |
— | 798 | — | 2,839 | — | |||||||||||||||||
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| Non-GAAP Gross profit |
(B) | $ | 29,601 | $ | 25,507 | $ | 27,720 | $ | 103,797 | $ | 105,236 | |||||||||||
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| Non-GAAP Gross margin |
48.8 | % | 49.8 | % | 49.8 | % | 49.9 | % | 47.6 | % | ||||||||||||
| Reconciliation from GAAP to Non-GAAP Operating Expense: |
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| GAAP Operating expenses |
(C) | $ | 24,355 | $ | 19,227 | $ | 23,469 | $ | 82,601 | $ | 85,391 | |||||||||||
| Operating expense % to revenue |
40.1 | % | 37.5 | % | 42.2 | % | 39.7 | % | 38.6 | % | ||||||||||||
| Non-GAAP adjustments: |
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| Equity-based compensation expense |
(1,498 | ) | (1,295 | ) | (939 | ) | (4,110 | ) | (3,265 | ) | ||||||||||||
| Amortization of intangible assets |
(60 | ) | (60 | ) | (62 | ) | (243 | ) | (281 | ) | ||||||||||||
| Restructuring charges |
(691 | ) | 1,142 | (2,657 | ) | 1,294 | (4,666 | ) | ||||||||||||||
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| Non-GAAP operating expenses |
(D) | $ | 22,106 | $ | 19,014 | $ | 19,811 | $ | 79,542 | $ | 77,179 | |||||||||||
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| Non-GAAP operating expenses % to revenue |
36.4 | % | 37.1 | % | 35.6 | % | 38.2 | % | 34.9 | % | ||||||||||||
| Reconciliation from GAAP to Non-GAAP Operating Income: |
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| GAAP Operating income |
(A) - (C) | $ | 4,326 | $ | 3,639 | $ | 438 | $ | 7,131 | $ | 12,129 | |||||||||||
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| Operating income % to revenue |
7.1 | % | 7.1 | % | 0.8 | % | 3.4 | % | 5.5 | % | ||||||||||||
| Non-GAAP Operating income |
(B) - (D) | $ | 7,495 | $ | 6,493 | $ | 7,909 | $ | 24,255 | $ | 28,057 | |||||||||||
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| Non-GAAP Operating income % to revenue |
12.3 | % | 12.7 | % | 14.2 | % | 11.7 | % | 12.7 | % | ||||||||||||
-more-
Symmetricom Reports Fourth Quarter and Fiscal Year 2011 Financial Results
August 8, 2011
Page 9 of 9
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 October 2, 2011 | ||||||||||||||||
| Revenue | Income (Loss) Per Share
from Continuing Operations |
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| From | To | From | To | |||||||||||||
| GAAP Guidance |
$ | 52,000 | $ | 57,000 | $ | 0.02 | $ | 0.06 | ||||||||
| Estimated Non-GAAP Adjustments |
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| Equity-based compensation expense |
0.05 | 0.05 | ||||||||||||||
| Amortization of intangible assets |
0.01 | 0.01 | ||||||||||||||
| Integration and restructuring charges |
0.01 | 0.01 | ||||||||||||||
| Income tax effect of non-GAAP adjustments |
(0.02 | ) | (0.02 | ) | ||||||||||||
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| Total Non-GAAP Adjustments |
— | — | 0.05 | 0.05 | ||||||||||||
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| Non-GAAP Guidance |
$ | 52,000 | $ | 57,000 | $ | 0.07 | $ | 0.11 | ||||||||
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