Ikanos Communications Announces Results for the Fiscal Third Quarter of 2013

Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following: our ability to reduce or maintain operating expenses at current levels; our ability to successfully complete the public offering as described in our Registration Statement on Form S-1 filed on August 23, 2013; our ability to translate customer demand into revenue; our ability to deliver full production releases of our newer products and the acceptance of those products by our customers and telecommunications service providers; that not all design wins nor successful lab or field trials will result in revenue for us; macroeconomic conditions which may cause our customers to defer purchasing plans or cancel any purchasing plans altogether despite successful design wins; that production ramps by our customers will continue at the same rate or at all; the continued demand by telecommunications service providers for our specific xDSL semiconductor products; our ability to maintain an adequate cash and short-term investment balance; our ability to comply with the financial covenants in our credit agreement; the failure of telecommunications service providers to implement deployment plans on schedule, or at all, despite positive engagements or successful lab or field trials; our continued ability to obtain and deliver production volumes of new and current products and technologies; our ability to generate demand and close transactions for the sale of our products; our ability to develop commercially successful products as a result of our current research and development programs; our reliance on third parties to manufacture the products we sell; competition in the markets in which we operate; risks associated with doing business abroad, including foreign currency risks; the fact that the products we sell may not satisfy shifting customer demand or compete successfully with our competitors' products; that our offering of standalone software, selling directly to telecommunications service providers, will generate any revenue for us or result in significant or any operational costs savings for the telecommunications service providers; and unexpected future costs, expenses, and financing requirements. For a more detailed discussion of how these and other risks and uncertainties could cause our actual results to differ materially from those indicated in our forward-looking statements, see our reports filed with SEC (available at www.sec.gov), including our Annual Report on Form 10-K for the fiscal year ended December 30, 2012, our Quarterly Report on Form 10-Q for the second quarter ended June 30, 2013, and our Registration Statement on Form S-1 filed on August 23, 2013. Ikanos undertakes no obligation to update or revise these forward-looking statements to reflect events or circumstances subsequent to date of this press release.

                                                                            
                        IKANOS COMMUNICATIONS, INC.                         
         Unaudited Condensed Consolidated Statements of Operations          
                   (In thousands, except per share data)                    
                                                                            
                         Three Months Ended           Nine Months Ended     
                     --------------------------  -------------------------- 
                       September     September     September     September  
                       29, 2013      30, 2012      29, 2013      30, 2012   
                     ------------  ------------  ------------  ------------ 
                                                                            
Revenue              $     16,900  $     31,375  $     62,167  $     94,190 
Cost of revenue             8,263        16,620        30,272        48,274 
                     ------------  ------------  ------------  ------------ 
    Gross profit            8,637        14,755        31,895        45,916 
                     ------------  ------------  ------------  ------------ 
Operating expenses:                                                         
  Research and                                                              
   development             12,455        16,581        38,572        43,423 
  Selling, general                                                          
   and                                                                      
   administrative           4,589           4,507                14,227                13,835  
    Restructuring                                  -                          -                          -                  1,062  
                                          ------------    ------------    ------------    ------------  
        Total  operating                                                                                                                  
          expenses                            17,044                21,088                52,799                58,320  
                                          ------------    ------------    ------------    ------------  
Loss  from  operations              (8,407)              (6,333)            (20,904)            (12,404)
                                                                                                                                                        
Interest  income  and                                                                                                                  
  other,  net                                    (147)                      61                    (507)                  (251)
                                          ------------    ------------    ------------    ------------  
    Loss  before  income                                                                                                                
      taxes                                      (8,554)              (6,272)            (21,411)            (12,655)
Provision  for  income                                                                                                                
  taxes                                                111                        85                      343                      406  
                                          ------------    ------------    ------------    ------------  
    Net  loss                      $          (8,665)  $          (6,357)  $        (21,754)  $        (13,061)
                                          ============    ============    ============    ============  
                                                                                                                                                        
Net  loss  per  share                                                                                                                    
    Basic  and  diluted    $            (0.12)  $            (0.09)  $            (0.31)  $            (0.19)
                                          ============    ============    ============    ============  
                                                                                                                                                        
Weighted  average                                                                                                                        
  number  of  shares                                                                                                                      
    Basic  and  diluted                71,662                69,788                71,086                69,555  
                                          ============    ============    ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                                IKANOS  COMMUNICATIONS,  INC.                                                  
                  Unaudited  Condensed  Consolidated  Statements  of  Operations                    
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                                                          Three  Months  Ended                          
                                                                -------------------------------------------  
                                                                September  29,          June  30,        September  30,  
                                                                          2013                      2013                      2012          
                                                                -------------    -------------    -------------  
                                                                                                                                                        
Revenue                                                  $            16,900    $            19,115    $            31,375  
Cost  of  revenue                                                  8,263                    9,813                  16,620  
                                                                -------------    -------------    -------------  
        Gross  profit                                                8,637                    9,302                  14,755  
                                                                -------------    -------------    -------------  
Operating  expenses:                                                                                                                  
    Research  and  development                          12,455                  12,599                  16,581  
    Selling,  general  and                                                                                                            
      administrative                                              4,589                    4,866                    4,507  
    Restructuring                                                          -                            -                            -  
                                                                -------------    -------------    -------------  
        Total  operating  expenses                      17,044                  17,465                  21,088  
                                                                -------------    -------------    -------------  
Loss  from  operations                                      (8,407)                (8,163)                (6,333)
                                                                                                                                                        
    Interest  income  and  other,                                                                                                
      net                                                                      (147)                    (442)                        61  
                                                                -------------    -------------    -------------  
Loss  before  income  taxes                              (8,554)                (8,605)                (6,272)
    Provision  for  income  taxes                            111                          68                          85  
                                                                -------------    -------------    -------------  
Net  loss                                                $            (8,665)  $            (8,673)  $            (6,357)
                                                                =============    =============    =============  
                                                                                                                                                        
Basic  and  diluted  net  loss  per                                                                                            
  share                                                    $              (0.12)  $              (0.12)  $              (0.09)
                                                                =============    =============    =============  
Weighted  average  outstanding                                                                                                
  shares:                                                                                                                                        
    Basic  and  diluted                                        71,662                  71,182                  69,788  
                                                                =============    =============    =============  
                                                                                                                                                        
                                                                                                                                                        
                                                IKANOS  COMMUNICATIONS,  INC.                                                  
          Unaudited  Reconciliation  of  GAAP  to  Non-GAAP  Condensed  Consolidated        
                                                  Statements  of  Operations                                                      
                                      (In  thousands,  except  per  share  data)                                        
 

« Previous Page 1 | 2 | 3 | 4  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise