Ikanos Communications Announces Results for the Fourth Quarter and Fiscal Year 2013

                                                                            
                        IKANOS COMMUNICATIONS, INC.                         
         Unaudited Condensed Consolidated Statements of Operations          
                   (In thousands, except per share data)                    
                                                                            
                         Three Months Ended          Twelve Months Ended    
                     --------------------------  -------------------------- 
                     December 29,  December 30,  December 29,  December 30, 
                         2013          2012          2013          2012     
                     ------------  ------------  ------------  ------------ 
                                                                            
Revenue              $     17,582  $     31,758  $     79,749  $    125,948 
Cost of revenue             8,806        16,476        39,078        64,750 
                     ------------  ------------  ------------  ------------ 
    Gross profit            8,776        15,282        40,671        61,198 
                     ------------  ------------  ------------  ------------ 
Operating expenses:                                                         
  Research and                                                              
   development             12,503        14,120        51,075        57,543 
  Selling, general                                                          
   and administrative       4,589         5,221        18,816        19,056 
  Restructuring                 -             -             -         1,062 
                     ------------  ------------  ------------  ------------ 
    Total operating                                                         
     expenses              17,092        19,341        69,891        77,661 
                     ------------  ------------  ------------  ------------ 
Loss from operations       (8,316)       (4,059)      (29,220)      (16,463)
                                                                            
  Interest income and                                                       
   other, net                 (71)          143          (578)         (108)
                     ------------  ------------  ------------  ------------ 
Loss before income                                                          
 taxes                                      (8,387)              (3,916)            (29,798)            (16,571)
    Provision  for                                                                                                                          
      income  taxes                              246                      608                      589                  1,014  
                                          ------------    ------------    ------------    ------------  
Net  loss                          $          (8,633)  $          (4,524)  $        (30,387)  $        (17,585)
                                          ============    ============    ============    ============  
                                                                                                                                                        
Net  loss  per  share                                                                                                                    
    Basic  and  diluted    $            (0.10)  $            (0.06)  $            (0.41)  $            (0.25)
                                          ============    ============    ============    ============  
                                                                                                                                                        
Weighted  average                                                                                                                        
  number  of  shares                                                                                                                      
    Basic  and  diluted                85,648                70,136                74,726                69,701  
                                          ============    ============    ============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                IKANOS  COMMUNICATIONS,  INC.                                                  
                  Unaudited  Condensed  Consolidated  Statements  of  Operations                    
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                                                            Three  Months  Ended                        
                                                                    -----------------------------------------  
                                                                    December  29,    September  29,    December  30,  
                                                                            2013                      2013                    2012          
                                                                    ------------    -------------    ------------  
                                                                                                                                                        
Revenue                                                      $          17,582    $            16,900    $          31,758  
Cost  of  revenue                                                    8,806                    8,263                16,476  
                                                                    ------------    -------------    ------------  
        Gross  profit                                                  8,776                    8,637                15,282  
                                                                    ------------    -------------    ------------  
Operating  expenses:                                                                                                                  
    Research  and  development                            12,503                  12,455                14,120  
    Selling,  general  and                                                                                                            
      administrative                                                4,589                    4,589                  5,221  
    Restructuring                                                            -                            -                          -  
                                                                    ------------    -------------    ------------  
        Total  operating  expenses                        17,092                  17,044                19,341  
                                                                    ------------    -------------    ------------  
Loss  from  operations                                        (8,316)                (8,407)              (4,059)
                                                                                                                                                        
    Interest  income  and  other,  net                      (71)                    (147)                    143  
                                                                    ------------    -------------    ------------  
Loss  before  income  taxes                                (8,387)                (8,554)              (3,916)
    Provision  for  income  taxes                              246                        111                      608  
                                                                    ------------    -------------    ------------  
Net  loss                                                    $          (8,633)  $            (8,665)  $          (4,524)
                                                                    ============    =============    ============  
                                                                                                                                                        
Basic  and  diluted  net  loss  per                                                                                            
  share                                                        $            (0.10)  $              (0.12)  $            (0.06)
                                                                    ============    =============    ============  
Weighted  average  outstanding                                                                                                
  shares:                                                                                                                                        
    Basic  and  diluted                                          85,648                  71,662                70,136  
                                                                    ============    =============    ============  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                  IKANOS  COMMUNICATIONS,  INC.                                                
          Unaudited  Reconciliation  of  GAAP  to  Non-GAAP  Condensed  Consolidated        
                                                    Statements  of  Operations                                                    
                                        (In  thousands,  except  per  share  data)                                      
                                                                                                                                                        
                                                                Three  Months  Ended  December  29,  2013                
                                                    ------------------------------------------------    
                                                                                        Non-GAAP                                                
                                                      As  Reported        Adjustments                      Non-GAAP        
                                                    -------------    -------------              -------------    
Revenue                                      $            17,582    $                      -              $            17,582    
Cost  of  revenue                                      8,806                          (2)  (a)                    8,684    
                                                                                                    (120)  (b)                                  
                                                                                                                                                        
                                                    -------------    -------------              -------------    
        Gross  profit                                    8,776                      (122)                            8,898    
                                                    -------------    -------------              -------------    
                                                                                                                                                        
Operating  expenses:                                                                                                                  
    Research  and  development              12,503                      (640)  (a)                  11,863    
                                                                                                                                                        
    Selling,  general  and                                                                                                            
      administrative                                  4,589                      (281)  (a)                    4,308    
                                                                                                                                                        
    Restructuring                                              -                            -                                      -    
                                                    -------------    -------------              -------------    
        Total  operating                                                                                                                  
          expenses                                        17,092                      (921)                          16,171    
                                                    -------------    -------------              -------------    
Loss  from  operations                          (8,316)                  1,043                            (7,273)  
    Interest  income  and                                                                                                              
      other,  net                                              (71)                          -                                  (71)  
                                                    -------------    -------------              -------------    
Loss  before  income  taxes                  (8,387)                  1,043                            (7,344)  
Provision  for  income  taxes                    246                            -                                  246    
                                                    -------------    -------------              -------------    
Net  loss                                    $            (8,633)  $              1,043              $            (7,590)  
                                                    =============    =============              =============    
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
    Basic  and  diluted              $              (0.10)                                          $              (0.09)  
                                                    =============                                            =============    
                                                                                                                                                        
Weighted  average                                                                                                                        
  outstanding  shares:                                                                                                                
    Basic  and  diluted                            85,648                                                          85,648    
                                                    =============                                            =============    

                                                                                                                                                      
                                                                Three  Months  Ended  December  30,  2012              
                                                    ------------------------------------------------  
                                                                                        Non-GAAP                                              
                                                      As  Reported        Adjustments                      Non-GAAP      
                                                    -------------    -------------              -------------  
Revenue                                      $            31,758    $                      -              $            31,758  
Cost  of  revenue                                    16,476                          (9)  (a)                  16,347  
                                                                                                    (120)  (b)                                
                                                                                                                                                      
                                                    -------------    -------------              -------------  
        Gross  profit                                  15,282                      (129)                          15,411  
                                                    -------------    -------------              -------------  
                                                                                                                                                      
Operating  expenses:                                                                                                                
    Research  and  development              14,120                      (557)  (a)                  13,563  
                                                                                                                                                      
    Selling,  general  and                                                                                                          
      administrative                                  5,221                      (308)  (a)                    4,788  
                                                                                                    (125)  (b)                                
    Restructuring                                              -                            -                                      -  
                                                    -------------    -------------              -------------  
        Total  operating                                                                                                                
          expenses                                        19,341                      (990)                          18,351  
                                                    -------------    -------------              -------------  
Loss  from  operations                          (4,059)                  1,119                            (2,940)
    Interest  income  and                                                                                                            
      other,  net                                              143                            -                                  143  
                                                    -------------    -------------              -------------  
Loss  before  income  taxes                  (3,916)                  1,119                            (2,797)
Provision  for  income  taxes                    608                            -                                  608  
                                                    -------------    -------------              -------------  
Net  loss                                    $            (4,524)  $              1,119              $            (3,405)
                                                    =============    =============              =============  
                                                                                                                                                      
Net  loss  per  share:                                                                                                                
    Basic  and  diluted              $              (0.06)                                          $              (0.05)
                                                    =============                                            =============  
                                                                                                                                                      
Weighted  average                                                                                                                      
  outstanding  shares:                                                                                                              
    Basic  and  diluted                            70,136                                                          70,136  
                                                    =============                                            =============  
                                                                                                                                                        
Notes:                                                                                              Three  Months  Ended          
                                                                                                ----------------------------
                                                                                                  December  29,      December  30,
                                                                                                          2013                      2012        
                                                                                                -------------    -------------
(a)          Stock-based  compensation                                $                  923    $                  874
(b)          Amortization  of  acquired  intangible                                                                  
                  assets                                                                                      120                        245
                                                                                                -------------    -------------
                Total  non-GAAP  adjustments                            $              1,043    $              1,119
                                                                                                =============    =============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                IKANOS  COMMUNICATIONS,  INC.                                                  
        Unaudited  Reconciliation  of  GAAP  to  Non-GAAP  Condensed  Consolidated          
                                                    Statements  of  Operations                                                    
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                                  Three  Months  Ended  September  29,  2013            
                                                      ------------------------------------------------  
                                                                                          Non-GAAP                                              
                                                        As  Reported        Adjustments                      Non-GAAP      
                                                      -------------    -------------              -------------  
Revenue                                        $            16,900    $                      -              $            16,900  
Cost  of  revenue                                        8,263                          (2)  (a)                    8,141  
                                                                                                      (120)  (b)                                
                                                                                                                                                        
                                                      -------------    -------------              -------------  
        Gross  profit                                      8,637                      (122)                            8,759  
                                                      -------------    -------------              -------------  
                                                                                                                                                        
Operating  expenses:                                                                                                                  
    Research  and  development                12,455                      (673)  (a)                  11,782  
                                                                                                                                                        
    Selling,  general  and                                                                                                            
      administrative                                    4,589                      (250)  (a)                    4,255  
                                                                                                        (84)  (b)                                
    Restructuring                                                -                            -                                      -  
                                                      -------------    -------------              -------------  
        Total  operating                                                                                                                  
          expenses                                          17,044                  (1,007)                          16,037  
                                                      -------------    -------------              -------------  
Loss  from  operations                            (8,407)                  1,129                            (7,278)
    Interest  income  and                                                                                                              
      other,  net                                              (147)                          -                                (147)
                                                      -------------    -------------              -------------  
Loss  before  income  taxes                    (8,554)                  1,129                            (7,425)
Provision  for  income  taxes                      111                            -                                  111  
                                                      -------------    -------------              -------------  
Net  loss                                      $            (8,665)  $              1,129              $            (7,536)
                                                      =============    =============              =============  
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
    Basic  and  diluted                $              (0.12)                                          $              (0.11)
                                                      =============                                            =============  
                                                                                                                                                        
Weighted  average                                                                                                                        
  outstanding  shares:                                                                                                                
    Basic  and  diluted                              71,662                                                          71,662  
                                                      =============                                            =============  
                                                                                                                                    
                                                                                        Three  Months                    
Notes:                                                                                    Ended                          
                                                                                        September  29,                  
                                                                                                2013                            
                                                                                      --------------                  
(a)          Stock-based  compensation                      $                    925                  
(b)          Amortization  of  acquired                                                                    
                  intangible  assets                                                        204                  
                                                                                      --------------                  
                Total  non-GAAP  adjustments                  $                1,129                  
                                                                                      ==============                  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                  IKANOS  COMMUNICATIONS,  INC.                                                
          Unaudited  Reconciliation  of  GAAP  to  Non-GAAP  Condensed  Consolidated        
                                                    Statements  of  Operations                                                    
                                        (In  thousands,  except  per  share  data)                                      
                                                                                                                                                      
                                                                Twelve  Months  Ended  December  29,  2013            
                                                    ------------------------------------------------  
                                                                                        Non-GAAP                                              
                                                      As  Reported        Adjustments                      Non-GAAP      
                                                    -------------    -------------              -------------  
Revenue                                      $            79,749    $                      -              $            79,749  
Cost  of  revenue                                    39,078                          (8)  (a)                  38,592  
                                                                                                    (478)  (b)                                
                                                    -------------    -------------              -------------  
        Gross  profit                                  40,671                      (486)                          41,157  
                                                    -------------    -------------              -------------  
                                                                                                                                                      
Operating  expenses:                                                                                                                
    Research  and  development              51,075                  (2,435)  (a)                  48,640  
                                                                                                                                                      
    Selling,  general  and                                                                                                          
      administrative                                18,816                  (1,130)  (a)                  17,353  
                                                                                                    (333)  (b)                                
                                                                                                                                                      
    Restructuring                                              -                            -                                      -  
                                                    -------------    -------------              -------------  
        Total  operating                                                                                                                
          expenses                                        69,891                  (3,898)                          65,993  
                                                    -------------    -------------              -------------  
Loss  from  operations                        (29,220)                  4,384                          (24,836)
                                                                                                                                                      
    Interest  income  and                                                                                                            
      other,  net                                            (578)                          -                                (578)
                                                    -------------    -------------              -------------  
Loss  before  income  taxes                (29,798)                  4,384                          (25,414)
Provision  for  income  taxes                    589                            -                                  589  
                                                    -------------    -------------              -------------  
Net  loss                                    $          (30,387)  $              4,384              $          (26,003)
                                                    =============    =============              =============  
                                                                                                                                                      
Net  loss  per  share:                                                                                                                
    Basic  and  diluted              $              (0.41)                                          $              (0.35)
                                                    =============                                            =============  
                                                                                                                                                      
Weighted  average                                                                                                                      
  outstanding  shares:                                                                                                              
    Basic  and  dilluted                          74,726                                                          74,726  
                                                    =============                                            =============  

                                                                                                                                                        
                                                                  Twelve  Months  Ended  December  30,  2012            
                                                      ------------------------------------------------  
                                                                                          Non-GAAP                                              
                                                        As  Reported        Adjustments                      Non-GAAP      
                                                      -------------    -------------              -------------  
Revenue                                        $          125,948    $                      -              $          125,948  
Cost  of  revenue                                      64,750                          (8)  (a)                  63,170  
                                                                                                  (1,572)  (b)                                
                                                      -------------    -------------              -------------  
        Gross  profit                                    61,198                  (1,580)                          62,778  
                                                      -------------    -------------              -------------  
                                                                                                                                                        
Operating  expenses:                                                                                                                  
    Research  and  development                57,543                  (2,007)  (a)                  55,536  
                                                                                                                                                        
    Selling,  general  and                                                                                                            
      administrative                                  19,056                      (877)  (a)                  17,679  
                                                                                                      (500)  (b)                                
                                                                                                                                                        
    Restructuring                                        1,062                  (1,062)  (c)                            -  
                                                      -------------    -------------              -------------  
        Total  operating                                                                                                                  
          expenses                                          77,661                  (4,446)                          73,215  
                                                      -------------    -------------              -------------  
Loss  from  operations                          (16,463)                  6,026                          (10,437)
                                                                                                                                                        
    Interest  income  and                                                                                                              
      other,  net                                              (108)                          -                                (108)
                                                      -------------    -------------              -------------  
Loss  before  income  taxes                  (16,571)                  6,026                          (10,545)
Provision  for  income  taxes                  1,014                            -                              1,014  
                                                      -------------    -------------              -------------  
Net  loss                                      $          (17,585)  $              6,026              $          (11,559)
                                                      =============    =============              =============  
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
    Basic  and  diluted                $              (0.25)                                          $              (0.17)
                                                      =============                                            =============  
                                                                                                                                                        
Weighted  average                                                                                                                        
  outstanding  shares:                                                                                                                
    Basic  and  dilluted                            69,701                                                          69,701  
                                                      =============                                            =============  
                                                                                                                                                        
Notes:                                                                                                Twelve  Months  Ended      
                                                                                                    --------------------------
                                                                                                    December  29,    December  30,
                                                                                                            2013                    2012        
                                                                                                    ------------    ------------
      (a)    Stock-based  compensation                                    $            3,573    $            2,892
      (b)    Amortization  of  acquired  intangible  assets                  811                  2,072
      (c)    Restructuring                                                                                -                  1,062
                                                                                                    ------------    ------------
                Total  non-GAAP  adjustments                                $            4,384    $            6,026
                                                                                                    ============    ============
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                  IKANOS  COMMUNICATIONS,  INC.                                                
                              Unaudited  Condensed  Consolidated  Balance  Sheets                            
                                                              (In  thousands)                                                              
                                                                                                                                                        
                                                                    December  29,    September  29,      December  30,
                                                                            2013                      2013                      2012        
                                                                  -------------    -------------    -------------
                            Assets                                                                                                                
Current  assets:                                                                                                                          
    Cash,  cash  equivalents  and                                                                                                
      short-term  investments                $            39,516    $            25,645    $            31,176
    Accounts  receivable                                      15,892                  13,843                  15,748
    Inventory                                                            2,017                    1,571                    8,122
    Prepaid  expenses  and  other                                                                                                
      current  assets                                                3,245                    3,640                    5,892
                                                                  -------------    -------------    -------------
        Total  current  assets                                60,670                  44,699                  60,938
Property  and  equipment,  net                            8,612                    8,775                    8,769
Intangible  assets,  net                                          718                        837                    1,529
Other  assets                                                          1,952                    2,250                    2,612
                                                                  -------------    -------------    -------------
                                                                  $            71,952    $            56,561    $            73,848
                                                                  =============    =============    =============
                                                                                                                                                        
    Liabilities  and  Stockholders'                                                                                          
                            Equity                                                                                                                
Current  liabilities:                                                                                                                
    Revolving  line                                  $            12,000    $            10,800    $              5,000
    Accounts  payable                                              4,692                    6,206                    5,679
    Accrued  liabilities                                        8,232                    8,771                  13,688
                                                                  -------------    -------------    -------------
        Total  current  liabilities                      24,924                  25,777                  24,367
Other  liabilities                                                1,637                    2,105                    2,854
                                                                  -------------    -------------    -------------
        Total  liabilities                                      26,561                  27,882                  27,221
Stockholders'  equity                                        45,391                  28,679                  46,627
                                                                  -------------    -------------    -------------
                                                                  $            71,952    $            56,561    $            73,848
                                                                  =============    =============    =============
                                                                                                                                                        
 




© 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