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