Vitesse Reports Fourth Quarter and Fiscal Year 2014 Results

 
VITESSE SEMICONDUCTOR CORPORATION
CONSOLIDATED BALANCE SHEETS
 
      September 30,       September 30,
2014 2013
(in thousands, except par value)
ASSETS
Current assets:
Cash $ 71,903 $ 68,863
Accounts receivable 10,850 9,807
Inventories 12,792 10,692
Restricted cash 794 101
Prepaid expenses and other current assets   1,047     1,796  
Total current assets   97,386     91,259  
Property, plant and equipment, net 2,858 3,107
Other intangible assets, net 1,476 1,170
Other assets   3,104     3,425  
$ 104,824   $ 98,961  
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 6,814 $ 7,436
Accrued expenses and other current liabilities 12,472 12,245
Current portion of debt, net 32,727
Deferred revenue   4,902     2,215  
Total current liabilities   56,915     21,896  
Other long-term liabilities 234 407
Long-term debt, net 16,417 16,366
Convertible subordinated debt, net       44,384  
Total liabilities   73,566     83,053  
Stockholders’ equity:
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value: 250,000 shares authorized; 67,703 and 57,545 shares outstanding at September 30, 2014 and 2013, respectively 677 575
Additional paid-in-capital 1,924,984 1,891,661
Accumulated deficit   (1,894,403 )   (1,876,328 )
Total stockholders’ equity   31,258     15,908  
$ 104,824   $ 98,961  
 
 
VITESSE SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
 
      Three Months ended       Year Ended
September 30,       June 30,       September 30, September 30,
2014 2014 2013 2014       2013
Net revenues: (in thousands, except per share data)
Product revenues $ 27,007 $ 26,012 $ 26,455 $ 102,751 $ 101,334
Intellectual property revenues   1,664     1,139     420     5,746     2,439  
Net revenues   28,671     27,151     26,875     108,497     103,773  
Costs and expenses:
Cost of product revenues 10,571 12,254 12,753 44,480 46,763
Engineering, research and development 10,869 10,006 9,940 42,450 41,927
Selling, general and administrative 7,792 7,330 7,593 30,981 30,210
Amortization of intangible assets   93     88     81     360     347  
Costs and expenses   29,325     29,678     30,367     118,271     119,247  
Loss from operations (654 ) (2,527 ) (3,492 ) (9,774 ) (15,474 )
Other expense (income):
Interest expense, net 1,521 1,510 1,997 6,227 7,916
Gain on compound embedded derivative (803 )
Loss on extinguishment of debt 1,594
Other expense, net   28     18     34     139     39  

Other expense, net

  1,549     1,528     2,031     7,960     7,152  
Loss before income tax expense (benefit) (2,203 ) (4,055 ) (5,523 ) (17,734 ) (22,626 )
Income tax expense (benefit)   282     333     242     341     (548 )
Net loss $ (2,485 ) $ (4,388 ) $ (5,765 ) $ (18,075 ) $ (22,078 )
 
Net loss per common share - basic and diluted $ (0.04 ) $ (0.07 ) $ (0.10 ) $ (0.30 ) $ (0.55 )
Weighted average common shares outstanding - basic and diluted 67,580 59,965 57,254 60,887 40,311
 
 
VITESSE SEMICONDUCTOR CORPORATION
UNAUDITED RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
 
      Three Months Ended       Year Ended
September 30,       June 30,       September 30, September 30,
2014 2014 2013 2014       2013
(in thousands, except per share data)
UNAUDITED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
GAAP net loss $ (2,485 ) $ (4,388 ) $ (5,765 ) $ (18,075 ) $ (22,078 )
Adjustments:
Stock-based compensation charges 1,609 1,586 1,091 6,075 4,396
Amortization of intangible assets 93 88 81 360 347
Gain on compound embedded derivative (803 )
Loss on extinguishment of debt               1,594      
Total GAAP to non-GAAP adjustments   1,702     1,674     1,172     8,029     3,940  
Non-GAAP net loss $ (783 ) $ (2,714 ) $ (4,593 ) $ (10,046 ) $ (18,138 )
Net loss per common share - basic and diluted:
GAAP net loss per common share $ (0.04 ) $ (0.07 ) $ (0.10 ) $ (0.30 ) $ (0.55 )
Adjustments   0.03       0.03     0.02     0.14     0.10  
Non-GAAP net loss per common share $ (0.01 ) $ (0.04 ) $ (0.08 ) $ (0.16 ) $ (0.45 )
 
UNAUDITED RECONCILIATION OF GAAP LOSS FROM OPERATIONS TO NON-GAAP INCOME (LOSS) FROM OPERATIONS
GAAP loss from operations $ (654 ) $ (2,527 ) $ (3,492 ) $ (9,774 ) $ (15,474 )
Adjustments:
Stock-based compensation charges 1,609 1,586 1,091 6,075 4,396
Amortization of intangible assets   93     88     81     360     347  
Total GAAP to non-GAAP adjustments   1,702     1,674     1,172     6,435     4,743  
Non-GAAP income (loss) from operations $ 1,048   $ (853 ) $ (2,320 ) $ (3,339 ) $ (10,731 )
 
UNAUDITED RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
GAAP operating expenses:
Engineering, research and development $ 10,869 $ 10,006 $ 9,940 $ 42,450 $ 41,927
Selling, general and administrative 7,792 7,330 7,593 30,981 30,210
Amortization of intangible assets   93     88     81     360     347  
Total GAAP operating expenses   18,754     17,424     17,614     73,791     72,484  
Adjustments:
Stock-based compensation charges 1,405 1,376 933 5,252 3,779
Amortization of intangible assets   93     88     81     360     347  
Total GAAP to non-GAAP adjustments   1,498     1,464     1,014     5,612     4,126  
Non-GAAP operating expenses $ 17,256   $ 15,960   $ 16,600   $ 68,179   $ 68,358  
 



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