IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Operations
(In thousands, except per share data)
Three Months Ended March 29, Three Months Ended March 30,
2015 2014
------------------------------ ------------------------------
Non-GAAP Non-GAAP
As Adjust- As Adjust-
Reported ments Non-GAAP Reported ments Non-GAAP
-------- -------- -------- -------- -------- --------
Revenue $ 10,181 $ - $ 10,181 $ 14,513 $ - $ 14,513
Cost of
revenue 5,193 (22)(a) 5,052 7,436 (2)(a) 7,314
(119)(b) (120)(b)
-------- -------- -------- -------- -------- --------
Gross
profit 4,988 (141) 5,129 7,077 (122) 7,199
-------- -------- -------- -------- -------- --------
Operating
expenses:
Research and
development 11,813 (612)(a) 11,201 12,676 (640)(a) 12,036
Selling,
general and
administra-
tive 5,006 (451)(a) 4,555 4,821 (347)(a) 4,474
-------- -------- -------- -------- -------- --------
Total
operating
expenses 16,819 (1,063) 15,756 17,497 (987) 16,510
-------- -------- -------- -------- -------- --------
Loss from
operations (11,831) 1,204 (10,627) (10,420) 1,109 (9,311)
Interest and
other
income
(expense),
net (108) - (108) 242 - 242
-------- -------- -------- -------- -------- --------
Loss before
income taxes (11,939) 1,204 (10,735) (10,178) 1,109 (9,069)
Provision
for income
taxes 54 - 54 127 - 127
-------- -------- -------- -------- -------- --------
Net loss $(11,993) $ 1,204 $(10,789) $(10,305) $ 1,109 $ (9,196)
======== ======== ======== ======== ======== ========
Net loss per
share:
Basic and
diluted $ (0.77) $ (0.69) $ (1.04) $ (0.93)
======== ======== ======== ========
Weighted
average
outstanding
shares:
Basic and
diluted 15,575 15,575 9,875 9,875
======== ======== ======== ========
Notes: Three Months Ended
---------------------
March 29, March 30,
2015 2014
---------- ---------
(a) Stock-based
compensation $ 1,085 $ 989
(b) Amortization of
acquired intangible
assets 119 120
---------- ---------
Total non-GAAP
adjustments $ 1,204 $ 1,109
========== =========
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 28, 2014
----------------------------------------
As Non-GAAP
Reported Adjustments Non-GAAP
---------- ------------ ----------
Revenue $ 11,517 $ - $ 11,517
Cost of revenue 5,886 (5) (a) 5,761
(120) (b)
---------- ------------ ----------
Gross profit 5,631 (125) 5,756
---------- ------------ ----------
Operating expenses:
Research and development 11,218 (608) (a) 10,610
Selling, general and
administrative 4,463 (375) (a) 4,088
---------- ------------ ----------
Total operating expenses 15,681 (983) 14,698
---------- ------------ ----------
Loss from operations (10,050) 1,108 (8,942)
Interest and other income
(expense), net (239) - (239)
---------- ------------ ----------
Loss before income taxes (10,289) 1,108 (9,181)
Provision for income taxes 121 - 121
---------- ------------ ----------
Net loss $ (10,410) $ 1,108 $ (9,302)
========== ============ ==========
Net loss per share:
Basic and diluted $ (0.75) $ (0.67)
========== ==========
Weighted average outstanding
shares:
Basic and diluted 13,918 13,918
========== ==========
Notes: Three Months
Ended
December 28,
2014
------------
(a) Stock-based compensation $ 988
(b) Amortization of acquired intangible
assets 120
------------
Total non-GAAP adjustments $ 1,108
============
IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
March 29, December 28, March 30,
2015 2014 2014
---------- ------------ ----------
Assets
Current assets:
Cash, cash equivalents and short-term
investments $ 12,965 $ 15,691 $ 33,660
Accounts receivable 11,364 13,849 10,962
Inventory 2,117 1,964 1,314
Prepaid expenses and other current
assets 2,612 3,682 3,075
---------- ------------ ----------
Total current assets 29,058 35,186 49,011
Property and equipment, net 13,908 8,581 8,666
Other assets 2,184 2,343 2,547
---------- ------------ ----------
$ 45,150 $ 46,110 $ 60,224
========== ============ ==========
Liabilities and Stockholders' Equity
Current liabilities:
Revolving line $ 5,000 $ 10,841 $ 8,480
Accounts payable 4,019 5,054 5,919
Accrued liabilities 9,063 6,460 8,093
---------- ------------ ----------
Total current liabilities 18,082 22,355 22,492
Other liabilities 4,424 1,740 1,541
---------- ------------ ----------
Total liabilities 22,506 24,095 24,033
Stockholders' equity 22,644 22,015 36,191
---------- ------------ ----------
$ 45,150 $ 46,110 $ 60,224
========== ============ ==========
