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 Ended September 30, 2012
-----------------------------------------
Non-GAAP
As Reported Adjustments Non-GAAP
----------- ----------- -----------
Revenue $ 31,375 $ - $ 31,375
Cost of revenue 16,620 4 (a) 16,171
(453) (b)
----------- ----------- -----------
Gross profit 14,755 (449) 15,204
----------- ----------- -----------
Operating expenses:
Research and development 16,581 (514) (a) 16,067
Selling, general and
administrative 4,507 (209) (a) 4,173
(125) (b)
Restructuring - - -
----------- ----------- -----------
Total operating expenses 21,088 (848) 20,240
----------- ----------- -----------
Loss from operations (6,333) 1,297 (5,036)
Interest income and other, net 61 - 61
----------- ----------- -----------
Loss before income taxes (6,272) 1,297 (4,975)
Provision for income taxes 85 - 85
----------- ----------- -----------
Net loss $ (6,357) $ 1,297 $ (5,060)
=========== =========== ===========
Net loss per share:
Basic and diluted $ (0.09) $ (0.07)
=========== ===========
Weighted average outstanding
shares:
Basic and diluted 69,788 69,788
=========== ===========
Notes: Three Months Ended
---------------------------
September 29, September 30,
2013 2012
------------- -------------
(a) Stock-based compensation $ 925 $ 719
(b) Amortization of acquired intangible assets 204 578
------------- -------------
Total non-GAAP adjustments $ 1,129 $ 1,297
============= =============
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Operations
(In thousands, except per share data)
Three Months Ended June 30, 2013
-----------------------------------------------
Non-GAAP
As Reported Adjustments Non-GAAP
------------- ------------- -------------
Revenue $ 19,115 $ - $ 19,115
Cost of revenue 9,813 (2) (a) 9,692
(119) (b)
------------- ------------- -------------
Gross profit 9,302 (121) 9,423
------------- ------------- -------------
Operating expenses:
Research and development 12,599 (551) (a) 12,048
Selling, general and
administrative 4,866 (337) (a) 4,404
(125) (b)
Restructuring - - -
------------- ------------- -------------
Total operating
expenses 17,465 (1,013) 16,452
------------- ------------- -------------
Loss from operations (8,163) 1,134 (7,029)
Interest income and
other, net (442) - (442)
------------- ------------- -------------
Loss before income taxes (8,605) 1,134 (7,471)
Provision for income taxes 68 - 68
------------- ------------- -------------
Net loss $ (8,673) $ 1,134 $ (7,539)
============= ============= =============
Net loss per share:
Basic and diluted $ (0.12) $ (0.11)
============= =============
Weighted average
outstanding shares:
Basic and diluted 71,182 71,182
============= =============
Notes:
Three Months
Ended
June 30, 2013
-------------
(a) Stock-based
compensation $ 890
(b) Amortization of
acquired intangible
assets 244
-------------
Total non-GAAP
adjustments $ 1,134
=============
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Operations
(In thousands, except per share data)
Nine Months Ended September 29,
2013
------------------------------------------
Non-GAAP
As Reported Adjustments Non-GAAP
----------- ------------ -----------
Revenue $ 62,167 $ - $ 62,167
Cost of revenue 30,272 (5) (a) 29,908
(359) (b)
----------- ------------ -----------
Gross profit 31,895 (364) 32,259
----------- ------------ -----------
Operating expenses:
Research and development 38,572 (1,795) (a) 36,777
Selling, general and
administrative 14,227 (850) (a) 13,044
(333) (b)
Restructuring - - -
----------- ------------ -----------
Total operating expenses 52,799 (2,978) 49,821
----------- ------------ -----------
Loss from operations (20,904) 3,342 (17,562)
Interest income and other, net (507) - (507)
----------- ------------ -----------
Loss before income taxes (21,411) 3,342 (18,069)
Provision for income taxes 343 - 343
----------- ------------ -----------
Net loss $ (21,754) $ 3,342 $ (18,412)
=========== ============ ===========
Net loss per share:
Basic and diluted $ (0.31) $ (0.26)
=========== ===========
Weighted average outstanding
shares:
Basic and dilluted 71,086 71,086
=========== ===========
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Operations
(In thousands, except per share data)
Nine Months Ended September 30,
2012
------------------------------------------
Non-GAAP
As Reported Adjustments Non-GAAP
----------- ------------ -----------
Revenue $ 94,190 $ - $ 94,190
Cost of revenue 48,274 2 (a) 46,823
(1,453) (b)
----------- ------------ -----------
Gross profit 45,916 (1,451) 47,367
----------- ------------ -----------
Operating expenses:
Research and development 43,423 (1,450) (a) 41,973
Selling, general and
administrative 13,835 (569) (a) 12,891
(375) (b)
Restructuring 1,062 (1,062) (c) -
----------- ------------ -----------
Total operating expenses 58,320 (3,456) 54,864
----------- ------------ -----------
Loss from operations (12,404) 4,907 (7,497)
Interest income and other, net (251) - (251)
----------- ------------ -----------
Loss before income taxes (12,655) 4,907 (7,748)
Provision for income taxes 406 - 406
----------- ------------ -----------
Net loss $ (13,061) $ 4,907 $ (8,154)
=========== ============ ===========
Net loss per share:
Basic and diluted $ (0.19) $ (0.12)
=========== ===========
Weighted average outstanding
shares:
Basic and dilluted 69,555 69,555
=========== ===========
Notes: Nine Months Ended
---------------------------
September 29, September 30,
2013 2012
------------- -------------
(a) Stock-based compensation $ 2,650 $ 2,017
(b) Amortization of acquired intangible assets 692 1,828
(c) Restructuring - 1,062
------------- -------------
Total non-GAAP adjustments $ 3,342 $ 4,907
============= =============
IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
September 29, June 30, December 30,
2013 2013 2012
------------- ------------- -------------
Assets
Current assets:
Cash, cash equivalents and
short-term investments $ 25,645 $ 27,321 $ 31,176
Accounts receivable 13,843 12,091 15,748
Inventory 1,571 4,037 8,122
Prepaid expenses and other
current assets 3,640 4,035 5,892
------------- ------------- -------------
Total current assets 44,699 47,484 60,938
Property and equipment, net 8,775 8,925 8,769
Intangible assets, net 837 1,040 1,529
Other assets 2,250 2,482 2,612
------------- ------------- -------------
$ 56,561 $ 59,931 $ 73,848
============= ============= =============
Liabilities and Stockholders'
Equity
Current liabilities:
Revolving line $ 10,800 $ 7,500 $ 5,000
Accounts payable 6,206 5,081 5,679
Accrued liabilities 8,771 8,532 13,688
------------- ------------- -------------
Total current liabilities 25,777 21,113 24,367
Other liabilities 2,105 2,459 2,854
------------- ------------- -------------
Total liabilities 27,882 23,572 27,221
Stockholders' equity 28,679 36,359 46,627
------------- ------------- -------------
$ 56,561 $ 59,931 $ 73,848
============= ============= =============
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Ikanos Communications Announces Results for the Fiscal Third Quarter of 2013
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