|By Marketwired .||
|January 31, 2013 04:39 PM EST||
FREMONT, CA -- (Marketwire) -- 01/31/13 -- Ikanos Communications, Inc. (NASDAQ: IKAN)
- Began lab trials with Velocity-3 system
- Q4 revenue of $31.8 million
- FY 2012 revenue of $125.9 million
- Q4 GAAP net loss of $(4.5) million, or $(0.06) per share
- Q4 ending cash, cash equivalents and short-term investments of $31.2 million
Ikanos Communications, Inc. (NASDAQ: IKAN), a leading provider of advanced broadband semiconductor and software products for the digital home, today announced its financial results for the fourth quarter and fiscal year of 2012, ended December 30, 2012.
"For the fourth quarter, we met the high-end of our revenue guidance with revenue of $31.8 million while recording GAAP operating expenses of $19.3 million, within our guidance range of $19 to 20 million," said Dennis Bencala, CFO of Ikanos. "We continued to effectively manage our business and our cash position with cash totaling approximately $31.2 million at year end."
Omid Tahernia, president and CEO, said, "Fiscal 2012 was a pivotal year for Ikanos in which we established a solid baseline of business while reducing portfolio complexity and managing operating expenses and gross margins. We completed the development of our Velocity-3 chipset and launched this industry-first NodeScale vectoring chipset at the October Broadband World Forum. We are pleased with the positive carrier reception we received as well as a number of service providers who have announced their intent to invest Capex on vectored VDSL2."
"We also began the ramp of our Fusiv® family of CPE products early in the year which by Q4 2012 represented 37% of the company's revenue. This family of CPE products brings to market a number of leadership features such as NodeScale vectoring and VDSL2 bonding. Additionally we announced the newest member of this family, our Vx185-HP, at the 2013 CES show."
Ikanos reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP) and additionally on a non-GAAP basis. Non-GAAP net income (loss), where applicable, excludes the income statement effects of stock-based compensation, restructuring charges, the amortization of intangible assets and gains on the sale of impaired assets. Ikanos has provided these measures because its management believes these additional non-GAAP measures are useful to investors for performing financial analysis as these additional measures highlight Ikanos' recurring operating results. Ikanos' management uses these non-GAAP measures internally to evaluate its operating performance and to plan for its future. However, non-GAAP measures are not a substitute for GAAP reporting. For a reconciliation of GAAP versus non-GAAP financial information, please see the attached schedules.
Fourth Quarter 2012 Results
Revenue for the fourth quarter of 2012 was $31.8 million, compared to revenue of $35.4 million for the fourth quarter of 2011 and revenue of $31.4 million for the third quarter of 2012. GAAP gross profit for the fourth quarter of 2012 was 48%, compared to a GAAP gross profit of 56% for the fourth quarter of 2011 and GAAP gross profit of 47% for the third quarter of 2012.
Non-GAAP gross profit for the fourth quarter of 2012 was 49%, compared to a non-GAAP gross profit of 57% for the fourth quarter of 2011 and non-GAAP gross profit of 48% for the third quarter of 2012.
GAAP operating expenses for the fourth quarter of 2012, which included forecasted product tape-out expenses, were $19.3 million, compared to GAAP operating expenses of $18.0 million for the fourth quarter of 2011 and $21.1 million for the third quarter of 2012.
Non-GAAP operating expenses for the fourth quarter of 2012 were $18.4 million, compared to non-GAAP operating expenses of $17.4 million for the fourth quarter of 2011 and non-GAAP operating expenses of $20.2 million for the third quarter of 2012.
GAAP net loss for the fourth quarter of 2012 was $(4.5) million, or a loss of $(0.06) per share on 70.1 million weighted average shares outstanding, compared to a GAAP net income for the fourth quarter of 2011 of $0.5 million, or $0.01 per share on 69.7 million weighted average shares, and a GAAP net loss of $(6.4) million, or $(0.09) per share on 69.8 million weighted average shares, for the third quarter of 2012.
Non-GAAP net loss for the fourth quarter of 2012 was $(3.4) million, or a loss of $(0.05) per share on 70.1 million weighted average shares outstanding, compared to a non-GAAP net income of $1.6 million, or $0.02 per share on 69.7 million weighted average shares, for the fourth quarter of 2011 and a non-GAAP net loss of $(5.1) million, or $(0.07) per share on 69.8 million weighted average shares, for the third quarter of 2012.
Cash, cash equivalents and short-term investments at the end of the fourth quarter of 2012 were $31.2 million, compared to $33.4 million at the end of the third quarter of 2012. Additionally, at the end of the fourth quarter of 2012, inventory was $8.1 million, compared to $6.4 million at the end of the third quarter of 2012. Current liabilities at the end of the fourth quarter of 2012 were $24.4 million, compared to $28.1 million at the end of the third quarter of 2012. During both the third and fourth quarters of 2012, current liabilities include an accounts receivable backed, revolving line of credit advance of $5.0 million.
Fiscal 2012 Results
Revenue for fiscal year 2012 was $125.9 million, compared with $136.6 million reported for fiscal year 2011.
GAAP net loss for the year ended December 30, 2012 was $(17.6) million, or $(0.25) per share on 69.7 million weighted average shares. This compares with a net loss of $(7.5) million, or $(0.11) per share on 68.7 million weighted average shares for fiscal year 2011.
Non-GAAP net loss for the year ended December 30, 2012 was $(11.6) million, or $(0.17) per share on 69.7 million weighted average shares outstanding. This compares with a net loss of $(3.2) million, or $(0.05) per share on 68.7 million weighted average shares outstanding for fiscal year 2011.
Revenue is expected to be between $26 million and $28 million for the first quarter of 2013. GAAP gross profit for the first quarter of 2013 is expected to be between 53% and 55%. Non-GAAP gross profit is expected to improve to between 54% and 56% for first quarter of 2013. GAAP operating expenses for first quarter of 2013 are expected to be in the range of $19 million to $20 million. Non-GAAP operating expenses are expected to be in the range of $18 million to $19 million for first quarter of 2013. GAAP net loss for first quarter of 2013 is expected to be in the range of approximately $(3.7) million to $(6.3) million, or a GAAP loss per share of $(0.05) to $(0.09). Non-GAAP net loss is expected to be in the range of approximately $(2.4) million to $(5.0) million, or a non-GAAP loss per share of $(0.03) to $(0.07).
Fourth Quarter Conference Call
Management will review the fourth quarter and fiscal year 2012 financial results and its expectations for subsequent periods at a conference call on January 31, 2013 at 1:30 p.m. Pacific Time. To listen to the call, please visit http://www.ikanos.com/investor/irevents/ and click on the link provided for the webcast or dial (888) 254-2798 and enter conference ID 4474158. The webcast will be archived and available for 90 days at http://www.ikanos.com/investor/irevents/. A replay of the conference call will be accessible until May 1, 2013 by dialing (888) 203-1112 and entering conference ID 4474158.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (NASDAQ: IKAN) is a leading provider of advanced broadband semiconductor and software products for the digital home. The company's broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit www.ikanos.com.
© 2013 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos, the Ikanos logo, the Bandwidth without boundaries tagline, Fusiv, Ikanos Velocity and NodeScale Vectoring are among the trademarks or registered trademarks of Ikanos Communications. All other trademarks mentioned herein are properties of their respective holders.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements that are subject to risks and uncertainties concerning Ikanos Communications, including statements regarding our outlook such as our expected revenue, gross profits, operating expenses, earnings per share, and the anticipated benefits of non-GAAP measures, our product testing and shipment, and anticipated benefits and acceptance of our products. Actual events or results may differ materially from those described in this document due to a number of risks and uncertainties. These potential risks and uncertainties include, but are not limited to, macroeconomic conditions which may cause our customers to defer purchasing plans, our ability to deliver full production releases of our newer products and the acceptance of those products by our customers, the continued demand by telecommunications service providers for specific xDSL semiconductor products, the failure of service providers to implement deployment plans on schedule or at all, our continued ability to obtain and deliver production volumes of new and current products and technologies, our ability to generate demand and close transactions for the sale of our products, our ability to develop commercially successful products as a result of our current research and development programs, our ability to successfully execute our restructuring plan, and unexpected future costs, expenses and financing requirements. In addition, for a more extensive discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see the section entitled "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended January 1, 2012 filed with the Securities and Exchange Commission (SEC) on February 23, 2012 and our Quarterly Report on Form 10-Q for the fiscal quarter ended September 30, 2012 filed with the SEC on November 1, 2012, as well as other reports that Ikanos files from time to time with the SEC. Ikanos is under no obligation to update these forward-looking statements to reflect events or circumstances subsequent to the date of this press release.
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2217190
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2217183
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2217193
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2217201
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2217212
Image Available: http://www2.marketwire.com/mw/frame_mw?attachid=2217207
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in ...
Mar. 23, 2017 08:59 AM EDT Reads: 109
Virtualization over the past years has become a key strategy for IT to acquire multi-tenancy, increase utilization, develop elasticity and improve security. And virtual machines (VMs) are quickly becoming a main vehicle for developing and deploying applications. The introduction of containers seems to be bringing another and perhaps overlapped solution for achieving the same above-mentioned benefits. Are a container and a virtual machine fundamentally the same or different? And how? Is one techn...
Mar. 23, 2017 08:30 AM EDT Reads: 2,537
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Mar. 23, 2017 08:00 AM EDT Reads: 782
Have you ever noticed how some IT people seem to lead successful, rewarding, and satisfying lives and careers, while others struggle? IT author and speaker Don Crawley uncovered the five principles that successful IT people use to build satisfying lives and careers and he shares them in this fast-paced, thought-provoking webinar. You'll learn the importance of striking a balance with technical skills and people skills, challenge your pre-existing ideas about IT customer service, and gain new in...
Mar. 23, 2017 08:00 AM EDT Reads: 1,931
"I think that everyone recognizes that for IoT to really realize its full potential and value that it is about creating ecosystems and marketplaces and that no single vendor is able to support what is required," explained Esmeralda Swartz, VP, Marketing Enterprise and Cloud at Ericsson, in this SYS-CON.tv interview at @ThingsExpo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 23, 2017 08:00 AM EDT Reads: 3,611
The buzz continues for cloud, data analytics and the Internet of Things (IoT) and their collective impact across all industries. But a new conversation is emerging - how do companies use industry disruption and technology enablers to lead in markets undergoing change, uncertainty and ambiguity? Organizations of all sizes need to evolve and transform, often under massive pressure, as industry lines blur and merge and traditional business models are assaulted and turned upside down. In this new da...
Mar. 23, 2017 08:00 AM EDT Reads: 3,177
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Mar. 23, 2017 07:45 AM EDT Reads: 912
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Mar. 23, 2017 06:45 AM EDT Reads: 1,460
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...
Mar. 23, 2017 05:30 AM EDT Reads: 1,233
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
Mar. 23, 2017 05:30 AM EDT Reads: 3,025
"Peak 10 is a national cloud data center solutions managed services provider, and part of that is disaster recovery. We see a growing trend in the industry where companies are coming to us looking for assistance in their DR strategy," stated Andrew Cole, Director of Solutions Engineering at Peak 10, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Mar. 23, 2017 05:15 AM EDT Reads: 8,091
The essence of cloud computing is that all consumable IT resources are delivered as services. In his session at 15th Cloud Expo, Yung Chou, Technology Evangelist at Microsoft, demonstrated the concepts and implementations of two important cloud computing deliveries: Infrastructure as a Service (IaaS) and Platform as a Service (PaaS). He discussed from business and technical viewpoints what exactly they are, why we care, how they are different and in what ways, and the strategies for IT to transi...
Mar. 23, 2017 05:00 AM EDT Reads: 5,697
Culture is the most important ingredient of DevOps. The challenge for most organizations is defining and communicating a vision of beneficial DevOps culture for their organizations, and then facilitating the changes needed to achieve that. Often this comes down to an ability to provide true leadership. As a CIO, are your direct reports IT managers or are they IT leaders? The hard truth is that many IT managers have risen through the ranks based on their technical skills, not their leadership abi...
Mar. 23, 2017 05:00 AM EDT Reads: 10,492
Information technology (IT) advances are transforming the way we innovate in business, thereby disrupting the old guard and their predictable status-quo. It’s creating global market turbulence. Industries are converging, and new opportunities and threats are emerging, like never before. So, how are savvy chief information officers (CIOs) leading this transition? Back in 2015, the IBM Institute for Business Value conducted a market study that included the findings from over 1,800 CIO interviews ...
Mar. 23, 2017 04:30 AM EDT Reads: 4,723
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
Mar. 23, 2017 04:15 AM EDT Reads: 967