|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
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discuss how businesses can gain an edge over competitors by empowering consumers to take control through IoT. We'll cite examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He'll also highlight how IoT can revitalize and restore outdated business models, making them profitable...
May. 30, 2016 02:00 PM EDT Reads: 3,054
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MangoApps provides modern company intranets and team collaboration software, allowing workers to stay connected and productive from anywhere in the world and from any device. For more information, please visit https://www.mangoapps.com/.
May. 30, 2016 01:30 PM EDT Reads: 1,128
SYS-CON Events announced today the How to Create Angular 2 Clients for the Cloud Workshop, being held June 7, 2016, in conjunction with 18th Cloud Expo | @ThingsExpo, at the Javits Center in New York, NY. Angular 2 is a complete re-write of the popular framework AngularJS. Programming in Angular 2 is greatly simplified. Now it’s a component-based well-performing framework. The immersive one-day workshop led by Yakov Fain, a Java Champion and a co-founder of the IT consultancy Farata Systems and...
May. 30, 2016 12:00 PM EDT Reads: 4,113
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and ...
May. 30, 2016 12:00 PM EDT Reads: 797
In his session at 18th Cloud Expo, Andrew Cole, Director of Solutions Engineering at Peak 10, will discuss how the newest technology advances are reducing the cost and complexity of traditional business continuity and disaster recovery solutions. Attendees will: Learn why having a full disaster recovery strategy is more important now than ever before Explore the key drivers of a successful disaster recovery solution Achieve measurable operational and business value from a disaster recovery ...
May. 30, 2016 12:00 PM EDT Reads: 1,491
How will your company move to the cloud while ensuring a solid security posture? Organizations from small to large are increasingly adopting cloud solutions to deliver essential business services at a much lower cost. According to cyber security experts, the frequency and severity of cyber-attacks are on the rise, causing alarm to businesses and customers across a variety of industries. To defend against exploits like these, a company must adopt a comprehensive security defense strategy that is ...
May. 30, 2016 11:30 AM EDT Reads: 758
SYS-CON Events announced today that Hanu Software will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Leveraging best-in-class people, processes, and technologies, Hanu provides high-quality, high-value software development and business process outsourcing services to independent software vendors (ISVs) and enterprises.
May. 30, 2016 11:30 AM EDT Reads: 1,468
What a difference a year makes. Organizations aren’t just talking about IoT possibilities, it is now baked into their core business strategy. With IoT, billions of devices generating data from different companies on different networks around the globe need to interact. From efficiency to better customer insights to completely new business models, IoT will turn traditional business models upside down. In the new customer-centric age, the key to success is delivering critical services and apps wit...
May. 30, 2016 11:15 AM EDT Reads: 1,343
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
May. 30, 2016 11:00 AM EDT Reads: 2,575
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, will provide an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life ...
May. 30, 2016 10:45 AM EDT Reads: 2,060
The initial debate is over: Any enterprise with a serious commitment to IT is migrating to the cloud. But things are not so simple. There is a complex mix of on-premises, colocated, and public-cloud deployments. In this power panel at 18th Cloud Expo, moderated by Conference Chair Roger Strukhoff, panelists will look at the present state of cloud from the C-level view, and how great companies and rock star executives can use cloud computing to meet their most ambitious and disruptive business ...
May. 30, 2016 10:00 AM EDT Reads: 2,296
SYS-CON Events announced today that MobiDev will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobile software company with over 200 develope...
May. 30, 2016 09:15 AM EDT Reads: 2,828
SYS-CON Events announced today that BMC Software has been named "Siver Sponsor" of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. BMC is a global leader in innovative software solutions that help businesses transform into digital enterprises for the ultimate competitive advantage. BMC Digital Enterprise Management is a set of innovative IT solutions designed to make digital business fast, seamless, and optimized from mainframe to mo...
May. 30, 2016 09:15 AM EDT Reads: 2,386
As cloud and storage projections continue to rise, the number of organizations moving to the cloud is escalating and it is clear cloud storage is here to stay. However, is it secure? Data is the lifeblood for government entities, countries, cloud service providers and enterprises alike and losing or exposing that data can have disastrous results. There are new concepts for data storage on the horizon that will deliver secure solutions for storing and moving sensitive data around the world. ...
May. 30, 2016 09:00 AM EDT Reads: 1,449
SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from Web startups to global enterprises. SoftLayer's modular architecture, full-featured API, and sophisticated automation provide unparalleled performance and control. Its flexible unified platform seamlessly spans physical and virtual devices linked via a world...
May. 30, 2016 08:00 AM EDT Reads: 2,394