Welcome!

News Feed Item

Ikanos Communications Announces Results for the Fourth Quarter and Fiscal Year 2012

FREMONT, CA -- (Marketwire) -- 01/31/13 -- Ikanos Communications, Inc. (NASDAQ: IKAN)

Recent Highlights

  • 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."

Financial Details
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.

Outlook
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

Add to Digg Bookmark with del.icio.us Add to Newsvine

Contact information:

Gary Good
Trainer Communications
(707) 837-1718
Email Contact

MKR Group
Todd Kehrli
323-468-2300

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
According to Forrester Research, every business will become either a digital predator or digital prey by 2020. To avoid demise, organizations must rapidly create new sources of value in their end-to-end customer experiences. True digital predators also must break down information and process silos and extend digital transformation initiatives to empower employees with the digital resources needed to win, serve, and retain customers.
The IoT is changing the way enterprises conduct business. In his session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, discussed how businesses can gain an edge over competitors by empowering consumers to take control through IoT. He cited examples such as a Washington, D.C.-based sports club that leveraged IoT and the cloud to develop a comprehensive booking system. He also highlighted how IoT can revitalize and restore outdated business models, making them profitable ...
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Get deep visibility into the performance of your databases and expert advice for performance optimization and tuning. You can't get application performance without database performance. Give everyone on the team a comprehensive view of how every aspect of the system affects performance across SQL database operations, host server and OS, virtualization resources and storage I/O. Quickly find bottlenecks and troubleshoot complex problems.
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Predictive analytics tools monitor, report, and troubleshoot in order to make proactive decisions about the health, performance, and utilization of storage. Most enterprises combine cloud and on-premise storage, resulting in blended environments of physical, virtual, cloud, and other platforms, which justifies more sophisticated storage analytics. In his session at 18th Cloud Expo, Peter McCallum, Vice President of Datacenter Solutions at FalconStor, discussed using predictive analytics to mon...
The Internet of Things will challenge the status quo of how IT and development organizations operate. Or will it? Certainly the fog layer of IoT requires special insights about data ontology, security and transactional integrity. But the developmental challenges are the same: People, Process and Platform and how we integrate our thinking to solve complicated problems. In his session at 19th Cloud Expo, Craig Sproule, CEO of Metavine, demonstrated how to move beyond today's coding paradigm and sh...
Today we can collect lots and lots of performance data. We build beautiful dashboards and even have fancy query languages to access and transform the data. Still performance data is a secret language only a couple of people understand. The more business becomes digital the more stakeholders are interested in this data including how it relates to business. Some of these people have never used a monitoring tool before. They have a question on their mind like “How is my application doing” but no id...
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Onalytica. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
IoT is rapidly changing the way enterprises are using data to improve business decision-making. In order to derive business value, organizations must unlock insights from the data gathered and then act on these. In their session at @ThingsExpo, Eric Hoffman, Vice President at EastBanc Technologies, and Peter Shashkin, Head of Development Department at EastBanc Technologies, discussed how one organization leveraged IoT, cloud technology and data analysis to improve customer experiences and effici...