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Ikanos Communications Announces Results for the Fourth Quarter and Fiscal Year 2013

FREMONT, CA -- (Marketwired) -- 01/30/14 -- Ikanos Communications, Inc. (NASDAQ: IKAN)

Recent Highlights

  • Q4 revenue of $17.6 million
  • GAAP net loss of $(8.6) million, or $(0.10) per share, for Q4
  • Net proceeds from completed secondary offering of $24.0 million
  • Q4 ending cash, cash equivalents and short-term investments of $39.5 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 2013, ended December 29, 2013.

"We achieved fourth quarter revenue and gross profits near the mid-range of our guidance, with revenue of $17.6 million and a GAAP gross profit of 50%, while recording operating expenses of $17.1 million, near the low end of our guidance," said Dennis Bencala, CFO of Ikanos. "During the quarter, we completed a successful secondary offering that raised net proceeds of $24.0 million and continued to effectively manage our business and cash position, with cash totaling approximately $39.5 million at year end."

Omid Tahernia, president and CEO, said, "Fiscal 2013 was a transition year for Ikanos. As our revenue mix shifted towards new products, delays in several new customer product ramps, compounded by the unfavorable dynamics in certain maturing markets, resulted in lower overall revenues. While we navigate through these transitions, we continue to expand our design win pipeline and remain committed to investing in next-generation technology and products. We launched Velocity™-Uni, expanded our product portfolio with the rollout of our industry-leading inSIGHT Broadband eXperience Manager, and further demonstrated our technology leadership through the introduction of Neos™, our next-generation G.fast architecture."

"We successfully completed several carrier and OEM lab trials for both Velocity™-3 and inSIGHT in 2013, paving the way for field trials and market deployments later this year. In addition, with the recent introduction of our latest home gateway processor line, the Fusiv® Vx500 family, at CES, we are well positioned to expand our footprint inside the home, not only for DSL gateways, but also for multi-mode gateways supporting any broadband access technology," concluded Mr. Tahernia.

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), non-GAAP gross profits and non-GAAP operating expenses, where applicable, exclude the income statement effects of stock-based compensation, restructuring charges and the amortization of intangible 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 2013 Results

Revenue for the fourth quarter of 2013 was $17.6 million compared to revenue of $16.9 million for the third quarter of 2013. GAAP gross profit for the fourth quarter of 2013 was 50% compared to a GAAP gross profit of 51% for the third quarter of 2013.

Non-GAAP gross profit for the fourth quarter of 2013 was 51% compared to a non-GAAP gross profit of 52% for the third quarter of 2013.

GAAP operating expenses for the fourth quarter of 2013 were $17.1 million compared to GAAP operating expenses of $17.0 million for the third quarter of 2013.

Non-GAAP operating expenses for the fourth quarter of 2013 were $16.2 million compared to non-GAAP operating expenses of $16.0 million for the third quarter of 2013.

GAAP net loss for the fourth quarter of 2013 was $(8.6) million or a loss of $(0.10) per share on 85.6 million weighted average shares outstanding compared to a GAAP net loss of $(8.7) million, or $(0.12) per share on 71.7 million weighted average shares, for the third quarter of 2013.

Non-GAAP net loss for the fourth quarter of 2013 was $(7.6) million or a loss of $(0.09) per share on 85.6 million weighted average shares outstanding compared to a non-GAAP net loss of $(7.5) million, or $(0.11) per share on 71.7 million weighted average shares outstanding for the third quarter of 2013.

Cash and cash equivalents and short-term investments at the end of the fourth quarter of 2013 were $39.5 million, compared to $25.6 million at the end of the third quarter of 2013. Cash and cash equivalents includes the results of the Company's recently completed stock offering. Additionally, at the end of the fourth quarter of 2013, inventory was $2.0 million, compared to $1.6 million at the end of the third quarter of 2013. Current liabilities at the end of the fourth quarter of 2013 were $24.9 million, compared to $25.8 million at the end of the third quarter of 2013. For both the third and fourth quarters of 2013, current liabilities include an accounts receivable backed, revolving line of credit advance of $10.8 million and $12.0 million, respectively.

For a more complete review of our 2014 results and year-over-year comparisons please see the attached financial schedules.

Outlook

Revenue is expected to be between $14 million and $16 million for the first quarter of 2014.

GAAP gross profit for the first quarter of 2014 is expected to be between 49% and 51%. Non-GAAP gross profit is expected to be between 50% and 52% for first quarter of 2014. GAAP operating expenses for first quarter of 2014 are expected to be in the range of $17 million to $18 million. Non-GAAP operating expenses are expected to be in the range of $16 million to $17 million for first quarter of 2014. GAAP net loss for first quarter of 2014 is expected to be in the range of approximately $(9.0) million to $(11.3) million, or a GAAP loss per share of $(0.09) to $(0.11). Non-GAAP net loss is expected to be in the range of approximately $(8.0) million to $(10.3) million, or a non-GAAP loss per share of $(0.08) to $(0.10).

Fourth Quarter Conference Call
Management will review the fourth quarter and full year financial results and its expectations for subsequent periods at a conference call on January 30, 2014 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) 312-3048 and enter conference ID 2629215. 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 April 30, 2014 by dialing (888) 203-1112 and entering conference ID 2629215.

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.

© 2014 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos and the Ikanos logo, the Bandwidth without boundaries tagline, Fusiv, inSIGHT, Neos, Ikanos Velocity, and Ikanos NodeScale 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
Some of the statements included in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to future events with respect to our business and our industry in general. Statements that include the words "expect," "intend," "plan," "believe," "anticipate," "estimate," and similar statements of a future or forward-looking nature identify forward-looking statements.

Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following: that the delays in new customer product ramps will continue longer than anticipated; that the rate of acceptance of our new products by our customers and telecommunications service providers may be lower than anticipated; that the unfavorable macro dynamics in certain maturing markets will continue longer than anticipated; that successful lab trials will eventually result in field trials or market deployments later this year or at all; that our design win pipeline will continue to expand as anticipated; macroeconomic or other conditions which may cause our customers to defer purchasing plans or cancel any purchasing plans altogether despite successful design wins or successful field trials; the continued demand by telecommunications service providers for our specific xDSL semiconductor products; our ability to continue to effectively manage our business and cash position; the failure of telecommunications service providers to implement deployment plans on schedule, or at all, despite increased performance results; our ability to generate demand and close transactions for the sale of our products; competition in the markets in which we operate; and the fact that the products we sell may not satisfy shifting customer demand or compete successfully with our competitors' products. For a more detailed discussion of how these and other risks and uncertainties could cause our actual results to differ materially from those indicated in our forward-looking statements, see our reports filed with SEC (available at www.sec.gov), including our Registration Statement on Form S-1 filed on August 23, 2013 and subsequently amended.

                        IKANOS COMMUNICATIONS, INC.
         Unaudited Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)

                         Three Months Ended          Twelve Months Ended
                     --------------------------  --------------------------
                     December 29,  December 30,  December 29,  December 30,
                         2013          2012          2013          2012
                     ------------  ------------  ------------  ------------

Revenue              $     17,582  $     31,758  $     79,749  $    125,948
Cost of revenue             8,806        16,476        39,078        64,750
                     ------------  ------------  ------------  ------------
    Gross profit            8,776        15,282        40,671        61,198
                     ------------  ------------  ------------  ------------
Operating expenses:
  Research and
   development             12,503        14,120        51,075        57,543
  Selling, general
   and administrative       4,589         5,221        18,816        19,056
  Restructuring                 -             -             -         1,062
                     ------------  ------------  ------------  ------------
    Total operating
     expenses              17,092        19,341        69,891        77,661
                     ------------  ------------  ------------  ------------
Loss from operations       (8,316)       (4,059)      (29,220)      (16,463)

  Interest income and
   other, net                 (71)          143          (578)         (108)
                     ------------  ------------  ------------  ------------
Loss before income
 taxes                     (8,387)       (3,916)      (29,798)      (16,571)
  Provision for
   income taxes               246           608           589         1,014
                     ------------  ------------  ------------  ------------
Net loss             $     (8,633) $     (4,524) $    (30,387) $    (17,585)
                     ============  ============  ============  ============

Net loss per share
  Basic and diluted  $      (0.10) $      (0.06) $      (0.41) $      (0.25)
                     ============  ============  ============  ============

Weighted average
 number of shares
  Basic and diluted        85,648        70,136        74,726        69,701
                     ============  ============  ============  ============



                        IKANOS COMMUNICATIONS, INC.
         Unaudited Condensed Consolidated Statements of Operations
                   (In thousands, except per share data)

                                              Three Months Ended
                                  -----------------------------------------
                                  December 29,  September 29,  December 30,
                                      2013           2013          2012
                                  ------------  -------------  ------------

Revenue                           $     17,582  $      16,900  $     31,758
Cost of revenue                          8,806          8,263        16,476
                                  ------------  -------------  ------------
    Gross profit                         8,776          8,637        15,282
                                  ------------  -------------  ------------
Operating expenses:
  Research and development              12,503         12,455        14,120
  Selling, general and
   administrative                        4,589          4,589         5,221
  Restructuring                              -              -             -
                                  ------------  -------------  ------------
    Total operating expenses            17,092         17,044        19,341
                                  ------------  -------------  ------------
Loss from operations                    (8,316)        (8,407)       (4,059)

  Interest income and other, net           (71)          (147)          143
                                  ------------  -------------  ------------
Loss before income taxes                (8,387)        (8,554)       (3,916)
  Provision for income taxes               246            111           608
                                  ------------  -------------  ------------
Net loss                          $     (8,633) $      (8,665) $     (4,524)
                                  ============  =============  ============

Basic and diluted net loss per
 share                            $      (0.10) $       (0.12) $      (0.06)
                                  ============  =============  ============
Weighted average outstanding
 shares:
  Basic and diluted                     85,648         71,662        70,136
                                  ============  =============  ============



                         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 29, 2013
                          ------------------------------------------------
                                            Non-GAAP
                           As Reported    Adjustments           Non-GAAP
                          -------------  -------------       -------------
Revenue                   $      17,582  $           -       $      17,582
Cost of revenue                   8,806             (2) (a)          8,684
                                                  (120) (b)

                          -------------  -------------       -------------
    Gross profit                  8,776           (122)              8,898
                          -------------  -------------       -------------

Operating expenses:
  Research and development       12,503           (640) (a)         11,863

  Selling, general and
   administrative                 4,589           (281) (a)          4,308

  Restructuring                       -              -                   -
                          -------------  -------------       -------------
    Total operating
     expenses                    17,092           (921)             16,171
                          -------------  -------------       -------------
Loss from operations             (8,316)         1,043              (7,273)
  Interest income and
   other, net                       (71)             -                 (71)
                          -------------  -------------       -------------
Loss before income taxes         (8,387)         1,043              (7,344)
Provision for income taxes          246              -                 246
                          -------------  -------------       -------------
Net loss                  $      (8,633) $       1,043       $      (7,590)
                          =============  =============       =============

Net loss per share:
  Basic and diluted       $       (0.10)                     $       (0.09)
                          =============                      =============

Weighted average
 outstanding shares:
  Basic and diluted              85,648                             85,648
                          =============                      =============


                                Three Months Ended December 30, 2012
                          ------------------------------------------------
                                            Non-GAAP
                           As Reported    Adjustments           Non-GAAP
                          -------------  -------------       -------------
Revenue                   $      31,758  $           -       $      31,758
Cost of revenue                  16,476             (9) (a)         16,347
                                                  (120) (b)

                          -------------  -------------       -------------
    Gross profit                 15,282           (129)             15,411
                          -------------  -------------       -------------

Operating expenses:
  Research and development       14,120           (557) (a)         13,563

  Selling, general and
   administrative                 5,221           (308) (a)          4,788
                                                  (125) (b)
  Restructuring                       -              -                   -
                          -------------  -------------       -------------
    Total operating
     expenses                    19,341           (990)             18,351
                          -------------  -------------       -------------
Loss from operations             (4,059)         1,119              (2,940)
  Interest income and
   other, net                       143              -                 143
                          -------------  -------------       -------------
Loss before income taxes         (3,916)         1,119              (2,797)
Provision for income taxes          608              -                 608
                          -------------  -------------       -------------
Net loss                  $      (4,524) $       1,119       $      (3,405)
                          =============  =============       =============

Net loss per share:
  Basic and diluted       $       (0.06)                     $       (0.05)
                          =============                      =============

Weighted average
 outstanding shares:
  Basic and diluted              70,136                             70,136
                          =============                      =============

Notes:                                               Three Months Ended
                                                ----------------------------
                                                 December 29,   December 30,
                                                     2013           2012
                                                -------------  -------------
(a)     Stock-based compensation                $         923  $         874
(b)     Amortization of acquired intangible
         assets                                           120            245
                                                -------------  -------------
        Total non-GAAP adjustments              $       1,043  $       1,119
                                                =============  =============



                        IKANOS COMMUNICATIONS, INC.
    Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
                          Statements of Operations
                   (In thousands, except per share data)

                                 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
Notes:                                          Ended
                                            September 29,
                                                2013
                                           --------------
(a)     Stock-based compensation           $          925
(b)     Amortization of acquired
         intangible assets                            204
                                           --------------
        Total non-GAAP adjustments         $        1,129
                                           ==============



                         IKANOS COMMUNICATIONS, INC.
     Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
                          Statements of Operations
                    (In thousands, except per share data)

                                Twelve Months Ended December 29, 2013
                          ------------------------------------------------
                                            Non-GAAP
                           As Reported    Adjustments           Non-GAAP
                          -------------  -------------       -------------
Revenue                   $      79,749  $           -       $      79,749
Cost of revenue                  39,078             (8) (a)         38,592
                                                  (478) (b)
                          -------------  -------------       -------------
    Gross profit                 40,671           (486)             41,157
                          -------------  -------------       -------------

Operating expenses:
  Research and development       51,075         (2,435) (a)         48,640

  Selling, general and
   administrative                18,816         (1,130) (a)         17,353
                                                  (333) (b)

  Restructuring                       -              -                   -
                          -------------  -------------       -------------
    Total operating
     expenses                    69,891         (3,898)             65,993
                          -------------  -------------       -------------
Loss from operations            (29,220)         4,384             (24,836)

  Interest income and
   other, net                      (578)             -                (578)
                          -------------  -------------       -------------
Loss before income taxes        (29,798)         4,384             (25,414)
Provision for income taxes          589              -                 589
                          -------------  -------------       -------------
Net loss                  $     (30,387) $       4,384       $     (26,003)
                          =============  =============       =============

Net loss per share:
  Basic and diluted       $       (0.41)                     $       (0.35)
                          =============                      =============

Weighted average
 outstanding shares:
  Basic and dilluted             74,726                             74,726
                          =============                      =============


                                 Twelve Months Ended December 30, 2012
                           ------------------------------------------------
                                             Non-GAAP
                            As Reported    Adjustments           Non-GAAP
                           -------------  -------------       -------------
Revenue                    $     125,948  $           -       $     125,948
Cost of revenue                   64,750             (8) (a)         63,170
                                                 (1,572) (b)
                           -------------  -------------       -------------
    Gross profit                  61,198         (1,580)             62,778
                           -------------  -------------       -------------

Operating expenses:
  Research and development        57,543         (2,007) (a)         55,536

  Selling, general and
   administrative                 19,056           (877) (a)         17,679
                                                   (500) (b)

  Restructuring                    1,062         (1,062) (c)              -
                           -------------  -------------       -------------
    Total operating
     expenses                     77,661         (4,446)             73,215
                           -------------  -------------       -------------
Loss from operations             (16,463)         6,026             (10,437)

  Interest income and
   other, net                       (108)             -                (108)
                           -------------  -------------       -------------
Loss before income taxes         (16,571)         6,026             (10,545)
Provision for income taxes         1,014              -               1,014
                           -------------  -------------       -------------
Net loss                   $     (17,585) $       6,026       $     (11,559)
                           =============  =============       =============

Net loss per share:
  Basic and diluted        $       (0.25)                     $       (0.17)
                           =============                      =============

Weighted average
 outstanding shares:
  Basic and dilluted              69,701                             69,701
                           =============                      =============

Notes:                                                Twelve Months Ended
                                                  --------------------------
                                                  December 29,  December 30,
                                                      2013          2012
                                                  ------------  ------------
   (a)  Stock-based compensation                  $      3,573  $      2,892
   (b)  Amortization of acquired intangible assets         811         2,072
   (c)  Restructuring                                        -         1,062
                                                  ------------  ------------
        Total non-GAAP adjustments                $      4,384  $      6,026
                                                  ============  ============



                         IKANOS COMMUNICATIONS, INC.
               Unaudited Condensed Consolidated Balance Sheets
                               (In thousands)

                                  December 29,  September 29,   December 30,
                                      2013           2013           2012
                                 -------------  -------------  -------------
              Assets
Current assets:
  Cash, cash equivalents and
   short-term investments        $      39,516  $      25,645  $      31,176
  Accounts receivable                   15,892         13,843         15,748
  Inventory                              2,017          1,571          8,122
  Prepaid expenses and other
   current assets                        3,245          3,640          5,892
                                 -------------  -------------  -------------
    Total current assets                60,670         44,699         60,938
Property and equipment, net              8,612          8,775          8,769
Intangible assets, net                     718            837          1,529
Other assets                             1,952          2,250          2,612
                                 -------------  -------------  -------------
                                 $      71,952  $      56,561  $      73,848
                                 =============  =============  =============

  Liabilities and Stockholders'
              Equity
Current liabilities:
  Revolving line                 $      12,000  $      10,800  $       5,000
  Accounts payable                       4,692          6,206          5,679
  Accrued liabilities                    8,232          8,771         13,688
                                 -------------  -------------  -------------
    Total current liabilities           24,924         25,777         24,367
Other liabilities                        1,637          2,105          2,854
                                 -------------  -------------  -------------
    Total liabilities                   26,561         27,882         27,221
Stockholders' equity                    45,391         28,679         46,627
                                 -------------  -------------  -------------
                                 $      71,952  $      56,561  $      73,848
                                 =============  =============  =============

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@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time t...