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Symmetricom Reports Second Quarter Fiscal Year 2013 Financial Results
- Net revenue of $49.2 million

SAN JOSE, Calif., Jan. 23, 2013 /PRNewswire/ -- Symmetricom, Inc. (NASDAQ: SYMM), a worldwide leader in precision time and frequency technologies, today reported financial results for its second quarter of fiscal year 2013 ended December 30, 2012.

(Logo: http://photos.prnewswire.com/prnh/20110829/AQ59077LOGO)

Net revenue for the second quarter of fiscal 2013 was $49.2 million, down $9.1 million, or 15.6%, compared to the $58.3 million reported for the second quarter of fiscal 2012.  Symmetricom reported a net loss of $1.8 million, or $0.04 per share, for the second quarter of fiscal 2013, compared to net income of $2.4 million, or $0.06 per share, in the second quarter of fiscal 2012.  The loss for the second quarter of fiscal 2013 included $1.2 million of restructuring charges, principally related to the Company's previously announced R&D consolidation activities.

The decrease in net revenue was due primarily to lower U.S. government spending and lower communications service provider spending on wireline-related equipment.  Partially offsetting this weakness in the quarter was continued strength in shipments of the Company's Quantum SA.45s Chip Scale Atomic Clock (CSAC), a key strategic initiative for the Company.       

Non-GAAP net income for the second quarter of fiscal 2013 was $0.3 million, or $0.01 per share, compared to $4.2 million, or $0.10 per share, reported for the second quarter of fiscal 2012.

Cash, cash equivalents and short-term investments totaled $70.8 million as of December 30, 2012, a decrease of $0.8 million from the $71.6 million reported as of September 30, 2012. Net cash provided by operating activities in the second quarter was $2.3 million, and property, plant and equipment purchases were approximately $1.2 million, resulting in free cash flow of $1.1 million.

The Company also announced a restructuring action today to reduce operating costs while retaining focus on its strategic initiatives.  Symmetricom plans to reduce the size of its workforce by approximately 20 positions.  The reductions will begin in January and are expected to be complete by August 2013.  In conjunction with the headcount reduction, the Company will further reduce the size of its facility presence in Santa Rosa, CA.  Symmetricom expects to incur restructuring charges in the range of $1.5 million to $1.8 million in connection with the plan.  Upon completion, Symmetricom expects these restructuring actions to reduce annual costs by approximately $4.0 million.

"The financial results of our second quarter were lower than we originally anticipated due to further softening of purchases by both U.S. government customers and wireline operators," said Dave Cote, president and chief executive officer of Symmetricom.  "As we manage through the near term environment, we are taking actions to tighten our operating cost model and enhance profitability.  At the same time, we remain focused on building our product and customer portfolios, and we will continue to invest in our key initiatives, including Quantum CSAC, PackeTime® and Government Programs.  I am enthusiastic about the progress we are making on these initiatives and their potential to fuel Symmetricom's long-term growth."  

Business Segment Revenue Results
Revenue in the Communications Business in the second quarter of fiscal 2013 was $26.2 million, compared to $33.3 million reported in the second quarter of fiscal 2012.  Revenue in the Government and Enterprise Business in the second quarter of fiscal 2013 was $23.0 million, compared to $25.0 million reported in the second quarter of fiscal 2012.

Third Quarter 2013 Guidance
Symmetricom's guidance for the third quarter of fiscal 2013 is as follows:

  • Net revenue is expected to be in the range of $48 million to $54 million
  • GAAP earnings (loss) per share is expected to be in the range of $(0.07) to $0.01
  • Non-GAAP earnings per share is expected to be in the range of $0.00 to $0.05

A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.

Investor Conference Call
As previously announced, management will hold a conference call to discuss these results today, at 1:30 p.m. Pacific Time.  Investors are invited to join the conference call by dialing +1-212-547-0198 and referencing "Symmetricom."  A live webcast will also be available on the investor relations section of the Company's website at www.symmetricom.com.  An audio replay will be available for one week and can be accessed by dialing +1-203-369-1432.

About Symmetricom, Inc.
Symmetricom (NASDAQ:SYMM), a world leader in precise time solutions, sets the world's standard for time.  The Company generates, distributes and applies precise time for the communications, aerospace/defense, IT infrastructure and metrology industries.  Symmetricom's customers, from communications service providers and network equipment manufacturers to governments and their suppliers worldwide, are able to build more reliable networks and systems by using the Company's advanced timing technologies, atomic clocks, services and solutions.  All products support today's precise timing standards, including GPS-based timing, IEEE 1588 (PTP), Network Time Protocol (NTP), Synchronous Ethernet and DOCSIS® timing.  Symmetricom is based in San Jose, California, with offices worldwide.  For more information, visit: http://www.symmetricom.com or join the dialogue at http://www.twitter.com/symmetricom.

Non-GAAP Information
Certain non-GAAP financial information is included in this press release.  In the reconciliation of GAAP to non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, acquisition-related costs, amortization of intangible assets, restructuring charges, and off-shore development transition costs that the Company does not consider indicative of its ongoing performance.  The income tax effect after these non-GAAP adjustments is determined based upon Symmetricom's estimate of its annual non-GAAP effective tax rate excluding these non-GAAP adjustments.  Symmetricom believes that excluding such items provides investors, analysts and management with a representation of the Company's core operating performance and with information useful in assessing, in conjunction with GAAP results, underlying trends in operating performance.  Management uses such non-GAAP information to evaluate financial results and to establish operational goals.  Non-GAAP information should not be considered superior to or as a substitute for data prepared in accordance with GAAP.  A reconciliation of the non-GAAP results to the GAAP results is provided in the financial schedules portion of this press release.

Free cash flow is defined as net cash provided by or used in operating activities minus purchases of property, plant and equipment.  Symmetricom believes this metric provides useful information to its investors, analysts, and management about the level of cash generated by or used in normal business operations, including the use of cash for the purchase of property, plant and equipment.  Management also views it as a measure of cash available to pay debt and return cash to stockholders.  Free cash flow is not a GAAP financial measure and should not be considered superior to or a substitute for operating cash flow or other cash flow data prepared in accordance with GAAP.

Safe Harbor
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections.  These forward-looking statements include statements concerning third quarter fiscal 2013 guidance and future performance as well as the information regarding the usefulness of the non-GAAP financial information.  The statements in this press release are made as of the date of this press release, even if subsequently made available by Symmetricom on its website or otherwise.  Symmetricom expressly disclaims any obligation to update or revise any forward-looking statement contained herein, whether as a result of a change in its expectations, a change in any events, conditions or circumstances on which a forward-looking statement is based, or otherwise.  Symmetricom's actual results could differ materially from those projected or suggested in these forward-looking statements.  Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include, but are not limited to, the extent and magnitude of customer orders received and shipped within the same quarter, risks relating to general economic conditions in the markets we address and the telecommunications and government markets in general, risks related to the development of our new products and services, reliance on our contract manufacturer, the effects of increasing competition and competitive pricing pressure, uncertainties associated with changing intellectual property laws or misappropriation of intellectual property, developments in and expenses related to litigation, the inability to obtain sufficient amounts of key components, the rescheduling or cancellation of key customer orders, the loss of a key customer, the effects of new and emerging technologies, the risk that excess inventory may result in write-offs, price erosion and decreased demand, fluctuations in the rate of exchange of foreign currency, changes in our effective tax rate, market acceptance of our new products and services, technological advancements, undetected errors, design flaws, defects in our products or start-up manufacturing difficulties, the risks associated with our international sales, potential short-term investment losses and other risks due to credit market dislocation, geopolitical risks and risk of terrorist activities, the risks associated with attempting to integrate other companies and businesses we acquire, and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended July 1, 2012 and subsequent Forms 10-Q and 8-K.

SYMM-F

Contact:
Justin Spencer
Chief Financial Officer
+1-408-428-7801
jspencer@symmetricom.com

 

 

SYMMETRICOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)
















Three months ended


Six months ended




December 30,


September 30,


January 1,


December 30,


January 1,




2012


2012


2012


2012


2012













Net revenue 



$       49,151


$        56,391


$  58,294


$     105,542


$114,672

Cost of sales:












     Cost of products and services



27,861


31,900


32,225


59,761


62,055

     Acquisition-related costs



248


234


185


482


371

     Restructuring charges



41


(45)


674


(4)


1,091

         Total cost of sales



28,150


32,089

-

33,084


60,239


63,517

         Gross profit



21,001


24,302


25,210


45,303


51,155

         Gross margin



42.7%


43.1%


43.2%


42.9%


44.6%

Operating expenses:












     Research and development



7,805


8,313


6,548


16,118


13,446

     Selling, general and administrative



14,778


16,227


14,864


31,005


29,674

     Amortization of intangible assets



86


86


52


172


104

     Restructuring charges



1,146


55


103


1,201


199

          Total operating expenses



23,815


24,681


21,567


48,496


43,423

          Operating income (loss)



(2,814)


(379)


3,643


(3,193)


7,732

Interest income, net of amortization (accretion) of premium (discount) on investments



178


(36)


(296)


142


(230)

     Income (loss) before taxes



(2,636)


(415)


3,347


(3,051)


7,502

Income tax provision (benefit)



(861)


(212)


902


(1,073)


2,308

     Net income (loss)



$        (1,775)


$            (203)


$   2,445


$        (1,978)


$    5,194













Earnings (loss) per share:












     Basic



$         (0.04)


$           (0.01)


$     0.06


$         (0.05)


$     0.12

     Diluted



$         (0.04)


$           (0.01)


$     0.06


$         (0.05)


$     0.12













Shares used in computing earnings (loss) per share:












   Weighted average shares outstanding - basic



40,356


40,510


42,292


40,432


42,490

   Weighted average shares outstanding - diluted



40,356


40,510


42,762


40,432


42,989

 

 

 

SYMMETRICOM, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)














December 30,


July 1,






2012


2012









ASSETS







Current assets:








Cash and cash equivalents



$       25,966


$  27,659


Short-term investments




44,789


39,280


Accounts receivable, net



35,789


45,952


Inventories




48,176


47,618


Prepaids and other current assets



19,290


16,943


     Total current assets




174,010


177,452

Property, plant and equipment, net



23,075


22,702

Intangible assets, net




3,364


3,458

Deferred taxes and other assets



28,200


27,413


          Total assets




$     228,649


$231,025









LIABILITIES AND STOCKHOLDERS' EQUITY





Current liabilities:








Accounts payable




$       12,715


$    9,300


Accrued compensation




12,606


14,574


Accrued warranty




1,492


1,722


Other accrued liabilities




10,409


11,841


     Total current liabilities



37,222


37,437

Long-term obligations




5,239


5,472

Deferred income taxes




334


334


     Total liabilities




42,795


43,243

Stockholders' equity:








Common stock




193,408


193,478


Accumulated other comprehensive loss



(112)


(232)


Accumulated deficit




(7,442)


(5,464)


     Total stockholders' equity



185,854


187,782


          Total liabilities and stockholders' equity


$     228,649


$231,025

 

 

 

SYMMETRICOM, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(unaudited)












Three months ended


Six months ended


December 30,


September 30,


January 1,


December 30,


January 1,


2012


2012


2012


2012


2012

Reconciliation from GAAP to Non-GAAP 










GAAP Net income (loss)

$        (1,775)


$            (203)


$   2,445


$        (1,978)


$   5,194











Non-GAAP adjustments:










Equity-based compensation expense:










     Cost of products and services

250


291


215


541


334

     Research and development

316


361


295


677


584

     Selling, general and administrative

1,121


1,120


1,170


2,241


1,925

Total equity-based compensation expense

1,687


1,772


1,680


3,459


2,843











Acquisition-related costs and amortization of intangible assets:










     Cost of products and services

248


234


185


482


371

     Operating expenses

86


86


52


172


104

Total acquisition-related costs and amortization of intangible assets

334


320


237


654


475











Restructuring charges

1,187


10


777


1,197


1,290

Off-shore development transition costs

-


729


-


729


-

Income tax effect of Non-GAAP adjustments

(1,154)


(1,070)


(934)


(2,224)


(1,470)

Non-GAAP Net income

$           279


$          1,558


$   4,205


$         1,837


$   8,332











Earnings (loss) per share - diluted:










     GAAP Net income (loss)

$         (0.04)


$           (0.01)


$     0.06


$         (0.05)


$     0.12

     Non-GAAP Net income

$          0.01


$            0.04


$     0.10


$          0.04


$     0.19











Weighted average shares outstanding - diluted

41,464


41,675


42,762


41,514


42,989

 

 

 

SYMMETRICOM, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(unaudited)




























Three months ended


Six months ended




December 30,


September 30,


January 1,


December 30,


January 1,




2012


2012


2012


2012


2012













GAAP Revenue


$       49,151


$        56,391


$  58,294


$     105,542


$114,672













Reconciliation from GAAP to Non-GAAP Gross Profit:











GAAP Gross profit

(A)

$       21,001


$        24,302


$  25,210


$       45,303


$  51,155


GAAP Gross margin


42.7%


43.1%


43.2%


42.9%


44.6%













Non-GAAP adjustments:












Equity-based compensation expense


250


291


215


541


334


Acquisition-related costs


248


234


185


482


371


Restructuring charges


41


(45)


674


(4)


1,091

Non-GAAP Gross profit

(B)

$       21,540


$        24,782


$  26,284


$       46,322


$  52,951


Non-GAAP Gross margin


43.8%


43.9%


45.1%


43.9%


46.2%













Reconciliation from GAAP to Non-GAAP Operating Expense:











GAAP Operating expenses

(C)

$       23,815


$        24,681


$  21,567


$       48,496


$  43,423


Operating expense % to revenue


48.5%


43.8%


37.0%


45.9%


37.9%













Non-GAAP adjustments:












Equity-based compensation expense


(1,437)


(1,481)


(1,465)


(2,918)


(2,509)


Amortization of intangible assets


(86)


(86)


(52)


(172)


(104)


Restructuring charges


(1,146)


(55)


(103)


(1,201)


(199)


Off-shore development transition costs


-


(729)


-


(729)


-

Non-GAAP operating expenses

(D)

$       21,146


$        22,330


$  19,947


$       43,476


$  40,611


Non-GAAP operating expenses % to revenue


43.0%


39.6%


34.2%


41.2%


35.4%













Reconciliation from GAAP to Non-GAAP Operating Income (loss):










GAAP Operating income (loss)

(A) - (C)

$        (2,814)


$            (379)


$   3,643


$        (3,193)


$    7,732


Operating income % to revenue


-5.7%


-0.7%


6.2%


-3.0%


6.7%













Non-GAAP Operating income 

(B) - (D)

$           394


$          2,452


$   6,337


$         2,846


$  12,340


Operating income % to revenue


0.8%


4.3%


10.9%


2.7%


10.8%

 

 

 

SYMMETRICOM, INC.

RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR GAAP REVENUE AND EPS

TO NON-GAAP GUIDANCE FOR REVENUE AND EPS

(In thousands, except per share amounts)

(Unaudited)
























Three Months Ending March 31, 2013



Revenue


Earnings Per Share



From

To


From

To








GAAP Guidance

$            48,000

$         54,000


$               (0.07)

$                0.01








Estimated Non-GAAP Adjustments







Equity-based compensation expense




0.04

0.04


Amortization of intangible assets




0.01

0.01


Integration and restructuring charges




0.07

0.06


Income tax effect of non-GAAP adjustments




(0.05)

(0.07)


Total Non-GAAP Adjustments




0.07

0.04








Non-GAAP Guidance

$            48,000

$         54,000


$                0.00

$                0.05

 

SOURCE Symmetricom, Inc.

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