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Symmetricom Reports Third Quarter Fiscal Year 2012 Financial Results

Continuing Quarter-over-Quarter Revenue Growth; Strong Cash Flow Performance

-- Net revenue of $60.4 million in fiscal Q3'12

-- Non-GAAP net income of $3.3 million, or $0.08 per share

-- GAAP net income of $2.2 million, or $0.05 per share

-- Free Cash Flow of $6.8 million

Symmetricom, Inc. logo. (PRNewsFoto/Symmetricom, Inc.) (PRNewsFoto/)

News provided by

Symmetricom, Inc.

Apr 25, 2012, 04:05 ET

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SAN JOSE, Calif., April 25, 2012 /PRNewswire/ -- Symmetricom®, Inc. (NASDAQ: SYMM), a worldwide leader in precision time and frequency technologies, today reported financial results for its third quarter of fiscal year 2012 ended April 1, 2012.

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

Net revenue for the third quarter of fiscal 2012 was $60.4 million, up $2.1 million, or 3.7%, compared to the second quarter of fiscal 2012, driven by strong performance overall in its Government and Enterprise business.  Symmetricom reported net income of $2.2 million, or $0.05 per share, for the third quarter of fiscal 2012, compared to net income of $2.4 million, or $0.06 per share, in the second quarter of fiscal 2012.

Non-GAAP net income for the third quarter of fiscal 2012 was $3.3 million, or $0.08 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 $61.5 million as of April 1, 2012, an increase of $3.4 million from the $58.1 million reported as of January 1, 2012, reflecting strong cash inflows from operations, offset by approximately $4.0 million in stock repurchases during the third quarter of fiscal 2012.  Net cash generated from operating activities in the third quarter was $8.1 million, driven substantially by a decrease in inventories.  After subtracting approximately $1.2 million of property, plant and equipment purchases, free cash flow was approximately $6.8 million.

"We continued to execute on our strategic initiatives in the third quarter, as demonstrated by solid revenue growth and by the on-going advancement of new customer and market relationships," said Dave Cote, president and chief executive officer of Symmetricom.  "In addition, we made notable progress in reducing our inventory levels as our efforts to refine our operating model are gaining traction.  These factors, combined with strong cash flow generation and increasing customer demand for our solutions make us well positioned to deliver profitable growth in 2012 and beyond."

Business Results

Revenue in the Communications Business in the third quarter of fiscal 2012 was $32.6 million, compared to $33.3 million reported in the second quarter of fiscal 2012, and $30.4 million reported in the third quarter of fiscal 2011.  Revenue in the Government and Enterprise Business in the third quarter of fiscal 2012 was $27.8 million, compared to $25.0 million reported in the second quarter of fiscal 2012, and $20.8 million reported in the third quarter of fiscal 2011.

Fourth Quarter 2012 Guidance

Symmetricom's guidance for the fourth quarter of fiscal 2012 is as follows:

  • Net revenue is expected to be in the range of $56 million to $62 million
  • GAAP earnings per share is expected to be in the range of $0.04 to $0.09
  • Non-GAAP earnings per share is expected to be in the range of $0.07 to $0.12

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 +1-312-470-7232 and referencing "Symmetricom."  A live webcast will also be available on the investor relations section of the company's website at http://www.symmetricom.com.  An audio replay will be available for one week and can be accessed by dialing +1-203-369-3402.

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, Calif., 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, amortization of intangible assets, restructuring charges, and manufacturing 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 fourth quarter fiscal 2012 guidance and future performance, expectations regarding diversification of our revenue streams, increasing customer demand, our strategic initiatives and focus on profitable growth 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, risks relating to general economic conditions in the markets we address and the telecommunications market 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, 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 or defects in our products, 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 3, 2011 and subsequent Forms 10-Q and 8-K's.

SYMM-F

Contact:
Dan Madden
VP Finance & Investor Relations
+1-408-428-7929
[email protected]


SYMMETRICOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)


















Three months ended


Nine months ended





April 1,


January 1,


March 27,


April 1,


March 27,





2012


2012


2011


2012


2011















Net revenue 



$60,438


$58,294


$51,234


$175,110


$147,457


Cost of sales:













     Cost of products and services



35,638


32,225


26,778


97,693


76,606


     Amortization of intangible assets



74


185


260


445


814


     Restructuring charges



65


674


1,330


1,156


8,987


         Total cost of sales



35,777


33,084


28,368


99,294


86,407


         Gross profit



24,661


25,210


22,866


75,816


61,050


         Gross margin



40.8%


43.2%


44.6%


43.3%


41.4%


Operating expenses:













     Research and development



7,129


6,548


6,717


20,575


20,061


     Selling, general and administrative



14,281


14,864


13,592


43,955


39,987


     Amortization of intangible assets



52


52


60


156


183


     Restructuring charges



(76)


103


(1,142)


123


(1,985)


          Total operating expenses



21,386


21,567


19,227


64,809


58,246


          Operating income



3,275


3,643


3,639


11,007


2,804


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



225


(296)


441


(5)


664


Interest expense



-


-


-


-


(55)


     Income from continuing operations before taxes



3,500


3,347


4,080


11,002


3,413


Income tax provision



1,296


902


1,095


3,604


810


     Income from continuing operations



2,204


2,445


2,985


7,398


2,603


Income from discontinued operations, net of tax



-


-


19


-


97


     Net income 



$  2,204


$  2,445


$  3,004


$    7,398


$    2,700















Earnings per share - basic:













    Income from continuing operations



$    0.05


$    0.06


$    0.07


$     0.18


$     0.06


    Income  from discontinued operations



-


-


-


-


-


Net income



$    0.05


$    0.06


$    0.07


$     0.18


$     0.06















Weighted average shares outstanding - basic



41,795


42,292


43,153


42,258


43,285















Earnings per share - diluted:













     Income from continuing operations



$    0.05


$    0.06


$    0.07


$     0.17


$     0.06


     Income from discontinued operations



-


-


-


-


-


Net income



$    0.05


$    0.06


$    0.07


$     0.17


$     0.06















Weighted average shares outstanding - diluted



42,615


42,762


43,859


42,937


43,853


SYMMETRICOM, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)
















April 1,


July 3,







2012


2011











ASSETS








Current assets:









Cash and cash equivalents



$  25,550


$  20,318



Short-term investments




35,957


43,340



Accounts receivable, net



40,408


40,511



Inventories




56,786


62,622



Prepaids and other current assets



18,184


14,004



     Total current assets




176,885


180,795


Property, plant and equipment, net



22,863


23,255


Acquisition assets




3,719


2,429


Deferred taxes and other assets



26,042


29,361



          Total assets




$ 229,509


$ 235,840











LIABILITIES AND STOCKHOLDERS' EQUITY






Current liabilities:









Accounts payable




$    9,995


$  16,113



Accrued compensation




11,909


13,743



Accrued warranty




1,898


1,601



Other accrued liabilities




11,190


14,683



     Total current liabilities



34,992


46,140


Long-term obligations




5,906


5,212


Deferred income taxes




334


334



     Total liabilities




41,232


51,686


Stockholders' equity:









Common stock




197,843


201,002



Accumulated other comprehensive income (loss)


(145)


(29)



Accumulated deficit




(9,421)


(16,819)



     Total stockholders' equity



188,277


184,154



          Total liabilities and stockholders' equity


$ 229,509


$ 235,840


SYMMETRICOM, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(unaudited)














Three months ended


Nine months ended



April 1,


January 1,


March 27,


April 1,


March 27,



2012


2012


2011


2012


2011


Reconciliation from GAAP to Non-GAAP 











GAAP Net income

$2,204


$   2,445


$   3,004


$  7,398


$   2,700













Non-GAAP adjustments:











Equity-based compensation expense:











     Cost of products and services

272


215


253


606


506


     Research and development

312


295


240


896


562


     Selling, general and administrative

1,154


1,170


1,055


3,079


2,050


Total equity-based compensation expense

1,738


1,680


1,548


4,581


3,118













Amortization of intangible assets:











     Cost of products and services

74


185


260


445


814


     Operating expenses

52


52


60


156


183


Total amortization of intangible assets

126


237


320


601


997













Restructuring charges

(11)


777


188


1,279


7,002


Manufacturing transition costs

-


-


798


-


2,839


Income tax effect of Non-GAAP adjustments

(793)


(934)


(586)


(2,263)


(4,314)


Non-GAAP Net income

$3,264


$   4,205


$   5,272


$11,596


$ 12,342













Earnings per share - diluted:











     GAAP Net income

$  0.05


$     0.06


$     0.07


$    0.17


$     0.06


     Non-GAAP Net income

$  0.08


$     0.10


$     0.12


$    0.27


$     0.28













Weighted average shares outstanding - diluted

42,615


42,762


43,859


42,937


43,853


SYMMETRICOM, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(In thousands, except per share amounts)

(unaudited)































Three months ended


Nine months ended





April 1,


January 1,


March 27,


April 1,


March 27,





2012


2012


2011


2012


2011















GAAP Revenue


$60,438


$58,294


$51,234


$175,110


$147,457















Reconciliation from GAAP to Non-GAAP Gross Profit:












GAAP Gross profit

(A)

$24,661


$25,210


$22,866


$  75,816


$  61,050



GAAP Gross margin


40.8%


43.2%


44.6%


43.3%


41.4%















Non-GAAP adjustments:













Equity-based compensation expense


272


215


253


606


506



Amortization of intangible assets


74


185


260


445


814



Restructuring charges


65


674


1,330


1,156


8,987



Manufacturing transition costs


-


-


798


-


2,839


Non-GAAP Gross profit

(B)

$25,072


$26,284


$25,507


$  78,023


$  74,196



Non-GAAP Gross margin


41.5%


45.1%


49.8%


44.6%


50.3%















Reconciliation from GAAP to Non-GAAP Operating Expense:












GAAP Operating expenses

(C)

$21,386


$21,567


$19,227


$  64,809


$  58,246



Operating expense % to revenue


35.4%


37.0%


37.5%


37.0%


39.5%















Non-GAAP adjustments:













Equity-based compensation expense


(1,466)


(1,465)


(1,295)


(3,975)


(2,612)



Amortization of intangible assets


(52)


(52)


(60)


(156)


(183)



Restructuring charges


76


(103)


1,142


(123)


1,985















Non-GAAP operating expenses

(D)

$19,944


$19,947


$19,014


$  60,555


$  57,436



Non-GAAP operating expenses % to revenue


33.0%


34.2%


37.1%


34.6%


39.0%















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












GAAP Operating income 

(A) - (C)

$  3,275


$  3,643


$  3,639


$  11,007


$    2,804



Operating income % to revenue


5.4%


6.2%


7.1%


6.3%


1.9%















Non-GAAP Operating income 

(B) - (D)

$  5,128


$  6,337


$  6,493


$  17,468


$  16,760



Operating income % to revenue


8.5%


10.9%


12.7%


10.0%


11.4%


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 July 1, 2012




Revenue


Earnings Per Share




From

To


From

To










GAAP Guidance

$56,000

$62,000


$0.04

$0.09










Estimated Non-GAAP Adjustments








Equity-based compensation expense




0.04

0.03



Amortization of intangible assets




0.01

0.01



Income tax effect of non-GAAP adjustments




(0.02)

(0.01)



Total Non-GAAP Adjustments




0.03

0.03










Non-GAAP Guidance

$56,000

$62,000


$0.07

$0.12

SOURCE Symmetricom, Inc.

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