IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
-------------------------------------------
March 30, December 29, March 31,
2014 2013 2013
------------- ------------- -------------
Revenue $ 14,513 $ 17,582 $ 26,152
Cost of revenue 7,436 8,806 12,196
------------- ------------- -------------
Gross profit 7,077 8,776 13,956
------------- ------------- -------------
Operating expenses:
Research and development 12,676 12,503 13,518
Selling, general and
administrative 4,821 4,589 4,772
------------- ------------- -------------
Total operating expenses 17,497 17,092 18,290
------------- ------------- -------------
Loss from operations (10,420) (8,316) (4,334)
Interest income and other,
net 242 (71) 82
------------- ------------- -------------
Loss before income taxes (10,178) (8,387) (4,252)
Provision for income taxes 127 246 164
------------- ------------- -------------
Net loss $ (10,305) $ (8,633) $ (4,416)
============= ============= =============
Basic and diluted net loss per
share $ (0.10) $ (0.10) $ (0.06)
============= ============= =============
Weighted average outstanding
shares:
Basic and diluted 98,749 85,648 70,413
============= ============= =============
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Operations
(In thousands, except per share data)
Three Months Ended March 30, 2014
--------------------------------------
As Non-GAAP
Reported Adjustments Non-GAAP
--------- ------------ ---------
Revenue $ 14,513 $ - $ 14,513
Cost of revenue 7,436 (2) (a) 7,314
(120) (b)
--------- ------------ ---------
Gross profit 7,077 (122) 7,199
--------- ------------ ---------
Operating expenses:
Research and development 12,676 (640) (a) 12,036
Selling, general and
administrative 4,821 (347) (a) 4,474
--------- ------------ ---------
Total operating expenses 17,497 (987) 16,510
--------- ------------ ---------
Loss from operations (10,420) 1,109 (9,311)
Interest income and other, net 242 - 242
--------- ------------ ---------
Loss before income taxes (10,178) 1,109 (9,069)
Provision for income taxes 127 - 127
--------- ------------ ---------
Net loss $ (10,305) $ 1,109 $ (9,196)
========= ============ =========
Net loss per share:
Basic and diluted $ (0.10) $ (0.09)
========= =========
Weighted average outstanding shares:
Basic and diluted 98,749 98,749
========= =========
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated
Statements of Operations
(In thousands, except per share data)
Three Months Ended March 31, 2013
--------------------------------------
As Non-GAAP
Reported Adjustments Non-GAAP
--------- ------------ ---------
Revenue $ 26,152 $ - $ 26,152
Cost of revenue 12,196 (1) (a) 12,075
(120) (b)
--------- ------------ ---------
Gross profit 13,956 (121) 14,077
--------- ------------ ---------
Operating expenses:
Research and development 13,518 (571) (a) 12,947
Selling, general and
administrative 4,772 (262) (a) 4,385
(125) (b)
--------- ------------ ---------
Total operating expenses 18,290 (958) 17,332
--------- ------------ ---------
Loss from operations (4,334) 1,079 (3,255)
Interest income and other, net 82 - 82
--------- ------------ ---------
Loss before income taxes (4,252) 1,079 (3,173)
Provision for income taxes 164 - 164
--------- ------------ ---------
Net loss $ (4,416) $ 1,079 $ (3,337)
========= ============ =========
Net loss per share:
Basic and diluted $ (0.06) $ (0.05)
========= =========
Weighted average outstanding shares:
Basic and diluted 70,413 70,413
========= =========
Notes: Three Months Ended
---------------------
March 30, March 31,
2014 2013
---------- ----------
(a) Stock-based compensation $ 989 $ 834
(b) Amortization of acquired intangible assets 120 245
---------- ----------
Total non-GAAP adjustments $ 1,109 $ 1,079
========== ==========
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
--------------------------------------
As Non-GAAP
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
--------- ------------- ---------
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
========= =========
Notes: Three Months
Ended
December
29,2013
-------------
(a) Stock-based compensation $ 923
(b) Amortization of acquired
intangible assets 120
-------------
Total non-GAAP adjustments $ 1,043
=============
IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
March 30, December 29, March 31,
2014 2013 2013
------------- ------------- -------------
Assets
Current assets:
Cash, cash equivalents and
short-term investments $ 33,660 $ 39,516 $ 31,565
Accounts receivable 10,962 15,892 10,441
Inventory 1,314 2,017 7,375
Prepaid expenses and other
current assets 3,075 3,245 3,684
------------- ------------- -------------
Total current assets 49,011 60,670 53,065
Property and equipment, net 8,666 8,612 8,281
Intangible assets, net 598 718 1,285
Other assets 1,949 1,952 2,556
------------- ------------- -------------
$ 60,224 $ 71,952 $ 65,187
============= ============= =============
Liabilities and Stockholders'
Equity
Current liabilities:
Revolving line $ 8,480 $ 12,000 $ 5,000
Accounts payable 5,919 4,692 3,494
Accrued liabilities 8,093 8,232 10,828
------------- ------------- -------------
Total current liabilities 22,492 24,924 19,322
Other liabilities 1,541 1,637 2,561
------------- ------------- -------------
Total liabilities 24,033 26,561 21,883
Stockholders' equity 36,191 45,391 43,304
------------- ------------- -------------
$ 60,224 $ 71,952 $ 65,187
============= ============= =============
