[To view a PDF of this press release including financial tables, click here]
Recent Highlights
- Successfully launched Velocity?-3, integrating Ikanos NodeScale? technology, at Broadband World Forum 2012
- Q3 revenue of $31.4 million
- GAAP net loss of $(6.4) million, or $(0.09) per share, for Q3
- Q3 ending cash, cash equivalents and short-term investments of $33.4 million
- Regained NASDAQ listing compliance
FREMONT, Calif., October, 25, 2012 ? 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 third quarter of 2012, ended September 30, 2012.
?For the third quarter, we met our revenue guidance of $31.4 million while achieving GAAP operating expenses of $21.1 million, below our guidance of $22 to $23 million,? said Dennis Bencala, CFO of Ikanos. ??We continued to effectively manage our business and our cash position, which totaled approximately $33.4 million at quarter end, up slightly from the preceding quarter.?
Omid Tahernia, president and CEO, said, ?We are very excited with the successful launch of our Velocity?-3 chipset solution, which positions Ikanos at the forefront of broadband momentum seen worldwide. As planned, we successfully demonstrated our NodeScale Vectoring reference system based on the Velocity-3 chipset. The tremendous reception of Velocity?-3 from carriers and OEMs underscores Ikanos? understanding of the market, deployment models and challenges, and our momentum with this leadership chipset continues with delivery of samples to customers expected late this year.?
?Our Fusiv? family of CPE products continues to grow and now represents 33% of the company?s revenue. ?In addition to support of key features like G. Vector and VDSL2 Bonding, we are working with our partners to enable connectivity to new, higher speed 802.11ac wireless solutions in our Fusiv? Vx185 and Vx175 communication processor families.?
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.
Revenue for the third quarter of 2012 was $31.4 million, compared to revenue of $35.4 million for the third quarter of 2011 and revenue of $32.1 million for the second quarter of 2012. GAAP gross profit for the third quarter of 2012 was 47%, compared to a GAAP gross profit of 50% for the third quarter of 2011 and GAAP gross profit of 47% for the second quarter of 2012.
Non-GAAP gross profit for the third quarter of 2012 was 48%, compared to a non-GAAP gross profit of 52% for the third quarter of 2011 and non-GAAP gross profit of 49% for the second quarter of 2012.
GAAP operating expenses for the third quarter of 2012, which included forecasted product tape-out expenses, were $21.1 million, compared to GAAP operating $19.9 million for the third quarter of 2011 and $17.5 million for the second quarter of 2012.
Non-GAAP operating expenses for the third quarter of 2012 were $20.2 million, compared to non-GAAP operating expenses of $18.8 million for the third quarter of 2011 and non-GAAP operating expenses of $16.9 million for the second quarter of 2012.
GAAP net loss for the third quarter of 2012 was $(6.4) million, or a loss of $(0.09) per share on 69.8 million weighted average shares outstanding, compared to a GAAP net loss for the third quarter of 2011 of $(2.2) million, or $(0.03) per share on 68.8 million weighted average shares, and a GAAP net loss of $(3.0) million, or $(0.04) per share on 69.5 million weighted average shares, for the second quarter of 2012.
Non-GAAP net loss for the third quarter of 2012 was $(5.1) million, or a loss of $(0.07) per share on 69.8 million weighted average shares, compared to a non-GAAP net loss of $(0.5) million, or $(0.01) per share on 68.8 million weighted average shares, for the third quarter of 2011 and a non-GAAP net loss of $(1.9) million, or $(0.03) per share on 69.5 million weighted average shares, for the second quarter of 2012.
Cash, cash equivalents, and short-term investments at the end of the third quarter of 2012 were $33.4 million compared to $33.1 million at the end of the second quarter of 2012. Additionally, at the end of the third quarter of 2012, inventory was $6.4 million compared to $7.4 million at the end of the second quarter of 2012. Current liabilities at the end of the third quarter of 2012 were $28.1 million, compared to $21.3 million at the end of the second quarter of 2012. During the third quarter of 2012, current liabilities include an accounts receivable backed, revolving line of credit advance of $5.0 million.
Outlook
Revenue is expected to be between $31 million and $32 million for the fourth quarter of 2012.
GAAP gross profit for the fourth quarter of 2012 is expected to be between 48% and 50%. Non-GAAP gross profit is expected to continue to improve to between 50% and 52% for the fourth quarter of 2012.? GAAP operating expenses for the fourth quarter of 2012 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 the fourth quarter of 2012. ?GAAP net loss for the fourth quarter of 2012 is expected to be in the range of approximately $(3.1) million to $(5.2) million, or a GAAP loss per share of $(0.04) to $(0.07).? Non-GAAP net loss is expected to be in the range of approximately $(1.5) million to $(3.6) million, or a non-GAAP loss per share of $(0.02) to $(0.05).
Third Quarter Conference Call
Management will review the third quarter financial results and its expectations for subsequent periods at a conference call on October 25, 2012 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 (800) 289-0493 and enter conference ID 7767643. 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 January 23, 2013 by dialing (888) 203-1112 and entering conference ID 7767643.
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.
? 2012 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 leadership position, outlook such as our expected revenue, gross profits, operating expenses, 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 cu1stomers, 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 July 1, 2012 filed with the SEC on August 2, 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.
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