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Ikanos Communications Announces Results For The Second Quarter Fiscal Year 2012
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Friday, July 27, 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 second quarter of 2012, ended July 1, 2012.
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"Ikanos met revenue guidance for the second quarter of 2012 with revenue of $32.1 million. GAAP operating expenses were $17.5 million, within our guidance. We continued to effectively manage the business and manage our cash position to approximately $33.1 million," said Dennis Bencala, chief financial officer of Ikanos. "Revenue in the quarter was driven by sales of Ikanos' broadband DSL and Communications Processor products including our next-generation platforms like the Fusiv® Vx185/183."
"Our Fusiv® family of Communications Processors continues to ramp and now represents 24% of the company's revenue. This family of processors is outpacing the competition in performance and in key integration such as VDSL2 Bonding. Our highly integrated NodeScale Vectoring Processors for the Central Office are in fab. We expect all chips in house in Q3," said Omid Tahernia, president and CEO. "We plan to demonstrate the complete chipset with full crosstalk cancellation and our NodeScale vectoring technology in Q4-2012. Our design-win momentum with this chipset continues with customers expecting samples late this year."
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 second quarter of 2012 was $32.1 million compared to revenue of $34.1 million for the second quarter of 2011 and revenue of $30.8 million for the first quarter of 2012. GAAP gross profit for the second quarter of 2012 was 47% compared to a GAAP gross profit of 48% for the second quarter of 2011 and GAAP gross profit of 52% for the first quarter of 2012. Second quarter 2012 cost of goods sold includes the current period expense of $1.3 million associated with a long-term strategic patent license agreement entered into this quarter.
Non-GAAP gross profit for the second quarter of 2012 was 49% compared to a non-GAAP gross profit of 50% for the second quarter of 2011 and non-GAAP gross profit of 54% for the first quarter of 2012.
GAAP operating expenses for the second quarter of 2012 were $17.5 million compared to GAAP operating expenses of $20.2 million for the second quarter of 2011 and GAAP operating expenses of $19.8 million for the first quarter of 2012.
Non-GAAP operating expenses for the second quarter of 2012 were $16.9 million compared to non-GAAP operating expenses of $19.4 million for the second quarter of 2011 and non-GAAP operating expenses of $17.8 million for the first quarter of 2012.
GAAP net loss for the second quarter of 2012 was $(3.0) million, or a loss of $(0.04) per share on 69.5 million weighted average shares, compared to a GAAP net loss for the second quarter of 2011 of $(3.8) million, or $(0.06) per share on 68.5 million weighted average shares, and a GAAP net loss of $(3.7) million, or $(0.05) per share on 69.3 million weighted average shares, for the first quarter of 2012.
Non-GAAP net loss for the second quarter of 2012 was $(1.9) million, or a loss of $(0.03) per share on 69.5 million weighted average shares, compared to a non-GAAP net loss of $(2.5) million, or $(0.04) per share on 68.5 million weighted average shares, in the second quarter of 2011 and a non-GAAP net loss of $(1.2) million, or $(0.02) per share on 69.3 million weighted average shares, for the first quarter of 2012.
Cash and cash equivalents at the end of the second quarter of 2012 were $33.1 million compared to $39.7 million at the end of the first quarter of 2012. Additionally, at the end of the second quarter of 2012 inventory was $7.4 million compared to $7.8 million at the end of the first quarter of 2012. Current liabilities at the end of the second quarter of 2012 were $21.3 million compared to $19.7 million at the end of the first quarter of 2012.
Outlook
Revenue is expected to be between $30 million and $32 million for the third quarter of 2012.
GAAP gross profit for the third quarter of 2012 is expected to be between 44% and 46%. Non-GAAP gross profit is expected to be between 46% and 48% for the third quarter of 2012. The third quarter gross profit is affected by a typical new product ramp with scheduled yield improvements over the next 1 to 2 quarters.
GAAP operating expenses for the third quarter of 2012 are expected to be in the range of $22 million to $23 million. Non-GAAP operating expenses are expected to be in the range of $21 million to $22 million for the third quarter of 2012. The second to third quarter OPEX increase is primarily attributed to our planned new product tape-out and engineering related expenses.
Second Quarter Conference Call
Management will review the second quarter financial results and its expectations for subsequent periods at a conference call on July 26, 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 (888) 684-1265 and enter conference ID 4985379. 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 October 24, 2012 by dialing (888) 203-1112 and entering conference ID 4985379.
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