Symmetricom Reports Preliminary Revenue and EPS Information for the Second Quarter of Fiscal 2011
January 11 2011 - 7:30AM
Business Wire
Symmetricom®, Inc. (NASDAQ:SYMM) today provided preliminary
revenue and preliminary earnings per share information for the
second quarter of fiscal 2011 ended December 26, 2010.
Second quarter revenue is expected to range from approximately
$40.0 to $42.5 million, a revision from previous revenue guidance
of $52 to $57 million. The decreased revenue is due to product
supply and fulfillment delays associated with the company’s
transition to an outsourced manufacturing and logistics model.
Symmetricom ceased manufacturing all products in Puerto Rico in
December 2010 and expects to complete the transition in the third
quarter, as previously disclosed.
The company’s order volume was at expected levels for the
quarter and ending backlog is expected to be $63 to $65 million,
higher than originally anticipated. The company expects to ship
delayed backlog and return to normal shipment patterns in the third
quarter of fiscal 2011.
As a result of this updated revenue information, the company
expects a GAAP loss for the second quarter of fiscal 2011 in the
range of $(0.08) to $(0.11) per share and non-GAAP earnings in the
range of $0.00 to $0.03 per share. A reconciliation of GAAP and
non-GAAP guidance is provided at the end of this press release.
The company expects to report second quarter financial results
during the week of January 31, 2011. The revenue and earnings per
share information stated above is preliminary and subject to
adjustment, and this release does not present all information
necessary for an understanding of the company’s financial position
and results of operations as of and for its second quarter of
fiscal 2011.
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:
www.symmetricom.com.
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 acquired intangibles, restructuring
charges, and costs related to its Puerto Rico manufacturing
transition that the company does not consider indicative of its
ongoing performance. The income tax effect after these non-GAAP
adjustments was 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.
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 preliminary second quarter financial information,
management’s expectations regarding the timing of delayed backlog
shipments, the timing of the completion of the transition of Puerto
Rico manufacturing operations, and 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’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: reduced rates of demand
for telecommunication products, cable products or test and
measurement products, reduced rates or changes in government
spending patterns, customers’ ability and need to upgrade existing
equipment, the company’s ability to maintain or reduce
manufacturing and operating costs, timing of orders, cancellation
or delay of customer orders, loss of customers, customer acceptance
of new products, recessionary pressures, geopolitical risks such as
terrorist acts 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 June 27, 2010 and subsequent Form 10-Q’s and
8-K’s.
SYMM-F
SYMMETRICOM, INC. RECONCILIATION
OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES TO
PROJECTED GAAP REVENUE AND EPS (In thousands, except per share
amounts) (Unaudited)
Three Months Ending
December 26, 2010 Revenue
Earnings / (Loss) Per Sharefrom Continuing
Operations
From To From To
GAAP Guidance $40,000 $42,500 ($0.11
) ($0.08 )
Estimated Non-GAAP Adjustments
Equity-based compensation expense $0.03 $0.03 Amortization of
intangible assets $0.01 $0.01 Integration and restructuring charges
$0.10 $0.10 Puerto Rico manufacturing transition $0.04 $0.04 Income
tax effect of non-GAAP adjustments ($0.07 )
($0.07 ) Total Non-GAAP Adjustments $0.11 $0.11
Non-GAAP Guidance $40,000
$42,500 $0.00 $0.03
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