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Sequans Communications Announces Fourth Quarter And Full Year 2011 Financial Results

Stocks in this article: SQNS

Sequans Communications S.A. (NYSE: SQNS), a 4G chipmaker supplying LTE and WiMAX chips to equipment manufacturers for mobile operators worldwide, today announced financial results for the fourth quarter and the year ended December 31, 2011.

Fourth Quarter 2011 Highlights:

Revenues, gross margin and non-IFRS loss per share are in line with guidance.

Revenue: Revenue of $11.5 million decreased 56% sequentially from the third quarter of 2011 and decreased 50% compared to the fourth quarter of 2010. The primary reason for the decrease was the decline in sales to the Company’s largest customer, following changes in the WiMAX market in the United States.

Gross margin: Gross margin was 52.0% compared to 53.6% in the third quarter of 2011 and 50.4% in the fourth quarter of 2010.

Operating income (loss): Operating loss was $5.0 million compared to an operating profit of $1.9 million in the third quarter of 2011 and an operating profit of $0.6 million in the fourth quarter of 2010.

Net Profit (Loss): Net loss was $5.6 million, or ($0.16) per diluted share/ADS, compared to a net profit of $3.2 million, or $0.09 per diluted share/ADS in the third quarter of 2011 and a net loss of $2.8 million, or ($0.10) per diluted share/ADS in the fourth quarter of 2010.

Non-IFRS Net Profit (Loss): Excluding stock-based compensation and the change in the fair value of the option component of convertible notes, non-IFRS net loss was $4.3 million, or ($0.12) per diluted share/ADS, compared to a non-IFRS net profit of $2.8 million, or $0.08 per diluted share/ADS in the third quarter of 2011, and a non-IFRS net loss of $0.2 million, or ($0.01) per diluted share/ADS, in the fourth quarter of 2010.

Full Year 2011 Highlights:

Revenue of $93.7 million in 2011 increased 37% over 2010 revenue, while gross margin remained stable at 50.5% in 2011 compared to 51.0% in 2010.

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