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Sierra Wireless Reports Second Quarter 2012 Results

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands of U.S. dollars, except where otherwise stated)

(unaudited)

  Three months ended

June 30

    Six months ended

June 30

  2012   2011 2012   2011
Revenue $ 167,441 $ 139,888 $ 317,707 $ 284,163
Cost of goods sold 116,106 100,788 221,606 205,599
Gross margin 51,335 39,100 96,101 78,564
Expenses
Sales and marketing 11,190 11,326 23,051 23,594
Research and development 20,773 22,025 42,169 45,537
Administration 8,746 8,810 17,346 18,195
Acquisition costs 599 599
Restructuring 1,531 (350) 1,711 (25)
Integration 765 1,305
Amortization 2,275 2,794 4,662 5,642
  45,114 45,370 89,538 94,248
Earnings (loss) from operations 6,221 (6,270) 6,563 (15,684)
Foreign exchange gain (loss) 336 (221) 542 201
Other income (expense) 10 (13) (161) (53)
Earnings (loss) before income taxes 6,567 (6,504) 6,944 (15,536)
Income tax expense (recovery) 2,986 275 3,018 (924)
Net earnings (loss) 3,581 (6,779) 3,926 (14,612)
Net loss attributable to non-controlling interest (13) (57)
Net earnings (loss) attributable to the Company $ 3,581 $ (6,766) $ 3,926 $ (14,555)
Net earnings (loss) per share attributable to the Company’s common shareholders (in dollars)
 
Basic $0.12 $(0.22) $0.13 $(0.47)
Diluted $ 0.11 $ (0.22) $ 0.13 $ (0.47)
Weighted average number of shares outstanding

(in thousands)

Basic 31,082 31,267 30,996 31,252
Diluted 31,252 31,267 31,133 31,252




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