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Sierra Wireless Reports Second Quarter 2012 Results

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands of U.S. dollars)

(unaudited)
  Equity attributable to the Company  

Common stock   Treasury Shares  
 

 

# of

shares
   

 

 

$

 

# of

shares
   

 

 

$

Additional paid-in

capital
 

 

 

Deficit
  Accumulated

other

comprehensive income (loss)
Non-controlling interest

(deficit)
 

 

 

Total
Balance as at December 31, 2010 31,222,786 $ 327,668 643,042 $ (3,908) $ 16,926 $ (33,167) $ (5,471) $ 1,139 $ 303,187
Purchase of Wavecom S.A. shares (796) 42 (1,033) (1,787)
Stock option exercises 83,906 772 (253) 519
Stock-based compensation 6,449 6,449
Purchase of treasury shares for RSU distribution 613,638 (4,472) (4,472)
Distribution of vested RSUs (379,121) 2,239 (2,239)
Net loss (29,315) (57) (29,372)
Foreign currency translation adjustments, net of tax        

 

(2,571)
  (49)   (2,620)
Balance as at December 31, 2011 31,306,692 $ 328,440 877,559 $ (6,141) $ 20,087 $ (62,482) $ (8,000) $ $ 271,904
 
Common share cancellation (800,000) (6,312) (6,312)
Stock option exercises 55,384 393 (124) 269
Stock-based compensation 3,315 3,315
Purchase of treasury shares for RSU distribution 336,638 (2,489) (2,489)
Distribution of vested RSUs (488,642) 3,392 (3,392)
Net earnings 3,926 3,926
Foreign currency translation adjustments, net of tax           (1,341)     (1,341)
Balance as at June 30, 2012 30,562,076 $ 322,521 725,555 $ (5,238) $ 19,886 $ (58,556) $ (9,341) $ $ 269,272

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)

(unaudited)
   

Three months ended June 30

 
     

Six months ended June 30

 
    2012     2011   2012     2011
Cash flows provided (used) by:
Operating activities
Net earnings (loss) $ 3,581 $ (6,779) $ 3,926 $ (14,612)
Items not requiring (providing) cash
Amortization 6,731 8,456 13,713 17,068
Stock-based compensation 1,636 1,697 3,315 3,329
Deferred income taxes (843) (2,219) (1,873) (2,219)
Loss (gain) on disposal of property, plant and equipment (33) 41 126 33
Changes in non-cash working capital
Accounts receivable (5,027) 9,447 (4,414) 21,667
Inventories (2,307) 665 917 1,999
Prepaid expenses and other (3,677) 3,624 (2,961) 2,503
Accounts payable and accrued liabilities 28,557 2,302 21,472 (11,016)
Deferred revenue and credits   (178)   (50)   (658)   (92)
Cash flows provided by operating activities   28,440   17,184   33,563   18,660
Investing activities
Purchase of Wavecom S.A. shares (1,505) (1,505)
Additions to property, plant and equipment (4,957) (6,600) (8,560) (8,562)
Proceeds from sale of property, plant and equipment 3 2 64 15
Increase in intangible assets (567) (1,216) (1,338) (1,957)
Net change in short-term investments   (2,151)   7,089   7,194   8,935
Cash flows used by investing activities   (7,672)   (2,230)   (2,640)   (3,074)
Financing activities
Issuance of common shares, net of share issue costs 255 259 269 465
Repurchase of common shares (3,275) (6,312)
Purchase of treasury shares for RSU distribution (1,502) (2,489)
Repayment of long-term obligations   (13)   11   (655)   (627)
Cash flows provided (used) by financing activities   (4,535)   270   (9,187)   (162)
Effect of foreign exchange rate changes on cash and cash equivalents   153   264   48   818
Cash and cash equivalents, increase in the period 16,386 15,488 21,784 16,242
Cash and cash equivalents, beginning of period   106,773   86,197   101,375   85,443
Cash and cash equivalents, end of period $ 123,159 $ 101,685 $ 123,159 $ 101,685

Supplemental disclosures:
Net Income taxes paid (received) $ 518 $ (1,943) $ 940 $ (1,759)
Net interest paid (received)   (87)   54   (44)   (53)

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