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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 third quarter of 2012, ended September 30, 2012.
“For the third quarter, we met our revenue guidance of $31.4 million while achieving GAAP operating expenses of $21.1 million, below our guidance of $22 to $23 million,” said Dennis Bencala, CFO of Ikanos. “We continued to effectively manage our business and our cash position, which totaled approximately $33.4 million at quarter end, up slightly from the preceding quarter.”
Omid Tahernia, president and CEO, said, “We are very excited with the successful launch of our Velocity™-3 chipset solution, which positions Ikanos at the forefront of broadband momentum seen worldwide. As planned, we successfully demonstrated our NodeScale Vectoring reference system based on the Velocity-3 chipset. The tremendous reception of Velocity™-3 from carriers and OEMs underscores Ikanos’ understanding of the market, deployment models and challenges, and our momentum with this leadership chipset continues with delivery of samples to customers expected late this year.”
“Our Fusiv® family of CPE products continues to grow and now represents 33% of the company's revenue. In addition to support of key features like G. Vector and VDSL2 Bonding, we are working with our partners to enable connectivity to new, higher speed 802.11ac wireless solutions in our Fusiv® Vx185 and Vx175 communication processor families.”
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.