This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

GigOptix Reports Record Third Quarter Fiscal 2012 Financial Results

(TABLES TO FOLLOW)

 
GIGOPTIX, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
       
September 30, December 31, Net Change
2012 2011 $ %
ASSETS (Unaudited)
Current assets:
Cash and cash equivalents $ 12,315 $ 15,788 $ (3,473 ) (22 %)
Short-term investments - 400 (400 ) (100 %)
Accounts receivable, net 6,676 5,625 1,051 19 %
Inventories 4,064 2,220 1,844 83 %
Prepaid and other current assets   272     298     (26 ) (9 %)
Total current assets 23,327 24,331 (1,004 ) (4 %)
Property and equipment, net 4,554 4,488 66 1 %
Intangible assets, net 4,523 5,281 (758 ) (14 %)
Goodwill 9,860 9,860 - 0 %
Restricted cash 255 255 - 0 %
Other assets   269     309     (40 ) (13 %)
Total assets $ 42,788   $ 44,524   $ (1,736 ) (4 %)
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,662 $ 3,183 $ 479 15 %
Accrued compensation 1,023 832 191 23 %
Line of credit 4,911 3,000 1,911 64 %
Other current liabilities   4,485     4,945     (460 ) (9 %)
Total current liabilities 14,081 11,960 2,121 18 %
Pension liabilities 130 65 65 100 %
Other long-term liabilities   722     1,185     (463 ) (39 %)
Total liabilities   14,933     13,210     1,723   13 %
 
Stockholders' Equity
Common stock, $0.001 par value; 50,000,000 shares authorized as of September 30, 2012 and December 31, 2011; 22,059,728 and 21,545,713 shares issued and outstanding as of September 30, 2012 and December 31, 2011, respectively 22 22 - 0 %
Additional paid-in capital 122,178 118,362 3,816 3 %
Treasury stock, at cost - 701,754 and zero shares as of September 30, 2012 and
December 31, 2011, respectively. (2,209 ) - (2,209 )
Accumulated other comprehensive income 242 423 (181 ) (43 %)
Accumulated deficit   (92,378 )   (87,493 )   (4,885 ) 6 %
Total stockholders' equity   27,855     31,314     (3,459 ) (11 %)
Total liabilities and stockholders' equity $ 42,788   $ 44,524   $ (1,736 ) (4 %)
 
 

GIGOPTIX, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)
(Unaudited)
               
Three months ended Nine months ended
September 30,

 

October 2,

 

September 30,

 

October 2,

 

Revenue 2012

%

2011

%

2012

%

2011

%

Product $ 10,054 100 % $ 8,363 100 % $ 28,793 100 % $ 23,016 97 %
Government contract   -   0 %   -   0 %   -   0 %   628   3 %
Total revenue   10,054   100 %   8,363   100 %   28,793   100 %   23,644   100 %
Cost of revenue
Product 4,853 48 % 3,709 44 % 13,568 47 % 11,158 47 %
Government contract   -   0 %   -   0 %   -   0 %   180   1 %
Total cost of revenue   4,853   48 %   3,709   44 %   13,568   47 %   11,338   48 %
Gross profit   5,201   52 %   4,654   56 %   15,225   53 %   12,306   52 %
Research and development expense 3,395 34 % 3,633 43 % 10,223 36 % 9,097 38 %
Selling, general and administrative expense 2,816 28 % 2,769 33 % 8,775 30 % 8,091 34 %
Restructuring expense, net - 0 % 769 9 % 93 0 % 3,823 16 %
Merger-related expense - 0 % 74 1 % - 0 % 1,959 8 %
Special litigation-related expense 576 6 % 255 3 % 929 3 % 275 1 %
Shareholder settlement expense   -   0 %   -   0 %   -   0 %   1,064   5 %
Total operating expenses   6,787   68 %   7,500   90 %   20,020   70 %   24,309   103 %
Loss from operations (1,586 ) -16 % (2,846 ) -34 % (4,795 ) -17 % (12,003 ) -51 %
Interest expense, net (38 ) 0 % (97 ) -1 % (231 ) -1 % (240 ) -1 %
Other income, net   183   2 %   (131 ) -2 %   240   1 %   (61 ) 0 %
Loss before provision for income taxes (1,441 ) -14 % (3,074 ) -37 % (4,786 ) -17 % (12,304 ) -52 %
Provision for income taxes   (65 ) -1 %   -   0 %   (99 ) 0 %   (12 ) 0 %
Net loss $ (1,506 ) -15 % $ (3,074 ) -37 % $ (4,885 ) -17 % $ (12,316 ) -52 %
 
Basic and diluted net loss per share $ (0.07 ) $ (0.14 ) $ (0.23 ) $ (0.78 )

Weighted average number of shares used in per share calculations - basic and diluted

21,276 21,511 21,445 15,888
 
 
GIGOPTIX, INC.
NON-GAAP CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
               
Three months ended Nine months ended
September 30,

 

October 2,

 

September 30,

 

October 2,

 

Revenue 2012

%

2011

%

2012

%

2011

%

Product $ 10,054 100 % $ 8,363 100 % $ 28,793 100 % $ 23,016 97 %
Government contract   -   0 %   -   0 %   -   0 %   628   3 %
Total revenue   10,054   100 %   8,363   100 %   28,793   100 %   23,644   100 %
Cost of revenue
Product 4,645 46 % 3,368 40 % 13,058 45 % 10,612 45 %
Government contract   -       -   0 %   -   0 %   180   1 %
Total cost of revenue   4,645   46 %   3,368   40 %   13,058   45 %   10,792   46 %
Gross profit   5,409   54 %   4,995   60 %   15,735   55 %   12,852   54 %
Research and development expense 3,071 31 % 3,341 40 % 8,997 31 % 8,292 35 %
Selling, general and administrative expense   1,855   18 %   2,138   26 %   6,109   21 %   6,299   27 %
Total operating expenses   4,926   49 %   5,479   66 %   15,106   52 %   14,591   62 %
Income (loss) from operations 483 5 % (484 ) -6 % 629 2 % (1,739 ) -7 %
Interest expense, net (38 ) 0 % (97 ) -1 % (231 ) -1 % (240 ) -1 %
Other income, net   183   2 %   (131 ) -2 %   240   1 %   (61 ) 0 %
Income (loss) before provision for income taxes 628 6 % (712 ) -9 % 638 2 % (2,040 ) -9 %
Provision for income taxes   (65 ) -1 %   -   0 %   (99 ) 0 %   (12 ) 0 %
Net income (loss) $ 563   6 % $ (712 ) -9 % $ 539   2 % $ (2,052 ) -9 %
 
Basic net income (loss) per share $ 0.03 $ (0.03 ) $ 0.03 $ (0.13 )
Diluted net income (loss) per share $ 0.02 $ (0.03 ) $ 0.02 $ (0.13 )
 
Weighted average number of shares used in basic per share calculation 21,276 21,511 21,445 15,888
Weighted average number of shares used in diluted per share calculation 22,576 21,511 22,891 15,888
 
 
GIGOPTIX, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
       
Three months ended, Nine months ended,
September 30, October 2, September 30, October 2,
2012 2011 2012 2011
GAAP Total cost of revenue $ 4,853 $ 3,709 $ 13,568 $ 11,338
Stock-based compensation (85 ) (14 ) (143 ) (41 )
Amortization of intangible assets (123 ) (327 ) (367 ) (498 )
Merger-related costs   -     -     -     (7 )
Non-GAAP Total cost of revenue $ 4,645   $ 3,368   $ 13,058   $ 10,792  
 
GAAP Gross profit $ 5,201 $ 4,654 $ 15,225 $ 12,306
Stock-based compensation 85 14 143 41
Amortization of intangible assets 123 327 367 498
Merger-related costs   -     -     -     7  
Non-GAAP Gross profit $ 5,409   $ 4,995   $ 15,735   $ 12,852  
 
 
GAAP - Operating expenses $ 6,787 $ 7,500 $ 20,020 $ 24,309
Stock-based compensation (1,155 ) (793 ) (3,501 ) (2,279 )
Amortization of intangible assets (130 ) (130 ) (391 ) (325 )
Restructuring expense, net - (769 ) (93 ) (3,823 )
Merger-related expense - (74 ) - (1,952 )
Shareholder settlement expense - - - (1,064 )
Special litigation-related expense   (576 )   (255 )   (929 )   (275 )
Non-GAAP Operating expenses $ 4,926   $ 5,479   $ 15,106   $ 14,591  
 
GAAP Loss from operations $ (1,586 ) $ (2,846 ) $ (4,795 ) $ (12,003 )
Stock-based compensation 1,240 807 3,644 2,320
Amortization of intangible assets 253 457 758 823
Restructuring expense, net - 769 93 3,823
Shareholder settlement expense - - - 1,064
Merger-related expense - 74 - 1,959
Special litigation-related expense   576     255     929     275  
Non-GAAP Income (loss) from operations $ 483   $ (484 ) $ 629   $ (1,739 )
 
GAAP - Net loss $ (1,506 ) $ (3,074 ) $ (4,885 ) $ (12,316 )
Stock-based compensation 1,240 807 3,644 2,320
Amortization of intangible assets 253 457 758 823
Restructuring expense, net - 769 93 3,823
Shareholder settlement expense - - - 1,064
Merger-related expense - 74 - 1,959
Special litigation-related expense   576     255     929     275  
Non-GAAP Net Income (loss) $ 563   $ (712 ) $ 539   $ (2,052 )
 
 
Adjusted EBITDA reconciliation:
Loss from operations $ (1,586 ) $ (2,846 ) $ (4,795 ) $ (12,003 )
Restructuring expense, net - 769 93 3,823
Shareholder settlement expense - - - 1,064
Merger-related expense - 74 - 1,959
Depreciation and amortization 1,031 1,230 3,085 2,495
Stock-based compensation 1,240 807 3,644 2,320
Special litigation-related expense   576     255     929     275  
Adjusted EBITDA $ 1,261   $ 289   $ 2,956   $ (67 )




4 of 5

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,031.14 +43.63 0.26%
S&P 500 1,984.13 -1.41 -0.07%
NASDAQ 4,518.9020 -48.6960 -1.07%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs