This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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

SMART Reports Third Quarter 2013 Financial Results

Stocks in this article: SMASMT

Gross profit for the third quarter of fiscal 2013 was $58.8 million, compared to $79.5 million in the prior-year period. Gross margin for the third quarter was 42%, compared to 43% for the same period last year. Gross margin was impacted by inventory provisions related to product line rationalization and an increase in our warranty provision for projectors.

Cash operating expenses decreased by $5.2 million, or 10%, from $54.6 million in the third quarter of fiscal 2012 to $49.4 million in the third quarter of fiscal 2013. Cash operating expenses are comprised of selling, marketing and administrative and research and development expenses, excluding stock-based compensation and bad debt expense.

Adjusted EBITDA for the third quarter of fiscal 2013 was $5.8 million, representing an Adjusted EBITDA margin of 4%, compared to $29.1 million or 15% in the prior-year period. Adjusted EBITDA margin is calculated by dividing Adjusted EBITDA by revenue after adding back the net impact of deferred revenue.

GAAP net loss was $50.9 million for the third quarter of fiscal 2013, compared to net income of $10.7 million in the prior-year period. GAAP net loss per share was $0.42 based on 120.9 million weighted-average shares outstanding, compared to net income of $0.09 per share based on 122.7 million weighted-average shares outstanding during the same period last year. The decrease during the quarter includes a $34.2 million goodwill impairment charge, $15.1 million in costs related to the restructuring we announced in December 2012, and a $2.0 million foreign exchange loss compared to a foreign exchange gain of $7.3 million for the same period in fiscal 2012.

Adjusted Net Loss for the third quarter of fiscal 2013 was $2.3 million, compared to Adjusted Net Income of $16.7 million in the same period last year. Adjusted Net Loss per share was $0.02 based on 120.9 million weighted-average shares outstanding, compared to Adjusted Net Income per share of $0.14 based on 122.7 million weighted-average shares outstanding for the third quarter of fiscal 2012.

2 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 16,655.07 +193.75 1.18%
S&P 500 1,947.62 +20.51 1.06%
NASDAQ 4,426.37 +43.5230 0.99%

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