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Dialogic Inc. Reports Fourth Quarter And Full Year 2012 Financial Results

GAAP Financial Tables

           
Dialogic Inc.
Consolidated Statements of Operations (GAAP)
(In thousands, except per share data)
 
Three Months Ended December 31,   Twelve Months Ended December 31,
  2012       2011       2012       2011  
Revenue:
Products $ 28,980 $ 38,660 $ 121,229 $ 157,088
Services   8,932       11,352       38,740       40,996  
Total revenue   37,912       50,012       159,969       198,084  
 
Cost of revenue:
Products 10,483 15,753 48,521 60,990
Services   4,445       5,207       19,712       21,422  
Total cost of revenue   14,928       20,960       68,233       82,412  
Gross profit   22,984       29,052       91,736       115,672  
 
Operating expenses:
Research and development, net 9,326 12,300 42,785 54,562
Sales and marketing 9,521 12,464 41,456 54,293
General and administrative 7,414 8,369 31,180 35,921
Restructuring charges   2,270       793       7,030       7,214  
Total operating expenses   28,531       33,926       122,451       151,990  
Loss from operations (5,547 ) (4,874 ) (30,715 ) (36,318 )
 
Other income (expense):
Interest and other income (expense), net 85 76 180 73
Interest expense (1,894 ) (4,789 ) (10,730 ) (18,016 )
Change in fair value of warrants 2,932 - 5,086 -
Foreign exchange loss, net   (331 )     118       (1,378 )     (266 )
Total other income (expense), net   792       (4,595 )     (6,842 )     (18,209 )
Loss before provision (benefit) for income taxes (4,755 ) (9,469 ) (37,557 ) (54,527 )
Income tax (benefit) provision   (91 )     (306 )     213       282  
Net loss $ (4,664 )   $ (9,163 )   $ (37,770 )   $ (54,809 )
 
Net loss per share - basic and diluted $ (0.32 ) $ (1.46 ) $ (4.04 ) $ (8.75 )
Weighted average shares of common stock used in
calculation of net loss per share - basic and diluted   14,409       6,289       9,341       6,265  
 
       
Dialogic Inc.
Consolidated Balance Sheets
(In thousands, except share and per share data)
 
December 31,
  2012       2011  
ASSETS
Current assets:
Cash and cash equivalents $ 6,501 $ 10,353
Restricted cash 900 1,497
Accounts receivable, net of allowance of $1,217 and $3,622, respectively 34,248 47,460
Inventory 8,306 20,127
Prepaid expenses 4,639 3,580
Other current assets   4,354       5,577  
Total current assets 58,948 88,594
Property and equipment, net 5,978 7,947
Intangible assets, net 25,089 33,267
Goodwill 31,223 31,223
Other assets   2,147       2,311  
Total assets $ 123,385     $ 163,342  
 
LIABILITIES AND STOCKHOLDERS' DEFICIT
Current liabilities:
Accounts payable $ 16,994 $ 21,569
Accrued liabilities 21,270 22,449
Deferred revenue, current portion 12,742 14,872
Bank indebtedness 11,717 12,509
Income taxes payable 1,007 1,665
Interest payable, related parties   -       3,452  
Total current liabilities 63,730 76,516
Long-term debt, related parties, net of discount 66,536 94,675
Warrants 1,985 -
Other long-term liabilities   8,978       7,587  
Total liabilities   141,229       178,778  
Commitments and contingencies
Preferred stock, $0.001 par value:
Authorized - 10,000,000 shares; Issued and outstanding - 1 share - -
Stockholders' deficit:
Common stock, $0.001 par value:
Authorized - 200,000,000 shares; Issued and outstanding 14,415,652 and 6,295,230 shares, respectively 14 6
Additional paid-in capital 257,658 222,087
Accumulated other comprehensive loss (22,423 ) (22,206 )
Accumulated deficit   (253,093 )     (215,323 )
Total stockholders' deficit   (17,844 )     (15,436 )
Total liabilities and stockholders' deficit $ 123,385     $ 163,342  
 

Use of Non-GAAP Financial Measures

Some of the measures in this press release are non-GAAP financial measures within the meaning of the SEC Regulation G. Dialogic believes that presenting non-GAAP Adjusted EBITDA is useful to investors, because it reflects the operating performance of Dialogic. Dialogic management uses these non-GAAP measures as important indicators of the company's past performance and in planning and forecasting performance in future periods. Dialogic considers EBITDA, as adjusted, an important measure of its ability to generate cash flows to fund operating activities, service debt, fund capital expenditures and fund other corporate investing and financing activities. EBITDA, as adjusted, eliminates the non-cash effect of tangible asset depreciation and amortization of intangible assets and stock-based compensation, as well as certain nonrecurring expenses. EBITDA should be considered in addition to, rather than as a substitute for, pre-tax income, net income and cash flows from operating activities. The non-GAAP financial information Dialogic presents may not be comparable to similarly-titled financial measures used by other companies, and investors should not consider non-GAAP financial measures in isolation from, or in substitution for, financial information presented in compliance with GAAP. You are encouraged to review the reconciliation of GAAP financial measures to non-GAAP financial measures included elsewhere in this press release.

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