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Sierra Wireless Reports Third Quarter 2013 Results

SIERRA WIRELESS, INC.RECONCILIATION OF GAAP AND NON-GAAP RESULTS(Unaudited)

   
(in thousands of U.S. dollars, except where otherwise stated)                                            
 

2013
 

2012 (1)
 
Q3   Q2     Q1 Total   Q4   Q3   Q2   Q1
 
Gross margin - GAAP $ 37,346 $ 36,474 $ 33,378 $ 125,274 $ 36,233 $ 31,086 $ 30,081 $ 27,874
Stock-based compensation   117   95     75   304   61   82   78   83
Gross margin - Non-GAAP $ 37,463 $ 36,569   $ 33,453 $ 125,578 $ 36,294 $ 31,168 $ 30,159 $ 27,957
 
Loss from operations - GAAP $ (3,301) $ (3,932) $ (6,884) $ (22,206) $ (1,516) $ (6,728) $ (6,558) $ (7,404)
Stock-based compensation 2,145 2,013 1,655 5,781 1,470 1,462 1,403 1,446
Acquisition 139 3,182 387 2,196 599
Restructuring 14 26 117 2,251 42 498 1,531 180
Integration 27
Impairment of an asset in R&D 280
Acquisition related amortization   3,405   3,363     3,393   11,890   3,338   2,906   2,665   2,981
Earnings (loss) from operations - Non-GAAP $ 2,402 $ 1,470 $ (1,412) $ 898 $ 3,721 $ 334 $ (360) $ (2,797)
Amortization (excluding acquisition related amortization)   3,468   3,403     3,212   11,747   3,293   2,904   2,717   2,833
Adjusted EBITDA $ 5,870 $ 4,873   $ 1,800 $ 12,645 $ 7,014 $ 3,238 $ 2,357 $ 36
 
Net earnings (loss) from continuing operations - GAAP $ 1,075 $ (6,742) $ (7,938) $ (4,202) $ 15,523 $ (3,612) $ (8,868) $ (7,245)

Stock-based compensation, restructuring and other, integration,and acquisition related amortization, net of tax
5,760 5,393 5,355 22,241 5,162 6,885 5,658 4,536
Unrealized foreign exchange loss (gain) (2,457) (1,359) 1,874 (3,139) (1,655) (1,218) (165) (101)
Income tax adjustments   (895)   3,754       (15,344)   (14,540)   (804)    
Net earnings (loss) from continuing operations - Non-GAAP $ 3,483 $ 1,046   $ (709) $ (444) $ 4,490 $ 1,251 $ (3,375) $ (2,810)
 
Net earnings (loss) from discontinued operations - GAAP $ (505) $ 68,152 $ 1,863 $ 31,401 $ 4,083 $ 7,279 $ 12,449 $ 7,590
Stock-based compensation and disposition costs 1,402 876 1,733 2,395 1,696 233 233 233
Gain on sale of AirCard business   (49)   (69,077)              
Net earnings (loss) from discontinued operations - Non-GAAP $ 848 $ (49)   $ 3,596 $ 33,796 $ 5,779 $ 7,512 $ 12,682 $ 7,823
 
Net earnings (loss) - GAAP $ 570 $ 61,410 $ (6,075) $ 27,199 $ 19,606 $ 3,667 $ 3,581 $ 345
Net earnings (loss) - Non-GAAP 4,331 997 2,887 33,352 10,269 8,763 9,307 5,013
 
Diluted earnings (loss) from continuing operations per share
GAAP - (in dollars) $ 0.03 $ (0.22) $ (0.26) $ (0.14) $ 0.50 $ (0.12) $ (0.29) $ (0.23)
Non-GAAP - (in dollars) $ 0.11 $ 0.03 $ (0.02) $ (0.01) $ 0.15 $ 0.04 $ (0.11) $ (0.09)
 
Net earnings (loss) per share - diluted
GAAP - (in dollars) $ 0.02 $ 2.00 $ (0.20) $ 0.88 $ 0.64 $ 0.12 $ 0.12 $ 0.01
Non-GAAP - (in dollars) $ 0.14 $ 0.03   $ 0.09 $ 1.08 $ 0.33 $ 0.29 $ 0.30 $ 0.16
(1) Financial information has been retrospectively adjusted to reflect the presentation of the AirCard business as discontinued operations.

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