Opnext, Inc. (NASDAQ: OPXT), a global leader in the design and
manufacture of optical modules and components, today announced
unaudited financial results for the fourth fiscal quarter and full
year ended March 31, 2012.
Financial Highlights for the Fourth Fiscal Quarter Ended
March 31, 2012:
- Revenue of $67.6 million was up 27%
sequentially primarily due to improved demand for 40Gbps and above
products. Revenue was down 29% compared to the quarter ended March
31, 2011 primarily due to reduced 10Gbps production as a result of
the October 2011 Thailand flood. Production capacity for 10Gbps
products was back to pre-flood levels as of March 31, 2012.
- Revenue from sales of 40Gbps and above
products increased 59% compared to the quarter ended December 31,
2011 as demand improved across most 40Gbps and 100Gbps product
lines. Revenue from sales of 10Gbps and below products increased
10% compared to the quarter ended December 31, 2011 as production
capacity for 10Gbps products increased throughout the quarter.
- Cisco, FiberHome Technologies, and
Nokia Siemens Networks each represented 10% or more of total
revenue for the quarter ended March 31, 2012 and combined
represented 47% of total revenue.
- Gross margin of 7.5% was up 3.7
percentage points sequentially and down 12.1 percentage points
compared to the quarter ended March 31, 2011. Non-GAAP gross margin
of 15.7% was up 8.6 percentage points sequentially and down 5.6
percentage points compared to the quarter ended March 31, 2011. The
increase in non-GAAP gross margin relative to the quarter ended
December 31, 2011 primarily resulted from the overall revenue
increase, the increase in 40Gbps and above product revenue as a
percentage of total revenue, and lower excess and obsolete
inventory and product discontinuation charges. These benefits were
partially offset by lower average selling prices.
- GAAP R&D expense of $13.9 million
was $0.7 million higher, and Non-GAAP R&D expense of $13.3
million was $0.4 million higher, than in the quarter ended December
31, 2011 primarily due to the timing of prototype builds. GAAP
SG&A expense of $13.8 million was $0.9 million higher than in
the quarter ended December 31, 2011 and included $1.5 million of
transaction expenses incurred in connection with the merger
agreement entered into with Oclaro, Inc. on March 26, 2012.
Non-GAAP SG&A expense of $11.5 million was $0.7 million lower
than in the quarter ended December 31, 2011.
- EBITDA was negative $14.7 million
compared to negative $38.9 million for the quarter ended December
31, 2011 and positive $17.3 million for the quarter ended March 31,
2011. EBITDA for the quarter ended December 31, 2011 included $21.7
million of fixed asset impairment and damaged inventory charges
primarily resulting from the Thailand flood while EBITDA for the
quarter ended March 31, 2011 included a $21.4 million gain on the
sale of technological assets. Adjusted EBITDA for the quarter ended
March 31, 2012 was negative $10.4 million compared to negative
$16.0 million for the quarter ended December 31, 2011 and negative
$ 2.2 million for the quarter ended March 31, 2011.
- Cash used in operations was $5.2
million compared to $1.4 million used in the quarter ended December
31, 2011 and $2.1 million used in the quarter ended March 31,
2011.
- Cash and cash equivalents were $76.2
million at March 31, 2012. Net of short-term debt, cash and cash
equivalents were $58.1 million at March 31, 2012.
(unaudited, in millions, except per share amounts)
Fourth
Quarter
Ended
Mar. 31,
2012
Third
Quarter
Ended
Dec. 31,
2011
Fourth
Quarter
Ended
Mar. 31,
2011
Q4FY12
vs.
Q3FY12
Q4FY12
vs.
Q4FY11
10Gbps and Below $ 28.9 $ 26.2 $ 48.9 10.1% (40.9)% 40Gbps and
Above 32.0 20.2 38.2 58.8% (16.2)% Industrial and Commercial
6.7 6.7 8.2 0.4% (18.1)%
Total Revenue $ 67.6 $ 53.1 $ 95.3 27.4% (29.0)% GAAP Gross
Margin 7.5% 3.8% 19.6% 3.7% (12.1)% GAAP Operating Loss $ (21.0) $
(46.2) $ (12.0) $ 25.2 $ (9.0) GAAP Net Loss $ (21.8) $ (46.3) $
9.0 $ 24.5 $ (30.8) GAAP Diluted EPS $ (0.24) $ (0.51) $ 0.10 $
0.27 $ (0.34) EBITDA $ (14.7) $ (38.9) $ 17.3 $ 24.2 $ (32.0)
Non-GAAP Gross Margin 15.7% 7.1% 21.3% 8.6% (5.6)% Non-GAAP
Operating Loss $ (14.3) $ (21.5) $ (8.4) $ 7.2 $ (5.9) Non-GAAP Net
Loss $ (16.0) $ (21.6) $ (8.7) $ 5.6 $ (7.3) Non-GAAP Diluted EPS $
(0.18) $ (0.24) $ (0.10) $ 0.06 $ (0.08) Adjusted EBITDA $ (10.4) $
(16.0) $ (2.2) $ 5.6 $ (8.2)
Financial Highlights for the Fiscal Year Ended March 31,
2012
- Revenue of $299.8 million was down 16%
from $357.6 million for the fiscal year ended March 31, 2011 due to
lower revenue from sales of 10Gbps and below products, partially
offset by increased demand for 40Gbps and above products. The
decline in 10Gbps and below revenue was primarily due to the
reduced 10Gbps production capacity during the second half of the
fiscal year ended March 31, 2012 as a result of the October 2011
Thailand flood. 40Gbps and above revenue increased despite
production constraints during the quarter ended June 30, 2011
resulting from the March 2011 earthquake and tsunami in Japan.
- Cisco was the only customer that
represented 10% or more of total revenue for the year ended March
31, 2012.
- Gross margin of 14.9% was down 4.8
percentage points compared to the fiscal year ended March 31, 2011.
Non-GAAP gross margin of 18.4% was down 3.1 percentage points
compared to the fiscal year ended March 31, 2011. The decrease was
primarily due to the unfavorable impacts of the Thailand flood and
the Japan earthquake and tsunami on production volumes, a decline
in average selling prices, higher inventory charges and the
negative effects of fluctuations in foreign currency exchange
rates.
- GAAP R&D expense of $54.6 million
and Non-GAAP R&D expense of $52.9 million were each down $7.4
million compared to the fiscal year ended March 31, 2011, primarily
due to lower outsourcing service expenses associated with advanced
development programs. GAAP SG&A expense of $54.6 million was
down $3.7 million from the fiscal year ended March 31, 2011 and
Non-GAAP SG&A expense of $49.2 million was down $2.2 million
compared to fiscal year 2011.
- EBITDA was negative $53.1 million
compared to positive $0.6 million for the fiscal year ended March
31, 2011. Adjusted EBITDA for the fiscal year ended March 31, 2012
was negative $24.4 million compared to negative $11.7 million for
the fiscal year ended March 31, 2011.
- Cash used in operations was $10.2
million compared to $30.1 million used in the fiscal year ended
March 31, 2011.
(unaudited, in millions,
except per share amounts)
Fiscal Year
Ended Mar.
31, 2012
Fiscal Year
Ended Mar.
31, 2011
FY12
vs.
FY11
10Gbps and Below $ 150.4 $ 222.3 (32.4)% 40Gbps and Above 118.7
104.7 13.4% Industrial and Commercial 30.8
30.5 0.8% Total Revenue $ 299.8 $ 357.6 (16.2)% GAAP
Gross Margin 14.9% 19.7% (4.8)% GAAP Operating Loss $ (85.6) $
(51.8) $ (33.8) GAAP Net Loss $ (84.4) $ (31.8) $ (52.6) GAAP
Diluted EPS $ (0.93) $ (0.35) $ (0.58) EBITDA $ (53.1) $ 0.6 $
(53.7) Non-GAAP Gross Margin 18.4% 21.5% (3.1)% Non-GAAP
Operating Loss $ (47.1) $ (35.5) $ (11.6) Non-GAAP Net Loss $
(48.8) $ (37.0) $ (11.8) Non-GAAP Diluted EPS $ (0.54) $ (0.41) $
(0.13) Adjusted EBITDA $ (24.4) $ (11.7) $ (12.7)
Reconciliations between gross margin, operating loss and net
loss, R&D expense and SG&A expense on a GAAP basis and a
non-GAAP basis and net loss to EBITDA and Adjusted EBITDA are
provided in the tables appearing at the end of this release.
Market Observations
“Despite falling short of our revenue guidance, I am pleased
with the progress we made during the quarter,” said Harry Bosco,
Chairman and Chief Executive Officer of Opnext. “Demand for 40G and
above products was strong and resulted in $32 million of revenue.
In addition, we restarted 10G manufacturing in Thailand at
Fabrinet’s Pinehurst campus in February and returned to pre-flood
production capacity by March 31, 2012.”
“We were also very pleased to have entered into an agreement to
merge with Oclaro,” added Mr. Bosco. “The merger will create a new
industry leader in the fast-growing optical components and modules
market, bringing together over 30 years of combined telecom and
datacom optical technology innovation.”
“Turning now to our outlook for the June quarter, while we are
currently experiencing supply constraints that will impact our 40G
and above products, we expect to continue to recover displaced 10G
business now that our 10G production capacity is back online. Given
this, we anticipate that total revenue for the quarter ending June
30, 2012 will be between $70.0 million and $80.0 million,”
concluded Mr. Bosco.
Conference Call:
The Company’s management will conduct a conference call at 1:30
p.m. PT, today, Tuesday, May 15, 2012, to discuss these results in
detail. You may participate in this conference call by dialing
866-365-3198 (United States) or 702-928-6762 (International) prior
to the start of the call and providing the Opnext, Inc. name and
Conference ID# 77079524. A replay of the conference call can be
accessed starting approximately four hours after the call through
Tuesday, May 29, 2012, by dialing 855-859-2056 (United States) or
404-537-3406 (International) and using the Conference ID# 77079524.
A live webcast of the call will be accessible on the Investor
Relations section of the Company’s website at
http://www.opnext.com. A replay of the webcast will be available
following the conclusion of the call on the webcast archive page of
the Investor Relations section.
Forward-Looking Statements:
Statements made in this press release include forward-looking
statements, including, but not limited to, those related to future
revenues, expected supply constraints, expected recovery of
production capacity, expected orders for certain products,
management’s expectations with respect to the Company’s
initiatives, expectations related to the pending merger with
Oclaro, position for future growth, the general market outlook and
the outlook for the industry. These statements involve risks and
uncertainties that may cause actual results to differ materially
from those set forth in these statements. Among other things:
- projected results for the quarter
ending June 30, 2012, as well as the general outlook for the
future, are based on preliminary estimates, assumptions and
projections that management believes to be reasonable at this time,
but are beyond management’s control; and
- the market in which the Company
operates is volatile, implementation of operating strategies may
not achieve the desired impact relative to changing market
conditions and the success of these strategies will depend on the
effective implementation of our strategies while minimizing
organizational disruption.
Other factors that could cause the Company’s future, including
future financial position and results from operations, to differ
from current expectations include: uncertainty surrounding the
ongoing impact of the flooding in Thailand; the possibility that
available insurance and contractual protections might be inadequate
to fully compensate the Company for its losses in connection with
the flooding in Thailand; the ongoing impact of the earthquake and
tsunami in Japan; the impact of natural events such as severe
weather or earthquakes in other locations in which Opnext, its
customers, its contract manufacturers, or its suppliers operate;
the impact of rapidly changing technologies; the impact of
competition on product development and pricing; the success of the
Company’s research and development efforts; the ability of the
Company to source critical parts and to react to changes in general
industry and market conditions, including regulatory developments;
expenses associated with, and the outcome of, pending litigation
against the Company; rights to intellectual property; market trends
and the adoption of industry standards; the ability of the Company
to close the merger with Oclaro in a timely manner or at all; the
ability of the Company to realize the value from the acquisition of
StrataLight Communications, Inc.; and consolidations within or
affecting the optical modules and components industry. These
factors are not intended to be an all-encompassing list of risks
and uncertainties that may affect the Company’s business.
Additional information regarding these and other factors can be
found in the Company’s reports filed with the Securities and
Exchange Commission, including under “Risk Factors,” “Management’s
Discussion and Analysis of Financial Condition and Results of
Operations,” and “Forward-Looking Statements” in the Company’s
Annual Report on Form 10-K filed on June 14, 2011, as amended, as
well as the Company’s press releases and other periodic filings
with the Securities and Exchange Commission. In providing
forward-looking statements, the Company expressly disclaims any
obligation to update these statements, publicly or otherwise,
whether as a result of new information, future events or otherwise,
except to comply with applicable federal and state securities
laws.
Additional Information and Where to Find It
In connection with the proposed business combination involving
Oclaro and Opnext, Oclaro and Opnext have filed and plan to file
documents regarding the proposed transaction with the SEC,
including the filing by Oclaro on May 8, 2012 of a Registration
Statement on Form S-4 containing a Joint Proxy
Statement/Prospectus. Investors and security holders are urged to
carefully read the Joint Proxy Statement/Prospectus and other
documents filed with the SEC by Oclaro and Opnext as they contain
important information about the proposed transaction. Investors and
security holders may obtain copies of the documents filed with the
SEC on Oclaro’s website at www.oclaro.com, Opnext’s website at
www.opnext.com or the SEC’s website at www.sec.gov. Opnext and its
directors and executive officers may be deemed participants in the
solicitation of proxies with respect to the proposed transaction.
Information regarding the interests of these directors and
executive officers in the proposed transaction is included in the
Joint Proxy Statement/Prospectus described above. Additional
information regarding the directors and executive officers of
Opnext is also included in Opnext’s proxy statement for its 2012
Annual Meeting of Stockholders, which was filed with the SEC on
January 26, 2012.
(OPXT-G)
About Opnext:
Opnext (NASDAQ:OPXT) is the optical technology partner of choice
supplying systems providers and OEMs worldwide with one of the
industry's largest portfolios of 10Gbps and higher next generation
optical products and solutions. The Company's industry expertise,
future-focused thinking and commitment to research and development
combine in bringing to market the most advanced technology to the
communications, defense, security and biomedical industries. Formed
out of Hitachi, Opnext has built on more than 30 years of
experience in advanced technology to establish its broad portfolio
of solutions and solid reputation for excellence in service and
delivering value to its customers. For additional information,
visit www.opnext.com.
Opnext, Inc. Condensed Consolidated Balance
Sheets (in thousands)
March 31, 2012
March 31, 2011 Assets (unaudited)
Current assets: Cash and cash equivalents $ 76,232 $ 100,284 Trade
receivables, net 53,844 70,701 Inventories 98,489 118,588 Prepaid
expenses and other current assets
8,269
7,458 Total current assets 236,834 297,031 Property,
plant, and equipment, net 48,282 59,992 Purchased intangibles
10,241 17,076 Other assets
218
258 Total assets
$ 295,575
$ 374,357 Liabilities and
shareholders’ equity Current liabilities: Trade payables $
54,531 $ 63,383 Accrued expenses 24,421 23,771 Short-term debt
18,101 18,055 Capital lease obligations
14,667
13,513 Total current liabilities 111,720
118,722 Capital lease obligations 16,497 12,554 Other long-term
liabilities
8,130 6,855
Total liabilities
136,347
138,131 Total shareholders’ equity
159,228 236,226 Total liabilities
and shareholders’ equity
$ 295,575
$ 374,357 Opnext,
Inc. Unaudited Condensed Consolidated Statements of
Operations (in thousands, except per share data)
Three months
ended
March
31,
Twelve months
ended
March
31,
2012
2011
2012
2011
Revenues $ 67,647 $ 95,348 $ 299,827 $ 357,641 Cost of sales
61,145 75,200 249,405 281,418 Amortization of acquired developed
technology
1,445
1,445 5,780
5,780 Gross margin 5,057 18,703 44,642 70,443
Research and development expenses 13,882 15,559 54,561 62,039
Selling, general and administrative expenses 13,765 14,485 54,609
58,258 Amortization of purchased intangibles 29 342 1,055 1,368
Flood related (recoveries) and impairments and other non-flood
related charges
(1,594 )
339 20,055
578 Operating loss (21,025 ) (12,022 ) (85,638
) (51,800 ) Gain on sale of technology assets, net 928 21,436 3,006
21,436 Interest expense, net (182 ) (209 ) (838 ) (823 ) Other
(expense) income, net
(1,537 )
(140 ) (701
) (494 ) (Loss)
income before income taxes (21,816 ) 9,065 (84,171 ) (31,681 )
Income tax benefit (expense)
1
(30 ) (182
) (151 ) Net (loss)
income
$ (21,815 )
$ 9,035 $
(84,353 ) $
(31,832 ) Net (loss) income per share:
Basic $ (0.24 ) $ 0.10 $ (0.93 ) $ (0.35 ) Diluted $ (0.24 ) $ 0.10
$ (0.93 ) $ (0.35 ) Weighted average number of shares used in
computing net (loss) income per share: Basic 90,360 89,964 90,267
89,904 Diluted 90,360 91,974 90,267 89,904
Opnext,
Inc. Unaudited Condensed Consolidated Statements of Cash
Flows (in thousands)
Three months
ended
March
31,
Twelve months
ended
March
31,
2012
2011
2012
2011
Cash flows from operating activities Net (loss) income $
(21,815 ) $ 9,035 $ (84,353 ) $ (31,832 ) Adjustments to reconcile
net (loss) income to net cash used in operating activities:
Depreciation and amortization 5,424 6,266 23,349 24,330
Amortization of purchased intangibles 1,474 1,787 6,835 7,148
Stock-based compensation expense associated with equity awards
1,043 1,856 5,512 8,167 Gain on sale of technology assets, net (928
) (21,436 ) (3,006 ) (21,436 ) Flood related (recoveries) and
impairments and other non-flood related charges (1,594 ) 339 20,055
578 Changes in net current assets excluding cash and cash
equivalents
11,218
34 21,420
(17,008 ) Net cash used in operating
activities (5,178 ) (2,119 ) (10,188 ) (30,053 )
Cash flows from
investing activities Capital expenditures (1,813 ) (2,280 )
(7,029 ) (8,605 ) Proceeds from sale of technology assets, net 928
21,436 3,006 21,436 Proceeds from disposal of property and
equipment
- -
148 - Net
cash (used in) provided by investing activities (885 ) 19,156
(3,875 ) 12,831
Cash flows from financing activities
Payments on capital lease obligations (2,658 ) (2,439 ) (9,532 )
(10,964 ) Payments on short-term debt - (2,389 ) - (5,822 )
Restricted shares repurchased (37 ) - (182 ) - Exercise of stock
options
- 239
113 294 Net
cash used in financing activities (2,695 ) (4,589 ) (9,601 )
(16,492 ) Effect of foreign exchange rates on cash and cash
equivalents
(225 )
399 (388 )
1,355 (Decrease)/Increase in cash and
cash equivalents (8,983 ) 12,847 (24,052 ) (32,359 ) Cash and cash
equivalents at beginning of period
85,215
87,437
100,284 132,643 Cash
and cash equivalents at end of period
$
76,232 $ 100,284
$ 76,232 $
100,284 Non-cash financing
activities Capital lease obligations incurred $ (10,335 ) $
(940 ) $ (14,867 ) $ (10,395 )
Opnext Non-GAAP Financial Measures
Management excludes certain charges and expenses from its gross
margin and operating loss GAAP financial measures and excludes
certain gains and losses on assets from its GAAP net income (loss)
financial measures for the purpose of assessing the Company's
operating performance. Accordingly, the Company provides these
non-GAAP measures as supplemental information, in addition to the
GAAP presentation, in an effort to provide greater transparency and
insight into management's method of analysis. The Company also
provides non-GAAP net income (loss) and net income (loss) per share
financial measures to demonstrate the impact of its non-GAAP
operating performance measures on these financial measures.
Our non-GAAP financial measures exclude the following items for
the reasons set forth below:
Amortization of intangible assets: In connection with the
acquisition of StrataLight Communications, Inc. (“StrataLight”),
the Company acquired certain intangible assets related to developed
product technology, order backlog and customer relationships, all
of which were recorded at fair-value. The useful lives of the
intangible assets range up to five years and the intangible assets
are being amortized on a straight-line basis over their respective
useful lives. The Company believes these acquisition-related
expenses are not indicative of its core operating performance.
Stock-based compensation expense: Depending upon the
size, timing and the terms of stock-based awards, the related
non-cash compensation expense may vary significantly. The Company
believes these non-cash expenses are not indicative of its core
operating performance.
Restructuring costs: Subsequent to the acquisition of
StrataLight, effective April 1, 2009, the Company relocated its
corporate headquarters from Eatontown, NJ, to Fremont, CA, and
during the quarter ended March 31, 2009, began to incur
workforce-related charges, such as severance payments, retention
bonuses and employee relocation costs related to a formal
restructuring plan and building costs for facilities not required
for ongoing operations. The Company believes these
acquisition-related expenses are not indicative of its core
operating performance.
Gain on sale of technology assets, net: On February 9,
2011, Opnext Subsystems, Inc., a wholly owned subsidiary of the
Company, entered into an asset purchase agreement with Juniper
Networks, Inc. to sell certain technology assets related to modem
Application Specific Integrated Circuits used for long
haul/ultra-long optical transmission for $26 million, $23.5 million
of which was paid simultaneously with the execution of the asset
purchase agreement and $2.5 million of which was paid on May 6,
2011. The Company believes that the proceeds and the related gains
from the sale of these assets are not indicative of its core
operating performance.
Flood related expenses: As a result of the October 2011
flooding in Thailand, the Company recorded charges of $4.7 million
during the fiscal year ended March 31, 2012 for direct expenses
associated with managing the flood-related recovery plan, product
requalification and manufacturing inefficiencies. The Company
believes these flood-related expenses are not indicative of its
core operating performance.
Flood related (recoveries) and impairments and other
non-flood related charges: As a result of the October 2011
flooding in Thailand, the Company recorded charges during the
fiscal year ended March 31, 2012 of $9.3 million for damaged
inventory (net of recoveries) and $9.7 million of impaired fixed
assets for items located at Fabrinet's Chokchai facility. In
addition, during the fiscal year ended March 31, 2012, the Company
recorded $1.1 million of impairment charges on capitalized software
expenses deemed not usable in the future. The Company believes
these flood and non-flood related impairment and charges are not
indicative of its core operating performance.
Merger related expenses: During the quarter ended March
31, 2012, the Company recorded $1.5 million of transaction costs in
connection with the merger agreement entered into with Oclaro, Inc.
on March 26, 2012. The Company believes these merger-related
expenses are not indicative of its core operating performance.
Opnext, Inc. Reconciliation of GAAP Measures to
Non-GAAP Measures (in thousands, except per share data)
Three
Months
Ended
Dec. 31,
2011
Three Months Ended Twelve Months Ended
March 31,
2012
March 31,
2011
March 31,
2012
March 31,
2011
GAAP gross margin $ 5,057 $ 18,703 $ 44,642 $ 70,443 $ 1,998
GAAP gross margin % 7.5% 19.6% 14.9% 19.7% 3.8% Gross margin
adjustments: Amortization of acquired developed technology $ 1,445
$ 1,445 $ 5,780 $ 5,780 $ 1,445 Cost of sales adjustments:
Stock-based compensation expense 102 133 455 570 105 Flood related
expenses 4,003 - 4,227 - 224 Restructuring costs - -
- 28 - Total cost of sales adjustments $ 4,105
$ 133 $ 4,682 $
598
$ 329 Non-GAAP gross margin $ 10,607 $ 20,281 $ 55,104 $ 76,821 $
3,772 Non-GAAP gross margin % 15.7% 21.3% 18.4% 21.5% 7.1%
GAAP research and development expense $ (13,882) $
(15,559) $ (54,561) $ (62,039) $ (13,193) Stock-based compensation
expense 328 364 1,426 1,496 291 Flood related expenses 210 - 210 -
- Restructuring costs - - - 209
- Total research and development adjustments $ 538 $ 364 $ 1,636 $
1,705 $ 291 Non-GAAP research and development expense $ (13,344) $
(15,195) $ (52,925) $ (60,334) $ (12,902) GAAP
operating loss $ (21,025) $ (12,022) $ (85,638) $ (51,800) $
(46,215) GAAP operating loss % (31.1)% (12.6)% (28.6)% (14.5)%
(87.1)% Operating loss adjustments: Flood related (recoveries)
impairment and charges $ (1,594) $ - $ 20,059 $ - $ 21,653
Amortization of acquired developed technology 1,445 1,445 5,780
5,780 1,445 Amortization of purchased intangibles 29 342 1,055
1,368 342 Total cost of sales adjustments 4,105 133 4,682 598 329
Total research and development adjustments 538 364 1,636 1,705 291
Selling, general and administrative adjustments: Stock-based
compensation expense $ 613 $ 1,363 $ 3,628 $ 6,105 $ 543
Flood-related expenses 127 - 268 - 141 Merger-related expenses
1,480 - 1,480 - - Restructuring costs - 5 -
709 - Total selling, general and administrative
adjustments $
2,220
$ 1,368 $ 5,376 $ 6,814 $ 684 Non-GAAP operating loss $ (14,282) $
(8,370) $ (47,050) $ (35,535) $ (21,471) Non-GAAP operating loss %
(21.1)% (8.8)% (15.7)% (9.9)% (40.5)% GAAP net (loss)
income $ (21,815) $ 9,035 $ (84,353) $ (31,832) $ (46,336) GAAP net
(loss) income % (32.2)% 9.5% (28.1)% (8.9)% (87.3)% GAAP net (loss)
income per share: Basic and diluted $ (0.24) $ 0.10 $ (0.93) $
(0.35) $ (0.51) Weighted average shares used in computing GAAP net
(loss) income per share: Basic 90,360 89,964 90,267 89,904 90,304
Diluted 90,360 91,974 90,267 89,904 90,304 Net (loss) income
adjustments: Flood-related (recoveries) impairment and charges $
(1,594) $ - $ 20,059 $ - $ 21,653 Amortization of acquired
developed technology 1,445 1,445 5,780 5,780 1,445 Amortization of
purchased intangibles 29 342 1,055 1,368 342 Gain on sale of
technology assets, net (928) (21,436) (3,006) (21,436) - Total cost
of sales adjustments 4,105 133 4,682
598
329 Total research and development adjustments
538
364 1,636 1,705 291 Total selling, general & administrative
adjustments 2,220 1,368 5,376 6,814
684 Non-GAAP net loss $ (16,000) $ (8,749) $ (48,771) $
(37,003) $ (21,592) Non-GAAP net loss % (23.7)% (9.2)% (16.3)%
(10.3)% (40.7)% Non-GAAP net loss per share: Basic and diluted $
(0.18) $ (0.10) $ (0.54) $ (0.41) $ (0.24) Weighted average shares
used in computing Non-GAAP net loss per share: Basic and diluted
90,360 89,964 90,267 89,904 90,304
EBITDA and Adjusted EBITDA
Earnings before interest, taxes, depreciation and amortization
("EBITDA") is calculated as net loss excluding the impact of net
interest expense, income tax expense (benefit), depreciation and
amortization of property, plant and equipment and amortization of
purchased intangibles. Adjusted EBITDA represents EBITDA excluding
the charges and expenses set forth in the table below. Such charges
and expenses are excluded from EBITDA internally when evaluating
our operating performance to permit a more meaningful comparison
between our core business operating results over different periods
of time as well as to those of other similar companies. Management
believes that EBITDA and Adjusted EBITDA, when viewed with the
Company's GAAP results and the accompanying reconciliation, provide
useful information about operating performance and
period-over-period results, and provide additional information that
is useful to investors in evaluating the operating performance of
our core business without regard to potential distortions.
Additionally, management believes that EBITDA and Adjusted EBITDA
permit investors to gain an understanding of the factors and trends
affecting our ongoing cash earnings from which capital investments
are made and debt is serviced. However, EBITDA and Adjusted EBITDA
are not measures of financial performance or liquidity under GAAP
and, accordingly, should not be considered as alternatives to net
income (loss) or cash flow from operating activities as indicators
of operating performance or liquidity. The table below provides a
reconciliation of net income (loss), EBITDA and Adjusted
EBITDA.
Three Months Ended Twelve Months Ended
Three Months
Ended
Dec. 31,
2011
Mar. 31, Mar. 31, Mar. 31, Mar. 31,
2012 2011 2012 2011 Earnings before
interest, taxes, depreciation and amortization: Net (loss) income –
GAAP $ (21,815 ) $ 9,035 $ (84,353 ) $ (31,832 ) $ (46,336 )
Depreciation and amortization of property, plant and equipment
5,424 6,266 23,349 24,330 5,359 Amortization of purchased
intangibles 1,474 1,787 6,835 7,148 1,787 Interest expense, net 182
209 838 823 228 Income tax expense (benefit) (1 ) 30
182 151 29 EBITDA
$ (14,736 ) $ 17,327 $ (53,149 ) $ 620 $ (38,933 ) Flood-related
expenses 4,340 - 4,705 - 365 Merger-related expenses 1,480 - 1,480
- - Stock-based compensation expense 1,043 1,860 5,509 8,171 939
Restructuring costs - 5 - 946 - Gain on sale of technology assets,
net (928 ) (21,436 ) (3,006 ) (21,436 ) - Flood-related
(recoveries) impairment and charges (1,594 ) -
20,059 - 21,653 Adjusted
EBITDA $ (10,395 ) $ (2,244 ) $ (24,402 ) $ (11,699 ) $ (15,976 )
Opnext, Inc. (MM) (NASDAQ:OPXT)
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Opnext, Inc. (MM) (NASDAQ:OPXT)
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