Exhibit 99.1
GigOptix Reports Solid Fourth Quarter and Fiscal Year 2011 Financial Results
Company Reports Record Revenue and Product Revenue Growth of 37% in 2011, and Closes Year with $16.2 million in Cash
San Jose, CA (February 28, 2012) GigOptix, Inc. (OTCQX: GGOX), a leading fabless supplier of semiconductor and optical components that enable high speed information streaming, today announced its financial results for the fourth quarter and fiscal year ended December 31, 2011.
For the fourth quarter of 2011, product revenue, which does not include government contract revenue, increased 31% to $8.6 million dollars, up from $6.6 million in the fourth quarter of 2010. Total revenue, which included significant government contract revenue in 2010, increased 3% sequentially and 6% over the same period of the prior year. GAAP net loss was $1.8 million, or $(0.08) per share, including $286,000 in amortization of intangible assets, $647,000 in stock based compensation, $218,000 in special litigation-related expenses and a $373,000 in impairment of long-lived assets. This compares to a GAAP net loss of $3.1 million, or $(0.14) per share, reported in the third quarter of 2011, and a GAAP net loss of $355,000, or $(0.03) per share, reported in the same period of the prior year.
On a non-GAAP basis1, excluding the above mentioned charges, net loss for the fourth quarter of 2011 was $414,000, or $(0.02) per share. This compares to a non-GAAP net loss of $712,000, or $(0.03) per share, for the third quarter of 2011, and non-GAAP net income of $588,000, or $0.05 per share, reported in the same period of the prior year.
Adjusted EBITDA1 for the fourth quarter of 2011 was $346,000, compared to $289,000 in the third quarter of 2011 and $1.3 million in the same period of the prior year.
For fiscal year 2011, product revenue increased 37% to $31.6 million dollars, up from $23.1 million in 2010. Total revenue, including government contracts, increased 20% to $32.3 million. GAAP net loss was $14.1 million, or $(0.82) per share, including $1.1 million in amortization of intangibles, $3.0 million in stock based compensation, $3.7 million in restructuring expenses, $493,000 in special litigation related expenses, $1.1 million in shareholder settlement expenses, $2.0 million in merger-related expenses and $373,000 in impairment of long-lived assets. This compares to a GAAP net loss of $4.4 million, or $(0.41) per share, reported in 2010.
As part of its annual audit, which has yet to be completed, GigOptix determined that certain additional expenses, including restructuring expenses incurred and booked by Endwave Corporation, should have been included in the second quarter of 2011 GigOptix income statement. GigOptix previously reported that it was treating these liabilities incurred by Endwave for its restructuring activities in conjunction with the June 2011 GigOptix acquisition of Endwave as assumed restructuring liabilities of GigOptix, but did not also book these as separate expenses of GigOptix. Upon review, GigOptix has concluded that restructuring charges, which GigOptix currently believes to be in the amount of $3.1 million, booked on Endwave’s books in anticipation of the acquisition prior to the close of the deal, should have also been booked to operating expense in the second quarter of 2011 GigOptix income statement. Besides the change on the income statement, GigOptix currently believes the restructuring liabilities assumed and the goodwill acquired from Endwave each are reduced in the amount of $2.1 million, the restructuring liabilities incurred by GigOptix are increased by $2.1 million and the additional paid-in capital of GigOptix is increased by $1.0 million, all as reflected as adjustments to the second quarter of 2011 GigOptix balance sheet. The changes to the balance sheet are also reflected as adjustments to the third quarter 2011 GigOptix balance sheet. The adjustments have no effect on the fourth quarter results, cash and cash equivalents or other tangible assets. The 2011 financial results disclosed here by GigOptix reflect the adjustments described above. Both the financial results and the adjustments described above remain subject to audit. As part of the Current Report on Form 8-K filed today with the Securities and Exchange Commission, GigOptix has included updated unaudited financial tables for the second and third quarters of 2011 which include the above adjustments.
On a non-GAAP basis, net loss for fiscal year 2011 was $2.5 million, or $(0.14) per share, based on 17.3 million weighted average shares outstanding for the period, which compares to a non-GAAP net loss of $498,000, or $(0.05) per share, based on 10.7 million weighted average shares outstanding in 2010.
Adjusted EBITDA1 for fiscal 2011 was $279,000, compared to $2.5 million in fiscal 2010. GigOptix closed fiscal year 2011 with $16.2 million in cash and investments.
Executive Commentary
“The fourth quarter marked the close to a strong 2011 where GigOptix made substantial progress at growing revenue both organically and overall and in stabilizing our balance sheet,” commented Dr. Avi Katz, chairman and chief executive officer of GigOptix. “On the product development front, we made significant progress with our 40G and 100G products and are now addressing cutting edge telecom and datacom market opportunities with many new products released to qualification and production in 2011. We also continue to move downstream into larger volume markets, from telecom to datacom, last-mile wireless capabilities and consumer electronics with our latest SiGe drivers and TIA production releases, and with our CMOS devices and electro-optics interface designs that we are planning to bring to the market this year.”
“As we enter 2012, we are expecting revenue growth of approximately 30% over the prior year. We are experiencing strong demand for our optical products, and are currently bringing to market next generation products such as our 100G TFPS modulators, and ramping production of our 40G and 100G drivers and TIAs. As an example, we have just booked an order from a Tier-1 Telcom lead OEM for $2.8 million for our latest 100G coherent driver for long distance communication applications, all to be delivered during the first six months of 2012. We believe in the long-term opportunity for our business, are building an industry leading market position and continue to focus on translating our market leadership into long-term shareholder value.”
| 1 | Non-GAAP Measures—GigOptix reports gross margin, operating income and net income on a GAAP and non-GAAP basis. In addition, it reports adjusted EBITDA. A reconciliation of these GAAP to non-GAAP measurements and adjusted EBITDA for the three months and fiscal years ended December 31, 2011 and 2010 can be found in the “Reconciliation of GAAP to Non-GAAP Financial Information” table attached to this press release. |
Financial Results Webcast / Conference Call
GigOptix will host a conference call and webcast with investors today at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss the fourth quarter and fiscal year 2011 financial results and the business outlook. Investors and other interested parties may access the call by dialing1-800-299-7089in the U.S. (1-617-801-9714outside of the U.S.) and entering the pass code86449352at least 10 minutes prior to the start of the call. The conference call replay will be available beginning two hours after the call and until midnight Eastern Time on March 2, 2012. The replay dial-in number is 1-888-286-8010, and the pass code is85164810. International callers should dial 1-617-801-6888 and enter the same pass code at the prompt. Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties on the Investor Relations section of the Company’s website athttp://www.gigoptix.com.
About GigOptix, Inc.
GigOptix is a leading supplier of semiconductor andoptical components that enable high-speed information streaming and address emerging high-growth opportunities in the communications, industrial, defense and avionics industries. The Company offers a broad portfolio of high performance MMIC solutions that enable next generation wireless microwave systems up to 90GHz and drivers, TIAs andTFPSTM optical modulators for 40G and 100G fiber-optic telecommunications and data-communications networks. GigOptix also offers a wide range of digital and mixed-signal ASIC solutions and enables product lifetime extension through its GigOptixSunset Rescue Program.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the bringing of products to market with full documentation. Such statements contain words such as “will,” and “expect,” or the negative thereof or comparable terminology, and include (without limitation) statements regarding growth, opportunities, continued traction, contracts, and improvement and our statements under the heading “Business Outlook.” Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks include, but are not limited to: factors that may affect the integration and results of GigOptix’s merger with Endwave, unexpected occurrences that deter the full documentation and “bring to market” plan for products that were developed this year and last year, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, our ability to attract and retain qualified personnel, the ability to compete for client design-in opportunities, the ability to cross-sell to new clients and to diversify, the success of product sales in new markets or of recently produced product offerings, including bundled product solutions, the amount of cost savings, the ability to improve productivity, the ability to pursue and attract other M&A opportunities, further adjustment to the Endwave restructuring expenses, and the ability to maintain and continue relationships with government agencies. Additional factors that could cause actual results to differ are discussed under the heading “Risk Factors” and in other sections of the company’s filings with the SEC, and in the company’s other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the company as of the date hereof, and the company assumes no obligation to update any forward-looking statement.
Media:
GigOptix, Inc.
Parker Martineau, 408-522-3100
Corporate Communications Manager
pmartineau@gigoptix.com
or
Investor Relations:
The Blueshirt Group, LLC
Matthew Hunt, 415-489-2194
Account Manager
matt@blueshirtgroup.com
(TABLES TO FOLLOW)
####
GIGOPTIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Three months ended | | | Twelve months ended | |
| | | December 31,
2011 | | | % | | | December 31,
2010 | | | % | | | December 31,
2011 | | | % | | | December 31,
2010 | | | % | |
Revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product | | $ | 8,624 | | | | 100 | % | | $ | 6,580 | | | | 81 | % | | $ | 31,640 | | | | 98 | % | | $ | 23,070 | | | | 86 | % |
Government contract | | | — | | | | 0 | % | | | 1,520 | | | | 19 | % | | | 628 | | | | 2 | % | | | 3,806 | | | | 14 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total revenue | | | 8,624 | | | | 100 | % | | | 8,100 | | | | 100 | % | | | 32,268 | | | | 100 | % | | | 26,876 | | | | 100 | % |
Cost of revenue | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Product | | | 4,317 | | | | 50 | % | | | 3,301 | | | | 41 | % | | | 15,475 | | | | 48 | % | | | 11,629 | | | | 43 | % |
Government contract | | | — | | | | | | | | 365 | | | | 5 | % | | | 180 | | | | 1 | % | | | 922 | | | | 3 | % |
Impairment of long-lived asset | | | 373 | | | | 4 | % | | | — | | | | 0 | % | | | 373 | | | | 1 | % | | | — | | | | 0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total cost of revenue | | | 4,690 | | | | 54 | % | | | 3,666 | | | | 45 | % | | | 16,028 | | | | 50 | % | | | 12,551 | | | | 47 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 3,934 | | | | 46 | % | | | 4,434 | | | | 55 | % | | | 16,240 | | | | 50 | % | | | 14,325 | | | | 53 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Research and development expense | | | 3,165 | | | | 37 | % | | | 2,603 | | | | 32 | % | | | 12,262 | | | | 38 | % | | | 8,659 | | | | 32 | % |
Selling, general and administrative expense | | | 2,396 | | | | 28 | % | | | 1,928 | | | | 24 | % | | | 10,487 | | | | 32 | % | | | 8,889 | | | | 33 | % |
Restructuring expense | | | (114 | ) | | | -1 | % | | | — | | | | | | | | 3,709 | | | | 11 | % | | | 388 | | | | 1 | % |
Merger-related expense | | | — | | | | | | | | — | | | | | | | �� | 1,959 | | | | 6 | % | | | — | | | | | |
Special litigation-related expense | | | 218 | | | | 3 | % | | | — | | | | | | | | 493 | | | | 2 | % | | | — | | | | | |
Shareholder settlement expense | | | — | | | | | | | | — | | | | | | | | 1,064 | | | | 3 | % | | | — | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 5,665 | | | | 66 | % | | | 4,531 | | | | 56 | % | | | 29,974 | | | | 93 | % | | | 17,936 | | | | 67 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss from operations | | | (1,731 | ) | | | -20 | % | | | (97 | ) | | | -1 | % | | | (13,734 | ) | | | -43 | % | | | (3,611 | ) | | | -13 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest expense | | | (107 | ) | | | -1 | % | | | (115 | ) | | | -1 | % | | | (347 | ) | | | -1 | % | | | (450 | ) | | | -2 | % |
Other income (expense), net | | | 58 | | | | 1 | % | | | (115 | ) | | | -1 | % | | | (3 | ) | | | 0 | % | | | (248 | ) | | | -1 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Loss before provision for income taxes | | | (1,780 | ) | | | -21 | % | | | (327 | ) | | | -4 | % | | | (14,084 | ) | | | -44 | % | | | (4,309 | ) | | | -16 | % |
Provision for income taxes | | | (44 | ) | | | -1 | % | | | (28 | ) | | | 0 | % | | | (56 | ) | | | 0 | % | | | (51 | ) | | | 0 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss | | | (1,824 | ) | | | -21 | % | | | (355 | ) | | | -4 | % | | | (14,140 | ) | | | -44 | % | | | (4,360 | ) | | | -16 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share - basic and diluted | | $ | (0.08 | ) | | | | | | $ | (0.03 | ) | | | | | | $ | (0.82 | ) | | | | | | $ | (0.41 | ) | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares used in per share calculations - basic and diluted | | | 21,528 | | | | | | | | 12,203 | | | | | | | | 17,279 | | | | | | | | 10,689 | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
GIGOPTIX, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
| | | | | | | | | | | | | | | | |
| | | December 31,
2011 | | | December 31,
2010 | | | Net Change | |
| | | | | $ | | | % | |
| | | Unaudited | | | | | | | | | | |
| ASSETS | | | | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | | | | |
Cash and cash equivalents | | $ | 15,788 | | | $ | 4,502 | | | $ | 11,286 | | | | 251 | % |
Short-term investments | | | 400 | | | | — | | | | 400 | | | | | |
Accounts receivable, net | | | 5,625 | | | | 5,366 | | | | 259 | | | | 5 | % |
Inventories | | | 2,220 | | | | 1,609 | | | | 611 | | | | 38 | % |
Prepaid and other current assets | | | 298 | | | | 405 | | | | (107 | ) | | | (26 | %) |
| | | | | | | | | | | | | | | | |
Total current assets | | | 24,331 | | | | 11,882 | | | | 12,449 | | | | 105 | % |
Property and equipment, net | | | 4,488 | | | | 3,717 | | | | 771 | | | | 21 | % |
Intangible assets, net | | | 5,281 | | | | 3,861 | | | | 1,420 | | | | 37 | % |
Goodwill | | | 9,860 | | | | 7,407 | | | | 2,453 | | | | 33 | % |
Restricted cash | | | 255 | | | | 356 | | | | (101 | ) | | | (28 | %) |
Other assets | | | 309 | | | | 653 | | | | (344 | ) | | | (53 | %) |
| | | | | | | | | | | | | | | | |
Total assets | | $ | 44,524 | | | $ | 27,876 | | | $ | 16,648 | | | | 60 | % |
| | | | | | | | | | | | | | | | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | | | | |
Accounts payable | | $ | 3,183 | | | $ | 2,960 | | | $ | 223 | | | | 8 | % |
Accrued and other current liabilities | | | 5,777 | | | | 4,823 | | | | 954 | | | | 20 | % |
Line of credit and debt | | | 3,000 | | | | 3,226 | | | | (226 | ) | | | (7 | %) |
| | | | | | | | | | | | | | | | |
Total current liabilities | | | 11,960 | | | | 11,009 | | | | 951 | | | | 9 | % |
Pension liabilities | | | 65 | | | | 211 | | | | (146 | ) | | | (69 | %) |
Other long-term liabilities | | | 1,185 | | | | 1,266 | | | | (81 | ) | | | (6 | %) |
| | | | | | | | | | | | | | | | |
Total liabilities | | | 13,210 | | | | 12,486 | | | | 724 | | | | 6 | % |
Stockholders’ Equity | | | | | | | | | | | | | | | | |
Common stock, $0.001 par value; 50,000,000 shares authorized as of December 31, 2011; 21,545,713 and 12,210,264 issued and outstanding as of December 31, 2011 and December 31, 2010, respectively. | | | | | | | | | | | | | | | | |
Common stock, $0.001 par value | | | 22 | | | | 12 | | | | 10 | | | | 83 | % |
Additional paid-in capital | | | 118,362 | | | | 88,553 | | | | 29,809 | | | | 34 | % |
Accumulated deficit | | | (87,493 | ) | | | (73,353 | ) | | | (14,140 | ) | | | 19 | % |
Accumulated other comprehensive income | | | 423 | | | | 178 | | | | 245 | | | | 138 | % |
| | | | | | | | | | | | | | | | |
Total stockholders’ equity | | | 31,314 | | | | 15,390 | | | | 15,924 | | | | 103 | % |
| | | | | | | | | | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 44,524 | | | $ | 27,876 | | | $ | 16,648 | | | | 60 | % |
| | | | | | | | | | | | | | | | |
GIGOPTIX, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
| | | | | | | | | | | | | | | | |
| | | Three months ended, | | | Twelve months ended, | |
| | | December 31,
2011 | | | December 31,
2010 | | | December 31,
2011 | | | December 31,
2010 | |
GAAP Total cost of revenue | | $ | 4,690 | | | $ | 3,666 | | | $ | 16,028 | | | $ | 12,551 | |
Stock based compensation | | | (10 | ) | | | (3 | ) | | | (52 | ) | | | (11 | ) |
Amortization of intangible assets | | | (156 | ) | | | (70 | ) | | | (654 | ) | | | (493 | ) |
Impairment of long-lived asset | | | (373 | ) | | | — | | | | (373 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Non-GAAP Total cost of revenue | | $ | 4,151 | | | $ | 3,593 | | | $ | 14,949 | | | $ | 12,047 | |
| | | | | | | | | | | | | | | | |
GAAP Gross profit | | $ | 3,934 | | | $ | 4,434 | | | $ | 16,240 | | | $ | 14,324 | |
Stock based compensation | | | 10 | | | | 3 | | | | 52 | | | | 11 | |
Amortization of intangible assets | | | 156 | | | | 70 | | | | 654 | | | | 493 | |
Impairment of long-lived asset | | | 373 | | | | — | | | | 373 | | | | — | |
| | | | | | | | | | | | | | | | |
Non-GAAP Gross profit | | $ | 4,473 | | | $ | 4,507 | | | $ | 17,319 | | | $ | 14,828 | |
| | | | | | | | | | | | | | | | |
GAAP - Operating expenses | | $ | 5,665 | | | $ | 4,531 | | | $ | 29,974 | | | $ | 17,936 | |
Stock based compensation | | | (637 | ) | | | (636 | ) | | | (2,915 | ) | | | (1,817 | ) |
Amortization of intangible assets | | | (130 | ) | | | (84 | ) | | | (455 | ) | | | (361 | ) |
Restructuring expense | | | 114 | | | | — | | | | (3,709 | ) | | | (428 | ) |
Shareholder settlement expense | | | — | | | | — | | | | (1,064 | ) | | | — | |
Merger-related expense | | | — | | | | (150 | ) | | | (1,959 | ) | | | (600 | ) |
Special litigation-related expense | | | (218 | ) | | | — | | | | (493 | ) | | | — | |
| | | | | | | | | | | | | | | | |
Non-GAAP Operating expenses | | $ | 4,794 | | | $ | 3,661 | | | $ | 19,379 | | | $ | 14,730 | |
| | | | | | | | | | | | | | | | |
GAAP Income (loss) from operations | | $ | (1,731 | ) | | $ | (97 | ) | | $ | (13,734 | ) | | $ | (3,611 | ) |
Stock based compensation | | | 647 | | | | 639 | | | | 2,967 | | | | 1,828 | |
Amortization of intangible assets | | | 286 | | | | 154 | | | | 1,109 | | | | 854 | |
Restructuring expense | | | (114 | ) | | | — | | | | 3,709 | | | | 428 | |
Shareholder settlement expense | | | — | | | | — | | | | 1,064 | | | | — | |
Merger-related expense | | | — | | | | 150 | | | | 1,959 | | | | 600 | |
Impairment of long-lived asset | | | 373 | | | | — | | | | 373 | | | | — | |
Special litigation-related expense | | | 218 | | | | — | | | | 493 | | | | — | |
| | | | | | | | | | | | | | | | |
Non-GAAP Income (loss) from operations | | $ | (321 | ) | | $ | 846 | | | $ | (2,060 | ) | | $ | 99 | |
| | | | | | | | | | | | | | | | |
GAAP - Net income (loss) | | $ | (1,824 | ) | | $ | (355 | ) | | $ | (14,140 | ) | | $ | (4,360 | ) |
Stock based compensation | | | 647 | | | | 639 | | | | 2,967 | | | | 1,828 | |
Amortization of intangible assets | | | 286 | | | | 154 | | | | 1,109 | | | | 854 | |
Restructuring expense | | | (114 | ) | | | — | | | | 3,709 | | | | 428 | |
Amortization of discount on loan | | | — | | | | — | | | | — | | | | 152 | |
Shareholder settlement expense | | | — | | | | — | | | | 1,064 | | | | — | |
Merger-related expense | | | — | | | | 150 | | | | 1,959 | | | | 600 | |
Impairment of long-lived asset | | | 373 | | | | — | | | | 373 | | | | — | |
Special litigation-related expense | | | 218 | | | | — | | | | 493 | | | | — | |
| | | | | | | | | | | | | | | | |
Non-GAAP Net income (loss) | | $ | (414 | ) | | $ | 588 | | | $ | (2,466 | ) | | $ | (498 | ) |
| | | | | | | | | | | | | | | | |
Adjusted EBITDA reconciliation: | | | | | | | | | | | | | | | | |
Income (loss) from operations | | $ | (1,731 | ) | | $ | (97 | ) | | $ | (13,734 | ) | | $ | (3,611 | ) |
Restructuring expense | | | (114 | ) | | | — | | | | 3,709 | | | | 428 | |
Shareholder settlement expense | | | — | | | | — | | | | 1,064 | | | | — | |
Merger-related expense | | | — | | | | 150 | | | | 1,959 | | | | 600 | |
Depreciation and amortization | | | 953 | | | | 629 | | | | 3,448 | | | | 3,252 | |
Stock based compensation | | | 647 | | | | 639 | | | | 2,967 | | | | 1,828 | |
Impairment of long-lived asset | | | 373 | | | | — | | | | 373 | | | | — | |
Special litigation-related expense | | | 218 | | | | — | | | | 493 | | | | — | |
| | | | | | | | | | | | | | | | |
Adjusted EBITDA | | $ | 346 | | | $ | 1,321 | | | $ | 279 | | | $ | 2,497 | |
| | | | | | | | | | | | | | | | |
Weighted average shares outstanding | | | 21,528 | | | | 12,203 | | | | 17,279 | | | | 10,689 | |
Per share amounts | | | | | | | | | | | | | | | | |
Non-GAAP | | $ | (0.02 | ) | | $ | 0.05 | | | $ | (0.14 | ) | | $ | (0.05 | ) |
Adjusted EBITDA | | $ | 0.02 | | | $ | 0.11 | | | $ | 0.02 | | | $ | 0.23 | |
