Exhibit 99.1
Contact:
Dan Madden
VP Finance & Investor Relations
+1-408-428-7929
dmadden@symmetricom.com
Symmetricom Reports Second Quarter
Fiscal Year 2010 Financial Results
Year over Year Increase in Revenues, Earnings and Free Cash Flow
| • | | Net revenue from continuing operations of $56.9 million, up 19% over prior year period |
| • | | Net earnings from continuing operations of $1.9 million, or $0.04 per share |
| • | | Non-GAAP earnings from continuing operations of $4.3 million, or $0.10 per share |
| • | | Free cash flow of $2.6 million |
SAN JOSE, Calif. — February 3, 2009 — Symmetricom, Inc. (NASDAQ:SYMM), a major supplier of precise time and frequency technologies, today reported financial results for its second quarter of fiscal 2010 ended December 27, 2009.
Net revenue from continuing operations for the second quarter of fiscal 2010 was $56.9 million, up 19% compared to the $47.6 million reported for the second quarter of fiscal 2009. Symmetricom reported net earnings from continuing operations of $1.9 million, or $0.04 per share, for the second quarter of fiscal 2010, compared to net earnings of $1.2 million, or $0.02 per share, in the second quarter of fiscal 2009.
Non-GAAP net earnings from continuing operations in the second quarter of fiscal 2010 was $4.3 million, or $0.10 per share, compared with $2.8 million, or $0.06 per share, in the same period of the prior year.
In the second quarter of fiscal 2010, Symmetricom committed to a plan to sell its video Quality of Experience business, and is currently engaged in negotiations toward an expected sale transaction. Accordingly, the assets and related liabilities for this business have been classified as held for sale and the results of operations have been reflected as a discontinued operation.
Cash, cash equivalents and short-term investments totaled $120.8 million as of December 27, 2009, an increase of $1.7 million from the $119.1 million reported as of September 27, 2009. Net cash provided by operating activities in the second quarter was $5.7 million and property, plant and equipment purchases were approximately $3.1 million, resulting in free cash flow of $2.6 million.
Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 2 of 9
“I am pleased with our results for the second quarter as our revenues, earnings and cash flow were all up from the prior year period,” said Dave Côté, Chief Executive Officer of Symmetricom. “We benefited from business strength across a wide spectrum of products, markets, and geographies led by improved carrier spending on next-generation networks. We continue to see acceleration of Ethernet backhaul deployments using our new IEEE 1588 precise packet timing products and our government business remained robust. Based on solid first half results and the strength we’ve seen in our services and OEM businesses, we are raising our full year revenue guidance to a range of $220 million to $235 million from the former range of $210 million to $230 million.”
Business Highlights
Revenue in our Communications business in the second quarter was $35.2 million compared to $26.7 million reported in the same period of last year. The 32% year-over-year growth was driven by increases in sales of sync equipment, continuing deployment of our WiMAX solutions, and growth in installation services revenues.
Revenue in our Timing, Test & Measurement business in the second quarter was $21.6 million compared to $21.0 million reported in the same period of last year. Revenues in TT&M improved due to strong sales of cesium atomic clocks for government applications.
Third Quarter and Fiscal 2010 Guidance
Symmetricom’s guidance for fiscal 2010 is as follows:
| | • | | Net revenue is expected to be in the range of $220 million to $235 million |
| | • | | GAAP earnings per share is expected to be in the range of $0.13 to $0.22 |
| | • | | Non-GAAP earnings per share is expected to be in the range of $0.38 to $0.45 |
For the third quarter of fiscal 2010, Symmetricom guidance is as follows:
| | • | | Net revenue is expected to be in the range of $55 million to $62 million |
| | • | | GAAP earnings per share is expected to be in the range of $0.02 to $0.08 |
| | • | | Non-GAAP earnings per share is expected to be in the range of $0.09 to $0.14 |
A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.
Investor Conference Call
As previously announced, management will hold a conference call to discuss these results today, at 1:30 p.m. Pacific Time. Investors are invited to join the conference call by dialing +1-415-228-5002 and referencing “Symmetricom.” A live webcast will also be available on the investor relations section of the company’s website atwww.symmetricom.com. An audio replay will be available for one week and can be accessed by dialing +1-203-369-2014 and referencing the passcode 5220.
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 3 of 9
About Symmetricom, Inc.
As a major supplier of precise time and frequency products and services, Symmetricom provides “Perfect Timing” to customers around the world. Since 1985, the Company’s solutions have helped define the world’s time and frequency standards, delivering precision, reliability and efficiency to wireline and wireless networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, the Company’s synchronization solutions include primary reference sources, building integrated timing supplies (BITS), GPS timing receivers, time and frequency distribution systems, network time servers and ruggedized oscillators. Symmetricom also incorporates technologies including Universal Timing Interface (UTI), Network Time Protocol (NTP), IEEE 1588 (Precision Time Protocol), and others supporting the world’s migration to Next Generation Networks (NGN). Symmetricom is based in San Jose, California, with offices worldwide. For more information, visithttp://www.symmetricom.com.
Non-GAAP Information
Certain non-GAAP financial information is included in this press release. In the reconciliation of GAAP to Non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, amortization of acquired intangibles, restructuring charges, impairment of goodwill and other intangibles, gains and losses on investments and repayment of convertible notes, non-cash interest expense charges, and other unusual or infrequent items. The income tax effect after these Non-GAAP adjustments is determined based upon Symmetricom’s estimate of its annual Non-GAAP effective tax rate excluding these Non-GAAP adjustments. Symmetricom believes that excluding such items provides investors, analysts and management with a representation of the Company’s core operating performance and with information useful in assessing Symmetricom’s prospects for the future and underlying trends in operating performance. Management uses such Non-GAAP information to evaluate financial results and to establish operational goals. Non-GAAP information should not be considered superior to or as a substitute for data prepared in accordance with GAAP. A reconciliation of the non-GAAP results to the GAAP results is provided in the financial schedules portion of this press release.
Free cash flow is defined as net cash provided by operating activities minus purchases of property, plant and equipment. Symmetricom believes this metric provides useful information to our investors, analysts, and management about the level of cash generated by normal business operations, including the use of cash for the purchase of property, plant and equipment. Management also views it as a measure of cash available to pay debt and return cash to stockholders. Free cash flow is not a GAAP financial measure and should not be considered superior to or a substitute for operating cash flow or other cash flow data prepared in accordance with GAAP.
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 4 of 9
Safe Harbor
This press release contains forward-looking information 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, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning second quarter and fiscal 2010 guidance and our prospects for longer term growth expectations of operating performance in fiscal 2010, the expected sale of the QoE business, as well as the information regarding the usefulness of the non-GAAP financial information. The statements in this press release are made as of the date of this press release, even if subsequently made available by Symmetricom on its website or otherwise. Symmetricom’s actual results could differ materially from those projected or suggested in these forward-looking statements. Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include: reduced rates of demand for telecommunication products, cable products or test and measurement products, our customers’ ability and need to upgrade existing equipment, our ability to maintain or reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, risks associated with negotiating and consummating a divestiture, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom’s reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 28, 2009 and subsequent Form 10-Q’s and 8-K’s.
SYMM-F
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 5 of 9
SYMMETRICOM, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three months ended | | | Six months ended | |
| | | December 27,
2009 | | | September 27,
2009 | | | December 28,
2008 (1) | | | December 27,
2009 | | | December 28,
2008 (1) | |
Net revenue | | $ | 56,862 | | | $ | 52,268 | | | $ | 47,646 | | | $ | 109,130 | | | $ | 103,318 | |
Cost of sales: | | | | | | | | | | | | | | | | | | | | |
Cost of products and services | | | 30,884 | | | | 29,537 | | | | 24,835 | | | | 60,421 | | | | 51,321 | |
Amortization of purchased technology | | | 368 | | | | 368 | | | | 369 | | | | 736 | | | | 737 | |
Restructuring charges | | | 931 | | | | 862 | | | | — | | | | 1,793 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Total cost of sales | | | 32,183 | | | | 30,767 | | | | 25,204 | | | | 62,950 | | | | 52,058 | |
| | | | | | | | | | | | | | | | | | | | |
Gross profit | | | 24,679 | | | | 21,501 | | | | 22,442 | | | | 46,180 | | | | 51,260 | |
Gross margin | | | 43.4 | % | | | 41.1 | % | | | 47.1 | % | | | 42.3 | % | | | 49.6 | % |
Operating expenses: | | | | | | | | | | | | | | | | | | | | |
Research and development | | | 6,113 | | | | 5,714 | | | | 5,830 | | | | 11,827 | | | | 11,897 | |
Selling, general and administrative | | | 14,259 | | | | 13,539 | | | | 12,836 | | | | 27,798 | | | | 28,094 | |
Amortization of intangible assets | | | 62 | | | | 95 | | | | 103 | | | | 157 | | | | 206 | |
Restructuring charges | | | 535 | | | | 476 | | | | 252 | | | | 1,011 | | | | 837 | |
| | | | | | | | | | | | | | | | | | | | |
Total operating expenses | | | 20,969 | | | | 19,824 | | | | 19,021 | | | | 40,793 | | | | 41,034 | |
| | | | | | | | | | | | | | | | | | | | |
Operating income | | | 3,710 | | | | 1,677 | | | | 3,421 | | | | 5,387 | | | | 10,226 | |
Loss on repayment of convertible notes, net | | | — | | | | — | | | | — | | | | — | | | | (5,623 | ) |
Loss on short-term investments, net | | | — | | | | — | | | | (895 | ) | | | — | | | | (1,368 | ) |
Interest income | | | 505 | | | | 461 | | | | 491 | | | | 966 | | | | 1,259 | |
Interest expense | | | (1,270 | ) | | | (1,274 | ) | | | (1,205 | ) | | | (2,544 | ) | | | (2,859 | ) |
| | | | | | | | | | | | | | | | | | | | |
Earnings from continuing operations before income taxes | | | 2,945 | | | | 864 | | | | 1,812 | | | | 3,809 | | | | 1,635 | |
Income tax provision | | | 1,055 | | | | 315 | | | | 658 | | | | 1,370 | | | | 699 | |
| | | | | | | | | | | | | | | | | | | | |
Net earnings from continuing operations | | | 1,890 | | | | 549 | | | | 1,154 | | | | 2,439 | | | | 936 | |
Loss from discontinued operations, net of tax | | | (391 | ) | | | (375 | ) | | | (112 | ) | | | (766 | ) | | | (1,070 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net income (loss) | | $ | 1,499 | | | $ | 174 | | | $ | 1,042 | | | $ | 1,673 | | | $ | (134 | ) |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Earnings (loss) per share - basic: | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.04 | | | $ | 0.01 | | | $ | 0.02 | | | $ | 0.06 | | | $ | 0.02 | |
Loss from discontinued operations | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net earnings | | $ | 0.03 | | | $ | — | | | $ | 0.02 | | | $ | 0.04 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
Weighted average shares outstanding - basic | | | 43,313 | | | | 43,177 | | | | 43,684 | | | | 43,245 | | | | 43,824 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Earnings (loss) per share - diluted: | | | | | | | | | | | | | | | | | | | | |
Income from continuing operations | | $ | 0.04 | | | $ | 0.01 | | | $ | 0.02 | | | $ | 0.06 | | | $ | 0.02 | |
Loss from discontinued operations | | | (0.01 | ) | | | (0.01 | ) | | | — | | | | (0.02 | ) | | | (0.02 | ) |
| | | | | | | | | | | | | | | | | | | | |
Net earnings | | $ | 0.03 | | | $ | — | | | $ | 0.02 | | | $ | 0.04 | | | $ | — | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Weighted average shares outstanding - diluted | | | 43,708 | | | | 43,815 | | | | 44,139 | | | | 43,771 | | | | 43,824 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) | Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes |
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 6 of 9
SYMMETRICOM, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(unaudited)
| | | | | | | | |
| | | December 27,
2009 | | | June 28,
2009 (1) | |
ASSETS | | | | | | | | |
Current assets: | | | | | | | | |
Cash and cash equivalents | | $ | 42,076 | | | $ | 72,064 | |
Short-term investments | | | 78,718 | | | | 40,737 | |
Accounts receivable, net | | | 37,305 | | | | 42,389 | |
Inventories, net | | | 38,242 | | | | 38,566 | |
Prepaids and other current assets | | | 15,731 | | | | 16,143 | |
Assets held for sale | | | 613 | | | | — | |
| | | | | | | | |
Total current assets | | | 212,685 | | | | 209,899 | |
Property, plant and equipment, net | | | 22,707 | | | | 20,749 | |
Intangible assets, net | | | 4,414 | | | | 5,308 | |
Deferred taxes and other assets | | | 35,988 | | | | 36,431 | |
| | | | | | | | |
Total assets | | $ | 275,794 | | | $ | 272,387 | |
| | | | | | | | |
| | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | |
Current liabilities: | | | | | | | | |
Accounts payable | | $ | 7,521 | | | $ | 8,116 | |
Accrued compensation | | | 15,927 | | | | 19,093 | |
Accrued warranty | | | 3,648 | | | | 3,737 | |
Other accrued liabilities | | | 12,482 | | | | 9,810 | |
Liabilities held for sale | | | 439 | | | | — | |
| | | | | | | | |
Total current liabilities | | | 40,017 | | | | 40,756 | |
Long-term obligations | | | 53,169 | | | | 51,769 | |
Deferred income taxes | | | 334 | | | | 334 | |
| | | | | | | | |
Total liabilities | | | 93,520 | | | | 92,859 | |
Stockholders’ equity: | | | | | | | | |
Common stock | | | 201,479 | | | | 200,152 | |
Accumulated other comprehensive income (loss) | | | (110 | ) | | | 144 | |
Accumulated deficit | | | (19,095 | ) | | | (20,768 | ) |
| | | | | | | | |
Total stockholders’ equity | | | 182,274 | | | | 179,528 | |
| | | | | | | | |
Total liabilities and stockholders’ equity | | $ | 275,794 | | | $ | 272,387 | |
| | | | | | | | |
| (1) | Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes |
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 7 of 9
SYMMETRICOM, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three months ended | | | Six months ended | |
| | | December 27,
2009 | | | September 27,
2009 | | | December 28,
2008 (1) | | | December 27,
2009 | | | December 28,
2008 (1) | |
Reconciliation from GAAP to Non-GAAP | | | | | | | | | | | | | | | | | | | | |
GAAP net earnings from continuing operations | | $ | 1,890 | | | $ | 549 | | | $ | 1,154 | | | $ | 2,439 | | | $ | 936 | |
| | | | | |
Add Non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | |
Equity-based compensation expense: | | | | | | | | | | | | | | | | | | | | |
Cost of products and services | | | 262 | | | | 210 | | | | 90 | | | | 472 | | | | 295 | |
Research and development | | | 228 | | | | 200 | | | | 125 | | | | 428 | | | | 454 | |
Selling, general and administrative | | | 700 | | | | 194 | | | | 199 | | | | 894 | | | | 671 | |
| | | | | | | | | | | | | | | | | | | | |
Total equity-based compensation expense | | | 1,190 | | | | 604 | | | | 414 | | | | 1,794 | | | | 1,420 | |
| | | | | |
Amortization of intangible assets: | | | | | | | | | | | | | | | | | | | | |
Cost of products and services | | | 368 | | | | 368 | | | | 369 | | | | 736 | | | | 737 | |
Operating expenses | | | 62 | | | | 95 | | | | 103 | | | | 157 | | | | 206 | |
| | | | | | | | | | | | | | | | | | | | |
Total amortization of intangible assets | | | 430 | | | | 463 | | | | 472 | | | | 893 | | | | 943 | |
| | | | | |
Restructuring charges | | | 1,466 | | | | 1,338 | | | | 252 | | | | 2,804 | | | | 837 | |
Loss on repayment of convertible notes, net | | | — | | | | — | | | | — | | | | — | | | | 5,623 | |
Loss on short-term investments, net | | | — | | | | — | | | | 895 | | | | — | | | | 1,368 | |
Non-cash interest expense on convertible notes | | | 765 | | | | 768 | | | | 686 | | | | 1,533 | | | | 1,608 | |
Income tax effect of Non-GAAP adjustments | | | (1,413 | ) | | | (1,117 | ) | | | (1,033 | ) | | | (2,530 | ) | | | (4,552 | ) |
| | | | | | | | | | | | | | | | | | | | |
Non-GAAP net earnings from continuing operations | | $ | 4,328 | | | $ | 2,605 | | | $ | 2,840 | | | $ | 6,933 | | | $ | 8,183 | |
| | | | | | | | | | | | | | | | | | | | |
Earnings from continuing operations per share-diluted: | | | | | | | | | | | | | | | | | | | | |
GAAP income from continuing operations | | $ | 0.04 | | | $ | 0.01 | | | $ | 0.02 | | | $ | 0.06 | | | $ | 0.02 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Non-GAAP income from continuing operations | | $ | 0.10 | | | $ | 0.06 | | | $ | 0.06 | | | $ | 0.16 | | | $ | 0.18 | |
| | | | | | | | | | | | | | | | | | | | |
| | | | | |
Shares used in diluted shares calculation | | | 43,708 | | | | 43,815 | | | | 44,139 | | | | 43,771 | | | | 44,379 | |
| | | | | | | | | | | | | | | | | | | | |
| (1) | Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes |
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 8 of 9
SYMMETRICOM, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(In thousands, except per share amounts)
(unaudited)
| | | | | | | | | | | | | | | | | | | | |
| | | Three months ended | | | Six months ended | |
| | | December 27,
2009 | | | September 27,
2009 | | | December 28,
2008 (1) | | | December 27,
2009 | | | December 28,
2008 | |
Reconciliation from GAAP to Non-GAAP Gross Margin: | | | | | | | | | | | | | | | | | | | | |
GAAP Revenue | | $ | 56,862 | | | $ | 52,268 | | | $ | 47,646 | | | $ | 109,130 | | | $ | 103,318 | |
| | | | | |
GAAP Gross profit | | $ | 24,679 | | | $ | 21,501 | | | $ | 22,442 | | | $ | 46,180 | | | $ | 51,260 | |
GAAP Gross margin | | | 43.4 | % | | | 41.1 | % | | | 47.1 | % | | | 42.3 | % | | | 49.6 | % |
| | | | | |
Add Non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | |
Equity-based compensation expense | | | 262 | | | | 210 | | | | 90 | | | | 472 | | | | 295 | |
Amortization of intangible assets | | | 368 | | | | 368 | | | | 369 | | | | 736 | | | | 737 | |
Restructuring charges | | | 931 | | | | 862 | | | | — | | | | 1,793 | | | | — | |
| | | | | | | | | | | | | | | | | | | | |
Non-GAAP Gross profit | | $ | 26,240 | | | $ | 22,941 | | | $ | 22,901 | | | $ | 49,181 | | | $ | 52,292 | |
| | | | | | | | | | | | | | | | | | | | |
Non-GAAP Gross margin | | | 46.1 | % | | | 43.9 | % | | | 48.1 | % | | | 45.1 | % | | | 50.6 | % |
| | | | | |
Reconciliation from GAAP to Non-GAAP Operating Expense: | | | | | | | | | | | | | | | | | | | | |
GAAP Revenue | | $ | 56,862 | | | $ | 52,268 | | | $ | 47,646 | | | $ | 109,130 | | | $ | 103,318 | |
| | | | | |
GAAP Operating expenses | | $ | 20,969 | | | $ | 19,824 | | | $ | 19,021 | | | $ | 40,793 | | | $ | 41,034 | |
Operating expense % to revenue | | | 36.9 | % | | | 37.9 | % | | | 39.9 | % | | | 37.4 | % | | | 39.7 | % |
| | | | | |
Add Non-GAAP adjustments: | | | | | | | | | | | | | | | | | | | | |
Equity-based compensation expense | | | 928 | | | | 394 | | | | 324 | | | | 1,322 | | | | 1,125 | |
Amortization of intangible assets | | | 62 | | | | 95 | | | | 103 | | | | 157 | | | | 206 | |
Restructuring charges | | | 535 | | | | 476 | | | | 252 | | | | 1,011 | | | | 837 | |
| | | | | | | | | | | | | | | | | | | | |
Non-GAAP operating expenses | | $ | 19,444 | | | $ | 18,859 | | | $ | 18,342 | | | $ | 38,303 | | | $ | 38,866 | |
| | | | | | | | | | | | | | | | | | | | |
Non-GAAP operating expenses % to revenue | | | 34.2 | % | | | 36.1 | % | | | 38.5 | % | | | 35.1 | % | | | 37.6 | % |
| (1) | Adjusted for the retrospective adoption of recently issued authoritative guidance on accounting for our contingent convertible subordinated notes |
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Symmetricom Reports Second Quarter Fiscal Year 2010 Financial Results
February 3, 2010
Page 9 of 9
SYMMETRICOM, INC.
RECONCILIATION OF FORWARD-LOOKING GUIDANCE FOR NON-GAAP FINANCIAL MEASURES
TO PROJECTED GAAP REVENUE AND EPS
(In thousands, except per share amounts)
(Unaudited)
| | | | | | | | | | | | | | |
| | | Three Months Ending March 28, 2010 | |
| | | Revenue | | Earnings Per Share
from Continuing Operations | |
| | | From | | To | | From | | | To | |
GAAP Guidance | | $ | 55,000 | | $ | 62,000 | | $ | 0.02 | | | $ | 0.08 | |
| | | | |
Estimated Non-GAAP Adjustments | | | | | | | | | | | | | | |
Equity-based compensation expense | | | | | | | | | 0.03 | | | | 0.02 | |
Amortization of intangible assets | | | | | | | | | 0.01 | | | | 0.01 | |
Restructuring charges | | | | | | | | | 0.04 | | | | 0.04 | |
Non-cash interest expense on convertible notes | | | | | | | | | 0.02 | | | | 0.02 | |
Income tax effect of non-GAAP adjustments | | | | | | | | | (0.03 | ) | | | (0.03 | ) |
| | | | | | | | | | | | | | |
Total Non-GAAP Adjustments | | | | | | | | | 0.07 | | | | 0.06 | |
| | | | | | | | | | | | | | |
Non-GAAP Guidance | | $ | 55,000 | | $ | 62,000 | | $ | 0.09 | | | $ | 0.14 | |
| | | | | | | | | | | | | | |
| |
| | | Twelve Months Ending June 27, 2010 | |
| | | Revenue | | Earnings Per Share
from Continuing Operations | |
| | | From | | To | | From | | | To | |
GAAP Guidance | | $ | 220,000 | | $ | 235,000 | | $ | 0.13 | | | $ | 0.22 | |
| | | | |
Estimated Non-GAAP Adjustments | | | | | | | | | | | | | | |
Equity-based compensation expense | | | | | | | | | 0.11 | | | | 0.10 | |
Amortization of intangible assets | | | | | | | | | 0.04 | | | | 0.04 | |
Restructuring charges | | | | | | | | | 0.16 | | | | 0.15 | |
Non-cash interest expense on convertible notes | | | | | | | | | 0.07 | | | | 0.07 | |
Income tax effect of non-GAAP adjustments | | | | | | | | | (0.13 | ) | | | (0.13 | ) |
| | | | | | | | | | | | | | |
Total Non-GAAP Adjustments | | | | | | | | | 0.25 | | | | 0.23 | |
| | | | | | | | | | | | | | |
Non-GAAP Guidance | | $ | 220,000 | | $ | 235,000 | | $ | 0.38 | | | $ | 0.45 | |
| | | | | | | | | | | | | | |
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