Netlist Reports First Quarter 2013 Results
Revenues for the three months ended
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss after adding back net interest expense, benefit of income taxes, depreciation, amortization, stock-based compensation and net other expense (income) was
Net loss for the three months ended
"Our first quarter results reflect the ongoing transition of our business model as we execute our plan to introduce our advanced, IP-based solutions to the next-generation high-speed server and storage markets," said
As of
Conference Call Information
As previously announced,
Note Regarding Use of Non-GAAP Financial Measures
Certain of the information set forth herein, including EBITDA and adjusted EBITDA, may be considered non-GAAP financial measures.
About
Safe Harbor Statement:
This news release contains forward-looking statements regarding future events and the future performance of
(Tables Follow)
Netlist, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited) (audited)
March 30, December 29,
2013 2012
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,685 $ 7,755
Investments in marketable securities - 415
Accounts receivable, net 3,189 3,434
Inventories 6,225 7,380
Prepaid expenses and other current assets 563 723
------------ ------------
Total current assets 17,662 19,707
Property and equipment, net 2,171 2,560
Other assets 129 130
------------ ------------
Total assets $ 19,962 $ 22,397
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,705 $ 3,367
Accrued payroll and related liabilities 910 784
Accrued expenses and other current liabilities 483 497
Accrued engineering charges 450 450
Current portion of debt 3,320 3,493
------------ ------------
Total current liabilities 8,868 8,591
Other liabilities 101 94
------------ ------------
Total liabilities 8,969 8,685
------------ ------------
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value - 90,000 shares
authorized; 30,412 (2013) and 30,348 30 30
(2012) shares issued and outstanding
Additional paid-in capital 100,854 100,403
Accumulated deficit (89,891) (86,721)
------------ ------------
Total stockholders' equity 10,993 13,712
------------ ------------
Total liabilities and stockholders' equity $ 19,962 $ 22,397
============ ============
Netlist, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
--------------------------
March 30, March 31,
2013 2012
------------ ------------
Net sales $ 5,963 $ 13,967
Cost of sales(1) 5,397 8,531
------------ ------------
Gross profit 566 5,436
------------ ------------
Operating expenses:
Research and development(1) 1,842 3,842
Selling, general and administrative(1) 1,756 2,609
------------ ------------
Total operating expenses 3,598 6,451
------------ ------------
Operating loss (3,032) (1,015)
------------ ------------
Other income (expense):
Interest expense, net (130) (71)
Other income (expense), net (6) 5
------------ ------------
Total other expense, net (136) (66)
------------ ------------
Loss before provision for income taxes (3,168) (1,081)
Provision for income taxes 2 -
------------ ------------
Net loss $ (3,170) $ (1,081)
============ ============
Net loss per common share:
Basic and diluted $ (0.10) $ (0.04)
============ ============
Weighted-average common shares outstanding:
Basic and diluted 30,205 26,729
============ ============
(1) Amounts include stock-based compensation
expense as follows:
Cost of sales $ 12 $ 35
Research and development 160 192
Selling, general and administrative 262 296
Netlist, Inc. and Subsidiaries
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and
Adjusted EBITDA
(in thousands)
Three Months Ended
--------------------------
March 30, March 31,
2013 2012
------------ ------------
GAAP net loss $ (3,170) $ (1,081)
Interest expense, net 130 71
Provision for income taxes 2 -
Depreciation and amortization 418 535
----------- -----------
EBITDA (2,620) (475)
Stock-based compensation 434 523
Other expense (income), net 6 (5)
------------ ------------
Adjusted EBITDA $ (2,180) $ 43
============ ============
For more information, please contact:Brainerd Communicators, Inc. Corey Kinger /Mike Smargiassi NLST@braincomm.com (212) 986-6667Netlist, Inc. Gail M. Sasaki Chief Financial Officer (949) 435-0025
Source:
Back Link