Netlist Reports First Quarter 2014 Results
Revenues for the first quarter ended
The adjusted EBITDA loss was
Net loss for the first quarter ended
As of
"During the first quarter we made further progress in broadening our target market opportunity and expanding our portfolio of flagship products, specifically our NVvault™ and EVvault™ for the growing enterprise storage market," said
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 (Earnings Before Interest, Taxes, Depreciation and Amortization), may be considered non-GAAP financial measures.
Adjusted EBITDA loss is a non-GAAP measure in which the net interest expense, provision for income taxes, depreciation, amortization, stock-based compensation and net other expense are added back to the GAAP basis loss. The non-GAAP measures are described above and are reconciled to the corresponding GAAP measure in the condensed consolidated financial statements portion of this release under the heading "Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA."
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 29, December 28,
2014 2013
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 17,974 $ 6,701
Restricted cash 1,100 1,100
Accounts receivable, net 4,219 4,866
Inventories 2,428 2,620
Prepaid expenses and other current assets 811 823
------------- -------------
Total current assets 26,532 16,110
Property and equipment, net 891 1,143
Other assets 323 422
------------- -------------
Total assets $ 27,746 $ 17,675
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,881 $ 3,795
Accrued payroll and related liabilities 771 635
Accrued expenses and other current
liabilities 543 533
Accrued engineering charges 500 500
Current portion of long-term debt and debt
discount 298 -
------------- -------------
Total current liabilities 5,993 5,463
Long-term debt, net of current portion and
debt discount 5,056 5,099
Other liabilities 104 100
------------- -------------
Total liabilities 11,153 10,662
------------- -------------
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value - 90,000
shares authorized; 41,480 (2014) and 31,776
(2013) shares issued and outstanding 41 31
Additional paid-in capital 116,057 104,469
Accumulated deficit (99,505) (97,487)
------------- -------------
Total stockholders' equity 16,593 7,013
------------- -------------
Total liabilities and stockholders' equity $ 27,746 $ 17,675
============= =============
Netlist, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended
--------------------------
March 29, March 30,
2014 2013
------------ ------------
Net sales $ 7,001 $ 5,963
Cost of sales(1) 5,016 5,397
------------ ------------
Gross profit 1,985 566
------------ ------------
Operating expenses:
Research and development(1) 1,975 1,842
Selling, general and administrative(1) 1,622 1,756
------------ ------------
Total operating expenses 3,597 3,598
------------ ------------
Operating loss (1,612) (3,032)
------------ ------------
Other expense, net:
Interest expense, net (395) (130)
Other expense, net (11) (6)
------------ ------------
Total other expense, net (406) (136)
------------ ------------
Loss before provision for income taxes (2,018) (3,168)
Provision for income taxes - 2
------------ ------------
Net loss $ (2,018) $ (3,170)
============ ============
Net loss per common share:
Basic and diluted $ (0.05) $ (0.10)
Weighted-average common shares outstanding:
Basic and diluted 36,881 30,205
(1) Amounts include stock-based compensation
expense as follows:
Cost of sales $ 15 $ 12
Research and development 188 160
Selling, general and administrative 328 262
Netlist, Inc. and Subsidiaries
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and
Adjusted EBITDA
(in thousands)
Three Months Ended
----------------------------
March 29, March 30,
2014 2013
------------- -------------
GAAP net loss $ (2,018) $ (3,170)
Interest expense, net 395 130
Provision for income taxes - 2
Depreciation and amortization 282 418
------------- -------------
EBITDA (1,341) (2,620)
Stock-based compensation 531 434
Other expense, net 11 6
------------- -------------
Adjusted EBITDA $ (799) $ (2,180)
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For more information, please contact:Brainerd Communicators, Inc. Mike Smargiassi orCorey Kinger NLST@braincomm.com (212) 986-6667Netlist, Inc. Gail M. Sasaki Chief Financial Officer (949) 435-0025
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