Netlist Reports Third Quarter 2014 Results
Revenues for the three months ended
The adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss was
Net loss for the third quarter ended
Commenting on the results,
Revenues for the nine months ended
Net loss for the nine months ended
As of
Conference Call Information
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)
September 27, December 28,
2014 2013
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 14,120 $ 6,701
Restricted cash 1,100 1,100
Accounts receivable, net 3,074 4,866
Inventories 2,392 2,620
Prepaid expenses and other current assets 671 823
------------- -------------
Total current assets 21,357 16,110
Property and equipment, net 516 1,143
Other assets 197 422
------------- -------------
Total assets $ 22,070 $ 17,675
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 4,475 $ 3,795
Accrued payroll and related liabilities 775 635
Accrued expenses and other current
liabilities 572 533
Accrued engineering charges 500 500
Current portion of long-term debt, net of
debt discount 1,512 -
------------- -------------
Total current liabilities 7,834 5,463
Long-term debt, net of current portion and
debt discount 4,077 5,099
Other liabilities 98 100
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Total liabilities 12,009 10,662
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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 117,077 104,469
Accumulated deficit (107,057) (97,487)
------------- -------------
Total stockholders' equity 10,061 7,013
------------- -------------
Total liabilities and stockholders' equity $ 22,070 $ 17,675
============= =============
Netlist, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
---------------------- ----------------------
September September September September
27, 2014 28, 2013 27, 2014 28, 2013
---------- ---------- ---------- ----------
Net sales $ 4,791 $ 4,289 $ 16,679 $ 15,318
Cost of sales(1) 3,678 3,896 12,602 14,112
---------- ---------- ---------- ----------
Gross profit 1,113 393 4,077 1,206
---------- ---------- ---------- ----------
Operating expenses:
Research and
development(1) 2,997 1,641 7,274 4,941
Selling, general and
administrative(1) 1,782 1,554 5,185 4,880
---------- ---------- ---------- ----------
Total operating expenses 4,779 3,195 12,459 9,821
---------- ---------- ---------- ----------
Operating loss (3,666) (2,802) (8,382) (8,615)
---------- ---------- ---------- ----------
Other expense, net:
Interest expense, net (393) (324) (1,181) (542)
Other expense, net - (8) (5) (8)
---------- ---------- ---------- ----------
Total other expense, net (393) (332) (1,186) (550)
---------- ---------- ---------- ----------
Loss before provision for
income taxes (4,059) (3,134) (9,568) (9,165)
Provision for income taxes - 7 2 9
---------- ---------- ---------- ----------
Net loss $ (4,059) $ (3,141) $ (9,570) $ (9,174)
========== ========== ========== ==========
Net loss per common share:
Basic and diluted $ (0.10) $ (0.10) $ (0.24) $ (0.30)
========== ========== ========== ==========
Weighted-average common
shares outstanding:
Basic and diluted 41,472 31,268 39,911 30,599
========== ========== ========== ==========
(1) Amounts include stock-
based compensation expense
as follows:
Cost of sales $ 13 $ 13 $ 42 $ 37
Research and development 179 162 548 440
Selling, general and
administrative 313 266 961 768
Netlist, Inc. and Subsidiaries
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA Loss and
Adjusted EBITDA Loss
(in thousands)
Three Months Ended Nine Months Ended
---------------------- ----------------------
September September September September
27, 2014 28, 2013 27, 2014 28, 2013
---------- ---------- ---------- ----------
GAAP net loss $ (4,059) $ (3,141) $ (9,570) $ (9,174)
Interest expense, net 393 324 1,181 542
Provision for income taxes - 7 2 9
Depreciation and
amortization 187 353 722 1,166
---------- ---------- ---------- ----------
EBITDA loss (3,479) (2,457) (7,665) (7,457)
Stock-based compensation 505 441 1,551 1,245
Other expense, net - 8 5 8
---------- ---------- ---------- ----------
Adjusted EBITDA loss $ (2,974) $ (2,008) $ (6,109) $ (6,204)
========== ========== ========== ==========
For more information, please contact:Brainerd Communicators, Inc. Mike Smargiassi orJenny Perales NLST@braincomm.com (212) 986-6667Netlist, Inc. Gail M. Sasaki Chief Financial Officer (949) 435-0025
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