Netlist Reports Second 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 income was
Net loss for the three months ended
"During the second quarter, we continued our focus on the introduction of our industry-leading products to the high performance server market, while laying the groundwork to maximize our related IP assets," said
Revenues for the six months ended
Net loss for the six months ended
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
Netlist, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited) (audited)
June 29, December 29,
2013 2012
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $ 6,817 $ 7,755
Investments in marketable securities - 415
Accounts receivable, net 2,064 3,434
Inventories 5,305 7,380
Prepaid expenses and other current assets 472 723
------------- -------------
Total current assets 14,658 19,707
Property and equipment, net 1,804 2,560
Other assets 126 130
------------- -------------
Total assets $ 16,588 $ 22,397
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,438 $ 3,367
Accrued payroll and related liabilities 710 784
Accrued expenses and other current
liabilities 435 497
Accrued engineering charges 450 450
Current portion of long-term debt 111 3,493
------------- -------------
Total current liabilities 5,144 8,591
Long-term debt, net of current portion 2,800 -
Other liabilities 105 94
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Total liabilities 8,049 8,685
------------- -------------
Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value - 90,000
shares authorized; 30,460 (2013) and 30,348
(2012) shares issued and outstanding 30 30
Additional paid-in capital 101,263 100,403
Accumulated deficit (92,754) (86,721)
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Total stockholders' equity 8,539 13,712
------------- -------------
Total liabilities and stockholders' equity $ 16,588 $ 22,397
============= =============
Netlist, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Six Months Ended
---------------------- ----------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
Net sales
$ 5,065 $ 10,552 $ 11,029 $ 24,519
Cost of sales(1) 4,818 7,814 10,216 16,345
---------- ---------- ---------- ----------
Gross profit 247 2,738 813 8,174
---------- ---------- ---------- ----------
Operating expenses:
Research and
development(1) 1,457 3,770 3,299 7,612
Selling, general and
administrative(1) 1,571 2,871 3,327 5,480
---------- ---------- ---------- ----------
Total operating expenses 3,028 6,641 6,626 13,092
---------- ---------- ---------- ----------
Operating loss (2,781) (3,903) (5,813) (4,918)
---------- ---------- ---------- ----------
Other income (expense):
Interest expense, net (88) (79) (218) (150)
Other income, net 7 3 1 8
---------- ---------- ---------- ----------
Total other expense, net (81) (76) (217) (142)
---------- ---------- ---------- ----------
Loss before provision for
income taxes (2,862) (3,979) (6,030) (5,060)
Provision for income taxes 1 1 3 1
---------- ---------- ---------- ----------
Net loss
$ (2,863) $ (3,980) $ (6,033) $ (5,061)
========== ========== ========== ==========
Net loss per common share:
Basic and diluted
$ (0.09) $ (0.14) $ (0.20) $ (0.18)
Weighted-average common
shares outstanding:
Basic and diluted 30,320 28,111 30,263 27,420
(1) Amounts include stock-
based compensation expense
as follows:
Cost of sales
$ 11 $ 42 $ 23 $ 77
Research and development 118 153 278 345
Selling, general and
administrative 240 287 502 583
Netlist, Inc. and Subsidiaries
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted
EBITDA
(in thousands)
Three Months Ended Six Months Ended
---------------------- ----------------------
June 29, June 30, June 29, June 30,
2013 2012 2013 2012
---------- ---------- ---------- ----------
GAAP net loss $ (2,863) $ (3,980) $ (6,033) $ (5,061)
Interest expense, net 88 79 218 150
Provision for income taxes 1 1 3 1
Depreciation and
amortization 395 535 813 1,070
---------- ---------- ---------- ----------
EBITDA (2,379) (3,365) (4,999) (3,840)
Stock-based compensation 369 482 803 1,005
Other expense (income), net (7) (3) (1) (8)
---------- ---------- ---------- ----------
Adjusted EBITDA $ (2,017) $ (2,886) $ (4,197) $ (2,843)
========== ========== ========== ==========
For more information, please contact:Brainerd Communicators, Inc. Aakash Mehta /Mike Smargiassi NLST@braincomm.com (212) 986-6667Netlist, Inc. Gail M. Sasaki Chief Financial Officer (949) 435-0025
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