Netlist Reports Fourth Quarter and Full Year 2013 Results
Revenues for the fourth quarter ended
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss is a non-GAAP measure in which the net interest expense, benefit of income taxes, depreciation, amortization, stock-based compensation and net other income are added back to the GAAP basis net income (loss). The non-GAAP measures are described below and are reconciled to the corresponding GAAP measure in the consolidated financial statements portion of this release under the heading "Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted EBITDA." The adjusted EBITDA loss was
Net loss for the fourth quarter ended
As of
"Our 2013 results reflect substantial progress in the strategic transition of our business," said
Revenues for the twelve months ended
Adjusted EBITDA loss was
Net loss for the twelve months ended
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.
Consolidated Balance Sheets
(in thousands)
December 28, December 29,
2013 2012
------------- -------------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 6,701 $ 7,755
Restricted cash 1,100 -
Investment in marketable securities - 415
Accounts receivable, net 4,866 3,434
Inventories 2,620 7,380
Prepaid expenses and other current assets 823 723
------------- -------------
Total current assets 16,110 19,707
Property and equipment, net 1,143 2,560
Other assets 422 130
------------- -------------
Total assets $ 17,675 $ 22,397
============= =============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,795 $ 3,367
Accrued payroll and related liabilities 635 784
Accrued expenses and other current
liabilities 533 497
Accrued engineering charges 500 450
Current portion of long-term debt - 3,493
------------- -------------
Total current liabilities 5,463 8,591
Long-term debt, net of current portion and
debt discount 5,099 -
Other liabilities 100 94
------------- -------------
Total liabilities 10,662 8,685
------------- -------------
Commitments and contingencies - -
Stockholders' equity:
Preferred stock - -
Common stock 31 30
Additional paid-in capital 104,469 100,403
Accumulated deficit (97,487) (86,721)
------------- -------------
Total stockholders' equity 7,013 13,712
------------- -------------
Total liabilities and stockholders' equity $ 17,675 $ 22,397
============= =============
Netlist, Inc. and Subsidiaries
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Year Ended
-------------------------- --------------------------
December 28, December 29, December 28, December 29,
2013 2012 2013 2012
------------ ------------ ------------ ------------
Net sales $ 7,730 $ 5,963 $ 23,048 $ 36,873
Cost of sales(1) 5,831 5,126 19,943 27,474
------------ ------------ ------------ ------------
Gross profit 1,899 837 3,105 9,399
------------ ------------ ------------ ------------
Operating expenses:
Research and
development(1) 1,742 2,618 6,683 12,845
Selling, general
and
administrative(1) 1,387 2,098 6,267 10,075
------------ ------------ ------------ ------------
Total operating
expenses 3,129 4,716 12,950 22,920
------------ ------------ ------------ ------------
Operating loss (1,230) (3,879) (9,845) (13,521)
------------ ------------ ------------ ------------
Other income
(expense):
Interest expense,
net (390) (90) (932) (338)
Other income
(expense), net 28 (146) 20 (134)
------------ ------------ ------------ ------------
Total other
expense, net (362) (236) (912) (472)
------------ ------------ ------------ ------------
Loss before
provision for
income taxes (1,592) (4,115) (10,757) (13,993)
Provision (benefit)
for income taxes - (17) 9 (12)
------------ ------------ ------------ ------------
Net loss $ (1,592) $ (4,098) $ (10,766) $ (13,981)
============ ============ ============ ============
Net loss per common
share:
Basic and diluted $ (0.05) $ (0.14) $ (0.35) $ (0.50)
Weighted-average
common shares
outstanding:
Basic and diluted 31,752 28,279 30,881 27,853
(1) Amounts include
stock-based
compensation
expense as follows:
Cost of sales $ 12 $ 9 $ 49 $ 114
Research and
development 148 129 588 667
Selling, general
and
administrative 263 233 1,032 1,110
Netlist, Inc.
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted
EBITDA
(in thousands)
Three Months Ended Year Ended
-------------------------- --------------------------
December 28, December 29, December 28, December 29,
2013 2012 2013 2012
------------ ------------ ------------ ------------
GAAP net loss $ (1,592) $ (4,098) $ (10,766) $ (13,981)
Interest expense,
net 390 90 932 338
Provision (benefit)
of income taxes - (17) 9 (12)
Depreciation and
amortization 310 446 1,476 1,987
------------ ------------ ------------ ------------
EBITDA (loss) (892) (3,579) (8,349) (11,668)
Stock-based
compensation 423 371 1,669 1,891
Other (income)
expense, net (28) 146 20 134
------------ ------------ ------------ ------------
Adjusted EBITDA
(loss) $ (497) $ (3,062) $ (6,660) $ (9,643)
============ ============ ============ ============
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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