Netlist Reports Third 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 third quarter, we continued to make progress in rolling out our industry-leading products to the high performance server market," said
Revenues for the nine months ended
Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) loss after adding back net interest expense, provision for income taxes, depreciation, amortization, stock-based compensation and net non-operating expense (income) was a loss of
Net loss for the nine 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
(Tables Follow)
Netlist, Inc. and Subsidiaries
Condensed Consolidated Balance Sheets
(in thousands, except par value)
(unaudited) (audited)
September 28, December 29,
2013 2012
------------- ------------
ASSETS
Current assets:
Cash and cash equivalents $ 7,029 $ 7,755
Restricted cash 1,000 -
Investments in marketable securities - 415
Accounts receivable, net 2,110 3,434
Inventories 4,269 7,380
Prepaid expenses and other current assets 493 723
------------- ------------
Total current assets 14,901 19,707
Property and equipment, net 1,449 2,560
Debt issuance costs 731 -
Other assets 124 130
------------- ------------
Total assets $ 17,205 $ 22,397
============= ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 2,410 $ 3,367
Accrued payroll and related liabilities 767 784
Accrued expenses and other current
liabilities 525 497
Accrued engineering charges 500 450
Current portion of long term debt 5 3,493
------------- ------------
Total current liabilities 4,207 8,591
Long term debt, net of current portion and debt
discount of $1,133 4,867 -
Other liabilities 103 94
------------- ------------
Total liabilities 9,177 8,685
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Commitments and contingencies
Stockholders' equity:
Common stock, $0.001 par value - 90,000
shares authorized; 31,574 (2013) and 30,348
(2012) shares issued and outstanding 31 30
Additional paid-in capital 103,892 100,403
Accumulated deficit (95,895) (86,721)
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Total stockholders' equity 8,028 13,712
------------- ------------
Total liabilities and stockholders' equity $ 17,205 $ 22,397
============= ============
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
28, 29, 28, 29,
2013 2012 2013 2012
--------- --------- --------- ---------
Net sales $ 4,289 $ 6,391 $ 15,318 $ 30,910
Cost of sales(1) 3,896 6,003 14,112 22,348
--------- --------- --------- ---------
Gross profit 393 388 1,206 8,562
--------- --------- --------- ---------
Operating expenses:
Research and development(1) 1,641 2,615 4,941 10,227
Selling, general and
administrative(1) 1,554 2,497 4,880 7,977
--------- --------- --------- ---------
Total operating expenses 3,195 5,112 9,821 18,204
--------- --------- --------- ---------
Operating loss (2,802) (4,724) (8,615) (9,642)
--------- --------- --------- ---------
Other income (expense):
Interest expense, net (324) (98) (542) (248)
Other income, net (8) 4 (8) 12
--------- --------- --------- ---------
Total other expense, net (332) (94) (550) (236)
--------- --------- --------- ---------
Loss before provision for income
taxes (3,134) (4,818) (9,165) (9,878)
Provision for income taxes 7 4 9 5
--------- --------- --------- ---------
Net loss $ (3,141) $ (4,822) $ (9,174) $ (9,883)
========= ========= ========= =========
Net loss per common share:
Basic and diluted $ (0.10) $ (0.17) $ (0.30) $ (0.36)
========= ========= ========= =========
Weighted-average common shares
outstanding:
Basic and diluted 31,268 28,199 30,599 27,680
========= ========= ========= =========
(1) Amounts include stock-based
compensation expense as
follows:
Cost of sales $ 13 $ 28 $ 37 $ 105
Research and development 162 193 440 538
Selling, general and
administrative 266 294 768 877
Netlist, Inc. and Subsidiaries
Unaudited Schedule Reconciling GAAP Net Loss to Non-GAAP EBITDA and Adjusted
EBITDA
(in thousands)
Three Months Ended Nine Months Ended
-------------------- --------------------
September September September September
28, 29, 28, 29,
2013 2012 2013 2012
--------- --------- --------- ---------
GAAP net loss $ (3,141) $ (4,822) $ (9,174) $ (9,883)
Interest expense, net 324 98 542 248
Provision for income taxes 6 4 9 5
Depreciation and amortization 353 471 1,166 1,541
--------- --------- --------- ---------
EBITDA loss (2,458) (4,249) (7,457) (8,089)
Stock-based compensation 442 515 1,245 1,520
Other expense (income), net 7 (4) 8 (12)
--------- --------- --------- ---------
Adjusted EBITDA loss $ (2,009) $ (3,738) $ (6,204) $ (6,581)
========= ========= ========= =========
For more information, please contact:Brainerd Communicators, Inc. Mike Smargiassi NLST@braincomm.com (212) 986-6667Netlist, Inc. Gail M. Sasaki Chief Financial Officer (949) 435-0025
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