Vitesse Reports First Quarter Fiscal Year 2015 Results

In deriving non-GAAP operating expenses from GAAP operating expenses, we exclude stock-based compensation charges and amortization of intangible assets. In deriving non-GAAP income (loss) from operations from GAAP income (loss) from operations, we exclude stock-based compensation charges and amortization of intangible assets. In deriving non-GAAP net income (loss) from GAAP net income (loss), we further exclude loss on extinguishment of debt. Stock-based compensation charges, amortization of intangible assets, and loss on extinguishment of debt represent charges that recur in amounts unrelated to the Company’s operations.

The non-GAAP financial measures we provide have certain limitations because they do not reflect all of the costs associated with the operation of our business as determined in accordance with GAAP. Non-GAAP operating expenses, non-GAAP income (loss) from operations and non-GAAP net income (loss) are in addition to, and are not a substitute for or superior to, operating expenses, income (loss) from operations and net income (loss), which are prepared in accordance with GAAP and may be different from non-GAAP measures used by other companies. A detailed reconciliation of the non-GAAP measures to the most directly comparable GAAP measure is set forth below. Investors are encouraged to review these reconciliations to appropriately incorporate the non-GAAP measures and the limitations of these measures into their analyses. For complete information on stock-based compensation, amortization of intangible assets, and loss on extinguishment of debt, please see our Form 10-Q for the quarterly period ended December 31, 2014 and Form 10-K for the year ended September 30, 2014.

       

VITESSE SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS
 
December 31,
2014
September 30,
2014
(in thousands, except par value)
ASSETS
Current assets:
Cash $ 31,745 $ 71,903
Accounts receivable 10,081 10,850
Inventories 15,705 12,792
Restricted cash 1,608 794
Prepaid expenses and other current assets 2,170   1,047  
Total current assets 61,309 97,386
Property, plant and equipment, net 2,913 2,858
Other intangible assets, net 1,811 1,476
Other assets 1,511   3,104  
$ 67,544   $ 104,824  
 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 7,947 $ 6,814
Accrued expenses and other current liabilities 9,548 12,472
Current portion of debt, net 32,727
Deferred revenue 6,302   4,902  
Total current liabilities 23,797 56,915
Other long-term liabilities 225 234
Long-term debt, net 16,508 16,417
Convertible subordinated debt, net    
Total liabilities 40,530   73,566  
Stockholders’ equity:
Preferred stock, $0.01 par value: 10,000 shares authorized; no shares issued or outstanding
Common stock, $0.01 par value: 250,000 shares authorized; 68,426 and 67,703 shares outstanding at December 31, 2014 and September 30, 2014, respectively 684 677
Additional paid-in-capital 1,925,774 1,924,984
Accumulated deficit (1,899,444 ) (1,894,403 )
Total stockholders’ equity 27,014   31,258  
$ 67,544   $ 104,824  
 
 
VITESSE SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
   
Three Months ended
December 31,     September 30,     December 31,
2014   2014   2013  
Net revenues: (in thousands, except per share data)
Product revenues $ 23,969 $ 27,007 $ 24,863
Intellectual property revenues 786   1,664   2,220  
Net revenues 24,755   28,671   27,083  
Costs and expenses:
Cost of product revenues 10,053 10,571 10,676
Engineering, research and development 11,337 10,869 10,679
Selling, general and administrative 7,415 7,792 7,854
Amortization of intangible assets 100   93   88  
Costs and expenses 28,905   29,325   29,297  
Loss from operations (4,150 ) (654 ) (2,214 )
Other expense:
Interest expense, net 818 1,521 1,704
Loss on extinguishment of debt 1,594
Other, net 28   28   61  
Other expense, net 846   1,549   3,359  
Loss before income tax expense (benefit) (4,996 ) (2,203 ) (5,573 )
Income tax expense (benefit) 45   282   (202 )
Net loss $ (5,041 ) $ (2,485 ) $ (5,371 )
 
Net loss per common share - basic and diluted $ (0.07 ) $ (0.04 ) $ (0.09 )
Weighted average common shares outstanding - basic and diluted 67,974 67,580 57,610
 
 
VITESSE SEMICONDUCTOR CORPORATION
UNAUDITED RECONCILIATION OF GAAP RESULTS TO NON-GAAP RESULTS
 
Three Months Ended
December 31,     September 30,     December 31,
2014   2014   2013  
(in thousands, except per share data)
 
UNAUDITED RECONCILIATION OF GAAP NET LOSS TO NON-GAAP NET LOSS
 
GAAP net loss $ (5,041 ) $ (2,485 ) $ (5,371 )
Adjustments:
Stock-based compensation charges 1,831 1,609 1,265
Amortization of intangible assets 100 93 88
Loss on extinguishment of debt     1,594  
Total GAAP to non-GAAP adjustments 1,931   1,702   2,947  
Non-GAAP net loss $ (3,110 ) $ (783 ) $ (2,424 )
Net loss per common share - basic and diluted:
GAAP net loss per common share $ (0.07 ) $ (0.04 ) $ (0.09 )
Adjustments 0.03     0.03   0.05  
Non-GAAP net loss per common share $ (0.04 ) $ (0.01 ) $ (0.04 )
 
UNAUDITED RECONCILIATION OF GAAP LOSS FROM OPERATIONS TO NON-GAAP (LOSS) INCOME FROM OPERATIONS
 
GAAP loss from operations $ (4,150 ) $ (654 ) $ (2,214 )
Adjustments:
Stock-based compensation charges 1,831 1,609 1,265
Amortization of intangible assets 100   93   88  
Total GAAP to non-GAAP adjustments 1,931   1,702   1,353  
Non-GAAP (loss) income from operations $ (2,219 ) $ 1,048   $ (861 )
 
UNAUDITED RECONCILIATION OF GAAP OPERATING EXPENSES TO NON-GAAP OPERATING EXPENSES
 
GAAP operating expenses:
Engineering, research and development $ 11,337 $ 10,869 $ 10,679
Selling, general and administrative 7,415 7,792 7,854
Amortization of intangible assets 100   93   88  
Total GAAP operating expenses 18,852   18,754   18,621  
Adjustments:
Stock-based compensation charges 1,601 1,405 1,081
Amortization of intangible assets 100   93   88  
Total GAAP to non-GAAP adjustments 1,701   1,498   1,169  
Non-GAAP operating expenses $ 17,151   $ 17,256   $ 17,452  



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