Ikanos Communications Announces Results for First Quarter 2015



                        IKANOS COMMUNICATIONS, INC.                         
    Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated     
                          Statements of Operations                          
                   (In thousands, except per share data)                    
                                                                            
              Three Months Ended March 29,    Three Months Ended March 30,  
                          2015                            2014              
             ------------------------------  ------------------------------ 
                       Non-GAAP                        Non-GAAP             
                As      Adjust-                 As      Adjust-             
             Reported    ments     Non-GAAP  Reported    ments     Non-GAAP 
             --------  --------    --------  --------  --------    -------- 
Revenue      $ 10,181  $      -    $ 10,181  $ 14,513  $      -    $ 14,513 
Cost of                                                                     
 revenue        5,193       (22)(a)   5,052     7,436        (2)(a)   7,314 
                           (119)(b)                        (120)(b)         
                                                                            
             --------  --------    --------  --------  --------    -------- 
  Gross                                                                     
   profit       4,988      (141)      5,129     7,077      (122)      7,199 
             --------  --------    --------  --------  --------    -------- 
                                                                            
Operating                                                                   
 expenses:                                                                  
 Research and                                                               
  development  11,813      (612)(a)  11,201    12,676      (640)(a)  12,036 
                                                                            
 Selling,                                                                   
  general and                                                               
  administra-                                                                                                                            
    tive                    5,006            (451)(a)      4,555          4,821            (347)(a)      4,474  
                                                                                                                                                        
                          --------    --------        --------    --------    --------        --------  
    Total                                                                                                                                          
      operating                                                                                                                                
      expenses        16,819        (1,063)          15,756        17,497            (987)          16,510  
                          --------    --------        --------    --------    --------        --------  
Loss  from                                                                                                                                      
  operations      (11,831)        1,204          (10,627)    (10,420)        1,109            (9,311)
  Interest  and                                                                                                                              
    other                                                                                                                                          
    income                                                                                                                                        
    (expense),                                                                                                                                
    net                        (108)                -                (108)            242                  -                  242  
                          --------    --------        --------    --------    --------        --------  
Loss  before                                                                                                                                  
  income  taxes  (11,939)        1,204          (10,735)    (10,178)        1,109            (9,069)
  Provision                                                                                                                                    
    for  income                                                                                                                                
    taxes                        54                  -                    54              127                  -                  127  
                          --------    --------        --------    --------    --------        --------  
Net  loss          $(11,993)  $    1,204        $(10,789)  $(10,305)  $    1,109        $  (9,196)
                          ========    ========        ========    ========    ========        ========  
                                                                                                                                                        
Net  loss  per                                                                                                                                
  share:                                                                                                                                          
  Basic  and                                                                                                                                    
    diluted        $    (0.77)                          $    (0.69)  $    (1.04)                          $    (0.93)
                          ========                            ========    ========                            ========  
                                                                                                                                                        
Weighted                                                                                                                                        
  average                                                                                                                                        
  outstanding                                                                                                                                
  shares:                                                                                                                                        
  Basic  and                                                                                                                                    
    diluted            15,575                                15,575          9,875                                  9,875  
                          ========                            ========    ========                            ========  
                                                                                                                                                        
Notes:                                                                                                      Three  Months  Ended  
                                                                                                              ---------------------
                                                                                                                March  29,    March  30,
                                                                                                                    2015                2014    
                                                                                                              ----------    ---------
(a)  Stock-based                                                                                                                          
          compensation                                                                            $        1,085    $          989
(b)  Amortization  of                                                                                                                  
          acquired  intangible                                                                                                        
          assets                                                                                                      119                120
                                                                                                              ----------    ---------
        Total  non-GAAP                                                                                                                    
          adjustments                                                                              $        1,204    $      1,109
                                                                                                              ==========    =========
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                IKANOS  COMMUNICATIONS,  INC.                                                  
        Unaudited  Reconciliation  of  GAAP  to  Non-GAAP  Condensed  Consolidated          
                                                    Statements  of  Operations                                                    
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                                          Three  Months  Ended  December  28,  2014      
                                                                      ----------------------------------------  
                                                                              As                Non-GAAP                                      
                                                                        Reported        Adjustments              Non-GAAP    
                                                                      ----------    ------------            ----------  
Revenue                                                        $      11,517    $                    -            $      11,517  
Cost  of  revenue                                                  5,886                        (5)  (a)            5,761  
                                                                                                              (120)  (b)                        
                                                                                                                                                        
                                                                      ----------    ------------            ----------  
                Gross  profit                                        5,631                    (125)                    5,756  
                                                                      ----------    ------------            ----------  
                                                                                                                                                        
Operating  expenses:                                                                                                                  
        Research  and  development                      11,218                    (608)  (a)          10,610  
                                                                                                                                                        
        Selling,  general  and                                                                                                        
          administrative                                          4,463                    (375)  (a)            4,088  
                                                                                                                                                        
                                                                      ----------    ------------            ----------  
                Total  operating  expenses              15,681                    (983)                  14,698  
                                                                      ----------    ------------            ----------  
Loss  from  operations                                    (10,050)                1,108                    (8,942)
        Interest  and  other  income                                                                                              
          (expense),  net                                            (239)                        -                        (239)
                                                                      ----------    ------------            ----------  
Loss  before  income  taxes                            (10,289)                1,108                    (9,181)
        Provision  for  income  taxes                        121                          -                          121  
                                                                      ----------    ------------            ----------  
Net  loss                                                      $    (10,410)  $            1,108            $      (9,302)
                                                                      ==========    ============            ==========  
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
        Basic  and  diluted                            $        (0.75)                                      $        (0.67)
                                                                      ==========                                        ==========  
                                                                                                                                                        
Weighted  average  outstanding                                                                                                
  shares:                                                                                                                                        
        Basic  and  diluted                                    13,918                                                13,918  
                                                                      ==========                                        ==========  
                                                                                                                                                        
Notes:                                                                                  Three  Months                                  
                                                                                                      Ended                                        
                                                                                              December  28,                                  
                                                                                                      2014                                          
                                                                                              ------------                                  
(a)  Stock-based  compensation                                      $                988                                  
(b)  Amortization  of  acquired  intangible                                                                          
          assets                                                                                          120                                  
                                                                                              ------------                                  
        Total  non-GAAP  adjustments                                  $            1,108                                  
                                                                                              ============                                  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                  IKANOS  COMMUNICATIONS,  INC.                                                
                              Unaudited  Condensed  Consolidated  Balance  Sheets                            
                                                              (In  thousands)                                                              
                                                                                                                                                        
                                                                                March  29,      December  28,      March  30,
                                                                                      2015                  2014                  2014      
                                                                                ----------    ------------    ----------
                                  Assets                                                                                                          
Current  assets:                                                                                                                          
    Cash,  cash  equivalents  and  short-term                                                                          
      investments                                                    $      12,965    $          15,691    $      33,660
    Accounts  receivable                                              11,364                13,849            10,962
    Inventory                                                                    2,117                  1,964              1,314
    Prepaid  expenses  and  other  current                                                                                
      assets                                                                        2,612                  3,682              3,075
                                                                                ----------    ------------    ----------
        Total  current  assets                                        29,058                35,186            49,011
Property  and  equipment,  net                                  13,908                  8,581              8,666
Other  assets                                                                  2,184                  2,343              2,547
                                                                                ----------    ------------    ----------
                                                                                $      45,150    $          46,110    $      60,224
                                                                                ==========    ============    ==========
                                                                                                                                                        
    Liabilities  and  Stockholders'  Equity                                                                            
Current  liabilities:                                                                                                                
    Revolving  line                                                $        5,000    $          10,841    $        8,480
    Accounts  payable                                                      4,019                  5,054              5,919
    Accrued  liabilities                                                9,063                  6,460              8,093
                                                                                ----------    ------------    ----------
        Total  current  liabilities                              18,082                22,355            22,492
Other  liabilities                                                        4,424                  1,740              1,541
                                                                                ----------    ------------    ----------
        Total  liabilities                                              22,506                24,095            24,033
Stockholders'  equity                                                22,644                22,015            36,191
                                                                                ----------    ------------    ----------
                                                                                $      45,150    $          46,110    $      60,224
                                                                                ==========    ============    ==========
                                                                                                                                                        
 




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