Non-GAAP financial measures are not in accordance with or an alternative for U.S. GAAP. Our non-GAAP financial measure is not meant to be considered in isolation or as a substitute for comparable U.S. GAAP financial measures and it should be read only in conjunction with our consolidated financial statements prepared in accordance with U.S. GAAP.
The information provided herein may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Exchange Act of 1934. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Such forward-looking statements include, in particular, projections about our future results included in our Exchange Act reports, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate.
These forward-looking statements may be identified by the use of terms and phrases such as “anticipates”, “believes”, “can”, “could”, “estimates”, “expects”, “forecasts”, “intends”, “may”, “plans”, “projects”, “targets”, “will”, and similar expressions or variations of these terms and similar phrases. Additionally, statements concerning future matters such as the development of new products, enhancements or technologies, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements. We caution that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic, and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of our business or our industry to be materially different from those expressed or implied by any forward-looking statements.
These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected, including without limitation, the following: (a) the rapidly evolving markets for the Company's products and uncertainty regarding the development of these markets; (b) the Company's historical dependence on sales to a limited number of customers and fluctuations in the mix of products and customers in any period; (c) delays and other difficulties in commercializing new products; (d) the failure of new products: (i) to perform as expected without material defects, (ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to be qualified and accepted by our customers, and, (iv) to successfully compete with products offered by our competitors; (e) uncertainties concerning the availability and cost of commodity materials and specialized product components that we do not make internally; (f) actions by competitors; and (g) other risks and uncertainties discussed under Item 1A - Risk Factors in our Annual Report on Form 10-K for the fiscal year ended September 30, 2015, as updated by our subsequent periodic reports.
Neither management nor any other person assumes responsibility for the accuracy and completeness of the forward-looking statements. All forward-looking statements in this press release are made as of the date hereof, based on information available to us as of the date hereof, and subsequent facts or circumstances may contradict, obviate, undermine, or otherwise fail to support or substantiate such statements. We caution you not to rely on these statements without also considering the risks and uncertainties associated with these statements and our business that are addressed in our filings with the SEC that are available on the SEC's web site located at www.sec.gov, including the sections entitled "Risk Factors" in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q. Certain information included in this press release may supersede or supplement forward-looking statements in our other Exchange Act reports filed with the SEC. We assume no obligation to update any forward-looking statement to conform such statements to actual results or to changes in our expectations, except as required by applicable law or regulation.
Condensed Consolidated Statements of Operations
(in thousands, except per share data)
|For the Three Months Ended|
|December 31, 2015||September 30, 2015||December 31, 2014|
|Cost of revenue||15,089||13,568||13,237|
|Operating expense (income):|
|Selling, general, and administrative||4,821||5,587||8,627|
|Research and development||2,560||2,649||2,174|
|Gain from change in estimate on ARO obligation||—||—||(845||)|
|Loss on sale of assets||—||—||228|
|Total operating expense||7,381||8,236||10,184|
|Operating income (loss)||20||1,214||(5,005||)|
|Other income (expense):|
|Interest (expense) income, net||(17||)||36||(130||)|
|Foreign exchange (loss) gain||(135||)||(239||)||57|
|Change in fair value of financial instruments||—||—||36|
|Total other expense||(152||)||(203||)||(37||)|
|(Loss) income from continuing operations before income tax (expense) benefit||(132||)||1,011||(5,042||)|
|Income tax (expense) benefit||(2||)||339||1,912|
|(Loss) income from continuing operations||(134||)||1,350||(3,130||)|
|Income from discontinued operations, net of tax||1,121||130||59,258|
|Per share data:|
|Net (loss) income per basic share:|
|Net income per basic share||$||0.04||$||0.06||$||1.80|
|Net (loss) loss per diluted share:|
|Net income per diluted share||$||0.04||$||0.06||$||1.80|
|Weighted-average number of basic shares outstanding||25,697||25,615||31,217|
|Weighted-average number of diluted shares outstanding||25,697||25,896||31,217|