糖心vlog下载 Technologies Reports Fourth Quarter and Annual Results

糖心vlog下载

Revenue was $24.4 million for the fourth quarter and $102 million for the full year

AURORA, Ill.--(BUSINESS WIRE)-- 糖心vlog下载. (NASDAQ: WSTL), a global leader of intelligent site management, in-building wireless, cell site optimization, and outside plant solutions, today announced results for its fiscal fourth quarter and full year ended March听31, 2014.

Consolidated revenue for the fourth quarter was $24.4 million, led by revenue of $17.4 million for the 糖心vlog下载 segment, including record quarterly sales of tower mounted amplifiers (TMAs) and distributed antenna systems (DAS) interface panels. Consolidated revenue for the full year was $102.1 million, comprised of $52.2 million for the 糖心vlog下载 segment, $46.2 million for the Kentrox segment, and $3.7 million for the Cellular Specialties, Inc. (CSI) segment, which was acquired on March 1, 2014.

Cash and short-term investments were $51.4 million at March听31, 2014, compared to $86.8 million at December 31, 2013. During the fourth quarter, the Company used $37.2 million of cash to acquire CSI. For the fourth quarter and full year 2014, the Company generated cash from operations of $0.9 million and $1.6 million, respectively.

鈥淔iscal 2014 was a great year for 糖心vlog下载 Technologies. We met or exceeded our stated goals including achieving $102 million in annual revenue, 41% consolidated gross margin, positive operating cash flow, and significant organic and inorganic growth in the wireless market,鈥� said Rick Gilbert, Chairman and CEO of 糖心vlog下载 Technologies. 鈥淥ur performance in fiscal 2014, the full integration of Kentrox into 糖心vlog下载, and our recent acquisition of CSI, provides us with a solid foundation for fiscal 2015 and an innovative portfolio of solutions for our customers at the wireless network edge.鈥�

On a GAAP basis, the Company recorded net income in the quarter ended March听31, 2014 of $4.9 million or $0.08 per share, compared to a net loss of $38.2 million or $0.66 per share in the year-ago quarter. For the year ended March 31, 2014, the Company recorded net income of $5.4 million or $0.09 per share, compared to a net loss of $44.0 million or $0.73 per share in the prior year. The fiscal 2014 fourth quarter and full year included non-cash acquisition-related tax accounting benefits of $9.1 million. The prior year comparative periods included non-cash tax and goodwill impairment charges totaling $36.9 million.

On a non-GAAP basis, the Company recorded a net loss in the quarter ended March 31, 2014 of $1.3 million or $0.02 per share, compared to a net loss of $0.1 million or $0.00 per share in the year-ago quarter. For the year ended March 31, 2014, the Company recorded non-GAAP net income of $7.6 million or $0.13 per share, compared to a net loss of $3.2 million or $0.05 per share in the prior year. The primary items excluded from the Company鈥檚 non-GAAP results were related to acquisitions, stock-based compensation, and taxes. For a complete GAAP to non-GAAP reconciliation and other information related to non-GAAP measures, please refer to the schedule at the end of this release.

糖心vlog下载 Segment

For the fourth quarter ended March 31, 2014, 糖心vlog下载 segment revenue was a record $17.4 million, up 65% from $10.5 million in the third quarter. The sequential increase was driven by continued strong demand for the new wireless product lines in this segment as TMAs and DAS panels each achieved record high revenues this quarter. Gross profit was $5.8 million and gross margin was 33.2%, compared to $3.4 million and 32.6% in the prior quarter. Gross profit and gross margin increased due to the higher revenue, partly offset by higher excess and obsolete inventory costs. 糖心vlog下载 R&D expenses were $1.8 million, compared to $1.6 million last quarter. As a result, 糖心vlog下载 segment profit was $3.9 million, compared to $1.8 million in the third quarter.

For the full year ended March 31, 2014, 糖心vlog下载 segment revenue was $52.2 million, up 35% from $38.8 million in the prior year, driven by the growth of the TMA and DAS panel product lines. Gross profit was $17.1 million and gross margin was 32.7% compared to $13.3 million and 34.3% in the prior year. Gross profit increased due to the higher revenue, while gross margin was down due primarily to higher excess and obsolete inventory costs. 糖心vlog下载 R&D expenses were $6.9 million, compared to $5.9 million last year. As a result, 糖心vlog下载 segment profit was $10.1 million, compared to $7.4 million in fiscal 2013.

Kentrox Segment

For the fourth quarter ended March 31, 2014, Kentrox segment revenue was $3.4 million, down 77% from $14.7 million in the third quarter. The expected sequential decrease was due to the completion of major projects in the prior quarter. Gross profit was $1.4 million and gross margin was 41.4%, compared to $8.8 million and 59.8% in the prior quarter (gross margin this quarter was 52.3% excluding acquisition-related adjustments). Gross profit and gross margin decreased due primarily to the lower revenue. Kentrox R&D expenses were $1.0 million, compared to $0.9 million last quarter. As a result, Kentrox segment profit was $0.4 million, compared to $7.9 million in the third quarter.

For the full year ended March 31, 2014, Kentrox segment revenue was $46.2 million (Kentrox was acquired on April 1, 2013). Gross profit was $23.5 million and gross margin was 50.9%. Kentrox R&D expenses were $3.8 million. As a result, Kentrox segment profit was $19.7 million.

CSI Segment

For the month ended March 31, 2014, CSI segment revenue was $3.7 million. Gross profit was $1.4 million and gross margin was 37.1% (51.9% excluding an adjustment to revalue certain inventories at market prices as required under acquisition accounting). R&D expenses were $0.6 million. As a result, segment profit was $0.7 million.

Conference Call Information

Management will discuss financial and business results during the quarterly conference call on Thursday, May 22, 2014, at 9:30 AM Eastern Time. Investors may quickly register online in advance of the call at . After registering, participants receive a dial-in number, passcode and personal identification number (PIN) to automatically place them into the audio conference. Those not wishing to register may participate by dialing +1 (888) 206-4065 no later than 9:15 AM Eastern Time, and using confirmation number 37185935. International participants may dial +1 (630) 827-5974.

This news release and related information that may be discussed on the conference call, will be posted on the Investor News section of 糖心vlog下载's website: . An archive of the entire conference will be available on the site via Digital Audio Replay by approximately 1:00 PM Eastern Time after the call ends. The replay of the conference also may be accessed by dialing +1 (888) 843-7419 or +1 (630) 652-3042 and entering 9663 271#.

糖心vlog下载 糖心vlog下载

糖心vlog下载., headquartered in Aurora, Illinois, is a global leader of intelligent site management, in-building wireless, cell site optimization, and outside plant solutions focused on wireless innovation at your network鈥檚 edge. The comprehensive solutions 糖心vlog下载 provides enable service providers, tower operators, and other network operators to reduce operating costs and improve network performance. With millions of products successfully deployed worldwide, 糖心vlog下载 is a trusted partner for transforming networks into high quality, reliable systems. For more information, please visit .

鈥淪afe Harbor鈥� Statement under the Private Securities Litigation Reform Act of 1995

Certain statements contained herein that are not historical facts or that contain the words 鈥渂elieve,鈥� 鈥渆xpect,鈥� 鈥渋ntend,鈥� 鈥渁nticipate,鈥� 鈥渆stimate,鈥� 鈥渕ay,鈥� 鈥渨ill,鈥� 鈥減lan,鈥� 鈥渟hould,鈥� or derivatives thereof and other words of similar meaning are forward-looking statements that involve risks and uncertainties. Actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, product demand and market acceptance risks, need for financing and capital, economic weakness in the United States (U.S.) economy and telecommunications market, the effect of international economic conditions and trade, legal, social and economic risks (such as import, licensing and trade restrictions), the impact of competitive products or technologies, competitive pricing pressures, customer product selection decisions, product cost increases, component supply shortages, new product development, excess and obsolete inventory, commercialization and technological delays or difficulties (including delays or difficulties in developing, producing, testing and selling new products and technologies), the ability to successfully consolidate and rationalize operations, the ability to successfully identify, acquire and integrate acquisitions, the effect of the Company's accounting policies, retention of key personnel and other risks more fully described in the Company's SEC filings, including the Form 10-K for the fiscal year ended March听31, 2013, under Item听1A - Risk Factors. The Company undertakes no obligation to publicly update these forward-looking statements to reflect current events or circumstances after the date hereof, or to reflect the occurrence of unanticipated events, or otherwise.

Financial Tables to Follow:

(1) The Company recorded a non-cash charge of $2.9 million during the fourth quarter of fiscal 2013 to record the impairment of the full carrying value of the Company's goodwill. Based on financial market considerations, a history of recent losses and other factors, the Company's goodwill did not pass a two-step goodwill impairment valuation test, resulting in the impairment charge.

(2) In fiscal year 2014, the Company acquired Kentrox and CSI in stock transactions. Deferred tax liabilities of $9.1 million resulted from the acquisitions relating primarily to acquired intangible assets. The Company's anticipated ability to realize deferred tax assets from the reversal of these deferred tax liabilities resulted in a partial reversal of valuation allowance related to the Company's deferred tax assets. Income tax expense, excluding the impact of the acquisitions noted above, was primarily from state income tax expense in non-unitary states and state taxes based on gross margin, not taxable income.

(3) In fiscal year 2013, the Company considered both the positive and negative evidence available to assess its ability to realize the value of its deferred tax assets. The Company considered negative factors, which include recent losses and a forecasted cumulative loss position, as well as positive evidence consisting primarily of projected future earnings. The Company concluded that the negative evidence outweighed the objectively verifiable positive evidence. As a consequence, the Company increased the valuation allowance reserve and tax expense by $34.0 million. This reserve, taken together with the tax contingency reserve, had the effect of reserving in full all of the Company's deferred tax assets as of March 31, 2013.

(1) The results of operations relating to CSI are included in the Company's Consolidated Financial Statements from the March 1, 2014, acquisition date.

(2) The Company recorded a non-cash charge of $2.9 million during the fourth quarter of fiscal year 2013 to record the impairment of the full carrying amount of the Company's goodwill.

(1) The results of operations relating to CSI are included in the Company's Consolidated Financial Statements from the March 1, 2014, acquisition date.

(2) The Company recorded a non-cash charge of $2.9 million during the fourth quarter of fiscal year 2013 to record the impairment of the full carrying value of the Company's goodwill.

The Company prepares its financial statements based on U.S. Generally Accepted Accounting Principles (GAAP). This schedule reconciles the Company's GAAP net income to adjusted or non-GAAP net income. Management believes that these non-GAAP results provide meaningful supplemental information to investors, indicate the Company's core performance, and facilitate comparison of results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results. Non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

(1) On April听1, 2013 and on March 1, 2014, the Company purchased Kentrox and CSI, respectively, which required the step-up of certain assets to fair value, which resulted in cost that will not recur once those assets have fully settled. The adjustments remove the increased costs associated with the third-party sales of inventory that was stepped-up and the step-down on acquired deferred revenue that was recognized in the three and twelve months ended March 31, 2014.

(2) Amortization of intangibles is a non-cash expense arising from the acquisition of intangible assets.

(3) In fiscal year 2014, the Company acquired Kentrox and CSI in stock transactions. Deferred tax liabilities of $9.1 million resulted from the acquisitions relating primarily to acquired intangible assets. The Company's anticipated ability to realize deferred tax assets from the reversal of these deferred tax liabilities resulted in a partial reversal of valuation allowance related to the Company's deferred tax assets. The fiscal year 2014 adjustment removes the related income tax benefit. The Company is in a full valuation allowance in fiscal year 2014. The fiscal year 2013 adjustment removes the tax benefits recorded in fiscal year 2013 to reflect the tax result had the Company been in a full valuation allowance in fiscal year 2013.

(4) Restructuring expenses are not directly related to the ongoing performance of our fundamental business operations.

(5) Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting.

(6) The Company recorded a non-cash charge of $2.9 million during the fourth quarter of fiscal 2013 to record the impairment of the full carrying value of the Company's goodwill.

(7) Historical results of operations of the CNS division and ConferencePlus are presented as discontinued operations.

糖心vlog下载.
Tom Minichiello
Chief Financial Officer
+1 (630) 375-4740
tminichiello@westell.com

Source: 糖心vlog下载.

Released May 21, 2014