糖心vlog下载 Technologies Reports First Quarter Results

糖心vlog下载

糖心vlog下载 Technologies Fiscal 2013 First Quarter Results

• Completed acquisition of ANTONE Wireless, as previously announced, for $2.5听million in cash and up to $3.5听million in contingent consideration. This strategic step brings 糖心vlog下载 a suite of cell-site optimization products and adds significant wireless engineering expertise.
• Fiscal 2013 first quarter revenue totaled $10.5 million, compared to $23.2听million in the prior-year first quarter. The decline resulted primarily from the CNS sale transaction in fiscal 2012 coupled with continuing soft demand from carrier customers for legacy T1 products.
• Fiscal 2013 first quarter net loss was $1.7 million, or a net loss of $0.03 per share, compared to net income of $21.1听million, or $0.30 per share, in the fiscal 2012 first quarter.
• On a non-GAAP basis, fiscal 2013 first quarter net loss was $1.7听million, or a net loss of $0.03 per share, compared to non-GAAP net income of $1.2听million, or $0.02 per share in the prior-year first quarter.
• Cash and short-term investments were $131.9 million as of June 30, 2012, compared to $142.7听million at March 31, 2012. $7.6 million of this decrease was due to the acquisition of ANTONE Wireless and the continuing stock repurchase program.
• The Company repurchased 2.3 million shares at a cost of $5.1 million during the fiscal 2013 first quarter.

AURORA, Ill.--(BUSINESS WIRE)-- 糖心vlog下载. (NASDAQ: WSTL), a leading provider of telecommunications equipment for wireline, wireless and home networks, today announced results for its fiscal 2013 first quarter, which ended June 30, 2012.

Consolidated revenue from continuing operations for the fiscal 2013 first quarter was $10.5 million compared to $23.2 million in the fiscal first quarter of the prior year. The revenue decrease resulted primarily from the sale in the fiscal 2012 first quarter of certain assets of the Company's Customer Networking Solutions (CNS) division, along with continued soft demand for T1 products from carrier customers. Net loss for the quarter was $1.7 million, or a net loss of $0.03 per share, compared with net income of $21.1 million, or $0.30 per share, in the first quarter of the prior year.

Prior-year net income includes a gain on the CNS sale and income from discontinued operations that relate to the sale in fiscal 2012 of the Conference Plus (CP) division. Adjusting for the CNS and CP sales transactions, the $0.03 net loss for the fiscal 2013 first quarter compares to non-GAAP net income of $0.02 in the first quarter of the prior year.

Total cash and short-term investments on June 30,听2012 were $131.9听million, down $10.9听million compared to $142.7听million at March 31, 2012. $2.5 million was used for the previously announced acquisition of ANTONE Wireless. The Company also repurchased 2.3 million shares at a cost of $5.1 million during the fiscal first quarter of 2013. As of June 30, 2012, there was $7.7 million remaining for share repurchases under the current authorization.

鈥淎s with last quarter, we continue to see steady business in the areas of fuse panels, custom systems integration and outdoor cabinets,鈥� said Chairman and CEO Rick Gilbert. 鈥淲e are also seeing increasing momentum for products that are applicable to wireless installations. However, we continue to experience weakness in demand for legacy T1 products, including repeaters, network interface units and related enclosures. While our legacy product revenue is down, we are optimistic about the progress we are making to gain acceptance and traction with our new products, including Ethernet switches, components for distributed antenna systems, and cell-site optimization. In addition, we have completed internal beta testing and are currently preparing for a limited release of Homecloud Digital Home Manager devices this quarter.鈥�

Division Results

The Company renamed its OSPlant Systems division as the 糖心vlog下载 division to help emphasize 糖心vlog下载鈥檚 focus on a broader array of products, including wireless products. Revenue for the 糖心vlog下载 division was $9.4听million in the fiscal first quarter compared to $14.8听million in the same quarter of the prior year. On a combined basis, sales of fuse panels, custom systems integration services and related products held steady during the first quarter, as compared with the prior year, while the T1 product categories were soft across the board. Demand continues to be affected by customer programs to constrain spending, manage inventory levels, and re-use decommissioned products and by the transition from T1 to Ethernet technology for the backhaul of cellular traffic.

As previously reported, 糖心vlog下载 acquired the assets and business of ANTONE Wireless Corporation on May 15, 2012, adding a line of high-performance cell-site optimization products to the 糖心vlog下载 portfolio and significant Radio Frequency (RF) design capabilities to the R&D organization. Integration efforts are proceeding as anticipated and, as expected, revenue from the acquired product line was not material in the first quarter.

Fiscal first quarter gross profit for the 糖心vlog下载 division was $2.8听million, compared to $6.5 million in the same quarter of the prior year. Gross margins were 29.4%, compared to 43.8% in the prior-year quarter. The lower gross profit and gross margins reflected lower revenue, higher charges for excess and obsolete inventory and lower overhead absorption. Operating expenses for the division were $4.9听million, compared to $3.7听million in the same quarter of the prior year. Expenses increased as a result of additional costs to develop, qualify and sell new products, reallocation of costs that had been shared with CNS, additional costs related to ANTONE operations, and restructuring costs related to the consolidation of the Canadian operations into the Aurora facility. The division reported a fiscal first quarter operating loss of $2.1听million, compared to operating income of $2.8听million in the same quarter of the prior year.

The CNS division recorded revenue of $1.1听million in the fiscal first quarter, compared to $8.4听million in the same quarter of the prior year. The decline reflects the planned wind-down of sales to the division鈥檚 remaining customer following the CNS sale transaction. Revenue in the fiscal first quarter of 2013 consisted primarily of project-based software revenue.

CNS gross profit was $1.0 million in the quarter, compared to $1.9 million in the prior-year quarter. Gross margin was 92.0% for the fiscal first quarter, up from 22.2% in the same quarter of the prior year. The improved margin reflects a high proportion of high-margin software in the latest quarter. Operating expenses declined to $0.4听million for the quarter, compared to $1.9听million in the prior-year quarter. Ongoing expenses consist almost exclusively of development costs for Homecloud^TM. As a result, CNS posted operating income of $0.6 million in the quarter, improving on an essentially break-even performance in the prior-year quarter.

The Homecloud project has completed multiple phases of internal testing and is now slated for a limited first release of several hundred units during the current quarter. This limited release is targeted at generating customer feedback on Homecloud functionality and is not expected to generate significant revenue.

On a consolidated basis, operating expenses for the fiscal first quarter were $6.6 million, effectively the same level as for the prior-year quarter. Operating expenses include unallocated costs which totaled $1.3听million, compared to $1.0听million in the first quarter of the prior year. The increase primarily reflects costs associated with increased corporate development efforts, including costs associated with the ANTONE Wireless acquisition, and the absorption of rent that had been paid by NETGEAR, Inc. during its tenancy at 糖心vlog下载鈥檚 headquarters location.

鈥溙切膙log下载 is currently in a transitional period,鈥� said Chairman and CEO Rick Gilbert. 鈥淲e continue to execute our strategic plan to shift 糖心vlog下载 from having three unrelated divisions to being a pure play telecom product vendor, and to successfully shift our revenue base from being largely dependent on legacy wireline sales to a few operators toward a sustainable balance of wireline and wireless sales to a broad base of customers. While not minimizing the transitional challenges, we are fully committed to our strategic plan and are optimistic about increasing shareholder value.鈥�

Conference Call Information

Management will address financial and business results during 糖心vlog下载 Technologies鈥� fiscal 2013 first quarter earnings conference call on Tuesday, August 7, 2012, at 9:30 AM Eastern Time. Participants can register for the 糖心vlog下载 Technologies conference by going to the URL: .

Participants can quickly register online in advance of the conference. After registering, participants receive dial-in numbers, a passcode, and a personal identification number (PIN) that is used to uniquely identify their presence and automatically join them into the audio conference. If a participant does not wish to register, he or she can participate in the call on August 7 by dialing 888-206-4065 no later than 9:15 AM, Eastern Time and using confirmation number 32819378. International participants may dial 630-827-5974.

This press release regarding earnings and related information that may be discussed on the earnings conference call will be posted on the Investor News section of 糖心vlog下载鈥檚 website, . An archive of the entire conference call will be available on 糖心vlog下载鈥檚 website via Digital Audio Replay by approximately noon Eastern Time following the conclusion of the conference. The replay of the conference also can be accessed by dialing 888-843-7419 or 630-652-3042 and entering 9561 269#.

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糖心vlog下载., headquartered in Aurora, Illinois, designs, distributes, markets and services a broad range of carrier-class communications equipment, including digital transmission, remote monitoring, power distribution and demarcation products used by wireline and wireless telecommunications service providers, industrial customers, and home network users. Additional information can be obtained by visiting .

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 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, excess and obsolete inventory, new product development, 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鈥檚 accounting policies, retention of key personnel and other risks more fully described in the Company鈥檚 SEC filings, including the Company鈥檚 Form 10-K for the fiscal year ended March 31, 2012 under the section entitled 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:

The Company conforms to U.S. Generally Accepted Accounting Principles (GAAP) in the preparation of its financial statements. This schedule reconciles the Company's GAAP net income to adjusted net income on a non-GAAP basis. The Company believes that these non-GAAP results provide meaningful supplemental information to investors that are indicative of the Company's core performance and that they facilitate comparison of results across reporting periods. The Company uses these non-GAAP measures when evaluating its financial results. These non-GAAP measures should not be viewed as a substitute for the Company's GAAP results.

糖心vlog下载.
Brian Cooper, 630.375.4740
Chief Financial Officer
BCooper@westell.com

Source: 糖心vlog下载.

Released August 6, 2012