Dialogic Inc. (Nasdaq:DLGC), the Network Fuel™ company, today
announced fourth quarter and full year financial results for the
period ending December 31, 2012.
Fourth Quarter 2012 Highlights
- Total revenue was $37.9 million
- Gross Margin was 60.6%
- Net Loss was $4.7 million or $0.32 per
share
- Cash on hand was $6.5 million
Full Year 2012 Highlights
- Total revenue was $160.0 million
- Gross Margin was 57.3%
- Net Loss was $37.8 million or $4.04 per
share
GAAP Results
Revenue for the fourth quarter of 2012 was $37.9 million
compared to $42.4 million in the third quarter of 2012 and $50.0
million in the fourth quarter of 2011. Gross Margin for the fourth
quarter of 2012 was 60.6% compared to 61.8% in the third quarter of
2012 and 58.1% in the fourth quarter of 2011. Operating Expense for
the fourth quarter of 2012 was $28.5 million compared to $26.4
million in the third quarter of 2012 and $33.9 million in the
fourth quarter of 2011. Net Loss for the fourth quarter of 2012 was
$4.7 million, or $0.32 per share compared to $0.3 million, or $0.03
per share, in the third quarter of 2012 and $9.2 million, or $1.46
per share, in the fourth quarter of 2011. Cash on hand for the
fourth quarter of 2012 was $6.5 million compared to $2.7 million in
the third quarter of 2012 and $10.4 million in the fourth quarter
of 2011.
Revenue for full year 2012 was $160.0 million compared to $198.1
million in 2011. Gross Margin for 2012 was 57.3% compared to 58.4%
in 2011. Operating Expense for 2012 was $122.5 million compared to
$152.0 million in 2011. Net Loss for 2012 was $37.8 million, or
$4.04 per share, compared to a net loss of $54.8 million in 2011,
or $8.75 per share.
Non-GAAP Results
Total Revenue for the fourth quarter of 2012 was $39.1 million
compared to $42.5 million in the third quarter of 2012 and $50.4
million in the fourth quarter of 2011. Gross Margin for the fourth
quarter of 2012 was 64.5% compared to 65.3% in the third quarter of
2012 and 65.8% in the fourth quarter of 2011. Operating Expense for
the fourth quarter of 2012 was $23.8 million compared to $23.9
million in the third quarter of 2012 and $28.8 million in the
fourth quarter of 2011. Adjusted EBITDA for the fourth quarter of
2012 was $1.4 million compared to $3.8 million in the third quarter
of 2012 and $4.4 million in the fourth quarter of 2011.
Total Revenue for 2012 was $162.4 million compared to $203.0
million in 2011. Gross Margin for 2012 was 65.0% compared to 64.0%
in 2011. Operating Expense for 2012 was $104.7 million compared to
$127.5 million in 2011. Adjusted EBITDA for 2012 was $0.8 million
compared to $2.4 million in 2011.
Restructuring:
In December 2012, the company initiated a plan to further
streamline operations and reduce operating costs, including
specific workforce reductions. In the fourth quarter of 2012, the
company recorded $2.3 million for severance and related charges for
workforce reductions that were implemented in the first quarter of
2013. In total, the Company recorded $5.8 million for severance and
related charges for the full year 2012.
Quote
"Throughout 2012 we focused on transitional activities including
operational, organizational, and financial initiatives that
significantly improved the health of the company," said Kevin Cook,
President and CEO. "We successfully realigned our product
organization to focus on our most promising solutions, evolved the
talent on our senior management team and Board of Directors,
eliminated $22.8 million in operating expenses year over year and
restructured our long-term debt."
"Dialogic is now in a transformational phase and we have
positioned the company favorably for 2013 and beyond. Core to our
strategy is Network Fuel™, a go-to-market approach that elevates
the performance of service provider networks and application
platforms and enables these customers to offer a dynamic subscriber
experience including video, voice, data — and whatever's next,"
added Cook.
Conference Call Details:
Date: March 21, 2013
Time: 4:30pm EDT
Dial-in number: 800.860.2442 International callers: 412.858.4600
Live Webcast: investor.dialogic.com
Replay Information:
A replay of the webcast will be accessible from the "Investor
Relations" section of the Dialogic website. A telephonic replay of
the conference call will be available one hour after the call and
will run for 30 days. Parties in the United States should call
1-877-344-7529 and enter passcode 10026340#. International parties
should call +1-412-317-0088 and enter passcode 10026340#.
About Dialogic:
Dialogic (Nasdaq:DLGC), the Network Fuel™ company, inspires the
world’s leading service providers and application developers to
elevate the performance of media-rich communications across the
most advanced networks. We boost the reliability of any-to-any
network connections, supercharge the impact of applications and
amplify the capacity of congested networks. Forty-eight of the
world’s top 50 mobile operators and nearly 3,000 application
developers rely on Dialogic to redefine the possible and exceed
user expectations.
For more information on Dialogic and the communications
solutions energized by our technology, visit www.dialogic.com and
www.dialogic.com/en/showcase. Also, visit our social media newsroom
for the latest news, videos and blog posts.
This press release may contain forward-looking statements
regarding future events that involve risks and uncertainties.
Readers are cautioned that these forward-looking statements are
only predictions and may differ materially from actual future
events or results. These forward-looking statements involve risks
and uncertainties, as well as assumptions that if they do not fully
materialize or prove incorrect, could cause our results to differ
materially from those expressed or implied by such forward-looking
statements. The risks and uncertainties that could cause our
results to differ materially from those expressed or implied by
such forward-looking statements include but are not limited to our
ability to continue to achieve operational, organizational and
financial savings through initiatives already in process or which
may be put in process, generate positive cash flow and support
continued revenue growth, the potential market for and market
acceptance of our products, industry and competitive market
conditions, gross margin expansion, creating new revenue
opportunities, reducing operating expenses and other risks and
uncertainties described more fully in our documents filed with or
furnished to the SEC. More information about these and other risks
that may impact Dialogic's business is set forth in the "Risk
Factors" section in our Quarterly Report on Form 10-Q for the
period ended September 30, 2012, as filed with the SEC. These
filings are available on a website maintained by the SEC
http://www.sec.gov/. All forward-looking statements in this press
release are based on information available to us as of the date
hereof, and we assume no obligation to update these forward-looking
statements.
Dialogic is a registered trademark and Network Fuel is a
trademark of Dialogic Inc. or a subsidiary. (DLGC-IR)
GAAP Financial Tables
Dialogic Inc.
Consolidated Statements of Operations (GAAP) (In
thousands, except per share data) Three Months Ended
December 31, Twelve Months Ended December 31,
2012 2011
2012 2011 Revenue:
Products $ 28,980 $ 38,660 $ 121,229 $ 157,088 Services
8,932 11,352 38,740
40,996 Total revenue 37,912
50,012 159,969
198,084 Cost of revenue: Products
10,483 15,753 48,521 60,990 Services 4,445
5,207 19,712
21,422 Total cost of revenue 14,928
20,960 68,233
82,412 Gross profit 22,984
29,052 91,736 115,672
Operating expenses: Research and development, net
9,326 12,300 42,785 54,562 Sales and marketing 9,521 12,464 41,456
54,293 General and administrative 7,414 8,369 31,180 35,921
Restructuring charges 2,270 793
7,030 7,214 Total
operating expenses 28,531 33,926
122,451 151,990 Loss from
operations (5,547 ) (4,874 ) (30,715 ) (36,318 ) Other
income (expense): Interest and other income (expense), net 85 76
180 73 Interest expense (1,894 ) (4,789 ) (10,730 ) (18,016 )
Change in fair value of warrants 2,932 - 5,086 - Foreign exchange
loss, net (331 ) 118
(1,378 ) (266 ) Total other income (expense), net
792 (4,595 ) (6,842 )
(18,209 ) Loss before provision (benefit) for income
taxes (4,755 ) (9,469 ) (37,557 ) (54,527 ) Income tax (benefit)
provision (91 ) (306 ) 213
282 Net loss $ (4,664 ) $ (9,163
) $ (37,770 ) $ (54,809 ) Net loss per share -
basic and diluted $ (0.32 ) $ (1.46 ) $ (4.04 ) $ (8.75 ) Weighted
average shares of common stock used in calculation of net loss per
share - basic and diluted 14,409 6,289
9,341 6,265
Dialogic Inc. Consolidated
Balance Sheets (In thousands, except share and per share
data) December 31, 2012
2011 ASSETS Current assets: Cash
and cash equivalents $ 6,501 $ 10,353 Restricted cash 900 1,497
Accounts receivable, net of allowance of $1,217 and $3,622,
respectively 34,248 47,460 Inventory 8,306 20,127 Prepaid expenses
4,639 3,580 Other current assets 4,354
5,577 Total current assets 58,948 88,594 Property and
equipment, net 5,978 7,947 Intangible assets, net 25,089 33,267
Goodwill 31,223 31,223 Other assets 2,147
2,311 Total assets $ 123,385 $ 163,342
LIABILITIES AND STOCKHOLDERS' DEFICIT Current
liabilities: Accounts payable $ 16,994 $ 21,569 Accrued liabilities
21,270 22,449 Deferred revenue, current portion 12,742 14,872 Bank
indebtedness 11,717 12,509 Income taxes payable 1,007 1,665
Interest payable, related parties -
3,452 Total current liabilities 63,730 76,516 Long-term
debt, related parties, net of discount 66,536 94,675 Warrants 1,985
- Other long-term liabilities 8,978
7,587 Total liabilities 141,229
178,778 Commitments and contingencies Preferred stock,
$0.001 par value: Authorized - 10,000,000 shares; Issued and
outstanding - 1 share - - Stockholders' deficit: Common stock,
$0.001 par value: Authorized - 200,000,000 shares; Issued and
outstanding 14,415,652 and 6,295,230 shares, respectively 14 6
Additional paid-in capital 257,658 222,087 Accumulated other
comprehensive loss (22,423 ) (22,206 ) Accumulated deficit
(253,093 ) (215,323 ) Total stockholders' deficit
(17,844 ) (15,436 ) Total liabilities and
stockholders' deficit $ 123,385 $ 163,342
Use of Non-GAAP Financial
Measures
Some of the measures in this press release are non-GAAP
financial measures within the meaning of the SEC Regulation G.
Dialogic believes that presenting non-GAAP Adjusted EBITDA is
useful to investors, because it reflects the operating performance
of Dialogic. Dialogic management uses these non-GAAP measures as
important indicators of the company's past performance and in
planning and forecasting performance in future periods. Dialogic
considers EBITDA, as adjusted, an important measure of its ability
to generate cash flows to fund operating activities, service debt,
fund capital expenditures and fund other corporate investing and
financing activities. EBITDA, as adjusted, eliminates the non-cash
effect of tangible asset depreciation and amortization of
intangible assets and stock-based compensation, as well as certain
nonrecurring expenses. EBITDA should be considered in addition to,
rather than as a substitute for, pre-tax income, net income and
cash flows from operating activities. The non-GAAP financial
information Dialogic presents may not be comparable to
similarly-titled financial measures used by other companies, and
investors should not consider non-GAAP financial measures in
isolation from, or in substitution for, financial information
presented in compliance with GAAP. You are encouraged to review the
reconciliation of GAAP financial measures to non-GAAP financial
measures included elsewhere in this press release.
In respect of the foregoing, Dialogic provides the following
supplemental information to provide additional context for the use
and consideration of the non-GAAP financial measures used elsewhere
in this press release:
"EBITDA" is defined as earnings before interest, income taxes,
depreciation and amortization. "Adjusted EBITDA" is defined as
EBITDA, plus adjustments for nonrecurring items or other
adjustments. Adjusted EBITDA includes EBITDA and also restructuring
and integration costs, product rationalization, non-cash stock
compensation expense, purchase accounting adjustments, SEC inquiry
expenses and other income (expense) items, which includes the
change in the fair value of warrants and foreign exchange gain
(loss). Dialogic considers Adjusted EBITDA as a key metric in
evaluating its financial performance.
Non-GAAP Financial
Tables
Dialogic Inc. Reconciliation of Condensed
Consolidated Statement of Operations to Adjusted EBITDA Results
Three Months Ended December 31, 2012 (in thousands,
except per share data) (unaudited) GAAP
Depreciation and
Amortization
Restructuring and
Integration Costs
Product Rationalization
Stock-based Compensation
Expense
Purchase Accounting
Adjustments
SEC Inquiry
Other Adjustments
Adjusted EBITDA
Revenue: Products $ 28,980 - - - - 73 - 737 $ 29,790 Services 8,932
- - - - 149 - 200 9,281 Cost of revenue: Products 10,483
(1,016 ) - - (61 ) - - - 9,406 Services 4,445 - - - - - - - 4,445
Operating expenses: Research and development, net 9,326 (303
) - - (130 ) - - - 8,893 Sales and marketing 9,521 (620 ) - - (157
) - - - 8,744 General and administrative 7,414 (358 ) (352 ) - (245
) (60 ) (232 ) - 6,167 Restructuring charges 2,270 - (2,270 ) - - -
- - - Total other income (expense), net 792 - - - - - - (792
) - Income tax benefit (91 ) - -
- - - -
91 - Net (loss) income $ (4,664 )
2,297 2,622 - 593
282 232 54
$ 1,416 Net (loss) income per share - basic and diluted $
(0.32 ) $ 0.10 Weighted average shares of common stock used in
calculation of net (loss) income per share - basic and diluted
14,409 14,409
Dialogic
Inc. Reconciliation of Condensed Consolidated Statement of
Operations to Adjusted EBITDA Results Three Months Ended
December 31, 2011 (in thousands, except per share data)
(unaudited) GAAP
Depreciation and
Amortization
Restructuring and
Integration Costs
Product Rationalization
Stock-based Compensation
Expense
Purchase Accounting
Adjustments
SEC Inquiry
Other Adjustments
Non-GAAP Revenue: Products $ 38,660 - - - - 144 - - $
38,804 Services 11,352 - - - - 281 - - 11,633 Cost of
revenue: Products 15,753 (2,096 ) - - (79 ) (18 ) - (1,500 ) 12,060
Services 5,207 - - - - - - - 5,207 Operating expenses:
Research and development, net 12,300 (376 ) - - (199 ) - - - 11,725
Sales and marketing 12,464 (1,270 ) - - (196 ) - - - 10,998 General
and administrative 8,369 (776 ) (175 ) - (225 ) - (1,147 ) - 6,046
Restructuring charges 793 - (793 ) - - - - - - Total other
expense, net (4,595 ) - - - - - - 4,595 - Income tax benefit
(306 ) - - - -
- - 306
- Net (loss) income $ (9,163 ) 4,518
968 - 699 443
1,147 5,789 $ 4,401 Net
(loss) income per share - basic and diluted $ (1.46 ) $ 0.70
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted 6,289
6,289
Dialogic Inc. Reconciliation
of Condensed Consolidated Statement of Operations to Adjusted
EBITDA Results Three Months Ended September 30, 2012
(in thousands, except per share data) (unaudited)
GAAP
Depreciation and
Amortization
Restructuring and
Integration Costs
Product Rationalization
Stock-based Compensation
Expense
Purchase Accounting
Adjustments
SEC Inquiry
Other Adjustments
Non-GAAP Revenue: Products $ 32,140 - - - - 165 - - $
32,305 Services 10,251 - - - - (77 ) - - 10,174 Cost of
revenue: Products 11,070 (1,226 ) - (516 ) (86 ) 371 - - 9,613
Services 5,118 - - - - - - 5,118 Operating expenses:
Research and development, net 9,266 (324 ) 4 - (146 ) 73 - - 8,872
Sales and marketing 9,261 (471 ) 19 - (175 ) 6 - - 8,641 General
and administrative 7,375 (269 ) (486 ) - (238 ) 69 (64 ) - 6,387
Restructuring charges 457 - (457 ) - - - - - - Total other
expense, net (78 ) - - - - - - 78 - Income tax provision 56
- - - -
- - (56 ) -
Net (loss) income $ (290 ) 2,290 920
516 645 (431 ) 64
134 $ 3,848 Net (loss) income per share
- basic and diluted $ (0.03 ) $ 0.38 Weighted average shares of
common stock used in calculation of net (loss) income per share -
basic and diluted 10,229 10,229
Dialogic Inc. Reconciliation of Condensed Consolidated
Statement of Operations to Adjusted EBITDA Results Twelve
Months Ended December 31, 2012 (in thousands, except per
share data) (unaudited) GAAP
Depreciation and
Amortization
Restructuring and
Integration Costs
Product Rationalization
Stock-based Compensation
Expense
Purchase Accounting
Adjustments
SEC Inquiry
Other Adjustments
Non-GAAP Revenue: Products $ 121,229 - - - - 507 -
737 $ 122,473 Services 38,740 - - - - 976 - 200 39,916 Cost
of revenue: Products 48,521 (5,860 ) - (5,337 ) (210 ) 156 - -
37,270 Services 19,712 - - - (95 ) - - - 19,617 Operating
expenses: Research and development, net 42,785 (1,409 ) 4 - (636 )
73 - - 40,816 Sales and marketing 41,456 (2,739 ) 19 - (708 ) 6 - -
38,035 General and administrative 31,180 (1,494 ) (2,550 ) - (840 )
9 (475 ) - 25,830 Restructuring charges 7,030 - (7,030 ) - - - - -
- Total other expense, net (6,842 ) - - - - - - 6,842 -
Income tax provision 213 - -
- - - -
(213 ) - Net (loss) income $ (37,770 )
11,502 9,557 5,337
2,489 1,239 475 7,992
$ 821 Net (loss) income per share - basic and
diluted $ (4.04 ) $ 0.09 Weighted average shares of common stock
used in calculation of net (loss) income per share - basic and
diluted 9,341 9,341
Dialogic
Inc. Reconciliation of Condensed Consolidated Statement of
Operations to Adjusted EBITDA Results Twelve Months Ended
December 31, 2011 (in thousands, except per share data)
(unaudited) GAAP
Depreciation and
Amortization
Restructuring and
Integration Costs
Product Rationalization
Stock-based Compensation
Expense
Purchase Accounting
Adjustments
SEC Inquiry
Other Adjustments
Non-GAAP Revenue: Products $ 157,088 - - - - 2,808 -
- $ 159,896 Services 40,996 - - - - 2,082 - - 43,078 Cost of
revenue: Products 60,990 (8,568 ) - - (261 ) 1,110 - (1,500 )
51,771 Services 21,422 - (25 ) - (63 ) - - - 21,334
Operating expenses: Research and development, net 54,562 (1,674 )
(65 ) - (764 ) - - - 52,059 Sales and marketing 54,293 (5,158 ) (21
) - (971 ) (389 ) - - 47,754 General and administrative 35,921
(3,180 ) (461 ) - (968 ) - (3,673 ) - 27,639 Restructuring charges
7,214 - (7,214 ) - - - - - - Total other expense, net
(18,209 ) - - - - - - 18,209 - Income tax provision 282
- - - -
- - (282 )
- Net (loss) income $ (54,809 ) 18,580 7,786
- 3,027 4,169
3,673 19,991 $ 2,417 Net
(loss) income per share - basic and diluted $ (8.75 ) $ 0.39
Weighted average shares of common stock used in calculation of net
(loss) income per share - basic and diluted 6,265
6,265
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