EMCORE Corporation Announces Financial Results for its Third Quarter Ended June 30, 2011
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· Q3 revenue was $49.5 million, in line withguidance
· Q4 revenue is projected to be in the range of$51 to $55 million
ALBUQUERQUE, New Mexico, August 3, 2011 — EMCORE Corporation(NASDAQ:
EMKR
News
), a leading provider of compoundsemiconductor-based components, subsystems, and systems for the fiber opticsand solar power markets, today announced its financial results for its third quarterended June 30, 2011.
Financial Results
Revenue:
Consolidated revenue for the thirdquarter ended June 30, 2011 was $49.5 million, which represents a 6% increasecompared to the prior year and a 5% increase compared to the immediatepreceding quarter. On a segment basis,revenue for the Fiber Optics segment was $33.3 million, which represents a 6% increasecompared to the prior year and an 11% increase compared to the immediatepreceding quarter. Revenue for thePhotovoltaics segment was $16.2 million, which represents a 7% increasecompared to the prior year and a 6% decrease compared to the immediatepreceding quarter.
Gross Profit:
Consolidated gross profitwas$9.5 million,which represents a 26% decrease compared to the prior yearand a 10% decrease compared to the immediate preceding quarter.
Consolidatedgross margin was 19.1%, which represents a decrease from both the 27.5% grossmargin reported in the prior year and the 22.4% gross margin reported in theimmediate preceding quarter. On asegment basis, Fiber Optics gross margin was 19.4%, which represents a decreasefrom the 25.9% gross margin reported in the prior year and an increase from the18.0% gross margin reported in the immediate preceding quarter. Photovoltaics gross margin was 18.6%, whichrepresents a decrease from both the 30.7% gross margin reported in the prioryear and the 30.2% gross margin reported in the immediate precedingquarter.
Operating loss:
The consolidated operating loss was $11.2 million, whichrepresents a $2.9 million increase in operating loss when compared to the prioryear and a $7.0 million increase in operating loss when compared to the immediatepreceding quarter. The quarter-over-quartervariance was primarily due to the change in litigation settlements totaling$4.1 million, an increase in non-cash stock-based compensation expense of $1.4million, and an increase in research and development expense associated withthe March 2011 Soliant Energy, Inc. asset acquisition and our Fiber Opticssegment.
Net loss:
The consolidated net loss was $11.1 million, whichrepresents a $1.9 million increase in net loss when compared to the prior yearand a $5.9 million increase in net loss when compared to the immediatepreceding quarter. The consolidated netloss per share was $0.12, which represents a $0.01 increase in net loss pershare when compared to the prior year and a $0.06 increase in net loss pershare when compared to the immediate preceding quarter. During the third quarter ended June 30, 2011,we recorded $0.3 million of non-operating expense related to our Suncore jointventure.
Adjusted EBITDA:
After excluding certain non-cash and other adjustments asset forth in the attached non-GAAP table, adjusted EBITDA for the third quarterended June 30, 2011 was negative $3.2 million, which represents an additionalloss of $5.1 million from the adjusted EBITDA reported for the prior year andan additional loss of $0.9 million from the adjusted EBITDA reported for theimmediate preceding quarter.
Order Backlog
As of June 30, 2011, we had a consolidated order backlog ofapproximately $66.2 million, a 31% increase from the $50.5 million orderbacklog reported as of March 31, 2011. On a segment basis, the Photovoltaics order backlog totaled $39.6million, a 50% increase from $26.4 million reported as of March 31, 2011. The Fiber Optics order backlog totaled $26.6million, a 10% increase from $24.1 million reported as of March 31, 2011. Order backlog is defined as purchase ordersor supply agreements accepted by us with expected product delivery and/orservices to be performed within the next twelve months.
Balance SheetUpdate
As of June 30, 2011, cash, cashequivalents, and restricted cash totaled approximately $21.1 million. In May 2011, we completed a common stock privateplacement of $9.7 million. In June 2011,we paid our remaining capital contribution obligation to our Suncore jointventure. We are not required tocontribute additional funds in excess of our initial $12 million investment,and at this time, we do not anticipate contributing any additional funds toSuncore.
Business Outlook
For the fourth quarter ending September 30, 2011, we expect consolidatedrevenue to be $51 to $55 million.
Conference Call
We will discuss our financialresults for the quarter ended June 30, 2011 on Wednesday, August 3, 2011 at4:30 p.m. ET. The call will be webcastvia our website at http://www.emcore.com. Please go to this site beforehand to download any necessarysoftware. To participate in theconference call dial (480) 629-9856. Theaccess code for the call is 4459229. Awebcast will be available on our website beginning August 3, 2011 following theconclusion of the call.
InvestorConferences
Management will present at the Morgan KeeganTechnology Conference on Tuesday, August 9that 4:25pm ET at the NewYork Palace Hotel and at the Citi Technology Conference on Thursday, September8that 1:35pm ET at the Hilton New York Hotel in
.
About EMCORE
EMCORECorporation is a leading provider of compound semiconductor-based componentsand subsystems for the fiber optics and solar power markets. EMCORE's Fiber Optics segment offers opticalcomponents, subsystems, and systems that enable the transmission of video,voice, and data over high-capacity fiber optic cables for high-speed data andtelecommunications, cable television (CATV), and fiber-to-the-premises (FTTP)networks. EMCORE's Photovoltaics segmentprovides solar products for satellite and terrestrial applications. Forsatellite applications, EMCORE offers high-efficiency compoundsemiconductor-based gallium arsenide (GaAs) solar cells, covered interconnectcells, and fully integrated solar panels. For terrestrial applications, EMCORE offersconcentrating photovoltaic (CPV) systems for utility scale solar applicationsas well as offering its high-efficiency GaAs solar cells and CPV components foruse in solar power concentrator systems. For specific information about our Company,our products, and the markets we serve, please visit our website athttp://www.emcore.com.
Use of Non-GAAP Financial Measure
We provide a non—GAAP adjusted EBITDA disclosure as asupplemental measure to U.S. GAAP regarding our operational performance. This financial measure excludes the impact ofcertain items; therefore, it has not been calculated in accordance with U.S.GAAP.
We believe that the additional non—GAAP financial measure isuseful to investors in assessing our operating performance. We also use this measure internally toevaluate our operating performance and this measure is used for planning andforecasting of future periods. Inaddition, financial analysts that follow us may focus on and publish bothhistorical results and future projections based on our non—GAAP financialmeasure. We also believe that it is inthe best interest of our investors to provide this non-GAAP information.
While we believe that this non—GAAP financial measureprovides useful supplemental information to investors, there are limitationsassociated with the use of this non—GAAP financial measure. Our non-GAAP financial measure may not bereported by all of our competitors and it may not be directly comparable tosimilarly titled measures of other companies due to potential differences incalculation. We compensate for these limitations by using this non—GAAPfinancial measure as a supplement to U.S. GAAP and by providing areconciliation of the non—GAAP financial measure to its most comparable U.S.GAAP financial measure.
Non—GAAP financial measures are not in accordance with or analternative for U.S. GAAP. Our non—GAAPfinancial measure is not meant to be considered in isolation or as a substitutefor comparable U.S. GAAP financial measures and it should be read only inconjunction with our consolidated financial statements prepared in accordancewith U.S. GAAP.
Forward—Looking Statements
The information provided herein may include forward-looking statements withinthe meaning of Section 27A of the Securities Act of 1933 and Section 21E of theExchange Act of 1934. Theseforward-looking statements are largely based on our current expectations and projectionsabout future events and financial trends affecting the financial condition ofour business. Such forward-lookingstatements include, in particular, projections about our future resultsincluded in our Exchange Act reports, statements about our plans, strategies,business prospects, changes and trends in our business and the markets in whichwe operate. These forward-lookingstatements 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 similarexpressions or variations of these terms and similar phrases. Additionally, statements concerning futurematters such as the development of new products, enhancements or technologies,sales levels, expense levels and other statements regarding matters that arenot historical are forward-looking statements. We caution that these forward-looking statements relate to future eventsor our future financial performance and are subject to business, economic, andother risks and uncertainties, both known and unknown, that may cause actualresults, levels of activity, performance or achievements of our business or ourindustry to be materially different from those expressed or implied by anyforward-looking statements.
These forward—looking statements involve risks anduncertainties that could cause actual results to differ materially from thoseprojected, including without limitation, the following: (a) the transfer ofbusiness and operations into joint ventures may be more difficult and/or takelonger than anticipated, may be more costly than anticipated and may haveunanticipated adverse effects relating to our remaining businesses; (b) thechallenge of joint ventures retaining key employees; (c) the impact on theCompany, our customers and our suppliers from the current domestic andinternational economic and financial market conditions; (d) the success of ourcost reduction efforts in achieving their expected benefits, due to, amongother things, shifts in product mix, selling price pressures, costs and delaysrelated to product transfers to lower cost manufacturing locations andassociated facility closures, integration difficulties, and execution concerns;(e) delays and other difficulties in commercializing new products; (f) thefailure of new products (i) to perform as expected without material defects,(ii) to be manufactured at acceptable volumes, yields, and cost, (iii) to bequalified and accepted by our customers, and, (iv) to successfully compete withproducts offered by our competitors; (g) we may not be successful inundertaking the steps currently planned in order to increase our liquidity; and(h) other risks and uncertainties described in our filings with the Securitiesand Exchange Commission (“SEC”) such as cancellations, rescheduling or delaysin product shipments; manufacturing capacity constraints; lengthy sales andqualification cycles; difficulties in the production process; changes insemiconductor industry growth; increased competition; delays in developing andcommercializing new products; and other factors.
Neither management nor any other person assumesresponsibility for the accuracy and completeness of the forward-lookingstatements. All forward-lookingstatements in this press release are made as of the date hereof, based oninformation available to us as of the date hereof, and subsequent facts orcircumstances may contradict, obviate, undermine, or otherwise fail to supportor substantiate such statements. Wecaution you not to rely on these statements without also considering the risksand uncertainties associated with these statements and our business that areaddressed in our filings with the SEC that are available on the SEC's web sitelocated at www.sec.gov, including the sections entitled "RiskFactors" in our Annual Report on Form 10-K and our Quarterly Reports onForm 10-Q. Certain information includedin this press release may supersede or supplement forward-looking statements inour other Exchange Act reports filed with the SEC. We assume no obligation to update anyforward-looking statement to conform such statements to actual results or tochanges in our expectations, except as required by applicable law orregulation.
EMCORE CORPORATION
Condensed Consolidated Statements of Operations
(in thousands, except loss pershare)
(unaudited)
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Three Months Ended
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Nine Months Ended
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June 30,
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March 31,
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June 30,
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June 30,
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June 30,
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style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"> 2010
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style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"> 2011
|
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style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"> 2011
|
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valign="bottom" width="6">
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valign="bottom" width="9">
style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"/>
|
valign="bottom" width="52">
style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"> 2010 |
valign="bottom" width="7">
style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"/>
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valign="bottom" width="7">
style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"/>
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valign="bottom" width="7">
style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"/>
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style="text-align: center; background: none repeat scroll 0% 0% white;" align="center"> 2011 |
valign="bottom" width="11">
|
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valign="bottom" width="7">
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valign="bottom" width="7">
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valign="bottom" width="61">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right"/>
|
valign="bottom" width="9">
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valign="bottom" width="7">
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valign="bottom" width="7">
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valign="bottom" width="61">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right"/>
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right"/>
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right"/>
|
valign="bottom" width="7">
|
valign="bottom" width="7">
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valign="bottom" width="7">
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valign="bottom" width="59">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right"/>
|
valign="bottom" width="11">
|
|
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Revenue |
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|
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$ |
valign="bottom" width="61">
46,606 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="61">
47,218 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="70">
49,480 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
$ |
valign="bottom" width="52">
137,202 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="59">
148,805 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Cost of revenue |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
33,797 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
36,638 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
40,010 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
99,322 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
116,075 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Gross profit |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
12,809 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
10,580 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
9,470 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
37,880 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
32,730 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Operating expenses (income): |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Selling, general, and administrative
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
14,004 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
9,380 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
9,657 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
35,254 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
27,301 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Research and development
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
7,147 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
7,984 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
9,549 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
22,256 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
24,724 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Litigation settlements, net
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
- |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
(2,590 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
1,465 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
- |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
(1,125 |
valign="bottom" width="11">
) |
|
valign="bottom" width="250">
Total operating expenses
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
21,151 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
14,774 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
20,671 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
57,510 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
50,900 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Operating loss |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
(8,342 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
(4,194 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
(11,201 |
valign="bottom" width="9">
) |
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
(19,630 |
valign="bottom" width="7">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
(18,170 |
valign="bottom" width="11">
) |
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Other expense (income): |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Interest income
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
(3 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
- |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
- |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
(22 |
valign="bottom" width="7">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
- |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Interest expense
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
111 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
130 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
132 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
330 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
520 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Foreign exchange loss (gain)
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
928 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
(749 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
(625 |
valign="bottom" width="9">
) |
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
1,889 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
(1,039 |
valign="bottom" width="11">
) |
|
valign="bottom" width="250">
Loss from equity method investment
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
- |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
587 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
259 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
- |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
846 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Change in fair value of financial instruments
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
(176 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
1,038 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
107 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
634 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
1,417 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Other expense
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
12 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
5 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
5 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
348 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
15 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Total other expense (income)
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
872 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
1,011 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
(122 |
valign="bottom" width="9">
) |
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
3,179 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
1,759 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Net loss |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="61">
(9,214 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="61">
(5,205 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="70">
(11,079 |
valign="bottom" width="9">
) |
valign="bottom" width="6">
|
valign="bottom" width="9">
$ |
valign="bottom" width="52">
(22,809 |
valign="bottom" width="7">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="59">
(19,929 |
valign="bottom" width="11">
) |
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Per share data:
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Net loss per basic and diluted share |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="61">
(0.11 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="61">
(0.06 |
valign="bottom" width="9">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="70">
(0.12 |
valign="bottom" width="9">
) |
valign="bottom" width="6">
|
valign="bottom" width="9">
$ |
valign="bottom" width="52">
(0.28 |
valign="bottom" width="7">
) |
valign="bottom" width="7">
|
valign="bottom" width="7">
$ |
valign="bottom" width="59">
(0.23 |
valign="bottom" width="11">
) |
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
|
valign="bottom" width="11">
|
|
valign="bottom" width="250">
Weighted-average number of basic and diluted
shares outstanding |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
84,117 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
87,216 |
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
89,843 |
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
82,544 |
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
87,429 |
valign="bottom" width="11">
|
|
valign="bottom" width="250">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="61">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right">
|
valign="bottom" width="9">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="70">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right">
|
valign="bottom" width="9">
|
valign="bottom" width="6">
|
valign="bottom" width="9">
|
valign="bottom" width="52">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="7">
|
valign="bottom" width="59">
style="text-align: right; background: none repeat scroll 0% 0% white;" align="right">
|
valign="bottom" width="11">
|
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