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29.10.2008 20:05:00
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NMS Communications Announces Financial Results for the Third Quarter Ended September 30, 2008
NMS Communications Corporation (NASDAQ: NMSS), a leading provider of applications and platforms for value-added services in mobile telecommunications today announced financial results for the third quarter ended September 30, 2008. These results are in line with the preliminary results that were announced on Thursday, October 23, 2008.
Total revenues from continuing operations for the third quarter of 2008 were $16.2 million, a decrease of 24% compared to $21.2 million for the corresponding quarter in 2007, and a decrease of 5% compared to $17.1 million for the second quarter of 2008. Loss from continuing operations for the third quarter of 2008 was $(7.1) million, or $(0.16) per share, compared to a loss from continuing operations of $(1.4) million, or $(0.03) per share, for the third quarter of 2007. Net loss for the third quarter of 2008 was $(7.1) million, or $(0.16) per share, compared to a net loss of $(1.5) million, or $(0.03) per share, for the third quarter of 2007.
Non-GAAP loss from continuing operations was $(4.4) million, or $(0.10) per share, for the third quarter of 2008, compared to non-GAAP income from continuing operations of $0.1 million, or $0.00 per share, in the third quarter of 2007. A complete reconciliation between income (loss) from continuing operations and income (loss) from continuing operations per share figures on a GAAP basis and a non-GAAP basis is provided in the financial tables at the end of this press release.
Cash, cash equivalents and marketable securities totaled $4.6 million on September 30, 2008, compared to $9.3 million at the end of the previous quarter.
About NMS Communications Corporation
NMS Communications Corporation (NASDAQ:NMSS) is a leading provider of applications, platforms and technologies that make possible the rapid creation and deployment of a broad range of value-added services, from voice mail to IVR to ringback and mobile TV. Visit www.nmss.com for more information.
This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including forward-looking statements about our expected future financial and operating performance, demand for and performance of our products and growth opportunities. These statements are based on management's expectations as of the date of this document and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to risks and uncertainties. These and other risks are detailed from time to time in the Company's filings with the Securities and Exchange Commission, including the Company's annual report on Form 10-K for the year ended December 31, 2007. In addition, while management may elect to update forward-looking statements at some point in the future, management specifically disclaims any obligation to do so, even if its estimates change. Any reference to our website in this press release is not intended to incorporate the contents thereof into this press release or any other public announcement.
Use of Non-GAAP Financial Measures
In addition to reporting its financial results in accordance with generally accepted accounting principles, or GAAP, the Company has also provided in this release non-GAAP income (loss) from continuing operations, non-GAAP income (loss) from continuing operations per share figures, non-GAAP net income (loss), and non-GAAP net income (loss) per share figures, which are non-GAAP financial measures adjusted to exclude certain non-cash and other specified expenses. The Company believes the use of non-GAAP measures in addition to GAAP measures is an additional useful method of evaluating its results of operations. Management uses these non-GAAP financial measures when evaluating the Company's financial results, as well as for internal planning and forecasting purposes. Specifically, the Company has excluded stock-based compensation, the other-than-temporary impairment of Verso common stock, transaction costs related to the proposed sale of the NMS Communications Platforms business and amortization of intangible assets from its non-GAAP financial measures. The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the expected results calculated in accordance with GAAP and reconciliations to those expected results should be carefully evaluated. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies. A reconciliation between these non-GAAP financial measures on a GAAP basis and a non-GAAP basis is provided in a table at the end of this press release.
NMS Communications is a trademark of NMS Communications Corporation. All other brand or product names may be trademarks or registered trademarks of their respective holders.
| NMS COMMUNICATIONS CORPORATION | ||||||||||||||||
| Consolidated Statements of Operations | ||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||
| September 30, | September 30, | |||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||
| (Unaudited and in thousands) | ||||||||||||||||
| Revenues | $ | 16,153 | $ | 21,173 | $ | 52,418 | $ | 59,773 | ||||||||
| Cost of revenues | 7,174 | 7,372 | 21,838 | 23,131 | ||||||||||||
| Gross profit | 8,979 | 13,801 | 30,580 | 36,642 | ||||||||||||
| 56 | % | 65 | % | 58 | % | 61 | % | |||||||||
| Operating expenses: | ||||||||||||||||
| Selling, general and administrative | 10,750 | 10,580 | 32,013 | 31,049 | ||||||||||||
| Research and development | 5,327 | 4,338 | 15,937 | 13,650 | ||||||||||||
| Restructuring | 39 | - | 1,454 | - | ||||||||||||
| Total operating expenses | 16,116 | 14,918 | 49,404 | 44,699 | ||||||||||||
| Operating loss | (7,137 | ) | (1,117 | ) | (18,824 | ) | (8,057 | ) | ||||||||
| Other income (expense), net | 126 | (47 | ) | (1,815 | ) | 363 | ||||||||||
| Loss from continuing operations before income taxes | (7,011 | ) | (1,164 | ) | (20,639 | ) | (7,694 | ) | ||||||||
| Income tax expense | 103 | 248 | 594 | 319 | ||||||||||||
| Loss from continuing operations | (7,114 | ) | (1,412 | ) | (21,233 | ) | (8,013 | ) | ||||||||
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Loss from discontinued operations (net of income tax benefit of $0, $24, $0 and $73, respectively) |
- | (105 | ) | - | (1,677 | ) | ||||||||||
| Loss on disposal of discontinued operations | - | - | (367 | ) | - | |||||||||||
| Net loss | $ | (7,114 | ) | $ | (1,517 | ) | $ | (21,600 | ) | $ | (9,690 | ) | ||||
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Net loss from continuing operations per common share-basic and diluted |
$ | (0.16 | ) | $ | (0.03 | ) | $ | (0.47 | ) | $ | (0.18 | ) | ||||
| Net loss per common share-basic and diluted | $ | (0.16 | ) | $ | (0.03 | ) | $ | (0.48 | ) | $ | (0.22 | ) | ||||
| Shares used in net loss per common share-basic and diluted | 45,730 | 44,116 | 45,297 | 43,892 | ||||||||||||
| NMS COMMUNICATIONS CORPORATION | ||||||
| Condensed Consolidated Balance Sheet | ||||||
| September 30, | December 31, | |||||
| 2008 | 2007 | |||||
| (Unaudited) | ||||||
| (In thousands) | ||||||
| ASSETS | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 4,623 | $ | 20,179 | ||
| Marketable securities | - | 9,993 | ||||
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Accounts receivable, net of allowance for doubtful accounts of $222 and $113, respectively |
10,043 | 13,762 | ||||
| Inventories | 2,843 | 2,720 | ||||
| Prepaid expenses and other assets | 2,846 | 3,414 | ||||
| Total current assets | 20,355 | 50,068 | ||||
| Property and equipment, net | 3,980 | 5,096 | ||||
| Goodwill | 11,170 | 5,427 | ||||
| Intangible assets, net | 12,078 | 4,185 | ||||
| Other assets, net | 2,812 | 2,964 | ||||
| Total assets | $ | 50,395 | $ | 67,740 | ||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 4,275 | $ | 6,846 | ||
| Accrued expenses and other liabilities | 5,949 | 7,557 | ||||
| Accrued restructuring, current portion | 1,288 | 938 | ||||
| Capital lease obligations, current portion | 313 | - | ||||
| Revolving line of credit | 3,805 | - | ||||
| Deferred revenue | 4,495 | 3,414 | ||||
| Total current liabilities | 20,125 | 18,755 | ||||
| Accrued restructuring, long term portion | 1,621 | 1,811 | ||||
| Capital lease obligations, long term portion | 245 | - | ||||
| Accrued warranty | 48 | 171 | ||||
| Total liabilities | 22,039 | 20,737 | ||||
| Stockholders' equity | 28,356 | 47,003 | ||||
| Total liabilities and stockholders' equity | $ | 50,395 | $ | 67,740 | ||
| NMS COMMUNICATIONS CORPORATION | ||||||||||||||||||||
| Unaudited Reconciliation of Non-GAAP Measures to Comparable GAAP Measures | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||||||||||
| (Unaudited) | (Unaudited) | |||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||
| Income (loss) from continuing operations | ||||||||||||||||||||
| GAAP loss from continuing operations | $ | (7,114 | ) | $ | (1,412 | ) | $ | (21,233 | ) | $ | (8,013 | ) | ||||||||
| Plus: | ||||||||||||||||||||
| Stock-based compensation | 562 | 1,228 | 3,045 | 3,827 | ||||||||||||||||
| Amortization of identified intangible assets | 1,126 | 292 | 2,695 | 876 | ||||||||||||||||
| Transaction costs related to proposed sale of NMS CP business | 1,013 | - | 1,013 | - | ||||||||||||||||
| Other-than-temporary impairment loss on marketable securities | - | - | 1,881 | - | ||||||||||||||||
| Non-GAAP income (loss) from continuing operations | $ | (4,413 | ) | $ | 108 | $ | (12,599 | ) | $ | (3,310 | ) | |||||||||
| Loss from continuing operations per common share, basic and diluted | ||||||||||||||||||||
| GAAP loss from continuing operations per common share, basic and diluted | $ | (0.16 | ) | $ | (0.03 | ) | $ | (0.47 | ) | $ | (0.18 | ) | ||||||||
| Plus: | ||||||||||||||||||||
| Stock-based compensation | 0.01 | 0.03 | 0.07 | 0.09 | ||||||||||||||||
| Amortization of identified intangible assets | 0.03 | - | 0.06 | 0.02 | ||||||||||||||||
| Transaction costs related to proposed sale of NMS CP business | 0.02 | - | 0.02 | - | ||||||||||||||||
| Other-than-temporary impairment loss on marketable securities | - | - | 0.04 | - | ||||||||||||||||
| Non-GAAP loss from continuing operations per common share, basic and diluted | $ | (0.10 | ) | $ | - | $ | (0.28 | ) | $ | (0.07 | ) | |||||||||
| Net income (loss) | ||||||||||||||||||||
| GAAP net loss | $ | (7,114 | ) | $ | (1,517 | ) | $ | (21,600 | ) | $ | (9,690 | ) | ||||||||
| Plus: | ||||||||||||||||||||
| Stock-based compensation | 562 | 1,228 | 3,045 | 3,827 | ||||||||||||||||
| Amortization of identified intangible assets | 1,126 | 292 | 2,695 | 876 | ||||||||||||||||
| Transaction costs related to proposed sale of NMS CP business | 1,013 | - | 1,013 | - | ||||||||||||||||
| Other-than-temporary impairment loss on marketable securities | - | - | 1,881 | - | ||||||||||||||||
| Non-GAAP net income (loss) | $ | (4,413 | ) | $ | 3 | $ | (12,966 | ) | $ | (4,987 | ) | |||||||||
| Net loss per common share, basic and diluted | ||||||||||||||||||||
| GAAP net loss per common share, basic and diluted | $ | (0.16 | ) | $ | (0.03 | ) | $ | (0.48 | ) | $ | (0.22 | ) | ||||||||
| Plus: | ||||||||||||||||||||
| Stock-based compensation | 0.01 | 0.03 | 0.07 | 0.09 | ||||||||||||||||
| Amortization of identified intangible assets | 0.03 | - | 0.06 | 0.02 | ||||||||||||||||
| Transaction costs related to proposed sale of NMS CP business | 0.02 | - | 0.02 | - | ||||||||||||||||
| Other-than-temporary impairment loss on marketable securities | - | - | 0.04 | - | ||||||||||||||||
| Non-GAAP net loss per common share, basic and diluted | $ | (0.10 | ) | $ | - | $ | (0.29 | ) | $ | (0.11 | ) | |||||||||
| Shares used in computing basic and diluted Non-GAAP net loss per common share | 45,730 | 44,116 | 45,297 | 43,892 | ||||||||||||||||
| Gross profit | ||||||||||||||||||||
| GAAP gross profit | $ | 8,979 | $ | 13,801 | $ | 30,580 | $ | 36,642 | ||||||||||||
| Plus: | ||||||||||||||||||||
| Stock-based compensation | 21 | 39 | 65 | 127 | ||||||||||||||||
| Amortization of identified intangible assets | 979 | 265 | 2,342 | 794 | ||||||||||||||||
| Non-GAAP gross profit | $ | 9,979 | $ | 14,105 | $ | 32,987 | $ | 37,563 | ||||||||||||
| Total expenses | ||||||||||||||||||||
| Total Non-GAAP expenses | $ | 20,589 | $ | 20,770 | $ | 64,489 | $ | 63,127 | ||||||||||||
| Plus: | ||||||||||||||||||||
| Stock-based compensation | ||||||||||||||||||||
| Cost of revenue | 21 | 39 | 65 | 127 | ||||||||||||||||
| Selling, general and administrative | 493 | 1,122 | 2,839 | 3,394 | ||||||||||||||||
| Research and development | 48 | 67 | 141 | 306 | ||||||||||||||||
| Total stock-based compensation | 562 | 1,228 | 3,045 | 3,827 | ||||||||||||||||
| Amortization of intangible assets | ||||||||||||||||||||
| Cost of revenue | 979 | 265 | 2,342 | 794 | ||||||||||||||||
| Selling, general and administrative | 147 | 27 | 353 | 82 | ||||||||||||||||
| Total amortization of intangible assets | 1,126 | 292 | 2,695 | 876 | ||||||||||||||||
| Transaction costs related to proposed sale of NMS CP business | ||||||||||||||||||||
| Selling, general and administrative | 1,013 | - | 1,013 | - | ||||||||||||||||
| Total transaction costs related to proposed sale of NMS CP business | 1,013 | - | 1,013 | - | ||||||||||||||||
| Total GAAP expenses | $ | 23,290 | $ | 22,290 | $ | 71,242 | $ | 67,830 | ||||||||||||
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