-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, WvqRM5jpw/qqOsiN49tQH90hM0HE/UMbe7gDrb2+aU24xIkhrYa5+/yaebE8aSaJ tWPeKjg+dbUl22KPyGknXA== 0001104659-04-002500.txt : 20040203 0001104659-04-002500.hdr.sgml : 20040203 20040203170257 ACCESSION NUMBER: 0001104659-04-002500 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20040203 ITEM INFORMATION: ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 20040203 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WJ COMMUNICATIONS INC CENTRAL INDEX KEY: 0000105006 STANDARD INDUSTRIAL CLASSIFICATION: SPECIAL INDUSTRY MACHINERY, NEC [3559] IRS NUMBER: 941402710 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-31337 FILM NUMBER: 04563750 BUSINESS ADDRESS: STREET 1: 401 RIVER OAKS PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95134 BUSINESS PHONE: 408-577-6200 MAIL ADDRESS: STREET 1: 401 RIVER OAKS PARKWAY CITY: SAN JOSE STATE: CA ZIP: 95134 FORMER COMPANY: FORMER CONFORMED NAME: WATKINS JOHNSON CO DATE OF NAME CHANGE: 19920703 8-K 1 a04-1857_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

 

Date of Report (Date of Earliest
Event Reported): February 3, 2004

 

WJ COMMUNICATIONS, INC.

(Exact name of registrant as specified in its charter)

 

Commission file number 000-31337

 

DELAWARE

 

94-1402710

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification No.)

 

 

 

401 River Oaks Parkway, San Jose, California

 

95134

(Address of principal executive offices)

 

(Zip Code)

 

(408) 577-6200

(Registrant’s telephone number, including area code)

 

 

 

Item 7.                                   Financial Statements and Exhibits

 

(c) Exhibits

 

99.1         Press Release dated February 3, 2004 announcing the Company’sfinancial results for the quarterly period and year ended December 31, 2003.

 

Item 12.                            Disclosure of Results of Operations and Financial Condition.

 

On February 3, 2004, WJ Communications, Inc. (the “Company”) issued a press release relating to its financial results for the quarterly period and year ended December 31, 2003. A copy of the Company’s Press Release and the financial statements which were included in the Press Release, is attached hereto as Exhibit 99.1 and is being furnished, not filed, under Item 12 of this Report on Form 8-K.

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

WJ COMMUNICATIONS, INC.

 

 

 

 

 

By:

/s/  FRED J. KRUPICA

 

 

Fred J. Krupica

 

 

Chief Financial Officer

 

 

(principal financial officer)

 

Dated:  February 3, 2004

 

2

 EX-99.1 3 a04-1857_1ex99d1.htm EX-99.1

Exhibit 99.1

 

 

NEWS

 

For Release February 3, 2004 at 2:00 p.m. PST:

 

WJ Communications

Investor Relations Contacts:

Fred Krupica

Chris Danne, Rakesh Mehta

Chief Financial Officer

the blueshirt group for WJ Communications

408-577-6261

415-217-7722

fred.krupica@wj.com

chris@blueshirtgroup.com

 

rakesh@blueshirtgroup.com

 

WJ Communications Announces Fourth Quarter Results

Semiconductor Revenues Continue to Grow - Record Gross Margins

 

February 3, 2004 San Jose, CA – WJ Communications, Inc. (Nasdaq:WJCI), a leading designer and supplier of high-performance RF semiconductors and multi-chip modules (MCM), today announced results for its fourth quarter, ended December 31, 2003.

 

Revenue for the fourth quarter of 2003 was $6.5 million, as revenue from the Company’s semiconductors increased 15% from the immediately preceding quarter to $6.0 million.  Revenues for the fourth quarter of 2002 were $9.1 million and included $4.1 million in revenues from legacy businesses that have either been sold or are being exited as the Company continues its transition to becoming a pure play RF semiconductor company.

 

In the fourth quarter, WJ Communications achieved its highest gross margins since going public in 2000 while reducing its net loss.  On a U.S. GAAP basis, the Company’s net loss was reduced by $300,000 sequentially to $3.0 million or $0.05 per common share for the fourth quarter of 2003.  This compared to a net loss of $14.4 million or $0.25 per share in the same period last year which included an $11.3 million restructuring charge related to the Company’s decision to transition to full semiconductor manufacturing outsourcing.  The Company ended the fourth quarter of 2003 with cash and short term investments of

 

1

 

$60.1 million.  After the quarter close, WJ Communications completed a follow on common stock offering, raising approximately $10.9 million in cash before issuance costs for the Company.

 

“In the fourth quarter, we increased sales of our RF semiconductor products by 15% sequentially and achieved our first revenues from our RFID product line,” said Michael Farese, Ph.D., Chief Executive Officer and President of WJ Communications. “Our strong R&D effort and technology leadership is evident in our five new Q4 product introductions and record 43 design wins at leading OEM’s like Motorola, Ericsson, Andrew, Remec, Siemens, Northrup Grumman and Alien.”

 

“During the fourth quarter, we continued to show strong progress entering new markets – making our first RFID production shipments with the delivery of our SX2000 reader engines. ,” added Dr. Farese. “With the success of our new semiconductor product introductions and design wins, we feel that we have expanded our addressable market by over 400% in the last two years to an estimated $500 million in 2004.  In the fourth quarter, we had design wins from a wide variety of markets including Cellular Infrastructure, Broadband Wireless Access, CATV, Defense and Homeland Security, GPS and RFID.”

 

Other recent highlights include:

 

•                  During the fourth quarter, the Company achieved a record 43 new semiconductor design wins.  For the full year 2003, the Company achieved a total of 157 semiconductor design wins compared to 109 for the same period in 2002.

 

•                  On November 20th the Company announced that it had commenced delivery of its first RFID product,  the SX2000 compact RFID reader engine  to  Alien Technology.  On December 16th, the company further announced a follow on order for the SX2000 as well as a new order for the 2.4 GHz SX2030 RFID reader engine.

 

•                  WJ Communications continued its strong product growth adding 5 new products in the 4th quarter and a total of 21 new products for the entire year 2003.  For the fourth quarter, the Company added the CV111-3 MCM, the AG102, AG103, and AH114 linear driver amplifiers, and the SX2030, 2.45 GHz RFID reader engine.

 

•                  On November 19th WJ Communications received the Global Supplier Excellence Award from Andrew Corporation

 

2

 

•                  At the end of January, WJ Communications completed a follow on offering of 14.5  million shares including 2 million newly issued shares by the Company.  The transaction raised approximately $10.9 million before issuance costs for the Company.

 

“Gross margins are the highest since WJ’s initial public offering at 47.3% on a non-GAAP basis and 50.8% on a GAAP basis,” added Fred Krupica, Chief Financial Officer of WJ Communications. “Additionally, we closely managed our operating expenses and have reduced our cost structure by $5 million in 2003. These improvements, combined with the solid increase in semiconductor sales, led to a $300,000 reduction in GAAP net loss on a sequential basis.  As a result of moving to a fabless operating model and aggressive cost containment activities, we expect an additional $5 million in overhead and costs savings in 2004, allowing us to even more quickly leverage our business model as growth returns.”

 

“Looking forward, we are encouraged by signs that demand is increasing in our core wireless infrastructure business as evidenced by the recent announcements of market leaders like Verizon, Nokia and Andrew,” said  Dr. Farese.  “Additionally, we expect to see increasing contributions from our new market entries, growing from a small base.   Given these factors, we expect revenues to be in the range of $6.5 to $7.5 million, with increasing semiconductor revenues representing the vast majority of sales.”

 

Use of Non-GAAP Financial Information

The non-GAAP information presented is based upon our unaudited consolidated statements of operations for the periods shown, with certain adjustments. This presentation is not in accordance with, or an alternative for, U.S. Generally Accepted Accounting Principles (GAAP) and may not be consistent with the presentation used by other companies. However, WJ believes non-GAAP reporting provides meaningful insight into the Company’s on-going economic performance and therefore uses non-GAAP reporting internally to evaluate and manage our operations. WJ has chosen to provide this supplemental information to investors to enable them to perform additional comparisons of operating results and business trends among different reporting periods on a consistent basis, independent of regularly reported non-cash charges and infrequent or unusual events.

 

About WJ Communications

WJ Communications Inc. is a leading RF semiconductor company focusing on the design and manufacture of high-quality devices, chipsets and multi-chip modules (MCMs) for telecommunications, RF identification (RFID) and homeland security systems worldwide. WJ’s highly reliable amplifiers, mixers, RF integrated circuits (RFICs), RFID reader modules, chipsets and MCM products are used to

 

3

 

transmit, receive and process signals that enable current and next generation wireless and wireline services. For more information visit www.wj.com or call 408/577-6200.

 

This release contains forward-looking statements including financial projections, statements as to the plans and objectives of management for future operations, and statements as to the Company’s future economic performance, financial condition or results of operations. These forward-looking statements are not historical facts but rather are based on current expectations and our beliefs. Words such as “may,” “will,” “expects,” “intends,” “plans,” “believes,” “seeks” “could” and “estimates” and variations of these words and similar expressions are intended to identify forward-looking statements. The Company’s actual results may differ materially from those projected in these forward-looking statements as a result of a number of factors, including, but not limited to, the Company’s successful transition to a pure RF semiconductor company, the Company’s ability to continue to cut future losses and return to profitability in the long term, the Company’s ability to utilize its cash effectively, successful resolutions of certain contractual matters, actual improvement in overall demand, technological innovation in the wireless communications markets, the availability and the price of raw materials and components used in the Company’s products, the demand for wireless systems and products generally as well as those of our customers, the adequacy of the Company’s obsolete inventory reserve, the success of the Company’s new product introductions and the Company’s ability to expand its customer base, broaden its product offering and deepen its penetration into existing customers, general economic conditions including the global economic slowdown and such other factors as described from time to time in the Company’s filings with the Securities & Exchange Commission. Readers of this release are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly update or revise the forward-looking statements contained herein to reflect changed events or circumstances after the date of this press release.

 

4

 

WJ Communications Inc. and Subsidiaries

Unaudited Consolidated Statements of Operations

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,
2003

 

December 31,
2002

 

December 31,
2003 (1)

 

December 31,
2002

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

Semiconductor

 

$

6,010

 

$

6,249

 

$

20,246

 

$

19,214

 

Wireless

 

477

 

2,571

 

6,307

 

14,697

 

Fiber optics

 

—

 

301

 

12

 

6,245

 

Total sales

 

6,487

 

9,121

 

26,565

 

40,156

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

3,190

 

5,240

 

15,463

 

28,862

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

3,297

 

3,881

 

11,102

 

11,294

 

 

 

 

 

 

 

 

 

 

 

Research & development

 

3,858

 

4,299

 

16,806

 

17,807

 

 

 

 

 

 

 

 

 

 

 

Selling & administrative

 

2,613

 

2,260

 

10,210

 

10,759

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred stock compensation

 

51

 

101

 

149

 

513

 

 

 

 

 

 

 

 

 

 

 

Recapitalization merger

 

(93

)

509

 

680

 

509

 

 

 

 

 

 

 

 

 

 

 

Restructuring charge (credit)

 

(33

)

11,347

 

(54

)

34,233

 

 

 

 

 

 

 

 

 

 

 

Loss from operations

 

(3,099

)

(14,635

)

(16,689

)

(52,527

)

 

 

 

 

 

 

 

 

 

 

Interest income net

 

131

 

239

 

638

 

1,076

 

 

 

 

 

 

 

 

 

 

 

Other income net

 

4

 

—

 

1,094

 

16

 

 

 

 

 

 

 

 

 

 

 

Loss from operations before income taxes

 

(2,964

)

(14,396

)

(14,957

)

(51,435

)

 

 

 

 

 

 

 

 

 

 

Income tax benefit

 

—

 

—

 

(646

)

—

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,964

)

$

(14,396

)

$

(14,311

)

$

(51,435

)

 

 

 

 

 

 

 

 

 

 

Basic and diluted net loss per share

 

$

(0.05

)

$

(0.25

)

$

(0.25

)

$

(0.91

)

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares

 

57,723

 

56,461

 

56,835

 

56,291

 

 

(1)  Derived from the Company’s audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2002.

 

 

WJ Communications Inc. and Subsidiaries

Unaudited Non-GAAP Consolidated Statements of Operations

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,
2003

 

December 31,
2002

 

December 31,
2003

 

December 31,
2002

 

 

 

 

 

 

 

 

 

 

 

Sales

 

 

 

 

 

 

 

 

 

Semiconductor

 

$

6,010

 

$

6,249

 

$

20,246

 

$

19,214

 

Wireless

 

477

 

2,571

 

6,307

 

14,697

 

Fiber optics

 

—

 

301

 

12

 

6,245

 

Total sales

 

6,487

 

9,121

 

26,565

 

40,156

 

 

 

 

 

 

 

 

 

 

 

Cost of goods sold

 

3,417

 

5,618

 

15,114

 

29,242

 

 

 

 

 

 

 

 

 

 

 

Gross profit

 

3,070

 

3,503

 

11,451

 

10,914

 

 

 

 

 

 

 

 

 

 

 

Research & development

 

3,858

 

4,299

 

16,806

 

17,807

 

 

 

 

 

 

 

 

 

 

 

Selling & administrative

 

2,613

 

2,253

 

9,924

 

10,312

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP loss from operations

 

(3,401

)

(3,049

)

(15,279

)

(17,205

)

 

 

 

 

 

 

 

 

 

 

Interest income net

 

131

 

239

 

638

 

1,076

 

 

 

 

 

 

 

 

 

 

 

Other income net

 

4

 

—

 

23

 

16

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP loss from operations before income taxes

 

(3,266

)

(2,810

)

(14,618

)

(16,113

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP income tax benefit

 

—

 

—

 

—

 

—

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

$

(3,266

)

$

(2,810

)

$

(14,618

)

$

(16,113

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP basic and diluted net loss per share

 

$

(0.06

)

$

(0.05

)

$

(0.26

)

$

(0.29

)

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares

 

57,723

 

56,461

 

56,835

 

56,291

 

 

 

WJ Communications Inc. and Subsidiaries

Unaudited Reconciliation of Non-GAAP Adjustments

(in thousands, except per share amounts)

 

 

 

Three Months Ended

 

Year Ended

 

 

 

December 31,
2003

 

December 31,
2002

 

December 31,
2003

 

December 31,
2002

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(2,964

)

$

(14,396

)

$

(14,311

)

$

(51,435

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP additions (subtractions):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amortization of deferred stock compensation

 

51

 

101

 

149

 

513

 

 

 

 

 

 

 

 

 

 

 

Severance related cost

 

—

 

(2

)

350

 

436

 

 

 

 

 

 

 

 

 

 

 

Fab depreciation adjustment

 

(227

)

221

 

285

 

221

 

 

 

 

 

 

 

 

 

 

 

Restructuring charge (credit)

 

(33

)

11,347

 

(54

)

34,233

 

 

 

 

 

 

 

 

 

 

 

Recapitalization merger

 

(93

)

509

 

680

 

509

 

 

 

 

 

 

 

 

 

 

 

Insurance claim settlement

 

—

 

(590

)

—

 

(590

)

 

 

 

 

 

 

 

 

 

 

Gain on sale of Thin Film product line

 

—

 

—

 

(1,071

)

—

 

 

 

 

 

 

 

 

 

 

 

Income tax refund

 

—

 

—

 

(646

)

—

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP net loss

 

$

(3,266

)

$

(2,810

)

$

(14,618

)

$

(16,113

)

 

 

 

 

 

 

 

 

 

 

Non-GAAP basic and diluted net loss per share

 

$

(0.06

)

$

(0.05

)

$

(0.26

)

$

(0.29

)

 

 

 

 

 

 

 

 

 

 

Basic and diluted weighted average shares

 

57,723

 

56,461

 

56,835

 

56,291

 

 

 

WJ Communications Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands)

 

 

 

(unaudited)

 

 

 

 

 

December 31,
2003

 

December 31,
2002 (1)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Cash and short-term investments

 

$

60,132

 

$

64,745

 

 

 

 

 

 

 

Accounts receivable, net

 

4,559

 

3,978

 

 

 

 

 

 

 

Inventory

 

2,420

 

3,957

 

 

 

 

 

 

 

Other current assets

 

1,983

 

8,153

 

 

 

 

 

 

 

Total current assets

 

69,094

 

80,833

 

 

 

 

 

 

 

Property, plant and equipment

 

10,504

 

14,409

 

 

 

 

 

 

 

Other assets

 

222

 

306

 

 

 

 

 

 

 

Total assets

 

$

79,820

 

$

95,548

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

10,346

 

$

9,402

 

 

 

 

 

 

 

Other long-term obligations

 

33,235

 

36,528

 

 

 

 

 

 

 

Stockholders’ equity

 

36,239

 

49,618

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

79,820

 

$

95,548

 

 

(1)               Derived from the Company’s audited consolidated financial statements included in the Company’s annual report on Form 10-K for the year ended December 31, 2002.

 

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