Delaware | 000-27115 | 77-0364943 | ||
(State or Other Jurisdiction of | (Commission File Number) | (IRS Employer | ||
Incorporation) | Identification No.) |
99.1 | Press release, dated July 28, 2011, of PCTEL, Inc. announcing its financial results for its second fiscal quarter ended June 30, 2011 |
PCTEL, INC. |
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By: | /s/ John W. Schoen | |||
John W. Schoen, Chief Financial Officer | ||||
Exhibit Number | Description | |
Exhibit 99.1
|
Press release, dated July 28, 2011, of PCTEL, Inc. announcing its financial results for its second fiscal quarter ended June 30, 2011 |
John Schoen
|
Jack Seller | |
CFO
|
Public Relations | |
PCTEL, Inc.
|
PCTEL, Inc. | |
(630) 372-6800
|
(630)372-6800 | |
Jack.seller@pctel.com |
(unaudited) | ||||||||
June 30, | December 31, | |||||||
2011 | 2010 | |||||||
ASSETS |
||||||||
Cash and cash equivalents |
$ | 26,678 | $ | 23,998 | ||||
Short-term investment securities |
32,421 | 37,146 | ||||||
Accounts receivable, net of allowance for doubtful accounts
of $170 and $160 at June 30, 2011 and December 31, 2010, respectively |
13,807 | 13,873 | ||||||
Inventories, net |
12,655 | 10,729 | ||||||
Deferred tax assets, net |
1,013 | 1,013 | ||||||
Prepaid expenses and other assets |
4,054 | 3,900 | ||||||
Total current assets |
90,628 | 90,659 | ||||||
Property and equipment, net |
13,246 | 11,088 | ||||||
Long-term investment securities |
9,135 | 9,802 | ||||||
Intangible assets, net |
9,931 | 8,865 | ||||||
Deferred tax assets, net |
9,004 | 9,004 | ||||||
Other noncurrent assets |
1,378 | 1,147 | ||||||
TOTAL ASSETS |
$ | 133,322 | $ | 130,565 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
Accounts payable |
$ | 6,381 | $ | 4,253 | ||||
Accrued liabilities |
5,505 | 7,546 | ||||||
Total current liabilities |
11,886 | 11,799 | ||||||
Long-term liabilities |
2,238 | 2,111 | ||||||
Total liabilities |
14,124 | 13,910 | ||||||
Redeemable equity |
931 | | ||||||
Stockholders equity: |
||||||||
Common stock, $0.001 par value, 100,000,000 shares
authorized, 18,510,419 and 18,285,784 shares issued and
outstanding at June 30, 2011 and December 31, 2010, respectively |
18 | 18 | ||||||
Additional paid-in capital |
137,768 | 137,154 | ||||||
Accumulated deficit |
(21,943 | ) | (20,578 | ) | ||||
Accumulated other comprehensive income |
90 | 61 | ||||||
Total stockholders equity of PCTEL, Inc. |
115,933 | 116,655 | ||||||
Noncontrolling interest |
2,334 | | ||||||
Total equity |
118,267 | 116,655 | ||||||
TOTAL LIABILITIES AND EQUITY |
$ | 133,322 | $ | 130,565 | ||||
Three Months Ended | Six Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
REVENUES |
$ | 19,109 | $ | 17,807 | $ | 37,343 | $ | 33,380 | ||||||||
COST OF REVENUES |
10,105 | 9,693 | 20,118 | 18,047 | ||||||||||||
GROSS PROFIT |
9,004 | 8,114 | 17,225 | 15,333 | ||||||||||||
OPERATING EXPENSES: |
||||||||||||||||
Research and development |
3,041 | 3,088 | 9,196 | 6,173 | ||||||||||||
Sales and marketing |
2,601 | 2,526 | 5,210 | 4,785 | ||||||||||||
General and administrative |
2,999 | 2,925 | 5,716 | 5,477 | ||||||||||||
Amortization of intangible assets |
661 | 776 | 1,334 | 1,539 | ||||||||||||
Restructuring charges |
| 490 | | 490 | ||||||||||||
Total operating expenses |
9,302 | 9,805 | 21,456 | 18,464 | ||||||||||||
OPERATING LOSS |
(298 | ) | (1,691 | ) | (4,231 | ) | (3,131 | ) | ||||||||
Other income, net |
125 | 87 | 1,855 | 246 | ||||||||||||
LOSS BEFORE INCOME TAXES |
(173 | ) | (1,604 | ) | (2,376 | ) | (2,885 | ) | ||||||||
Expense (benefit) for income taxes |
76 | (575 | ) | (228 | ) | (1,061 | ) | |||||||||
NET LOSS |
(249 | ) | (1,029 | ) | (2,148 | ) | (1,824 | ) | ||||||||
Less: Net loss attributable to noncontrolling interests |
(274 | ) | | (2,055 | ) | | ||||||||||
NET INCOME (LOSS) ATTRIBUTABLE TO PCTEL, INC. |
$ | 25 | $ | (1,029 | ) | $ | (93 | ) | $ | (1,824 | ) | |||||
Less: adjustments to redemption value of noncontrolling interests |
(106 | ) | | (1,272 | ) | | ||||||||||
NET LOSS AVAILABLE TO COMMON SHAREHOLDERS |
$ | (81 | ) | $ | (1,029 | ) | $ | (1,365 | ) | $ | (1,824 | ) | ||||
Basic Earnings per Share: |
||||||||||||||||
Net loss available to common shareholders |
$ | 0.00 | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.10 | ) | |||||
Diluted Earnings per Share: |
||||||||||||||||
Net loss available to common shareholders |
$ | 0.00 | $ | (0.06 | ) | $ | (0.08 | ) | $ | (0.10 | ) | |||||
Weighted average shares Basic |
17,355 | 17,540 | 17,259 | 17,454 | ||||||||||||
Weighted average shares Diluted |
17,355 | 17,540 | 17,259 | 17,454 |
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||
Operating Loss |
$ | (298 | ) | $ | (1,691 | ) | $ | (4,231 | ) | $ | (3,131 | ) | ||||||||
(a | ) | Add: |
||||||||||||||||||
Amortization of intangible assets |
661 | 776 | 1,334 | 1,539 | ||||||||||||||||
Restructuring charges |
| 490 | | 490 | ||||||||||||||||
Share based payment PCTEL Secure: |
||||||||||||||||||||
-Engineering |
129 | | 3,363 | | ||||||||||||||||
Stock Compensation: |
||||||||||||||||||||
-Cost of Goods Sold |
68 | 165 | 137 | 256 | ||||||||||||||||
-Engineering |
156 | 205 | 312 | 354 | ||||||||||||||||
-Sales & Marketing |
157 | 273 | 339 | 481 | ||||||||||||||||
-General & Administrative |
608 | 912 | 1,023 | 1,416 | ||||||||||||||||
1,779 | 2,821 | 6,508 | 4,536 | |||||||||||||||||
Non-GAAP Operating Income |
$ | 1,481 | $ | 1,130 | $ | 2,277 | $ | 1,405 | ||||||||||||
% of revenue |
7.8 | % | 6.3 | % | 6.1 | % | 4.2 | % | ||||||||||||
Reconciliation of GAAP net income to non-GAAP net income (b) | ||||||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||||||
Net Income (Loss) |
$ | 25 | $ | (1,029 | ) | $ | (93 | ) | $ | (1,824 | ) | |||||||||
Adjustments: |
||||||||||||||||||||
(a | ) | Non-GAAP adjustment to operating loss |
1,779 | 2,821 | 6,508 | 4,536 | ||||||||||||||
(b | ) | Noncontrolling interest related to Non-GAAP
adjustments to operating loss |
(118 | ) | | (1,757 | ) | | ||||||||||||
(b | ) | Investment income related to share based payment
for PCTEL Secure |
(66 | ) | | (1,715 | ) | | ||||||||||||
(b | ) | Income Taxes |
(229 | ) | (794 | ) | (716 | ) | (1,358 | ) | ||||||||||
1,366 | 2,027 | 2,320 | 3,178 | |||||||||||||||||
Non-GAAP Net Income |
$ | 1,391 | $ | 998 | $ | 2,227 | $ | 1,354 | ||||||||||||
Basic Earnings per Share: |
||||||||||||||||||||
Non-GAAP Net Income |
$ | 0.08 | $ | 0.06 | $ | 0.13 | $ | 0.08 | ||||||||||||
Diluted Earnings per Share: |
||||||||||||||||||||
Non-GAAP Net Income |
$ | 0.08 | $ | 0.06 | $ | 0.13 | $ | 0.08 | ||||||||||||
Weighted average shares Basic |
17,355 | 17,540 | 17,259 | 17,454 | ||||||||||||||||
Weighted average shares Diluted |
17,773 | 17,823 | 17,713 | 18,015 |
(a) | These adjustments reflect stock based compensation expense, amortization of intangible assets, restructuring charges, impairment charges, and the loss on the sale of product lines. | |
(b) | These adjustments include the items described in footnote (a) as well as the non-cash income tax expense, noncontrolling interest, and investment income related to noncontrolling interest. |