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): April 28, 2005

SYMMETRICOM, INC.

(Exact name of registrant as specified in its charter)

Delaware	000-02287	95-1906306
(State or other jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification Number)

2300 Orchard Parkway, San Jose, California  95131-1017

(Address of principal executive offices, including zip code)

(408) 433-0910

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02:  Results of Operations and Financial Condition.

On April 28, 2005, we issued a press release, which sets forth our results of operations for the quarter ended March 31, 2005.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.  Such information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference into any filing of the company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.

We made reference to non-GAAP financial information in both the press release and the conference call.  A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached press release.

Item 9.01:  Financial Statements, Pro Forma Financial Information and Exhibits.

(c)       Exhibits.

The following exhibits are filed with this Form 8-K:

99.1 Press Release dated April 28, 2005.

2

SIGNATURES

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 hereunto duly authorized.

Date:   April 28, 2005	By:	/s/  Thomas W. Steipp
		Thomas W. Steipp
		President and Chief Executive Officer

3

Exhibit Index

Exhibit 99.1            Press Release dated April 28, 2005.

4

EX-99.1

Exhibit 99.1

For more information contact:
Bill Slater	Ellen Brook
Chief Financial Officer	Stapleton Communications Inc.
(408) 428-7801	(650) 470-0200
bslater@symmetricom.com	ellen@stapleton.com

Symmetricom Reports Third Quarter FY2005 Results

SAN JOSE, Calif. — April 28, 2005 — Symmetricom, Inc. (NASDAQ:SYMM), a leading worldwide supplier of network synchronization and timing solutions, today reported results for its fiscal third quarter ended March 31, 2005.

Fiscal third quarter revenue was $43.8 million, a decrease of $4.1 million, or 8.7 percent, from prior quarter revenue of $48.0 million, and flat with the same period last year.  For the nine months ended March 31, 2005, revenue was $143.7 million, an increase of $20.6 million, or 16.7 percent, over the prior year period.

Net earnings from continuing operations for the fiscal third quarter were $2.8 million, or $0.06 per share on a fully diluted basis, compared to $4.6 million, or $0.10 per share, in the prior quarter. In the same period of the prior year, the company reported net earnings from continuing operations of $1.8 million, or $0.04 per share. For the nine months ended March 31, 2005, net earnings from continuing operations were $11.9 million, or $0.26 per share on a fully diluted basis, compared to a net loss from continuing operations for the same period in the prior year of $4.4 million, or $(0.10) per share.

Non-GAAP net earnings for the fiscal third quarter, which excludes certain items related to non-cash compensation, amortization of acquired intangibles, integration and restructuring charges and unusual and non-recurring items, were $4.3 million, or $0.09 per share on a fully diluted basis. This compares to non-GAAP net earnings of $2.6 million, or $0.06 per share, in the third quarter of fiscal year 2004.  For the nine months ended March 31, 2005, non-GAAP net earnings were $14.8 million or $0.32 per share on a fully diluted basis, compared to non-GAAP net earnings for the same period of the prior year of $2.9 million, or $0.07 per share.

“Revenue for the quarter met our expectations, while earnings were higher than expected,” said Thomas Steipp, president and CEO of Symmetricom. “We are pleased to report that we have been selected as a provider at three major wireline customers that have completed their RFPs and we are now in the process of completing contracts.  Once the contracts are completed, we expect the resumption of more normalized purchase levels and the opportunity to participate in the build-out of next-generation networks by these customers. This represents a critical milestone in our focused sales efforts to take part in the build-out of next-generation networks at some of our largest customers.”

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Symmetricom Reports Q3’05 Financial Results

April 28, 2005

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Telecom Solution Division revenue for the quarter was $29.1 million, a decrease of $3.3 million, or 10.3 percent over the prior quarter and a decrease of $2.1 million, or 6.7 percent over the same period last fiscal year.  Timing, Test & Measurement Division revenue for the quarter was $14.7 million, a decrease of $0.8 million, or 5.3 percent, over the prior quarter and up $2.1 million, or 17.1 percent, over the same period last fiscal year.

Outlook for Q4 FY05

Symmetricom expects fourth quarter FY05 revenue to be between $43 million and $48 million.  The company expects earnings to be between $0.04 and $0.08 per share.

Investor Conference Call

As previously announced, management will hold a conference call to discuss these results today, April 28 at 1:30 p.m. Pacific Time.  Those wishing to join should dial 712-923-4251, passcode “Symmetricom.”  Please reference the conference leader: Thomas Steipp.  A live webcast of the conference call will also be available via the company’s website at www.symmetricom.com or www.vcall.com.  A replay of the call will be available for one week.  To access the replay, please dial 203-369-0286.

About Symmetricom Inc.

As a worldwide leader in precise time and frequency products and services, Symmetricom provides “Perfect Timing” to customers around the world, including communications service providers, network equipment manufacturers, U.S. Department of Defense (DOD), aerospace contractors, enterprises, governments and research facilities. Since 1985, the company’s timing, frequency and synchronization solutions have helped define the world’s standards, delivering precision, reliability and efficiency to wireless and wireline networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, products include atomic clocks, cesium and rubidium standards, VME, crystal oscillators, PCI cards and Global Positioning System (GPS) solutions for instrumentation applications, as well as network time servers for Network Time Protocol (NTP) synchronization and time synchronization solutions.  In 2002, Symmetricom acquired TrueTime and Datum, strengthening its leading position in the world time and frequency markets. Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit www.symmetricom.com.

Non-GAAP Information

Certain non-GAAP financial information is included in this press release. In the non-GAAP Statements of Operations, Symmetricom excludes certain items related to non-cash compensation, amortization of acquired intangibles, integration and restructuring charges and unusual and non-recurring items. Symmetricom believes that excluding such items provides investors and management with a representation of the company’s core operating performance and with information useful in assessing our prospects for the future and underlying trends in Symmetricom’s operating performance.  Management uses such non-GAAP information to evaluate financial results and to establish operational goals. Non-GAAP information is not determined using GAAP and should not be considered superior to or as a substitute for data prepared in accordance with GAAP.  A reconciliation of the non-GAAP results to the GAAP results is provided in the “Consolidated Statements of Operations (non-GAAP)” schedule provided in the press release.

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Symmetricom Reports Q3’05 Financial Results

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Safe Harbor 

This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning estimates of future revenue and earnings, pending RFPs, as well as the information regarding the usefulness of the non-GAAP financial information.  Symmetricom’s actual results could differ materially from those projected or suggested in these forward-looking statements. Factors that could cause future actual results to differ materially from the results projected in or suggested by such forward-looking statements include: reduced rates of demand for telecommunication products or test and measurement products, our customers’ ability and need to upgrade existing equipment, our ability to negotiate contracts with our customers, our ability to maintain gross margins, timing of orders, cancellation or delay of customer orders, loss of customers, difficulties in manufacturing products to specification or customer volume requirements, challenges in integrating businesses,  customer acceptance of new products,  geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom’s reports filed with the Securities and Exchange Commission, including the report on Form 10-K for the year ended June 30, 2004 and subsequent Form 10-Q and Form 8-K filings.

Note: Financial schedules attached.

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April 28, 2005

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SYMMETRICOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

	Three months ended						Nine months ended
	March 31,						March 31,
	2005			2004			2005			2004
Net revenue	$	43,815		$	43,748		$	143,737		$	123,179
Cost of products and services	22,085			25,624			73,849			73,031
Amortization of purchased technology	971			978			2,932			2,940
Integration and restructuring charges	—			—			—			5,641
Gross Profit	20,759			17,146			66,956			41,567
Gross Margin	47.4		%	39.2		%	46.6		%	33.7		%
Operating Expenses:
Research and development	4,057			3,798			11,990			12,600
Selling, general and administrative	13,126			10,740			38,864			32,887
Amortization of intangibles	135			218			444			619
Integration and restructuring charges	—			—			—			1,890
Operating income (loss)	3,441			2,390			15,658			(6,429		)
Interest income	388			95			755			260
Interest expense	(127		)	(143		)	(392		)	(448		)
Earnings (loss) before income taxes	3,702			2,342			16,021			(6,617		)
Income tax provision (benefit)	883			592			4,134			(2,244		)
Net earnings (loss) from continuing operations	2,819			1,750			11,887			(4,373		)
Gain (loss) from discontinued operations, net of tax	—			(1		)	162			(17		)
Net earnings (loss)	$	2,819		$	1,749		$	12,049		$	(4,390	)
Earnings (loss) per share - basic:
Earnings (loss) from continuing operations	$	0.06		$	0.04		$	0.27		$	(0.10	)
Gain (loss) from discontinued operations	—			—			—			—
Net earnings (loss)	$	0.06		$	0.04		$	0.27		$	(0.10	)
Weighted average shares outstanding - basic	45,868			44,226			45,328			43,386
Earnings (loss) per share - diluted:
Earnings (loss) from continuing operations	$	0.06		$	0.04		$	0.26		$	(0.10	)
Gain (loss) from discontinued operations	—			—			—			—
Net earnings (loss)	$	0.06		$	0.04		$	0.26		$	(0.10	)
Weighted average shares outstanding - diluted	47,125			46,014			46,709			43,386

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SYMMETRICOM, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS  (non-GAAP)

(In thousands, except per share amounts)

(unaudited)

	Three months ended						Nine months ended
	March 31,						March 31,
	2005			2004			2005			2004
Net revenue	$	43,815		$	43,748		$	143,737		$	123,179
Cost of products and services	22,082			25,618			73,794			73,013
Gross Profit	21,733			18,130			69,943			50,166
Gross Margin	49.6		%	41.4		%	48.7		%	40.7		%
Operating Expenses:
Research and development	4,057			3,798			11,990			12,600
Selling, general and administrative	12,301			10,677			38,191			32,723
Amortization of intangibles	46			91			177			238
Operating income (loss)	5,329			3,564			19,585			4,605
Interest income	388			95			755			260
Interest expense	(127		)	(143		)	(392		)	(448		)
Earnings before income taxes	5,590			3,516			19,948			4,417
Income tax provision	1,334			889			5,147			1,497
Net earnings from continuing operations	4,256			2,627			14,801			2,920
Gain (loss) from discontinued operations, net of tax	—			—			—			—
Net earnings	$	4,256		$	2,627		$	14,801		$	2,920
Earnings per share - basic:
Earnings from continuing operations	$	0.09		$	0.06		$	0.33		$	0.07
Gain (loss) from discontinued operations	—			—			—			—
Net earnings	$	0.09		$	0.06		$	0.33		$	0.07
Weighted average shares outstanding - basic	45,868			44,226			45,328			43,386
Earnings per share - diluted:
Earnings from continuing operations	$	0.09		$	0.06		$	0.32		$	0.07
Gain (loss) from discontinued operations	—			—			—			—
Net earnings	$	0.09		$	0.06		$	0.32		$	0.07
Weighted average shares outstanding - diluted	47,125			46,014			46,709			43,386

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Notes to Consolidated Statements of Operations (000’s) Three Months ended March 31

(a)The above non-GAAP Statements of Operations exclude the effects of the following:

•For the three months ended March 31, 2005 and March 31, 2004 the amortization of purchased technology related to the acquisitions of Datum, TrueTime, Telmax and the HP Communications Synchronization Business, which amounted to $971 and $978, respectively (from cost of goods);

•For the three months ended March 31, 2005 and March 31, 2004 the amortization of stock based compensation of $953 and $69, respectively;

•For the three months ended March 31, 2005 and March 31, 2004 amortization of other intangibles related to the Datum and TrueTime acquisitions of $89 and $127, respectively (from operating expenses);

•For the three months ended March 31, 2005, a benefit of expense reductions for $125 for recovery of bad debts due to collection of old Datum receivables; and

•For the three months ended March 31, 2004 the impact of discontinued operations for the Trusted Time Division.

(b)The above non-GAAP Statements of Operations assume a quarterly effective income tax rate of 23.9% and 25.3% for three months ended March 31, 2005 and 2004 respectively.

Notes to Consolidated Statements of Operations (000’s) Nine Months ended March 31

(c)The above non-GAAP Statements of Operations exclude the effects of the following:

•For the nine months ended March 31, 2005 and March 31, 2004 the amortization of purchased technology related to the acquisitions of Datum, TrueTime, Telmax and the HP Communications Synchronization Business, which amounted to $2,930 and $2,940, respectively (from cost of goods);

•For the nine months ended March 31, 2004, integration and restructuring charges related to the Datum, TrueTime, Net Monitor and the HP Communications and Synchronization Business acquisitions of $7,531, of which $5,641 was excluded from cost of goods and $1,890 (from operating expenses);

•For the nine months ended March 31, 2005 and March 31, 2004 the amortization of stock based compensation of $1,581 and $182, respectively;

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•For the nine months ended March 31, 2005 and March 31, 2004 amortization of other intangibles related to the Datum and TrueTime acquisitions of $267 and $381, respectively (from operating expenses). For the nine months ended March 31, 2005, a benefit of expense reductions for $485 for recovery of bad debts due to collection of old Datum receivables and an expense reduction of $368 for an adjustment for a reserve for repayment to a bankrupt customer of a collected receivable; and

•For the nine months ended March 31, 2005 and March 31, 2004 the impact of discontinued operations for the Trusted Time Division.

The above non-GAAP Statements of Operations assume a year to date effective income tax rate of 25.8% and 33.9% for the nine months ended March 31, 2005 and 2004, respectively.

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April 28, 2005

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SYMMETRICOM, INC.

Impact of Non-GAAP Adjustments on Net Income

(In thousands, except per share amounts)

(unaudited)

	Three months ended March 31, 2005
	GAAP			Adjustments			Non-GAAP
Net revenue	$	43,815		$	—		$	43,815
Cost of products and services	22,085			(3		)(a)	22,082
Amortization of purchased technology	971			(971		)(b)	—
Gross Profit	20,759			974			21,733
Operating Expenses:
Research and development	4,057			—			4,057
Selling, general and administrative	13,126			(825		)(c)	12,301
Amortization of intangibles	135			(89		)(d)	46
Operating income	3,441			1,888			5,329
Interest income	388			—			388
Interest expense	(127		)	—			(127		)
Earnings before income taxes	3,702			1,888			5,590
Income tax provision	883			451		(e)	1,334
Net earnings from continuing operations	2,819			1,437			4,256
Gain from discontinued operations, net of tax	—			—			—
Net earnings	$	2,819		$	1,437		$	4,256
Earnings per share - basic:
Net earnings	$	0.06					$	0.09
Weighted average shares outstanding - basic	45,868						45,868
Earnings per share - diluted:
Net earnings	$	0.06					$	0.09
Weighted average shares outstanding - diluted	47,125						47,125

(a)	The adjustment represents the amortization of stock based compensation included in cost of goods.
(b)	The adjustment represents the amortization of purchased technology related to acquisitions of Datum, TrueTime, Telmax and the HP Communications and Synchronization Business.
(c)	The adjustment is net of an expense of ($950) for stock based compensation, offset by an expense reduction of $125 for bad debts due to the collection of old Datum receivables that were fully reserved.
(d)	The adjustment represents the amortization of other intangibles related to acquisition of Datum, TrueTime, Net Monitor and the HP Communications and Synchronization Business.
(e)	This adjustment is the tax impact of the above adjustments using the fiscal 2005 quarterly effective tax rate of 23.9%.

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April 28, 2005

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SYMMETRICOM, INC.

Impact of Non-GAAP Adjustments on Net Income

(In thousands, except per share amounts)

(unaudited)

	Nine months ended March 31, 2005
	GAAP			Adjustments			Non-GAAP
Net revenue	$	143,737		$	—		$	143,737
Cost of products and services	73,849			(55		)(a)	73,794
Amortization of purchased technology	2,932			(2,932		)(b)	—
Gross Profit	66,956			2,987			69,943
Operating Expenses:
Research and development	11,990			—			11,990
Selling, general and administrative	38,864			(673		)(c)	38,191
Amortization of intangibles	444			(267		)(d)	177
Operating income	15,658			3,927			19,585
Interest income	755			—			755
Interest expense	(392		)	—			(392		)
Earnings before income taxes	16,021			3,927			19,948
Income tax provision	4,134			1,013		(e)	5,147
Net earnings from continuing operations	11,887			2,914			14,801
Gain from discontinued operations, net of tax	162			(162		)(f)	—
Net earnings	$	12,049		$	2,752		$	14,801
Earnings per share - basic:
Net earnings	$	0.27					$	0.33
Weighted average shares outstanding - basic	45,328						45,328
Earnings per share - diluted:
Net earnings	$	0.26					$	0.32
Weighted average shares outstanding - diluted	46,709						46,709

(a)	The adjustment represents the amortization of stock based compensation.
(b)	The adjustment represents the amortization of purchased technology related to acquisitions of Datum, TrueTime, Telmax and the HP Communications and Synchronization Business.
(c)	The adjustment is net of an expense of ($1,526) for stock based compensation, an expense reduction of $485 for bad debts due to the collection of old Datum receivables that were fully reserved and an expense reduction of $368 due to an adjustment for a reserve for a repayment to a bankrupt customer of a collected receivable.
(d)	The adjustment represents the amortization of other intangibles related to acquisition of Datum, TrueTime, Net Monitor and the HP Communications and Synchronization Business.
(e)	This adjustment is the tax impact of the above adjustments using the fiscal 2005 year to date effective tax rate of 25.8%.
(f)	Eliminate the impact of discontinued operations.

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SYMMETRICOM, INC.

Impact of Non-GAAP Adjustments on Net Income

(In thousands, except per share amounts)

(unaudited)

	Three months ended March 31, 2004
	GAAP			Adjustments			Non-GAAP
Net revenue	$	43,748		$	—		$	43,748
Cost of products and services	25,624			(6		)(a)	25,618
Amortization of purchased technology	978			(978		)(b)	—
Integration and restructuring charges	—			—		(c)	—
Gross Profit	17,146			984			18,130
Operating Expenses:
Research and development	3,798			—			3,798
Selling, general and administrative	10,740			(63		)(a)	10,677
Amortization of intangibles	218			(127		)(d)	91
Integration and restructuring charges	—			—		(c)	—
Operating income (loss)	2,390			1,174			3,564
Interest income	95			—			95
Interest expense	(143		)	—			(143		)
Earnings (loss) before income taxes	2,342			1,174			3,516
Income tax provision (benefit)	592			297		(e)	889
Net earnings (loss) from continuing operations	1,750			877			2,627
Loss from discontinued operations, net of tax	(1		)	1		(f)	—
Net earnings (loss)	$	1,749		$	878		$	2,627
Earnings (loss) per share - basic:
Earnings (loss) from continuing operations	$	0.04					$	0.06
Loss from discontinued operations	—						—
Net earnings (loss)	$	0.04					$	0.06
Weighted average shares outstanding - basic	44,226						44,226
Earnings (loss) per share - basic:
Earnings (loss) from continuing operations	$	0.04					$	0.06
Loss from discontinued operations	—						—
Net earnings (loss)	$	0.04					$	0.06
Weighted average shares outstanding - diluted	46,014						46,014

(a)	The adjustment represents the amortization of stock based compensation.
(b)	The adjustment represents the amortization of purchased technology related to acquisitions of Datum, TrueTime, Telmax and the HP Communications and Synchronization Business.
(c)	The adjustment represents Integration and restructuring charges related primarily to the Datum and TrueTime acquistions.
(d)	The adjustment represents the amortization of other intangibles related to acquisition of Datum, TrueTime, Net Monitor and the HP Communications and Synchronization Business.
(e)	This adjustment is the tax impact of the above adjustments using the fiscal 2004 quarterly effective tax rate of 25.3%.
(f)	Eliminate the impact of discontinued operations.

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April 28, 2005

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SYMMETRICOM, INC.

Impact of Non-GAAP Adjustments on Net Income

(In thousands, except per share amounts)

(unaudited)

	Nine months ended March 31, 2004
	GAAP			Adjustments			Non-GAAP
Net revenue	$	123,179		$	—		$	123,179
Cost of products and services	73,031			(18		)(a)	73,013
Amortization of purchased technology	2,940			(2,940		)(b)	—
Integration and restructuring charges	5,641			(5,641		)(c)	—
Gross Profit	41,567			8,599			50,166
Operating Expenses:
Research and development	12,600			—			12,600
Selling, general and administrative	32,887			(164		)(a)	32,723
Amortization of intangibles	619			(381		)(d)	238
Integration and restructuring charges	1,890			(1,890		)(c)	—
Operating income (loss)	(6,429		)	11,034			4,605
Interest income	260			—			260
Interest expense	(448		)	—			(448		)
Earnings (loss) before income taxes	(6,617		)	11,034			4,417
Income tax benefit	(2,244		)	3,741		(e)	1,497
Net earnings (loss) from continuing operations	(4,373		)	7,293			2,920
Loss from discontinued operations, net of tax	(17		)	17		(f)	—
Net earnings (loss)	$	(4,390	)	$	7,310		$	2,920
Earnings (loss) per share - basic:
Earnings (loss) from continuing operations	$	(0.10	)				$	0.07
Loss from discontinued operations	—						—
Net earnings (loss)	$	(0.10	)				$	0.07
Weighted average shares outstanding - basic	43,386						43,386
Earnings (loss) per share - diluted:
Earnings (loss) from continuing operations	$	(0.10	)				$	0.07
Loss from discontinued operations	—						—
Net earnings (loss)	$	(0.10	)				$	0.07
Weighted average shares outstanding - diluted	43,386						43,386

(a)	The adjustment represents the amortization of stock based compensation.
(b)	The adjustment represents the amortization of purchased technology related to acquisitions of Datum, TrueTime, Telmax and the HP Communications and Synchronization Business.
(c)	The adjustment represents integration and restructuring charges related primarily to the Datum and TrueTime acquistions.
(d)	The adjustment represents the amortization of other intangibles related to acquisition of Datum, TrueTime, Net Monitor and the HP Communications and Synchronization Business.
(e)	This adjustment is the tax impact of the above adjustments using the fiscal 2004 year to date effective tax rate of 33.9%.
(f)	Eliminate the impact of discontinued operations.

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SYMMETRICOM, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands)

(unaudited)

	March 31,			June 30,
	2005			2004
ASSETS
Current assets:
Cash and cash equivalents	$	48,289		$	34,213
Short-term investments	25,595			13,398
Accounts receivable, net	28,725			28,941
Inventories, net	25,163			27,877
Prepaids and other current assets	9,384			9,720
Total current assets	137,156			114,149
Property, plant and equipment, net	23,589			27,936
Goodwill, net	49,248			49,248
Other intangible assets, net	11,349			14,665
Deferred taxes and other assets	42,427			41,092
Note receivable from employee	500			500
Total assets	$	264,269		$	247,590
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	10,120		$	15,372
Accrued compensation	8,930			9,661
Accrued warranty	3,415			3,194
Other accrued liabilities	13,224			12,506
Current maturities of long-term obligations	1,087			1,128
Total current liabilities	36,776			41,861
Long-term obligations	7,630			8,827
Deferred income taxes	902			418
Total liabilities	45,308			51,106
Stockholders’ equity:
Common stock	183,269			174,293
Stockholder note receivable	—			(555		)
Accumulated other comprehensive loss	177			(1		)
Deferred stock-based compensation	(401		)	(1,120		)
Retained earnings	35,916			23,867
Total stockholders’ equity	218,961			196,484
Total liabilities and stockholders’ equity	$	264,269		$	247,590