Expense reductions take effect, resulting in
sequential EPS improvement of 31%
Westell Technologies, Inc. (NASDAQ: WSTL), a leading provider of
high-performance wireless infrastructure solutions, today announced
results for its fiscal 2017 second quarter ended September 30,
2016 (2Q17). Management will host a conference call to discuss
financial and business results tomorrow, Thursday, November 3,
2016, at 9:30 AM Eastern Time (details below).
Consolidated revenue in 2Q17 was $17.8 million, and comprised
$6.6 million from the In-Building Wireless (IBW) segment, $5.1
million from the Intelligent Site Management and Services (ISMS)
segment, and $6.0 million from the Communication Network Solutions
(CNS) segment.
GAAP operating expenses were $12.2 million in 2Q17 compared to
$12.3 million in 1Q17. Non-GAAP operating expenses, which excludes
stock-based compensation, amortization of acquired intangible
assets, and restructuring and restructuring-related charges, were
$7.8 million in 2Q17 compared to $9.6 million in 1Q17.
2Q17
1Q17 3 months ended 3 months ended + favorable /
9/30/16 6/30/16 - unfavorable Consolidated
Revenue $17.8M $14.8M +20% Net Income (Loss)
($5.8M) ($7.8M) +26% Earnings (Loss) Per Share
($0.09) ($0.13) +31% Non-GAAP Net Income
(Loss) (1) ($1.1M) ($3.6M) +69% Non-GAAP
Earnings (Loss) Per Share (1) ($0.02) ($0.06)
+67% (1) Please refer to the schedule at the end of this press
release for a complete GAAP to non-GAAP reconciliation and other
information related to non-GAAP financial measures.
“As anticipated, 2Q17 revenue was up significantly from 1Q17,
and all three segments grew sequentially with IBW up 9%, ISMS up
23%, and CNS up 32%,” said Kirk Brannock, President and CEO of
Westell Technologies. “We also made great progress on the expense
side and the bottom line, as we are now seeing the positive effects
of our initial actions to reduce expenses.”
In October, Westell began to transition its IBW final assembly
and test operations to Spinnaker Contract Manufacturing, Inc. of
Tilton, New Hampshire, with an expected completion date of
mid-December 2016. “Spinnaker is a trusted partner that has
provided Westell with high-quality subassemblies since 2000,”
Brannock said. “Streamlining operations is an important part of our
path to profitability that will also reduce lead times and drive
improved customer satisfaction.”
Cash and short-term investments were $20.9 million at
September 30, 2016, compared to $25.3 million at June 30,
2016. Of the $4.4 million change during the quarter, cash used for
operating activities was $4.1 million, which included a $2.7
million increase in customer receivables as of September 30, 2016,
and $0.5 million for employee severance payments.
In-Building Wireless (IBW)
Segment
IBW’s sequential revenue increase was driven primarily by higher
sales of our Universal DAS Interface Tray (UDIT) active
conditioner. IBW’s segment gross margin, excluding charges (see
below), decreased to 36.5% in 2Q17 from 39.0% in 1Q17, due
primarily to a less favorable mix.
2Q17
1Q17 3 months ended 3 months ended + favorable /
9/30/16 6/30/16 - unfavorable IBW Segment
Revenue $6.6M $6.1M +9% IBW Segment Gross
Margin (1) 33.6% 16.2% +17.4% IBW Segment
R&D Expense $1.6M $2.4M +33% IBW Segment
Profit (Loss) $0.6M ($1.4M) +147% (1)
Excluding charges of $0.2 million in 2Q17 and $1.4 million in 1Q17
related to the previously announced discontinuation of the
ClearLink DAS, IBW segment gross margin was 36.5% and 39.0%,
respectively. Please refer to the schedule at the end of this press
release for a complete GAAP to non-GAAP reconciliation.
Intelligent Site Management &
Services (ISMS) Segment
ISMS’s sequential revenue increase was driven primarily by
higher deployment services revenue which, in turn, resulted in a
less favorable mix that drove ISMS’s gross margin to decrease in
2Q17 compared to 1Q17.
2Q17
1Q17 3 months ended 3 months ended + favorable /
9/30/16 6/30/16 - unfavorable ISMS Segment
Revenue $5.1M $4.1M +23% ISMS Segment Gross
Margin 47.1% 48.8% -1.7% ISMS Segment R&D
Expense $1.2M $1.3M +4% ISMS Segment Profit
(Loss) $1.2M $0.7M +61%
Communication Network Solutions Group
(CNS) Segment
CNS’s sequential revenue increase was driven primarily by higher
sales of Integrated Cabinets which, in turn, resulted in a less
favorable mix that drove CNS’s gross margin to decrease in 2Q17
compared to 1Q17.
2Q17
1Q17 3 months ended 3 months ended + favorable /
9/30/16 6/30/16 - unfavorable CNS Segment
Revenue $6.0M $4.6M +32% CNS Segment Gross
Margin 28.7% 34.1% -5.4% CNS Segment R&D
Expense $0.5M $0.6M +20% CNS Segment Profit
(Loss) $1.2M $0.9M +32%
Conference Call
Information
Management will discuss financial and business results during
the quarterly conference call on Thursday, November 3, 2016,
at 9:30 AM Eastern Time. Investors may quickly register online in
advance of the call at https://www.conferenceplus.com. After
registering, participants receive dial-in numbers, a passcode and a
registration ID that is used to uniquely identify their presence
and automatically join them into the audio conference. A
participant may also register by telephone on November 3,
2016, by calling 888-206-4065 no later than 8:15 AM Central Time
(9:15 AM Eastern Time) and providing the operator confirmation
number 43632542.
This news release and related information that may be discussed
on the conference call, will be posted on the Investor Relations
section of Westell's website:
http://www.westell.com/about-us/investor-relations/. A digital
recording of the entire conference will be available for replay on
Westell's website by approximately 1:00 PM Eastern Time following
the conclusion of the conference.
About Westell
Technologies
Westell is a leading provider of high-performance wireless
infrastructure solutions focused on innovation and differentiation
at the edge of communication networks, where end users connect. The
Company's comprehensive set of products and solutions enable
service providers and network operators to improve performance and
reduce operating expenses. With millions of products successfully
deployed worldwide, Westell is a trusted partner for transforming
networks into high quality, reliable systems. For more information,
please visit www.westell.com.
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995
Certain statements contained herein that are not historical
facts or that contain the words “believe,” “expect,” “intend,”
“anticipate,” “estimate,” “may,” “will,” “plan,” “should,” or
derivatives thereof and other words of similar meaning are
forward-looking statements that involve risks and uncertainties.
Actual results may differ materially from those expressed in or
implied by such forward-looking statements. Factors that could
cause actual results to differ materially include, but are not
limited to, product demand and market acceptance risks, customer
spending patterns, need for financing and capital, economic
weakness in the United States (“U.S.”) economy and
telecommunications market, the effect of international economic
conditions and trade, legal, social and economic risks (such as
import, licensing and trade restrictions), the impact of
competitive products or technologies, competitive pricing
pressures, customer product selection decisions, product cost
increases, component supply shortages, new product development,
excess and obsolete inventory, commercialization and technological
delays or difficulties (including delays or difficulties in
developing, producing, testing and selling new products and
technologies), the ability to successfully consolidate and
rationalize operations, the ability to successfully identify,
acquire and integrate acquisitions, the effect of the Company's
accounting policies, retention of key personnel and other risks
more fully described in the Company's SEC filings, including the
Form 10-K for the fiscal year ended March 31, 2016, under
Item 1A - Risk Factors. The Company undertakes no obligation
to publicly update these forward-looking statements to reflect
current events or circumstances after the date hereof, or to
reflect the occurrence of unanticipated events, or otherwise.
Financial Tables to Follow:
Westell Technologies, Inc. Condensed
Consolidated Statement of Operations
(Amounts in thousands, except per share
amounts)
(Unaudited)
Three months ended Six months ended
September 30, June 30, September 30,
September 30,
September 30,
2016 2016 2015
2016 2015 Revenue
$ 17,780 $ 14,816 $ 25,514
$ 32,596 $
47,084 Gross profit
6,367 4,565 10,231
10,932 18,660
Gross margin
35.8 % 30.8 % 40.1 %
33.5
% 39.6 % Operating expenses: R&D
3,327 4,277
4,625
7,604 9,711 Sales and marketing
2,896 3,381
4,113
6,277 7,309 General and administrative
2,218
2,345 2,493
4,563 5,462 Intangible amortization
1,201
1,200 1,432
2,401 2,831 Restructuring
2,601 (1) (36 )
—
2,565 (1) 17 Long-lived assets impairment
—
1,181 (2) —
1,181 (2) — Total
operating expenses
12,243 12,348 12,663
24,591 25,330 Operating profit (loss)
(5,876 ) (7,783 ) (2,432 )
(13,659 )
(6,670 ) Other income (expense), net
74 17 (61
)
91 (23 ) Income (loss) before income taxes and
discontinued operations
(5,802 ) (7,766 ) (2,493 )
(13,568 ) (6,693 ) Income tax benefit (expense)
(8 ) (2 ) 20
(10 ) 82 Net
income (loss) from continuing operations
(5,810 )
(7,768 ) (2,473 )
(13,578 ) (6,611 ) Income from
discontinued operations (3)
— — —
— 272 Net income (loss)
$ (5,810
) $ (7,768 ) $ (2,473 )
$ (13,578 ) $
(6,339 ) Basic net income (loss) per share: Basic net income (loss)
from continuing operations
$ (0.09 ) $ (0.13 )
$ (0.04 )
$ (0.22 ) $ (0.11 ) Basic net income
(loss) from discontinued operations
— — —
— — Basic net income (loss) (4)
$ (0.09 ) $ (0.13 ) $ (0.04 )
$
(0.22 ) $ (0.10 ) Diluted net income (loss) per
share: Diluted net income (loss) from continuing operations
$ (0.09 ) $ (0.13 ) $ (0.04 )
$
(0.22 ) $ (0.11 ) Diluted net income (loss) from
discontinued operations
— — —
—
— Diluted net income (loss) (4)
$ (0.09
) $ (0.13 ) $ (0.04 )
$ (0.22 ) $ (0.10
) Weighted-average number of common shares outstanding: Basic
61,199 61,016 60,783
61,108 60,743 Diluted
61,199 61,016 60,783
61,108 60,743 (1) The
Company recorded restructuring expense primarily relating to
abandonment of excess office space at its headquarters and in New
Hampshire, and severance costs for terminated employees. (2) 1Q17
Impairment related to long-lived assets associated with ClearLink
DAS. (3) Income from discontinued operations resulted from the
expiration of indemnity periods and release of contingency reserves
related to the sale of ConferencePlus. (4) Totals may not sum due
to rounding.
Westell Technologies, Inc.
Condensed Consolidated Balance Sheet
(Amounts in thousands)
September 30, 2016 March 31, 2016
(Unaudited)
Assets Cash and cash equivalents
$
20,917 $ 19,169 Short-term investments
— 10,555
Accounts receivable, net
13,639 16,361 Inventories
12,678 13,498 Prepaid expenses and other current assets
1,923 1,900 Total current assets
49,157
61,483 Land, property and equipment, net
2,454 3,977
Intangible assets, net
17,987 20,388 Other non-current
assets
168 183 Total assets
$ 69,766
$ 86,031
Liabilities and Stockholders’ Equity
Accounts payable
$ 4,619 $ 7,856 Accrued expenses
4,967 5,932 Accrued restructuring
2,951 1,537
Contingent consideration payable
— 311 Deferred revenue
1,318 1,601 Total current liabilities
13,855
17,237 Deferred revenue non-current
1,388 1,236 Deferred
income tax liability
24 10 Accrued restructuring non-current
192 550 Other non-current liabilities
249 314
Total liabilities
15,708 19,347 Total stockholders’ equity
54,058 66,684 Total liabilities and stockholders’
equity
$ 69,766 $ 86,031
Westell Technologies, Inc. Condensed Consolidated
Statement of Cash Flows
(Amounts in thousands)
(Unaudited)
Three months Six months ended
ended September 30, September 30, 2016
2016 2015
Cash flows from operating
activities: Net income (loss)
$ (5,810 )
$ (13,578 ) $ (6,339 ) Reconciliation of net
loss to net cash used in operating activities: Depreciation and
amortization
1,645 3,230 3,495 Long-lived assets
impairment
— 1,181 — Stock-based compensation
687 1,093 710 Restructuring
2,601 2,565
17 Deferred taxes
12 14 57 Other loss (gain)
5
11 60 Changes in assets and liabilities: Accounts receivable
(2,748 ) 2,722 (5,342 ) Inventory
1,054
820 4,009 Accounts payable and accrued expenses
(1,765 ) (5,909 ) 3,476 Deferred
revenue
317 (131 ) (845 ) Other
(136
) (8 ) 933 Net cash provided by (used
in) operating activities
(4,138 ) (7,990
) 231
Cash flows from investing activities:
Net maturity (purchase) of short-term investments and debt
securities
10,090 10,555 20,430 Proceeds from sale of
land
— — 264 Purchases of property and equipment, net
(102 ) (498 ) (1,530 ) Net cash
provided by (used in) investing activities
9,988
10,057 19,164
Cash flows from financing
activities: Purchase of treasury stock
(57 )
(141 ) (85 ) Payment of contingent consideration
(48 ) (175 ) (455 ) Net cash provided
by (used in) financing activities
(105 ) (316
) (540 )
(Gain) loss of exchange rate changes on cash
(6 ) (3 ) (3 )
Net increase
(decrease) in cash and cash equivalents 5,739
1,748 18,852
Cash and cash equivalents, beginning of
period 15,178 19,169 14,026
Cash and cash equivalents, end of period $
20,917 $ 20,917 $ 32,878
Westell Technologies, Inc. Segment
Statement of Operations
(Amounts in thousands)
(Unaudited)
Sequential
Quarter Comparison
Three months ended September 30, 2016 Three months
ended June 30, 2016
IBW ISMS CNS
Total IBW ISMS CNS Total Revenue
$ 6,644 $ 5,109 $
6,027 $ 17,780 $ 6,121 $
4,139 $ 4,556 $ 14,816 Gross profit
2,233 2,407 1,727
6,367 994 2,019 1,552 4,565
Gross margin (1)
33.6 % 47.1 %
28.7 % 35.8 % 16.2 % 48.8 % 34.1 % 30.8
% R&D expenses
1,594 1,237
496 3,327 2,364 1,294 619
4,277 Segment profit (loss)
$ 639
$ 1,170 $ 1,231 $ 3,040 $
(1,370 ) $ 725 $ 933 $ 288 (1) Excluding charges of $0.2 million in
2Q17 and $1.4 million in 1Q17 related to the previously announced
discontinuation of the ClearLink DAS, IBW segment gross margin was
36.5% and 39.0%, respectively. Please refer to the schedule at the
end of this press release for a complete GAAP to non-GAAP
reconciliation.
Year-over-Year
Quarter Comparison
Three months ended September 30, 2016 Three months
ended September 30, 2015
IBW ISMS
CNS Total IBW ISMS CNS
Total Revenue
$ 6,644 $ 5,109
$ 6,027 $ 17,780 $
10,819 $ 5,886 $ 8,809 $ 25,514 Gross
profit
2,233 2,407 1,727
6,367 4,547 3,164 2,520 10,231
Gross margin (1)
33.6 % 47.1 %
28.7 % 35.8 % 42.0 % 53.8 % 28.6 % 40.1
% R&D expenses
1,594 1,237
496 3,327 2,775 1,302 548
4,625 Segment profit (loss)
$ 639
$ 1,170 $ 1,231
$ 3,040 $ 1,772 $ 1,862 $ 1,972
$ 5,606 (1) 2Q17 IBW Segment Gross Margin was 36.5%
when excluding a charge of $0.2 million related to the previously
announced discontinuation of the ClearLink DAS and stock-based
compensation. Please refer to the GAAP to non-GAAP reconciliation
of IBW segment gross margin at the end of the Segment Statement of
Operations section.
Year-to-Date
Comparison
Six months ended September 30, 2016 Six months ended
September 30, 2015
IBW ISMS CNS
Total IBW ISMS CNS Total Revenue
$ 12,765 $ 9,248 $
10,583 $ 32,596 $ 19,889
$ 10,391 $ 16,804 $ 47,084 Gross
profit
3,227 4,426 3,279
10,932 8,548 5,375 4,737
18,660 Gross margin (1)
25.3 %
47.9 % 31.0 % 33.5 % 43.0
% 51.7 % 28.2 % 39.6 % R&D expenses
3,958
2,531 1,115 7,604
5,937 2,583 1,191 9,711
Segment profit (loss)
$ (731 ) $
1,895 $ 2,164 $
3,328 $ 2,611 $ 2,792 $ 3,546 $
8,949 (1) The six month ended September 30, 2016, IBW
Segment Gross Margin was 37.7% when excluding a charge of $1.6
million related to the previously announced discontinuation of the
ClearLink DAS and stock-based compensation. Please refer to the
GAAP to non-GAAP reconciliation of IBW segment gross margin at the
end of the Segment Statement of Operations section.
Reconciliation of
GAAP to non-GAAP IBW Segment Gross Margin
Three months ended Three months ended Three months
ended
September 30, 2016 June 30, 2016 September 30, 2015
Gross Gross Gross Gross
Gross Gross
Revenue Profit
Margin Revenue Profit Margin Revenue Profit Margin
GAAP - IBW segment
$ 6,644 $ 2,233
33.6 % $ 6,121 $ 994 16.2 % $ 10,819 $ 4,547 42.0 %
ClearLink DAS E&O (1)
— 192 — 1,389 — —
Stock-based compensation (2)
— 2 —
3 — — Non-GAAP - IBW segment
$ 6,644 $ 2,427
36.5 % $ 6,121 $ 2,386 39.0 % $ 10,819
$ 4,547 42.0 % (1) Excess and Obsolete
inventory charges on ClearLink DAS inventory and firm purchase
commitments. (2) Stock-based compensation is a non-cash expense
incurred in accordance with share-based compensation accounting
standards.
Six months ended September 30, 2016
Six months ended September 30, 2015
Revenue Gross
Profit Gross Margin Revenue Gross Profit
Gross Margin GAAP - IBW segment
$ 12,765
$ 3,227 25.3 % $ 19,889 $ 8,548 43.0 %
ClearLink DAS E&O (1)
— 1,581 — — Stock-based
compensation (2) —
5 — —
Non-GAAP - IBW segment
$ 12,765 $
4,813 37.7 % $ 19,889 $ 8,548
43.0 % (1) Excess and Obsolete inventory charges on
ClearLink DAS inventory and firm purchase commitments. (2)
Stock-based compensation is a non-cash expense incurred in
accordance with share-based compensation accounting standards.
Westell Technologies, Inc.
Reconciliation of GAAP to non-GAAP Financial Measures
(Amounts in thousands, except per share
amounts)
(Unaudited)
Three months ended Three months ended Three months
ended
September 30, 2016 June 30, 2016 September 30, 2015
Gross Gross Gross Gross
Gross Gross
Revenue Profit
Margin Revenue Profit Margin Revenue Profit Margin GAAP -
Consolidated
$ 17,780 $ 6,367
35.8 % $ 14,816 4,565 30.8 % $ 25,514 $ 10,231 40.1 %
Deferred revenue adjustment (1)
63 63 63 63 73 73
ClearLink DAS E&O (2)
— 192 — 1,389 — —
Stock-based compensation (3)
— 8 —
6 — 14 Non-GAAP - Consolidated
$
17,843 $ 6,630 37.2
% $ 14,879 $ 6,023 40.5 % $ 25,587 $
10,318 40.3 %
Three months ended Six
months ended September 30, June 30,
September 30,
September 30, September 30,
2016
2016 2015
2016 2015 GAAP consolidated operating expenses
$ 12,243 $ 12,348 $ 12,663
$ 24,591 $
25,330 Adjustments: Stock-based compensation (3)
(679
) (400 ) (239 )
(1,079 ) (699 ) Long-lived
asset impairment (4) — (1,181 ) —
(1,181 ) —
Amortization of intangibles (5)
(1,201 ) (1,200 )
(1,432 )
(2,401 ) (2,831 ) Restructuring, separation,
and transition (6)
(2,601 ) 36 (59 )
(2,565 ) (223 ) Total adjustments
(4,481
) (2,745 ) (1,730 )
(7,226 ) (3,753 ) Non-GAAP
consolidated operating expenses
$ 7,762 $
9,603 $ 10,933
$ 17,365 $ 21,577
Three months ended Six months
ended September 30, June 30, September 30,
September 30, September 30,
2016 2016 2015
2016 2015 GAAP consolidated operating profit (loss)
$
(5,876 ) $ (7,783 ) $ (2,432 )
$
(13,659 ) $ (6,670 ) Adjustments: Deferred revenue
adjustment (1)
63 63 73
126 146 ClearLink DAS E&O
(2)
192 1,389 —
1,581 — Stock-based compensation (3)
687 406 253
1,093 710 Long-lived asset impairment (4)
— 1,181 —
1,181 — Amortization of intangibles (5)
1,201 1,200 1,432
2,401 2,831 Restructuring,
separation, and transition (6)
2,601 (36 ) 59
2,565 223 Total adjustments
4,744
4,203 1,817
8,947 3,910
Non-GAAP consolidated operating profit (loss) from continuing
operations
$ (1,132 ) $ (3,580 ) $ (615 )
$ (4,712 ) $ (2,760 ) Depreciation
444
385 367
829 664 Non-GAAP
consolidated Adjusted EBITDA (7) from continuing operations
$ (688 ) $ (3,195 ) $ (248 )
$
(3,883 ) $ (2,096 )
Three months
ended Six months ended September 30, June
30 September 30,
September 30, September 30,
2016 2016 2015
2016 2015 GAAP consolidated net income
(loss)
$ (5,810 ) $ (7,768 ) $ (2,473 )
$ (13,578 ) $ (6,339 ) Adjustments: Deferred
revenue adjustment (1)
63 63 73
126 146 ClearLink DAS
E&O (2)
192 1,389 —
1,581 — Stock-based
compensation (3)
687 406 253
1,093 710 Long-lived
asset impairment (4)
— 1,181 —
1,181 — Amortization
of intangibles (5)
1,201 1,200 1,432
2,401 2,831
Restructuring, separation, and transition (6)
2,601 (36 ) 59
2,565 223 (Income) loss from discontinued operations (8)
— — —
— (272 ) Total
adjustments
4,744 4,203 1,817
8,947 3,638 Non-GAAP consolidated net income
(loss)
$ (1,066 ) $ (3,565 ) $ (656 )
$
(4,631 ) $ (2,701 ) GAAP consolidated net income
(loss) per common share: Basic and diluted
$ (0.09
) $ (0.13 ) $ (0.04 )
$ (0.22 ) $ (0.10
) Non-GAAP consolidated net income (loss) per common share: Basic
and diluted
$ (0.02 ) $ (0.06 ) $ (0.01 )
$ (0.08 ) $ (0.04 ) Average number of common
shares outstanding: Basic and diluted
61,199 61,016 60,783
61,108 60,743
The Company conforms to U.S. Generally Accepted Accounting
Principles (GAAP) in the preparation of its financial statements.
The schedules above reconcile the Company's non-GAAP financial
measures to the most directly comparable GAAP measure. The
adjustments share one or more of the following characteristics:
they are unusual and the Company does not expect them to recur in
the ordinary course of its business; they do not involve the
expenditure of cash; they are unrelated to the ongoing operation of
the business in the ordinary course; or their magnitude and timing
is largely outside of the Company's control. Management believes
that the non-GAAP financial information provides meaningful
supplemental information to investors. Management also believes the
non-GAAP financial information reflects the Company's core ongoing
operating performance and facilitates comparisons across reporting
periods. The Company uses these non-GAAP measures when evaluating
its financial results. Non-GAAP measures should not be viewed as a
substitute for the Company's GAAP results.
Footnotes:
(1)
On April 1, 2013, the Company purchased Kentrox. The
acquisition required the step-down on acquired deferred revenue,
which resulted in lower revenue that will not recur once those
liabilities have fully settled. The adjustment removes the
step-down on acquired deferred revenue that was recognized.
(2)
Excess and Obsolete inventory charges on inventory and firm
purchase commitments associated with the previously announced
discontinuation of ClearLink DAS.
(3)
Stock-based compensation is a non-cash expense incurred in
accordance with share-based compensation accounting standards.
(4)
Impairment related to long-lived assets associated with ClearLink
DAS.
(5)
Amortization of intangibles is a non-cash expense arising from
previously acquired intangible assets.
(6)
Restructuring expenses are not directly related to the ongoing
performance of our fundamental business operations including costs
relating to abandonment of excess office space at its headquarters
and in New Hampshire, and severance costs for terminated employees.
This adjustment also includes severance benefits related to the
departure of certain former executives.
(7)
EBITDA is a non-GAAP measure that represents Earnings Before
Interest, Taxes, Depreciation, and Amortization. The Company
presents Adjusted EBITDA in its reconciliation of GAAP to non-GAAP
consolidated operating profit (loss) rather than in its
reconciliation of GAAP to non-GAAP consolidated net income (loss)
because (a) non-GAAP consolidated operating profit (loss) is more
closely aligned with Adjusted EBITDA and (b) the difference between
the Company's GAAP consolidated operating profit (loss) and its
GAAP consolidated net income (loss) is immaterial.
(8)
The release of contingent liabilities related to the sale of
ConferencePlus are presented as discontinued operations.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161102006704/en/
Westell Technologies, Inc.Tom MinichielloChief Financial
Officer+1 (630) 375 4740tminichiello@westell.com
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