Applied Micro Circuits Corporation Reports Third Quarter Fiscal 2016 Financial Results
January 28 2016 - 4:05PM
Applied Micro Circuits Corporation (Nasdaq:AMCC) (“AppliedMicro”)
today reported its financial results for the fiscal 2016 third
quarter ended December 31, 2015.
Fiscal Q3 2016 Financial Information
- Consolidated net revenue of $40.6 million, representing the
fourth sequential quarter of revenue growth
- GAAP net loss of $8.2 million or $0.10 per share
- Non-GAAP net loss narrows to $2.1 million or $0.03 per
share
- Total cash, cash equivalents and short-term investments of
approximately $76.4 million as of December 31, 2015
Commenting on AppliedMicro’s fiscal 2016 third quarter
operations, Dr. Paramesh Gopi, President and Chief Executive
Officer, said, “On top of the solid execution of our base
connectivity business, and with overall financial results once
again demonstrating continued and consistent improvement, we are
seeing clear evidence of the ongoing traction of both our X-Gene®
and HeliX® families of computing products, and our X-Weave® family
of connectivity products.”
AppliedMicro provides non-GAAP results as additional information
relating to its financial condition and business trends. This
information should be considered in conjunction with corresponding
GAAP measures. A reconciliation between GAAP and non-GAAP
financial results is provided in the financial tables section of
this press release.
Conference Call and WebcastManagement will host
a conference call and simultaneous webcast to discuss third quarter
fiscal 2016 results and business and financial outlook today,
January 28, 2016, at 2:00 p.m. Pacific Time / 5:00 p.m. Eastern
Time.
DIAL-IN: |
|
(855) 777-0852 |
|
|
(631) 485-4854 |
PASSCODE: |
|
20258064 |
WEBCAST: |
|
Investor Relations section of the Company’s
website at www.apm.com |
|
|
|
A replay of the call will be available starting at 9:00 PM
Eastern Time and can be accessed by dialing 855-859-2056 or
404-537-3406 and using the access code 20258064. The replay will be
available through February 4, 2016.
About AppliedMicro Applied Micro Circuits
Corporation is a global leader in computing and connectivity
solutions for next-generation cloud infrastructure and data
centers. AppliedMicro delivers silicon solutions that
dramatically lower total cost of ownership. Corporate headquarters
are located in Santa Clara, California. www.apm.com.
(C) Copyright 2016, Applied Micro Circuits Corporation.
AppliedMicro, X-Gene, X-Weave, HeliX, Server on a Chip, Cloud
Processor and Cloud Server are trademarks or registered trademarks
of Applied Micro Circuits Corporation. All other product or service
names are the property of their respective owners.
Forward-Looking StatementsThis press release
contains forward-looking statements that reflect the Company's
current views and expectations with respect to future events and
financial performance, including statements regarding the Company's
strategic focus; new product development, commercialization and
customer acceptance; the development of the X-Gene and ARM
ecosystems; the anticipated performance of the Company’s base
business; and future revenues, expenses and liquidity. These
forward-looking statements are only predictions based on current
information and expectations and are subject to certain risks and
uncertainties, including, but not limited to, customer demand for
the Company's products, successful and timely development of
products, an evolving competitive landscape, rapid technological
change, increased supplier lead times and other supply chain
constraints, the businesses and budgeting decisions of the
Company's major customers, which may cause delays, reductions,
rescheduling or cancellation of customer orders, successful
management and retention of key personnel and service providers,
market acceptance of new products and technologies, legal and
regulatory developments, and general economic conditions, and do
not take into account any restructuring or related activities that
the Company may undertake. More information about potential factors
that could affect the Company's business and financial results is
included in the "Risk Factors" set forth in the Company's Quarterly
Report on Form 10-Q for the quarter ended September 30, 2015,
and its other filings with the Securities and Exchange Commission.
Actual results could differ materially, as a result of such
factors, from those set forth in the forward-looking statements.
You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in
their entirety by this cautionary statement, and the Company
undertakes no obligation to revise or update any forward-looking
statements to reflect events or circumstances after the issuance of
this press release.
APPLIED MICRO CIRCUITS
CORPORATION |
CONDENSED CONSOLIDATED BALANCE
SHEETS |
(in thousands) |
|
|
|
|
|
December 31, |
|
March 31, |
|
|
2015 |
|
|
|
2015 |
|
|
(unaudited) |
|
|
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash, cash equivalents and
short-term investments |
$ |
76,443 |
|
|
$ |
75,358 |
|
Accounts receivable, net |
|
12,452 |
|
|
|
12,407 |
|
Inventories |
|
19,692 |
|
|
|
23,514 |
|
Other current assets |
|
14,578 |
|
|
|
16,840 |
|
Total current assets |
|
123,165 |
|
|
|
128,119 |
|
Property and equipment,
net |
|
13,348 |
|
|
|
16,749 |
|
Goodwill |
|
11,425 |
|
|
|
11,425 |
|
Other assets |
|
1,626 |
|
|
|
2,570 |
|
Total assets |
$ |
149,564 |
|
|
$ |
158,863 |
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current
liabilities: |
|
|
|
Accounts payable |
|
12,876 |
|
|
$ |
13,896 |
|
Other current liabilities |
|
20,114 |
|
|
|
17,571 |
|
Total current liabilities |
|
32,990 |
|
|
|
31,467 |
|
Non-current
liabilities |
|
781 |
|
|
|
4,291 |
|
Stockholders'
equity |
|
115,793 |
|
|
|
123,105 |
|
Total liabilities and stockholders'
equity |
$ |
149,564 |
|
|
$ |
158,863 |
|
|
|
|
|
APPLIED MICRO CIRCUITS
CORPORATION |
GAAP CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
Net revenues |
$ |
40,623 |
|
|
$ |
39,743 |
|
|
$ |
36,747 |
|
|
$ |
118,179 |
|
|
$ |
127,964 |
|
Cost of revenues |
|
18,241 |
|
|
|
17,758 |
|
|
|
14,842 |
|
|
|
52,805 |
|
|
|
52,815 |
|
Gross profit |
|
22,382 |
|
|
|
21,985 |
|
|
|
21,905 |
|
|
|
65,374 |
|
|
|
75,149 |
|
Operating
expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
22,377 |
|
|
|
22,411 |
|
|
|
24,721 |
|
|
|
66,405 |
|
|
|
82,636 |
|
Selling, general and
administrative |
|
8,232 |
|
|
|
8,373 |
|
|
|
8,707 |
|
|
|
25,369 |
|
|
|
25,684 |
|
Amortization of purchased
intangible assets |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
105 |
|
Restructuring |
|
(29 |
) |
|
|
15 |
|
|
|
221 |
|
|
|
82 |
|
|
|
1,322 |
|
Total operating expenses |
|
30,580 |
|
|
|
30,799 |
|
|
|
33,649 |
|
|
|
91,856 |
|
|
|
109,747 |
|
Operating loss |
|
(8,198 |
) |
|
|
(8,814 |
) |
|
|
(11,744 |
) |
|
|
(26,482 |
) |
|
|
(34,598 |
) |
Interest and other
income (expense), net |
|
169 |
|
|
|
265 |
|
|
|
475 |
|
|
|
2,078 |
|
|
|
(1,322 |
) |
Loss before income
taxes |
|
(8,029 |
) |
|
|
(8,549 |
) |
|
|
(11,269 |
) |
|
|
(24,404 |
) |
|
|
(35,920 |
) |
Income tax provision
(benefit) |
|
170 |
|
|
|
(488 |
) |
|
|
862 |
|
|
|
(740 |
) |
|
|
993 |
|
Net loss |
$ |
(8,199 |
) |
|
$ |
(8,061 |
) |
|
$ |
(12,131 |
) |
|
$ |
(23,664 |
) |
|
$ |
(36,913 |
) |
|
|
|
|
|
|
|
|
|
|
Basic and diluted net
loss per share: |
$ |
(0.10 |
) |
|
$ |
(0.10 |
) |
|
$ |
(0.15 |
) |
|
$ |
(0.29 |
) |
|
$ |
(0.47 |
) |
Shares used in
calculating basic and diluted net loss per share |
|
83,191 |
|
|
|
82,176 |
|
|
|
78,920 |
|
|
|
82,186 |
|
|
|
78,442 |
|
|
|
|
|
|
|
|
|
|
|
APPLIED MICRO CIRCUITS
CORPORATION |
RECONCILIATION OF GAAP NET LOSS TO NON-GAAP
NET LOSS |
(in thousands, except per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
December 31, |
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
2015 |
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
2014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
$ |
(8,199 |
) |
|
$ |
(8,061 |
) |
|
|
$ |
(12,131 |
) |
|
|
$ |
(23,664 |
) |
|
$ |
(36,913 |
) |
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation
expense |
|
6,141 |
|
|
|
5,934 |
|
|
|
|
4,857 |
|
|
|
|
18,167 |
|
|
|
14,303 |
|
Amortization of purchased
intangible assets |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
105 |
|
Veloce acquisition
consideration |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
7,140 |
|
Restructuring |
|
(29 |
) |
|
|
15 |
|
|
|
|
221 |
|
|
|
|
82 |
|
|
|
1,322 |
|
Impairment of a strategic
investment |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2,500 |
|
Reversals of impairment charges
upon sales of marketable securities |
|
- |
|
|
|
(267 |
) |
|
|
|
(129 |
) |
|
|
|
(1,694 |
) |
|
|
(158 |
) |
Income tax effect on non-GAAP
adjustments |
|
(30 |
) |
|
|
(25 |
) |
|
|
|
62 |
|
|
|
|
(677 |
) |
|
|
(307 |
) |
Total GAAP to non-GAAP
adjustments |
|
6,082 |
|
|
|
5,657 |
|
|
|
|
5,011 |
|
|
|
|
15,878 |
|
|
|
24,905 |
|
Non-GAAP net loss |
$ |
(2,117 |
) |
|
$ |
(2,404 |
) |
|
|
$ |
(7,120 |
) |
|
|
$ |
(7,786 |
) |
|
$ |
(12,008 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted non-GAAP net
loss per share |
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
|
$ |
(0.09 |
) |
|
|
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in
calculating diluted non-GAAP net loss per share |
|
83,191 |
|
|
|
82,176 |
|
|
|
|
78,920 |
|
|
|
|
82,186 |
|
|
|
78,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net loss per
share: |
|
|
|
|
|
|
|
|
|
|
|
GAAP diluted net loss per
share |
$ |
(0.10 |
) |
|
$ |
(0.10 |
) |
|
|
$ |
(0.15 |
) |
|
|
$ |
(0.29 |
) |
|
$ |
(0.47 |
) |
GAAP to non-GAAP adjustments |
|
0.07 |
|
|
|
0.07 |
|
|
|
|
0.06 |
|
|
|
|
0.19 |
|
|
|
0.32 |
|
Non-GAAP diluted net loss per
share |
$ |
(0.03 |
) |
|
$ |
(0.03 |
) |
|
|
$ |
(0.09 |
) |
|
|
$ |
(0.09 |
) |
|
$ |
(0.15 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
shares used in calculating non-GAAP net loss per share: |
|
|
|
|
|
|
|
|
|
|
|
Shares used in calculating the
basic net loss per share |
|
83,191 |
|
|
|
82,176 |
|
|
|
|
78,920 |
|
|
|
|
82,186 |
|
|
|
78,442 |
|
Adjustment for dilutive
securities |
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
- |
|
Shares used in calculating diluted
non-GAAP net loss per share |
|
83,191 |
|
|
|
82,176 |
|
|
|
|
78,920 |
|
|
|
|
82,186 |
|
|
|
78,442 |
|
|
|
|
|
|
|
|
|
|
|
|
|
APPLIED MICRO CIRCUITS
CORPORATION |
SCHEDULE OF SELECTED GAAP TO NON-GAAP
ADJUSTMENTS |
(in thousands) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
The following schedule reconciles selected line items on the
condensed consolidated statements of operations from the GAAP basis
to the non-GAAP basis: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
Nine Months Ended |
|
|
December 31, |
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
December 31, |
|
|
|
2015 |
|
|
|
2015 |
|
|
|
|
2014 |
|
|
|
|
2015 |
|
|
|
2014 |
|
GROSS
PROFIT: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ |
22,382 |
|
|
$ |
21,985 |
|
|
|
$ |
21,905 |
|
|
|
$ |
65,374 |
|
|
$ |
75,149 |
|
Stock-based
compensation expense |
|
|
140 |
|
|
|
116 |
|
|
|
|
72 |
|
|
|
|
349 |
|
|
|
221 |
|
Non-GAAP gross
profit |
|
$ |
22,522 |
|
|
$ |
22,101 |
|
|
|
$ |
21,977 |
|
|
|
$ |
65,723 |
|
|
$ |
75,370 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OPERATING
EXPENSES: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating
expenses |
|
$ |
30,580 |
|
|
$ |
30,799 |
|
|
|
$ |
33,649 |
|
|
|
$ |
91,856 |
|
|
$ |
109,747 |
|
Stock-based
compensation expense |
|
|
(6,001 |
) |
|
|
(5,818 |
) |
|
|
|
(4,785 |
) |
|
|
|
(17,818 |
) |
|
|
(14,082 |
) |
Amortization of
purchased intangible assets |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
(105 |
) |
Veloce acquisition
consideration |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
(7,140 |
) |
Restructuring |
|
|
29 |
|
|
|
(15 |
) |
|
|
|
(221 |
) |
|
|
|
(82 |
) |
|
|
(1,322 |
) |
Non-GAAP operating
expenses |
|
$ |
24,608 |
|
|
$ |
24,966 |
|
|
|
$ |
28,643 |
|
|
|
$ |
73,956 |
|
|
$ |
87,098 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST AND
OTHER (EXPENSE) INCOME, NET |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and other
income (expense), net |
|
$ |
169 |
|
|
$ |
265 |
|
|
|
$ |
475 |
|
|
|
$ |
2,078 |
|
|
$ |
(1,322 |
) |
Impairment of a
strategic investment |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
2,500 |
|
Reversals of impairment
charges upon sales of marketable securities |
|
|
- |
|
|
|
(267 |
) |
|
|
|
(129 |
) |
|
|
|
(1,694 |
) |
|
|
(158 |
) |
Non-GAAP interest and
other income (expense), net |
|
$ |
169 |
|
|
$ |
(2 |
) |
|
|
$ |
346 |
|
|
|
$ |
384 |
|
|
$ |
1,020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME TAX
(BENEFIT) EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP income tax expense
(benefit) |
|
$ |
170 |
|
|
$ |
(488 |
) |
|
|
$ |
862 |
|
|
|
$ |
(740 |
) |
|
$ |
993 |
|
Income tax
adjustment |
|
|
30 |
|
|
|
25 |
|
|
|
|
(62 |
) |
|
|
|
677 |
|
|
|
307 |
|
Non-GAAP income tax
expense (benefit) |
|
$ |
200 |
|
|
$ |
(463 |
) |
|
|
$ |
800 |
|
|
|
$ |
(63 |
) |
|
$ |
1,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RESEARCH AND
DEVELOPMENT: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP research and
development |
|
$ |
22,377 |
|
|
$ |
22,411 |
|
|
|
$ |
24,721 |
|
|
|
$ |
66,405 |
|
|
$ |
82,636 |
|
Stock-based
compensation expense |
|
|
(4,500 |
) |
|
|
(3,955 |
) |
|
|
|
(2,992 |
) |
|
|
|
(12,515 |
) |
|
|
(9,039 |
) |
Veloce acquisition
consideration |
|
|
- |
|
|
|
- |
|
|
|
|
- |
|
|
|
|
- |
|
|
|
(7,140 |
) |
Non-GAAP research and
development |
|
$ |
17,877 |
|
|
$ |
18,456 |
|
|
|
$ |
21,729 |
|
|
|
$ |
53,890 |
|
|
$ |
66,457 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SELLING,
GENERAL AND ADMINISTRATIVE: |
|
|
|
|
|
|
|
|
|
|
|
|
GAAP selling, general
and administrative |
|
$ |
8,232 |
|
|
$ |
8,373 |
|
|
|
$ |
8,707 |
|
|
|
$ |
25,369 |
|
|
$ |
25,684 |
|
Stock-based
compensation expense |
|
|
(1,501 |
) |
|
|
(1,863 |
) |
|
|
|
(1,793 |
) |
|
|
$ |
(5,303 |
) |
|
|
(5,043 |
) |
Non-GAAP selling,
general and administrative |
|
$ |
6,731 |
|
|
$ |
6,510 |
|
|
|
$ |
6,914 |
|
|
|
$ |
20,066 |
|
|
$ |
20,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
APPLIED MICRO CIRCUITS
CORPORATION |
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS |
|
(in thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
|
December 31, |
|
September 30, |
|
December 31, |
|
December 31, |
|
December 31, |
|
|
|
|
2015 |
|
|
|
2015 |
|
|
|
2014 |
|
|
|
2015 |
|
|
|
2014 |
|
|
Operating
activities: |
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(8,199 |
) |
|
$ |
(8,061 |
) |
|
$ |
(12,131 |
) |
|
$ |
(23,664 |
) |
|
$ |
(36,913 |
) |
|
Adjustments to
reconcile net loss to net cash provided by (used for) operating
activities: |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,028 |
|
|
|
1,833 |
|
|
|
2,223 |
|
|
|
5,699 |
|
|
|
6,598 |
|
|
Amortization of purchased
intangible assets |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
105 |
|
|
Amortization of bond premium |
|
|
429 |
|
|
|
- |
|
|
|
- |
|
|
|
429 |
|
|
|
- |
|
|
Stock-based compensation
expense |
|
|
6,141 |
|
|
|
5,934 |
|
|
|
4,857 |
|
|
|
18,167 |
|
|
|
14,303 |
|
|
Veloce acquisition
consideration |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
7,140 |
|
|
Tax effect on other comprehensive
loss |
|
|
- |
|
|
|
- |
|
|
|
50 |
|
|
|
- |
|
|
|
(34 |
) |
|
Non-cash restructuring charges |
|
|
- |
|
|
|
- |
|
|
|
14 |
|
|
|
- |
|
|
|
14 |
|
|
Impairment of a strategic
investment |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,500 |
|
|
Gain on short-term investments and
other, net |
|
|
(1 |
) |
|
|
(132 |
) |
|
|
(123 |
) |
|
|
(1,588 |
) |
|
|
(101 |
) |
|
Changes in operating assets and
liabilities: |
|
|
|
|
|
|
|
|
- |
|
|
|
|
Accounts receivable |
|
|
172 |
|
|
|
(1,099 |
) |
|
|
(1,366 |
) |
|
|
(45 |
) |
|
|
5,931 |
|
|
Inventories |
|
|
700 |
|
|
|
(574 |
) |
|
|
(6,605 |
) |
|
|
3,849 |
|
|
|
(5,271 |
) |
|
Other assets |
|
|
754 |
|
|
|
(355 |
) |
|
|
(1,336 |
) |
|
|
2,863 |
|
|
|
(736 |
) |
|
Accounts payable |
|
|
992 |
|
|
|
1,095 |
|
|
|
8,375 |
|
|
|
(1,366 |
) |
|
|
(3,719 |
) |
|
Accrued payroll and other accrued
liabilities |
|
|
168 |
|
|
|
(50 |
) |
|
|
1,662 |
|
|
|
338 |
|
|
|
(927 |
) |
|
Veloce accrued liability |
|
|
(9 |
) |
|
|
(25 |
) |
|
|
(1,482 |
) |
|
|
(99 |
) |
|
|
(8,981 |
) |
|
Deferred revenue |
|
|
(39 |
) |
|
|
(30 |
) |
|
|
(22 |
) |
|
|
(62 |
) |
|
|
(188 |
) |
|
Net cash provided by (used for)
operating activities |
|
|
3,136 |
|
|
|
(1,464 |
) |
|
|
(5,884 |
) |
|
|
4,521 |
|
|
|
(20,279 |
) |
|
Investing
activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales and maturities
of short-term investments |
|
|
10,380 |
|
|
|
40,403 |
|
|
|
3,278 |
|
|
|
58,227 |
|
|
|
5,198 |
|
|
Purchases of short-term
investments |
|
|
(14,319 |
) |
|
|
(62,573 |
) |
|
|
(653 |
) |
|
|
(78,021 |
) |
|
|
(2,722 |
) |
|
Proceeds from sale of property and
equipment |
|
|
- |
|
|
|
6 |
|
|
|
- |
|
|
|
31 |
|
|
|
1 |
|
|
Purchases of property and equipment
and other assets |
|
|
(1,232 |
) |
|
|
(492 |
) |
|
|
(271 |
) |
|
|
(2,039 |
) |
|
|
(7,291 |
) |
|
Proceeds from sale of TPack |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,353 |
|
|
Net cash provided by (used for)
investing activities |
|
|
(5,171 |
) |
|
|
(22,656 |
) |
|
|
2,354 |
|
|
|
(21,802 |
) |
|
|
(1,461 |
) |
|
Financing
activities: |
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuances of common
stock |
|
|
(2 |
) |
|
|
1,112 |
|
|
|
27 |
|
|
|
1,243 |
|
|
|
1,890 |
|
|
Funding of restricted stock units
withheld for taxes |
|
|
(268 |
) |
|
|
(207 |
) |
|
|
(363 |
) |
|
|
(1,687 |
) |
|
|
(1,609 |
) |
|
Net cash provided by (used for)
financing activities |
|
|
(270 |
) |
|
|
905 |
|
|
|
(336 |
) |
|
|
(444 |
) |
|
|
281 |
|
|
Net
decrease in cash and cash equivalents |
|
|
(2,305 |
) |
|
|
(23,215 |
) |
|
|
(3,866 |
) |
|
|
(17,725 |
) |
|
|
(21,459 |
) |
|
Cash and cash
equivalents at the beginning of the period |
|
|
21,075 |
|
|
|
44,290 |
|
|
|
53,946 |
|
|
|
36,495 |
|
|
|
71,539 |
|
|
Cash and cash
equivalents at the end of the period |
|
$ |
18,770 |
|
|
$ |
21,075 |
|
|
$ |
50,080 |
|
|
$ |
18,770 |
|
|
$ |
50,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations Contact:
Suzanne Schmidt
Phone: (415) 217-4962
E-Mail: suzanne@blueshirtgroup.com
Media Contact:
Mike Major
Phone: (408) 542-8831
E-mail: mmajor@apm.com
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