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Calix Reports Fourth Quarter and 2012 Fiscal Year Results

PETALUMA, CA -- (Marketwire) -- 02/05/13 -- Calix, Inc. (NYSE: CALX) today announced financial results for the fourth quarter and fiscal year ended December 31, 2012. Revenue for the fourth quarter of 2012 was $91.4 million, an increase of 12.5% compared to $81.3 million for the third quarter of 2012, and flat compared to $91.6 million for the fourth quarter of 2011.

"Strong fourth quarter results ended 2012 on a positive note," said Carl Russo, Calix president and CEO. "We are carrying this momentum into 2013, with a strengthened organization, an expanded Unified Access portfolio of software, systems and services, and our preferred global reseller agreement with Ericsson providing a solid foundation for growth."

Non-GAAP net income for the fourth quarter of 2012 was $2.9 million, or $0.06 per fully diluted share, an increase of 61.3% compared to non-GAAP net income of $1.8 million, or $0.04 per fully diluted share for the third quarter of 2012, and a decrease of 22.2% compared to non-GAAP net income of $3.7 million, or $0.08 per fully diluted share, in the fourth quarter of 2011.

GAAP net loss for the fourth quarter of 2012 was $6.6 million, or $(0.14) per basic and diluted share, compared to a GAAP net loss of $7.1 million, or $(0.15) per basic and diluted share for the third quarter of 2012, and compared to a GAAP net loss of $5.2 million, or $(0.11) per basic and diluted share reported for the fourth quarter of 2011. A reconciliation of our fourth quarter 2012 operating results from non-GAAP to GAAP is provided below (in thousands, except per share data):


                           Three Months Ended December 31, 2012
              -------------------------------------------------------------
                                               Stock-  Amortization
                       Acquisition  Gain on    Based        of
                         Related    Bargain  Compensa-  Intangible
               Non-GAAP  Expenses   Purchase    tion      Assets      GAAP
              --------- ---------  --------- ---------  ----------  -------
Revenue       $  91,424 $       -  $       - $       -  $        -  $91,424
Cost of
 revenue         51,962         -          -       344       2,088   54,394
              --------- ---------  --------- ---------  ----------  -------
Gross profit     39,462         -          -      (344)     (2,088)  37,030
Gross margin       43.2%        -          -      -0.4%       -2.3%    40.5%
Operating
 expenses        36,693     1,401          -     4,132       2,552   44,778
              --------- ---------  --------- ---------  ----------  -------
Operating
 income
 (loss)           2,769    (1,401)         -    (4,476)     (4,640)  (7,748)
Interest and
 other income
 (expense),
 net                 23         -      1,029         -           -    1,052
              --------- ---------  --------- ---------  ----------  -------
Income (loss)
 before taxes     2,792    (1,401)     1,029    (4,476)     (4,640)  (6,696)
Benefit from
 income taxes      (122)        -          -         -           -     (122)
              --------- ---------  --------- ---------  ----------  -------
Net income
 (loss)       $   2,914 $  (1,401) $   1,029 $  (4,476) $   (4,640) $(6,574)
              ========= =========  ========= =========  ==========  =======

Weighted
 average
 basic and
 diluted
 shares used
 to compute
 GAAP net
 loss per
 common share                                                        48,538
                                                                    =======
Weighted
 average
 diluted
 shares used
 to compute
 non-GAAP net
 income per
 common share    48,836    48,836     48,836    48,836      48,836
              ========= =========  ========= =========  ==========
GAAP net loss
 per common
 share                                                              $ (0.14)
                                                                    =======

Non-GAAP net
 income
 (loss) per
 share        $    0.06 $   (0.03) $    0.02 $   (0.09) $    (0.10)
              --------- ---------  --------- ---------  ----------

Conference Call
Calix will host a conference call to discuss its fourth quarter and fiscal year 2012 results at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time) today. Interested parties can listen to a live webcast of the conference call by visiting the Calix Investor Relations website at http://investor-relations.calix.com/ or dialing 877-407-4019 within the U.S. or 201-689-8337 outside the U.S. A replay of the conference call will also be available at http://investor-relations.calix.com/ approximately one hour following the completion of the call. The conference call and webcast will include forward-looking information.

About Calix
Calix (NYSE: CALX) is a global leader in access innovation. Its Unified Access portfolio of broadband communications access systems and software enables communications service providers worldwide to transform their copper- and fiber-based networks and become the broadband provider of choice to their subscribers. For more information, visit the Calix website at www.calix.com.

All statements other than statements of historical facts contained in this press release, including statements regarding our future operations and growth opportunities, are forward-looking statements and are based upon management's current expectations and are inherently uncertain. Forward-looking statements are based upon information available to us as of the date of this release, and we assume no obligation to revise or update any such forward-looking statement to reflect any event or circumstance after the date of this release, except as required by law. Actual results and the timing of events could differ materially from current expectations based on risks and uncertainties affecting the Company's business. The reader is cautioned not to unduly rely on the forward-looking statements contained in this press release. Additional information on potential factors that could affect Calix's results and other risks and uncertainties are detailed in its reports filed with the SEC, including the Company's 2011 Annual Report on Form 10-K and its report on Form 10-Q for the fiscal quarter ended September 29, 2012, available at http://www.sec.gov.

Use of Non-GAAP Financial Information
The Company uses certain non-GAAP financial measures in this press release to supplement its consolidated financial statements, which are presented in accordance with GAAP. These non-GAAP measures include non-GAAP net income and non-GAAP basic and diluted income per share. These non-GAAP measures are provided to enhance the reader's understanding of the Company's operating performance as they primarily exclude certain non-cash charges for stock-based compensation, amortization of acquisition-related intangible assets, gain from bargain purchase of Ericsson's fiber access assets, and non-recurring acquisition-related expenses, which the Company believes are not indicative of its core operating results. Acquisition-related expenses largely include legal and professional expenses, severance and integration-related expenses associated with our merger with Occam in 2011 and our acquisition of Ericsson's fiber access assets in 2012. In addition, acquisition-related expenses for 2011 include the charge resulting from the required revaluation of Occam inventory to its estimated fair value and inventory-related charges upon the completion of the acquisition. Management believes that the non-GAAP measures used in this press release provide investors with important perspectives into the Company's ongoing business performance and management uses these non-GAAP measures to evaluate financial results and to establish operational goals. The presentation of these non-GAAP measures is not meant to be a substitute for results presented in accordance with GAAP, but rather should be evaluated in conjunction with those GAAP results. A reconciliation of the non-GAAP results to the most directly comparable GAAP results is provided in this press release. The non-GAAP financial measures used by the company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.


                                Calix, Inc.
              Condensed Consolidated Statements of Operations
              (Unaudited, in thousands, except per share data)

                         Three Months Ended          Twelve Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------
Revenue              $     91,424  $     91,585  $    330,218  $    344,669
Cost of revenue:
  Products and
   services(1)             52,306        52,489       185,103       195,698
  Acquisition-
   related expenses             -             -             -        19,966
  Amortization of
   intangible assets        2,088         2,042         7,539         9,552
                     ------------  ------------  ------------  ------------
    Total cost of
     revenue               54,394        54,531       192,642       225,216
                     ------------  ------------  ------------  ------------
Gross profit               37,030        37,054       137,576       119,453
Operating expenses:
  Research and
   development(1)          17,144        17,385        66,748        67,725
  Sales and
   marketing(1)            17,249        16,720        62,129        55,551
  General and
   administrative(1)        6,432         5,552        26,114        27,002
  Acquisition-
   related
   expenses(1)              1,401             -         1,401        12,927
  Amortization of
   intangible assets        2,552         2,553        10,208         8,569
                     ------------  ------------  ------------  ------------
    Total operating
     expenses              44,778        42,210       166,600       171,774
                     ------------  ------------  ------------  ------------
Loss from operations       (7,748)       (5,156)      (29,024)      (52,321)
Interest and other
 income (expense),
 net:
  Interest income               1             7            15            87
  Interest expense            (45)          (45)         (185)         (184)
  Gain on bargain
   purchase                 1,029             -         1,029             -
  Other income
   (expense), net              67            28            (3)           92
                     ------------  ------------  ------------  ------------
Loss before
 provision for
 (benefit from)
 income taxes              (6,696)       (5,166)      (28,168)      (52,326)
Provision for
 (benefit from)
 income taxes                (122)           48           158           224
                     ------------  ------------  ------------  ------------
Net loss             $     (6,574) $     (5,214) $    (28,326) $    (52,550)
                     ============  ============  ============  ============
Net loss per common
 share:
  Basic and diluted  $      (0.14) $      (0.11) $      (0.59) $      (1.15)
                     ============  ============  ============  ============
Weighted average
 number of shares
 used to compute net
 loss per common
 share:
  Basic and diluted        48,538        47,398        48,180        45,546
                     ============  ============  ============  ============
(1) Includes stock-
 based compensation
 as follows:
  Cost of revenue    $        344  $        362  $      1,433  $      1,503
  Research and
   development              1,098         1,067         4,227         4,828
  Sales and
   marketing                1,320         1,244         5,160         4,500
  General and
   administrative           1,714         1,693         6,617         9,538
  Acquisition-
   related expenses             -             -             -         1,234
                     ------------  ------------  ------------  ------------
                     $      4,476  $      4,366  $     17,437  $     21,603
                     ------------  ------------  ------------  ------------


                                Calix, Inc.
                 Reconciliation of GAAP to Non-GAAP Results
              (Unaudited, in thousands except per share data)

                         Three Months Ended          Twelve Months Ended
                     --------------------------  --------------------------
                     December 31,  December 31,  December 31,  December 31,
                         2012          2011          2012          2011
                     ------------  ------------  ------------  ------------

GAAP net loss        $     (6,574) $     (5,214) $    (28,326) $    (52,550)
Adjustments to
 reconcile GAAP net
 loss to non-GAAP
 net income:
Stock-based
 compensation               4,476         4,366        17,437        21,603
Amortization of
 intangible assets          4,640         4,595        17,747        18,121
Acquisition-related
 expenses                   1,401             -         1,401        31,659
Gain on bargain
 purchase                  (1,029)            -        (1,029)            -
                     ------------  ------------  ------------  ------------
Non-GAAP net income  $      2,914  $      3,747  $      7,230  $     18,833
                     ============  ============  ============  ============

Non-GAAP net income
 per common share
  Basic              $       0.06  $       0.08  $       0.15  $       0.41
                     ============  ============  ============  ============
  Diluted            $       0.06  $       0.08  $       0.15  $       0.40
                     ============  ============  ============  ============
Weighted average
 shares used to
 compute non-GAAP
 net income per
 common share -
 Basic                     48,538        47,398        48,180        45,546
                     ============  ============  ============  ============
Weighted average
 shares used to
 compute non-GAAP
 net income per
 common share -
 Diluted (1)               48,836        47,570        48,367        46,947
                     ============  ============  ============  ============

(1) Includes the dilutive effect of outstanding
 stock options and restricted stock units.


                                Calix, Inc.
                   Condensed Consolidated Balance Sheets
                         (Unaudited, in thousands)

                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------

ASSETS
Current Assets:
  Cash and cash equivalents                      $     46,995  $     38,938
  Restricted cash                                           -           754
  Accounts receivable, net                             59,519        46,508
  Inventory                                            43,282        45,229
  Deferred cost of revenue                             21,077         7,698
  Prepaid and other current assets                      5,677         4,429
                                                 ------------  ------------
    Total current assets                              176,550       143,556

Property and equipment, net                            21,083        16,130
Goodwill                                              116,175       116,175
Intangible assets, net                                 62,301        80,048
Other assets                                            1,788         2,194
                                                 ------------  ------------
    Total assets                                 $    377,897  $    358,103
                                                 ============  ============

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                               $     16,804  $     14,250
  Accrued liabilities                                  36,176        36,214
  Deferred revenue                                     39,315        15,347
                                                 ------------  ------------
    Total current liabilities                          92,295        65,811
Long-term portion of deferred revenue                  15,782        13,347
Other long term liabilities                               745         1,528
                                                 ------------  ------------
    Total liabilities                                 108,822        80,686
                                                 ------------  ------------

Stockholders' equity:
  Common stock                                          1,222         1,195
  Additional paid-in capital                          760,232       740,309
  Accumulated other comprehensive income                  132            98
  Accumulated deficit                                (492,511)     (464,185)
                                                 ------------  ------------
    Total stockholders' equity                        269,075       277,417
                                                 ------------  ------------
    Total liabilities and stockholders' equity   $    377,897  $    358,103
                                                 ------------  ------------


                                Calix, Inc.
              Condensed Consolidated Statements of Cash Flows
                         (Unaudited, in thousands)

                                                     Twelve Months Ended
                                                 --------------------------
                                                 December 31,  December 31,
                                                     2012          2011
                                                 ------------  ------------
Operating activities:
  Net loss                                       $    (28,326) $    (52,550)
  Adjustments to reconcile net loss to net cash
   provided by operating activities:
    Amortization of premiums relating to
     available-for-sale securities                          -           244
    Depreciation and amortization                       8,562         7,954
    Loss on retirement of property and equipment          262         2,449
    Amortization of intangible assets                  17,747        18,121
    Stock-based compensation                           17,437        21,603
    Gain on bargain purchase                           (1,029)            -
    Changes in operating assets and liabilities:
      Restricted cash                                     754           300
      Accounts receivable, net                        (13,011)       13,722
      Inventory                                        11,308         8,557
      Deferred cost of revenue                        (13,378)           73
      Prepaids and other assets                            47          (148)
      Accounts payable                                  2,553        (7,818)
      Accrued liabilities                                (870)         (386)
      Deferred revenue                                 26,404         2,781
      Other long-term liabilities                        (782)         (313)
                                                 ------------  ------------
        Net cash provided by operating
         activities                                    27,678        14,589
                                                 ------------  ------------

Investing activities:
  Purchase of property and equipment                  (10,179)       (7,355)
  Maturities of marketable securities                       -        31,755
  Acquisition of Businesses, net of cash
   acquired                                           (12,000)      (60,809)
                                                 ------------  ------------
        Net cash used in investing activities         (22,179)      (36,409)
                                                 ------------  ------------
Financing activities:
  Proceeds from exercise of stock options and
   other                                                  194           804
  Proceeds from employee stock purchase plan            4,063         3,938
  Taxes withheld upon vesting of restricted
   stock units and restricted stock awards             (1,744)      (10,376)
                                                 ------------  ------------
        Net cash provided by (used in) financing
         activities                                     2,513        (5,634)
                                                 ------------  ------------
Effect of exchange rate changes on cash and cash
 equivalents                                               45            88
Net increase (decrease) in cash and cash
 equivalents                                            8,057       (27,366)
Cash and cash equivalents at beginning of period       38,938        66,304
                                                 ------------  ------------
Cash and cash equivalents at end of period       $     46,995  $     38,938
                                                 ============  ============

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