Click here to close now.

Welcome!

.NET Authors: Aria Blog, Pat Romanski, Elizabeth White, Hovhannes Avoyan, Sanjeev Sharma

News Feed Item

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
                                                 ============  ============

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, shared some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, a...
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
The industrial software market has treated data with the mentality of “collect everything now, worry about how to use it later.” We now find ourselves buried in data, with the pervasive connectivity of the (Industrial) Internet of Things only piling on more numbers. There’s too much data and not enough information. In his session at @ThingsExpo, Bob Gates, Global Marketing Director, GE’s Intelligent Platforms business, to discuss how realizing the power of IoT, software developers are now focused on understanding how industrial data can create intelligence for industrial operations. Imagine ...
Operational Hadoop and the Lambda Architecture for Streaming Data Apache Hadoop is emerging as a distributed platform for handling large and fast incoming streams of data. Predictive maintenance, supply chain optimization, and Internet-of-Things analysis are examples where Hadoop provides the scalable storage, processing, and analytics platform to gain meaningful insights from granular data that is typically only valuable from a large-scale, aggregate view. One architecture useful for capturing and analyzing streaming data is the Lambda Architecture, representing a model of how to analyze rea...
The 3rd International @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - is now accepting submissions to demo smart cars on the Expo Floor. Smart car sponsorship benefits include general brand exposure and increasing engagement with the developer ecosystem.
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes for use cases across the industrial, enterprise, and consumer segments.
When it comes to the Internet of Things, hooking up will get you only so far. If you want customers to commit, you need to go beyond simply connecting products. You need to use the devices themselves to transform how you engage with every customer and how you manage the entire product lifecycle. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, will show how “product relationship management” can help you leverage your connected devices and the data they generate about customer usage and product performance to deliver extremely compelling and reliabl...
SYS-CON Events announced today that SoftLayer, an IBM company, has been named “Gold Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015 at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place November 3–5, 2015 at the Santa Clara Convention Center in Santa Clara, CA. SoftLayer operates a global cloud infrastructure platform built for Internet scale. With a global footprint of data centers and network points of presence, SoftLayer provides infrastructure as a service to leading-edge customers ranging from ...
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
SYS-CON Events announced today that Open Data Centers (ODC), a carrier-neutral colocation provider, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place June 9-11, 2015, at the Javits Center in New York City, NY. Open Data Centers is a carrier-neutral data center operator in New Jersey and New York City offering alternative connectivity options for carriers, service providers and enterprise customers.
The IoT market is projected to be $1.9 trillion tidal wave that’s bigger than the combined market for smartphones, tablets and PCs. While IoT is widely discussed, what not being talked about are the monetization opportunities that are created from ubiquitous connectivity and the ensuing avalanche of data. While we cannot foresee every service that the IoT will enable, we should future-proof operations by preparing to monetize them with extremely agile systems.
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. Learn about IoT, Big Data and deployments processing massive data volumes from wearables, utilities and other machines.
SYS-CON Events announced today that CodeFutures, a leading supplier of database performance tools, has been named a “Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. CodeFutures is an independent software vendor focused on providing tools that deliver database performance tools that increase productivity during database development and increase database performance and scalability during production.
The explosion of connected devices / sensors is creating an ever-expanding set of new and valuable data. In parallel the emerging capability of Big Data technologies to store, access, analyze, and react to this data is producing changes in business models under the umbrella of the Internet of Things (IoT). In particular within the Insurance industry, IoT appears positioned to enable deep changes by altering relationships between insurers, distributors, and the insured. In his session at @ThingsExpo, Michael Sick, a Senior Manager and Big Data Architect within Ernst and Young's Financial Servi...
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Intelligent Systems Services will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Established in 1994, Intelligent Systems Services Inc. is located near Washington, DC, with representatives and partners nationwide. ISS’s well-established track record is based on the continuous pursuit of excellence in designing, implementing and supporting nationwide clients’ mission-critical systems. ISS has completed many successful projects in Healthcare, Commercial, Manufacturing, ...
PubNub on Monday has announced that it is partnering with IBM to bring its sophisticated real-time data streaming and messaging capabilities to Bluemix, IBM’s cloud development platform. “Today’s app and connected devices require an always-on connection, but building a secure, scalable solution from the ground up is time consuming, resource intensive, and error-prone,” said Todd Greene, CEO of PubNub. “PubNub enables web, mobile and IoT developers building apps on IBM Bluemix to quickly add scalable realtime functionality with minimal effort and cost.”
DevOps tends to focus on the relationship between Dev and Ops, putting an emphasis on the ops and application infrastructure. But that’s changing with microservices architectures. In her session at DevOps Summit, Lori MacVittie, Evangelist for F5 Networks, will focus on how microservices are changing the underlying architectures needed to scale, secure and deliver applications based on highly distributed (micro) services and why that means an expansion into “the network” for DevOps.
For years, we’ve relied too heavily on individual network functions or simplistic cloud controllers. However, they are no longer enough for today’s modern cloud data center. Businesses need a comprehensive platform architecture in order to deliver a complete networking suite for IoT environment based on OpenStack. In his session at @ThingsExpo, Dhiraj Sehgal from PLUMgrid will discuss what a holistic networking solution should really entail, and how to build a complete platform that is scalable, secure, agile and automated.