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Sierra Wireless Reports Fourth Quarter and Fiscal Year 2010 Results

  • $167.2 million $4.9 million
  • $650.3 million $0.64
  • $332.4 million
  • $6.9 million

VANCOUVER Feb. 8 United States

Jason Cohenour

"In the first quarter, we anticipate some weakness in our Mobile Computing business as major operator customers transition to new 4G products, and we expect lower sales of embedded modules to a single large consumer M2M customer as they transition to a next generation platform.   We remain confident in our business and leadership position and expect the company to return to solid year-over-year growth by the second half of the year," added Cohenour.

Q4 and Fiscal Year 2010 Financial Results – GAAP

$167.2 million $48.9 million $49.0 million $0.2 million $0.8 million $0.03

December 31, 2010 $650.3 million $526.4 million $190.4 million $177.3 million $200.7 million $215.0 million $10.4 million $37.7 million $14.5 million $0.47 $39.9 million $1.29

Q4 2010 Financial Results – Non-GAAP

Non-GAAP results exclude the impact of stock-based compensation expense, acquisition amortization, integration costs, restructuring costs, foreign exchange gains or losses on translation of balance sheet accounts, and tax adjustments.  We disclose these non-GAAP amounts as we believe that these measures provide our shareholders with better information on actual operating results and assist in comparisons from one period to another.  The reconciliation between our GAAP and non-GAAP results of operations is provided in the accompanying schedules.

November 3, 2010

$167.2 million $170.0 million to $175.0 million $5.8 million $8.0 million to $9.0 million $4.9 million $0.16 $6.8 million to $7.6 million $0.22 to $0.24

On a non-GAAP basis, results for the fourth quarter of 2010, compared to the fourth quarter of 2009 are as follows:

$167.2 million $144.0 million $43.2 million $5.8 million $45.1 million $3.7 million $4.9 million $0.16 $3.7 million $0.12

On a non-GAAP basis, results for the fourth quarter of 2010, compared to the third quarter of 2010 are as follows:

$167.2 million $172.7 million $43.2 million $5.8 million $41.3 million $7.8 million $4.9 million $0.16 $6.5 million $0.21 $5.5 million

Financial Guidance

The following guidance is presented on a non-GAAP basis, which excludes impact of stock-based compensation expense, acquisition amortization, integration costs, restructuring costs, foreign exchange gains or losses on translation of balance sheet accounts, and tax adjustments.

Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented below. All figures are approximations based on management’s current beliefs and assumptions. 

          Q1 2011 Guidance           Consolidated Non-GAAP
                       
          Revenue           $140.0 to $145.0 million
          Earnings (loss) from operations           ($2.5) to $0.0 million
          Net earnings (loss)           ($2.0) to $0.0 million
          Diluted earnings (loss) per share           ($0.06) to $0.00 per share

For the full year of 2011, we expect solid revenue and earnings growth driven by a strong second half.

Our guidance for the first quarter of 2011 reflects current business indicators and expectations.  In the first quarter of 2011, we expect revenue to decline significantly from the fourth quarter of 2010.  We expect this sequential decline to be driven primarily by lower AirCard sales as operator customers prepare to transition to our new 4G products and lower embedded module sales to a single large consumer M2M customer.  

In the first quarter of 2011, we anticipate that gross margin percentage will be stable to up modestly compared to the fourth quarter of 2010 and we also expect non-GAAP operating expenses to be up slightly compared to the fourth quarter of 2010.  We anticipate this sequential increase in operating expenses to be driven by new product launch costs and the impact of unfavorable foreign exchange rates.

Conference Call, Webcast and Instant Replay Details

Tuesday, February 8, 2011 2:30 p.m. PDT 5:30 p.m. EDT

Telephone participation:

Canada

Canada

Webcast:

We will also broadcast our conference call over the Internet. To access the web broadcast, please follow the link below and choose one of the following options:

  • If you are following the conference call on the phone, please choose the "Non-Streaming" version
  • If you would prefer to follow online only, with streaming audio, select any of the other options according to your preferred format

http://event.on24.com/r.htm?e=268459&s=1&k=9E859F96092C62A10FA86BB29D6A97B6

This webcast event will be optimized for Microsoft Windows Media Player version 11. To download go to:

http://www.microsoft.com/windows/windowsmedia/download

The webcast will be available at the above link for 90 days following the call.

Should you be unable to participate, Instant Replay (audio) will be available following the conference call for 7 business days.

We look forward to having you participate in our call.

Cautionary Note Regarding Forward-Looking Statements

Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws ("forward-looking statements") including statements and information relating to our financial guidance for the first quarter of 2011 and our fiscal year 2011, our outlook for the short and longer term and our strategy, plans and future operating performance.  Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws.

Forward-looking statements:

  • Typically include words and phrases about the future such as  "outlook",  "may", "estimates", "intends", "believes", "plans", "anticipates" and "expects"
  • Are not promises or guarantees of future performance. They represent our current views and may change significantly;
  • Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:
  • Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
  • Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
  • Expected transition period to our 4G products;
  • Expected cost of goods sold;
  • Expected component supply constraints;
  • Our ability to "win" new business;
  • That wireless network operators will deploy next generation networks when expected;
  • Our operations are not adversely disrupted by component shortages or other development, operating or regulatory risks;
  • Expected tax rates and foreign exchange rates.
  • www.sedar.com www.sec.gov the United States
    • Actual sales volumes or prices for our products and services are lower than we expect for any reason including, without limitation, the continuing uncertain economic conditions, price and product competition, different product mix, the loss of any of our significant customers, competition from new or established wireless communication companies.
    • The cost of products sold are higher than planned or necessary component supplies are not available, are delayed or are not available on commercially reasonable terms.
    • We are unable to enforce our intellectual property rights or are subject to litigation that has an adverse outcome.
    • The development and timing of the introduction of our new products is later than we expect or is indefinitely delayed.
    • Transition periods associated with the migration to new technologies are longer than we expect.

    About Sierra Wireless

    www.sierrawireless.com

    "AirCard" is a registered trademark of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

    S IERRA WIRELESS, INC.
    Consolidated Statements of Operations and Retained Earnings (Deficit)
    United States
    United States

      Three months ended
    December  31,
      Year ended
    December 31,
      2010 2009   2010 2009
               
    Revenue………………………………………………………………       $ 167,176       $ 143,952         $ 650,341       $ 526,384
    Cost of goods sold…………………………………………………             118,309             95,223               459,976             349,092
    Gross margin………………………………………………………..             48,867             48,729               190,365             177,292
               
    Expenses:…………………………………………………………….          
      Sales and marketing…………………………………………….       12,123       15,191         51,599       54,835
      Research and development…………………………………..       23,782       19,884         88,035       80,066
      Administration……………………………………………………..       9,073       9,625         36,357       36,553
      Acquisition costs………………………………………………….        –       95         –        7,785
      Restructuring………………………………………………………       132       4,678         7,640       20,605
      Integration…………………………………………………………..       906       1,337         5,110       3,859
      Amortization………………………………………………………..             3,026             (997)               11,990             11,313
                  49,042             49,813               200,731             215,016
    Loss from operations……………………………………………..       (175)       (1,084)         (10,366)       (37,724)
               
    Foreign exchange gain (loss)………………………………….       (241)       (1,754)         (7,000)       1,261
    Other expense………………………………………………………       (20)       (279)         (241)       (4,399)
    Loss before income taxes……………………………………….       (436)       (3,117)         (17,607)       (40,862)
    Income tax expense (recovery)………………………………..             (1,221)             12               (2,808)             340
    Net earnings (loss) ………………………………………………..             785             (3,129)               (14,799)             (41,202)
    Net loss attributable to the non-controlling interest……..             (40)             (394)               (258)             (1,303)
    Net earnings (loss) attributable to Sierra Wireless, Inc.              825             (2,735)               (14,541)             (39,899)
    Retained earnings (deficit), beginning of period…………             (33,992)             (15,891)               (18,626)             21,273
    Deficit, end of period………………………………………………       $ (33,167)       $ (18,626)         $ (33,167)       $ (18,626)
               
    Earnings (loss) per share:                      
      Basic………………………………………………………………….       $ 0.03       $ (0.09)         $ (0.47)       $ (1.29)
      Diluted……………………………………………………………….       $ 0.03       $ (0.09)         $ (0.47)       $ (1.29)
               
    Weighted average number of shares (in thousands):                                  
      Basic………………………………………………………………….             31,151             31,042               31,083             31,035
      Diluted……………………………………………………………….             31,493             31,042               31,083             31,035
               
               

    SIERRA WIRELESS, INC.
    Consolidated Balance Sheets

      December 31,
    2010
    December  31,
    2009
         
    Assets    
    Current assets:                
      Cash and cash equivalents ………………………………. $ 85,443 $ 107,491
      Short-term investments ……………………………………. 26,405 26,898
      Accounts receivable ………………………………………… 117,397 86,466
      Inventories ……………………………………………………..       22,134       24,708
      Deferred income taxes ……………………………………..       9,577       6,168
      Prepaid expenses and other ……………………………..       24,542       14,039
            285,498       265,770
         
    Fixed assets ……………………………………………………..       22,635       27,956
    Intangible assets ……………………………………………….       69,024       86,674
    Goodwill …………………………………………………………..       90,953       95,064
    Deferred income taxes ……………………………………….       836       1,794
    Other assets …………………………………………………….       622       7,261
      $ 469,568 $ 484,519
         
    Liabilities and Shareholders’ Equity                
    Current liabilities:                
      Accounts payable …………………………………………… $ 63,451 $ 71,035
      Accrued liabilities …………………………………………….       77,026       54,419
      Deferred revenue and credits ……………………………       987       750
      Current portion of long-term obligations ……………..             1,470             3,371
      Current portion of obligations under capital leases              324             293
            143,258       129,868
         
    Long-term liabilities ……………………………………………       21,717       35,860
    Obligations under capital leases ………………………….       263       245
    Deferred income taxes ……………………………………….       1,143       1,950
         
    Shareholders’ equity:                
      Share capital …………………………………………………..       327,668       326,043
      Additional paid-in capital …………………………………..       16,926       13,133
      Deficit …………………………………………………………….       (33,167)       (18,626)
      Accumulated other comprehensive loss ………………       (5,471)       (37)
            302,048       314,071
      Non-controlling interest in Wavecom S.A. ……………       1,139       2,525
      Total shareholders’ equity …………………………………       303,187       316,596
      $ 469,568 $ 484,519
         
         

    SIERRA WIRELESS, INC.
    Consolidated Statements of Cash Flows

      Three months ended
    December 31,
      Year ended
    December 31,
      2010 2009   2010 2009
    Cash flows from operating activities:                      
      Net earnings (loss)………………………………………………………..       $ 785       $ (3,129)         $ (14,799)       $ (41,202)

             
         Amortization ……………………………………………………………..       8,813       2,159         34,990       32,704
    Stock-based compensation …………………………………………….       1,405       1,670         6,956       8,097
    Non-cash restructuring and other …………………………………….       25       1,748         (859)       5,911
         Deferred income taxes ……………………………………………….       (2,281)       282         (3,374)       282
         Loss (gain) on disposal ………………………………………………       (23)       211         (95)       204
        Unrealized foreign exchange loss (gain) on restricted cash        —       —         —       15,653
         Unrealized foreign exchange loss on term loan ………………       —       —         —       1,215
         Tax benefit related to stock option deduction ………………..       151       —         151       —
    Changes in operating assets and liabilities          
         Accounts receivable …………………………………………………..       14,687       (1,686)         (35,671)       20,175
         Inventories ……………………………………………………………….       817       (1,472)         (11,399)       15,676
         Prepaid expenses and other assets ……………………………..       (144)       2,878         7,104       3,888
         Accounts payable ………………………………………………………       (1,495)       5,935         12,406       (1,301)
         Accrued liabilities ……………………………………………………….       (10,135)       (4,587)         (290)       (12,793)
         Deferred revenue and credits ………………………………………             353             (353)               480             (810)
      Net cash provided by (used in) operating activities …………….       12,958       3,656         (4,400)       47,699
               
    Cash flows from investing activities:                      
         Business acquisition, net of cash acquired of $139,785 …..       —       —         —       (26,493)
         Acquisition of OCEANE convertible bonds ……………………..       —       —         —       (104,767)
         Decrease in restricted cash …………………………………………       —       —         —       175,820
         Purchase of Wavecom S.A. free shares …………………………       —       —         (1,553)       —
         Proceeds on disposal ………………………………………………….       26       32            99       155
         Purchase of fixed assets ……………………………………………..       (5,045)       (5,024)         (12,580)       (13,296)
         Increase in intangible assets ………………………………………..       (1,011)       (1,468)         (3,976)       (6,543)
         Purchase of short-term investments ………………………………       (31,400)       (20,888)         (48,310)       (68,333)
         Proceeds on maturity of short-term investments ……………..       7,410       19,300         48,799       59,560
      Net cash provided by (used in) investing activities ……………..       (30,020)       (8,048)         (17,521)       16,103
               
    Cash flows from financing activities:                      
         Proceeds on issuance of term loan ……………………………….       —       —  

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