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Symmetricom Reports Third Quarter Fiscal Year 2012 Financial Results

SAN JOSE, Calif. April 25, 2012 Symmetricom ® April 1, 2012

http://photos.prnewswire.com/prnh/20110829/AQ59077LOGO

$60.4 million $2.1 million $2.2 million $0.05 $2.4 million $0.06

$3.3 million $0.08 $4.2 million $0.10

$61.5 million April 1, 2012 $3.4 million $58.1 million January 1, 2012 $4.0 million $8.1 million $1.2 million $6.8 million

Dave Cote

Business Results

$32.6 million $33.3 million $30.4 million $27.8 million $25.0 million $20.8 million

Fourth Quarter 2012 Guidance

Symmetricom’s guidance for the fourth quarter of fiscal 2012 is as follows:

  • $56 million to $62 million
  • $0.04 to $0.09
  • $0.07 to $0.12

A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.

Investor Conference Call

1:30 p.m. Pacific Time http://www.symmetricom.com

About Symmetricom, Inc.

GPS-based timing IEEE 1588 (PTP) Network Time Protocol (NTP) DOCSIS® timing San Jose, Calif. http://www.symmetricom.com http://www.twitter.com/symmetricom

Non-GAAP Information

Certain non-GAAP financial information is included in this press release.  In the reconciliation of GAAP to non-GAAP results, Symmetricom excludes certain items related to non-cash equity-based compensation, amortization of intangible assets, restructuring charges, and manufacturing transition costs that the company does not consider indicative of its ongoing performance.  The income tax effect after these non-GAAP adjustments is determined based upon Symmetricom’s estimate of its annual non-GAAP effective tax rate excluding these non-GAAP adjustments.  Symmetricom believes that excluding such items provides investors, analysts and management with a representation of the Company’s core operating performance and with information useful in assessing, in conjunction with GAAP results, underlying trends in operating performance.  Management uses such non-GAAP information to evaluate financial results and to establish operational goals.  Non-GAAP information should not be considered superior to or as a substitute for data prepared in accordance with GAAP.  A reconciliation of the non-GAAP results to the GAAP results is provided in the financial schedules portion of this press release.

Free cash flow is defined as net cash provided by or used in operating activities minus purchases of property, plant and equipment.  Symmetricom believes this metric provides useful information to its investors, analysts, and management about the level of cash generated by or used in normal business operations, including the use of cash for the purchase of property, plant and equipment.  Management also views it as a measure of cash available to pay debt and return cash to stockholders.  Free cash flow is not a GAAP financial measure and should not be considered superior to or a substitute for operating cash flow or other cash flow data prepared in accordance with GAAP.

Safe Harbor

July 3, 2011

SYMM-F

Contact:
Dan Madden

[email protected]

SYMMETRICOM, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(unaudited)

Three months ended

Nine months ended

April 1,

January 1,

March 27,

April 1,

March 27,

2012

2012

2011

2012

2011

Net revenue 

$60,438

$58,294

$51,234

$175,110

$147,457

Cost of sales:

     Cost of products and services

35,638

32,225

26,778

97,693

76,606

     Amortization of intangible assets

74

185

260

445

814

     Restructuring charges

65

674

1,330

1,156

8,987

         Total cost of sales

35,777

33,084

28,368

99,294

86,407

         Gross profit

24,661

25,210

22,866

75,816

61,050

         Gross margin

40.8%

43.2%

44.6%

43.3%

41.4%

Operating expenses:

     Research and development

7,129

6,548

6,717

20,575

20,061

     Selling, general and administrative

14,281

14,864

13,592

43,955

39,987

     Amortization of intangible assets

52

52

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