11/30/2021 | Press release | Distributed by Public on 11/30/2021 15:03
Three Months Ended | |||
Sep 30, 2021 | Jun 30, 2021 |
+increase/ -decrease |
|
4Q21 | 3Q21 | ||
Revenue | $44.0M | $42.7M | +$1.3M |
Gross Margin | 39% | 40% | -1% |
Operating Expenses | $11.6M | $10.8M | +$0.8M |
Operating Margin | 13% | 15% | -2% |
Net Income (1) | $5.1M | $13.6M | -$8.5M |
Earnings Per Share Diluted (1) | $0.13 | $0.35 | -$0.22 |
Non-GAAP Gross Margin (2) | 39% | 41% | -2% |
Non-GAAP Operating Expenses (2) | $10.5M | $9.6M | +0.9M |
Non-GAAP Operating Margin (2) | 16% | 19% | -3% |
Non-GAAP Net Income (2) | $6.8M | $7.9M | -$1.1M |
Non-GAAP Earnings Per Share Diluted (2) | $0.17 | $0.20 | -$0.03 |
Adjusted EBITDA | $7.8M | $8.9M | -$1.1M |
Ending Cash and Cash Equivalents | $71.7M | $68.3M | +$3.4M |
(1) 3Q21 includes $7.4M of non-recurring gains related to extinguishment of debt and expiring tax-related liabilities. | |||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Twelve Months Ended | |||
Sep 30, 2021 | Sep 30, 2020 |
+increase/ -decrease |
|
FY21 | FY20 | ||
Revenue | $158.4M | $110.1M | +$48.3M |
Gross Margin | 39% | 32% | +7% |
Operating Expenses | $42.5M | $42.6M | -$0.1M |
Operating Margin | 12% | (6%) | +18% |
Net Income (Loss) (1) | $25.6M | ($7.0M) | +$32.6M |
Earnings (Loss) Per Share Diluted (1) | $0.72 | ($0.24) | +$0.96 |
Non-GAAP Gross Margin (2) | 39% | 33% | +6% |
Non-GAAP Operating Expenses (2) | $38.2M | $39.7M | -1.5M |
Non-GAAP Operating Margin (2) | 15% | (3%) | +18% |
Non-GAAP Net Income (Loss) (2) | $24.0M | (3.5M) | +$27.5M |
Non-GAAP Earnings (Loss) Per Share Diluted (2) | $0.67 | ($0.12) | +$0.79 |
Adjusted EBITDA | $28.1M | $2.1M | +$26.0M |
Ending Cash and Cash Equivalents | $71.7M | $30.5M | +$41.2M |
Loan Payable | $- | $6.5M | -$6.5M |
(1) FY21 includes $7.4M of non-recurring gains related to extinguishment of debt and expiring tax-related liabilities. | |||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Three Months Ended | |||
Sep 30, 2021 | Jun 30, 2021 |
+increase/ -decrease |
|
4Q21 | 3Q21 | ||
A&D Segment Revenue (1) | $11.7M | $12.3M | -$0.6M |
A&D Segment Gross Margin | 17% | 31% | -14% |
A&D Segment R&D Expense | $4.2M | $3.6M | +$0.6M |
A&D Segment Profit (1) | ($2.2M) | $0.3M | -$2.5M |
Non-GAAP A&D Segment Gross Margin (2) | 18% | 33% | -15% |
Non-GAAP A&D Segment R&D Expense (2) | $4.0M | $3.5M | +$0.5M |
Non-GAAP A&D Segment Profit | ($2.0M) | $0.6M | -$2.6M |
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding. | |||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Twelve Months Ended | |||
Sep 30, 2021 | Sep 30, 2020 |
+increase/ -decrease |
|
FY21 | FY20 | ||
A&D Segment Revenue (1) | $50.8M | $55.2M | -$4.4M |
A&D Segment Gross Margin | 27% | 30% | -3% |
A&D Segment R&D Expense | $14.6M | $17.5M | -$2.9M |
A&D Segment Profit (1) | ($0.9M) | ($0.7M) | -$0.2M |
Non-GAAP A&D Segment Gross Margin (2) | 28% | 31% | -3% |
Non-GAAP A&D Segment R&D Expense (2) | $14.1M | $15.6M | -$1.5M |
Non-GAAP A&D Segment Profit | $0.1M | $1.6M | -$1.5M |
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding. | |||
(2) Please refer to the schedules at the end of this press release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Three Months Ended | |||
Sep 30, 2021 | Jun 30, 2021 |
+increase/ -decrease |
|
4Q21 | 3Q21 | ||
Broadband Segment Revenue (1) | $32.2M | $30.3M | +$1.9M |
Broadband Segment Gross Margin | 47% | 44% | +3% |
Broadband Segment R&D Expense | $0.7M | $0.9M | -$0.2M |
Broadband Segment Profit (1) | $14.4M | $12.5M | +$1.9M |
Non-GAAP Broadband Segment Gross Margin (2) | 47% | 44% | +3% |
Non-GAAP Broadband Segment R&D Expense (2) | $0.6M | $0.8M | -$0.2M |
Non-GAAP Broadband Segment Profit | $14.6M | $12.6M | +$2.0M |
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding. | |||
(2) Please refer to the schedules at the end of this press. release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
Twelve Months Ended | |||
Sep 30, 2021 | Sep 30, 2020 |
+increase/ -decrease |
|
FY21 | FY20 | ||
Broadband Segment Revenue (1) | $107.6M | $54.9M | +$52.7M |
Broadband Segment Gross Margin | 44% | 34% | +10% |
Broadband Segment R&D Expense | $2.8M | $2.8M | $-M |
Broadband Segment Profit (1) | $45.0M | $16.1M | +$28.9M |
Non-GAAP Broadband Segment Gross Margin (2) | 45% | 35% | +10% |
Non-GAAP Broadband Segment R&D Expense (2) | $2.5M | $2.5M | $-M |
Non-GAAP Broadband Segment Profit | $45.6M | $16.6M | +$29.0M |
(1) Individual components may not sum to the total of reported consolidated amounts due to rounding. | |||
(2) Please refer to the schedules at the end of this press. release for GAAP to non-GAAP reconciliations and other information related to non-GAAP financial measures. |
For the three months ended September 30, | For the fiscal year ended September 30, | |||||||
2021 | 2020 | 2021 | 2020 | |||||
Revenue | $ | 43,954 | $ | 33,530 | $ | 158,444 | $ | 110,128 |
Cost of revenue | 26,897 | 21,067 | 96,956 | 74,546 | ||||
Gross profit | 17,057 | 12,463 | 61,488 | 35,582 | ||||
Operating expense: | ||||||||
Selling, general, and administrative | 6,603 | 5,669 | 24,544 | 24,631 | ||||
Research and development | 4,881 | 6,236 | 17,448 | 20,269 | ||||
Loss (gain) on sale of assets | 76 | (55) | 515 | (2,284) | ||||
Total operating expense | 11,560 | 11,850 | 42,507 | 42,616 | ||||
Operating income (loss) | 5,497 | 613 | 18,981 | (7,034) | ||||
Other (expense) income: | ||||||||
Gain on extinguishment of debt | - | - | 6,561 | - | ||||
Interest (expense) income, net | (15) | (50) | 466 | (104) | ||||
Foreign exchange (loss) gain | (49) | 227 | 207 | 198 | ||||
Total other (expense) income | (64) | 177 | 7,234 | 94 | ||||
Income (loss) before income tax expense | 5,433 | 790 | 26,215 | (6,940) | ||||
Income tax expense | (358) | (87) | (572) | (60) | ||||
Net income (loss) | $ | 5,075 | $ | 703 | $ | 25,643 | $ | (7,000) |
Foreign exchange translation adjustment | (205) | (27) | (231) | (32) | ||||
Comprehensive income (loss) | $ | 4,870 | $ | 676 | $ | 25,412 | $ | (7,032) |
Per share data | ||||||||
Net income (loss) per basic share | $ | 0.14 | $ | 0.02 | $ | 0.75 | $ | (0.24) |
Weighted-average number of basic shares outstanding | 36,845 | 29,386 | 34,020 | 29,136 | ||||
Net income (loss) per diluted share | $ | 0.13 | $ | 0.02 | $ | 0.72 | $ | (0.24) |
Weighted-average number of diluted shares outstanding | 38,993 | 29,386 | 35,789 | 29,136 |
As of September 30 | ||||
2021 | 2020 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ | 71,621 | $ | 30,390 |
Restricted cash | 61 | 148 | ||
Accounts receivable, net of credit loss of $260 and $227, respectively | 31,849 | 25,324 | ||
Contract assets | 361 | 1,566 | ||
Inventory | 32,309 | 25,525 | ||
Prepaid expenses and other current assets | 6,877 | 5,589 | ||
Assets held for sale | 1,241 | 1,568 | ||
Total current assets | 144,319 | 90,110 | ||
Property, plant, and equipment, net | 22,544 | 21,052 | ||
Goodwill | 69 | 69 | ||
Operating lease right-of-use assets | 13,489 | 14,566 | ||
Other intangible assets, net | 167 | 202 | ||
Other non-current assets | 225 | 242 | ||
Total assets | $ | 180,813 | $ | 126,241 |
LIABILITIES and SHAREHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Accounts payable | $ | 16,686 | $ | 16,484 |
Accrued expenses and other current liabilities | 9,936 | 11,577 | ||
Operating lease liabilities - current | 1,198 | 992 | ||
Total current liabilities | 27,820 | 29,053 | ||
PPP liability - non-current | - | 6,488 | ||
Operating lease liabilities - non-current | 12,684 | 13,735 | ||
Asset retirement obligations | 2,049 | 2,022 | ||
Other long-term liabilities | 794 | 794 | ||
Total liabilities | 43,347 | 52,092 | ||
Commitments and contingencies | ||||
Shareholders' equity: | ||||
Common stock, no par value, 50,000 shares authorized; 43,890 shares issued and 36,984 shares outstanding as of September 30, 2021; 36,461 shares issued and 29,551 shares outstanding as of September 30, 2020
|
782,266 | 744,361 | ||
Treasury stock at cost; 6,906 shares as of September 30, 2021 and 6,910 shares as of September 30, 2020
|
(47,721) | (47,721) | ||
Accumulated other comprehensive income | 687 | 918 | ||
Accumulated deficit | (597,766) | (623,409) | ||
Total shareholders' equity | 137,466 | 74,149 | ||
Total liabilities and shareholders' equity | $ | 180,813 | $ | 126,241 |
Three Months Ended | Twelve Months Ended | |||||||
Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2021 | Sep 30, 2020 | |||||
4Q21 | 3Q21 | FY21 | FY20 | |||||
Gross Profit | $ | 17,057 | $ | 17,225 | $ | 61,488 | $ | 35,582 |
Gross Margin | 39% | 40% | 39% | 32% | ||||
Adjustments: | ||||||||
Stock-based compensation expense | 204 | 220 | 767 | 692 | ||||
Asset retirement obligation accretion | 9 | 11 | 48 | 32 | ||||
Amortization of acquired intangibles | 9 | 9 | 36 | 36 | ||||
Total adjustments | 222 | 240 | 851 | 760 | ||||
Non-GAAP Gross Profit | $ | 17,279 | $ | 17,465 | $ | 62,339 | $ | 36,342 |
Non-GAAP Gross Margin | 39% | 41% | 39% | 33% |
Three Months Ended
|
Twelve Months Ended
|
|||||||
Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2021 | Sep 30, 2020 | |||||
4Q21 |
3Q21
|
FY21 | FY20 | |||||
Operating Expenses
|
$ | 11,560 | $ | 10,831 | $ | 42,507 | $ | 42,616 |
Stock-based compensation expense
|
(966) | (956) | (3,413) | (2,824) | ||||
Acquisition related expenses | - | - | - | (45) | ||||
Severance and restructuring charges | - | - | (55) | (407) | ||||
CATV transition - severance charge | - | - | - | (224) | ||||
CATV transition - (loss) gain on sale of assets
|
(76) | (250) | (133) | 1,950 | ||||
(Loss) gain on sale of assets | - | - | (382) | 334 | ||||
Litigation-related expenses | (58) | (70) | (297) | (1,705) | ||||
Non-GAAP Operating Expenses
|
$ | 10,460 | $ | 9,555 | $ | 38,227 | $ | 39,695 |
Three Months Ended | Twelve Months Ended | |||||||
Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2021 | Sep 30, 2020 | |||||
4Q21 | 3Q21 | FY21 | FY20 | |||||
Operating Profit | $ | 5,497 | $ | 6,394 | $ | 18,981 | $ | (7,034) |
Operating Margin | 13% | 15% | 12% | (6%) | ||||
Adjustments: | ||||||||
Stock-based compensation expense | 1,170 | 1,176 | 4,180 | 3,516 | ||||
Asset retirement obligation accretion | 9 | 11 | 48 | 32 | ||||
Acquisition related expenses | - | - | - | 45 | ||||
Amortization of acquired intangibles | 9 | 9 | 36 | 36 | ||||
Severance and restructuring charges | - | - | 55 | 407 | ||||
CATV transition - severance charge | - | - | - | 224 | ||||
CATV transition - loss (gain) on sale of assets | 76 | 250 | 133 | (1,950) | ||||
Loss (gain) on sale of assets | - | - | 382 | (334) | ||||
Litigation-related expenses | 58 | 70 | 297 | 1,705 | ||||
Total adjustments | 1,322 | 1,516 | 5,131 | 3,681 | ||||
Non-GAAP Operating Profit | 6,819 | 7,910 | 24,112 | (3,353) | ||||
Non-GAAP Operating Margin | 16% | 19% | 15% | (3%) | ||||
Depreciation expense | 990 | 1,016 | 3,978 | 5,416 | ||||
Adjusted EBITDA | $ | 7,809 | $ | 8,926 | $ | 28,090 | $ | 2,063 |
Adjusted EBITDA % | 18% | 21% | 18% | 2% |
Three Months Ended | Twelve Months Ended | |||||||
Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2021 | Sep 30, 2020 | |||||
4Q21 | 3Q21 | FY21 | FY20 | |||||
Net Income (Loss) | $ | 5,075 | $ | 13,615 | $ | 25,643 | $ | (7,000) |
Earnings (Loss) Per Share Basic | 0.14 | 0.37 | 0.75 | (0.24) | ||||
Earnings (Loss) Per Share Diluted | 0.13 | 0.35 | 0.72 | (0.24) | ||||
Non-recurring gains, tax effected: | ||||||||
Gain on extinguishment of debt | - | (6,417) | (6,417) | - | ||||
Release of uncertain tax reserve and related interest | - | (1,007) | (1,007) | - | ||||
Total non-recurring gains, tax effected | - | (7,424) | (7,424) | - | ||||
Net Income (Loss), excluding non-recurring gains tax effected | $ | 5,075 | $ | 6,191 | $ | 18,219 | $ | (7,000) |
Earnings (Loss) Per Share Basic, excluding non-recurring gains tax effected | 0.14 | 0.17 | 0.54 | (0.24) | ||||
Earnings (Loss) Per Share Diluted, excluding non-recurring gains tax effected | 0.13 | 0.16 | 0.51 | (0.24) | ||||
Adjustments: | ||||||||
Stock-based compensation expense | 1,170 | 1,176 | 4,180 | 3,516 | ||||
Asset retirement obligation accretion | 9 | 11 | 48 | 32 | ||||
Acquisition-related expenses | - | - | - | 45 | ||||
Amortization of acquired intangibles | 9 | 9 | 36 | 36 | ||||
Severance and restructuring charges | - | - | 55 | 407 | ||||
CATV transition - severance charge | - | - | - | 224 | ||||
CATV transition - loss (gain) on sale of assets | 76 | 250 | 133 | (1,950) | ||||
Litigation-related expenses | 58 | 70 | 297 | 1,705 | ||||
Loss (gain) on sale of assets | - | - | 382 | (334) | ||||
Foreign exchange loss (gain) | 49 | (87) | (207) | (198) | ||||
Income tax expense | 358 | 265 | 831 | 60 | ||||
Total adjustments | 1,729 | 1,694 | 5,755 | 3,543 | ||||
Non-GAAP Net Income (Loss) | 6,804 | 7,885 | 23,974 | (3,457) | ||||
Non-GAAP Earnings (Loss) Per Share Basic | 0.18 | 0.21 | 0.70 | (0.12) | ||||
Non-GAAP Earnings (Loss) Per Share Diluted | 0.17 | 0.20 | 0.67 | (0.12) | ||||
Interest expense, net | 15 | 25 | 138 | 104 | ||||
Depreciation expense | 990 | 1,016 | 3,978 | 5,416 | ||||
Adjusted EBITDA | $ | 7,809 | $ | 8,926 | $ | 28,090 | $ | 2,063 |
Adjusted EBITDA % | 18 | % | 21 | % | 18 | % | 2 | % |
Three Months Ended | Three Months Ended | ||||||||
Sep 30, 2021 | Jun 30, 2021 | Sep 30, 2021 | Jun 30, 2021 | ||||||
4Q21 | 3Q21 | 4Q21 | 3Q21 | ||||||
Aerospace and Defense | Broadband | ||||||||
Gross Profit | $ | 1,959 | $ | 3,872 | Gross Profit | $ | 15,098 | $ | 13,353 |
Gross Margin | 17 | % | 31 | % | Gross Margin | 47 | % | 44 | % |
Adjustments: | Adjustments: | ||||||||
Stock-based compensation | 118 | 129 | Stock-based compensation | 86 | 91 | ||||
Asset retirement obligation accretion | - | - | Asset retirement obligation accretion | 9 | 11 | ||||
Amortization of acquired intangibles | 9 | 9 | Amortization of acquired intangibles | - | - | ||||
Total adjustments | 127 | 138 | Total adjustments | 95 | 102 | ||||
Non-GAAP Gross Profit | $ | 2,086 | $ | 4,010 | Non-GAAP Gross Profit | $ | 15,193 | $ | 13,455 |
Non-GAAP Gross Margin | 18 | % | 33 | % | Non-GAAP Gross Margin | 47 | % | 44 | % |
R&D Expenses | $ | 4,175 | $ | 3,598 | R&D Expenses | $ | 706 | $ | 902 |
Stock-based compensation | (131) | (139) | Stock-based compensation | (76) | (65) | ||||
Non-GAAP R&D Expenses | $ | 4,044 | $ | 3,459 | Non-GAAP R&D Expenses | $ | 630 | $ | 837 |
Twelve Months Ended | Twelve Months Ended | ||||||||
Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2021 | Sep 30, 2020 | ||||||
FY21 | FY20 | FY21 | FY20 | ||||||
Aerospace and Defense | Broadband | ||||||||
Gross Profit | $ | 13,705 | $ | 16,729 | Gross Profit | $ | 47,783 | $ | 18,853 |
Gross Margin | 27 | % | 30 | % | Gross Margin | 44 | % | 34 | % |
Adjustments: | Adjustments: | ||||||||
Stock-based compensation | 458 | 466 | Stock-based compensation | 308 | 226 | ||||
Asset retirement obligation accretion | - | - | Asset retirement obligation accretion | 48 | 32 | ||||
Amortization of acquired intangibles | 36 | 36 | Amortization of acquired intangibles | - | - | ||||
Total adjustments | 494 | 502 | Total adjustments | 356 | 258 | ||||
Non-GAAP Gross Profit | $ | 14,199 | $ | 17,231 | Non-GAAP Gross Profit | $ | 48,139 | $ | 19,111 |
Non-GAAP Gross Margin | 28 | % | 31 | % | Non-GAAP Gross Margin | 45 | % | 35 | % |
R&D Expenses | $ | 14,616 | $ | 17,469 | R&D Expenses | $ | 2,832 | $ | 2,800 |
Stock-based compensation | (529) | (374) | Stock-based compensation | (295) | (295) | ||||
Litigation-related expenses | - | (1,464) | Litigation-related expenses | - | - | ||||
Non-GAAP R&D Expenses | $ | 14,087 | $ | 15,631 | Non-GAAP R&D Expenses | $ | 2,537 | $ | 2,505 |