Xtera Announces Fiscal Fourth Quarter and Full Year 2015 Financial Results
09 Dicembre 2015 - 10:02PM
Xtera Communications, Inc. (NASDAQ:XCOM), a provider of
high-capacity optical transport solutions, today announced
financial results for its fiscal fourth quarter and full year ended
September 30, 2015. Revenue for the fourth quarter of fiscal 2015
was $15.0 million, an increase of 132% compared to $6.5 million for
the fourth quarter of 2014.
"2015 was a year of significant progress for Xtera as we more
than doubled our revenue, successfully demonstrated in a real world
network the industry's highest capacity/longest reach solution at
64 Tbit/s per fiber pair with reach of over 1,500 km, began
commercial sales of our Submarine repeater, and strengthened our
balance sheet with our IPO last month," said Jon Hopper, Xtera
president and CEO.
The company's net loss for the fiscal fourth quarter of 2015 was
$6.6 million, or $5.49 per basic and fully diluted share, compared
to a net loss of $15.0 million, or $10.12 per basic and fully
diluted share, for the fourth quarter of 2014. Basic and fully
diluted net loss per share for the fiscal fourth quarter ended
September 30, 2015 and 2014 reflect 1.9 million and 1.8 million
common shares outstanding, respectively, and do not
include shares issued in conjunction with the company's
initial public offering and the conversion of preferred shares into
common shares in November 2015.
Conference Call
In conjunction with this announcement, Xtera will host a
conference call to discuss its results at 4:00 p.m. Central Time
(5:00 p.m. Eastern Time) on Wednesday, December 9, 2015. Interested
parties can listen to a live webcast of the conference call by
visiting the Investor Relations section of Xtera's website at
http://ir.xtera.com. Dial in information for the conference call is
available by registering at http://dpregister.com/10076293. The
conference call and webcast will include forward-looking
information. A replay of the conference call will also be available
on the Investor Relations section of Xtera's website at
http://ir.xtera.com following the completion of the call.
About Xtera Communications, Inc.
Xtera Communications, Inc. (NASDAQ:XCOM) is a leading provider
of high-capacity, cost-effective optical transport solutions,
supporting the high growth in global demand for bandwidth. Xtera
sells solutions to telecommunications service providers, content
service providers, enterprises and government entities worldwide.
Xtera's proprietary Wise RamanTM optical amplification technology
leads to capacity and reach performance advantages over competitive
products. Xtera's solutions enable cost-effective capacity to meet
customers' bandwidth requirements of today and to support their
increasing bandwidth demand fueled by the development of data
centers and related cloud-based services.
For more information, visit www.xtera.com, contact
info@xtera.com or connect via LinkedIn, Twitter, Facebook and
YouTube.
|
Xtera Communications,
Inc. |
Condensed Consolidated
Statement of Operations |
(In thousands, except
per share data) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended |
Fiscal Year
Ended |
|
September 30, |
September 30, |
September 30, |
September 30, |
|
2015 |
2014 |
2015 |
2014 |
Revenue: |
|
|
|
|
Products |
$ 13,710 |
$ 5,235 |
$ 53,557 |
$ 19,838 |
Services |
1,309 |
1,242 |
5,114 |
5,160 |
Total revenue |
15,019 |
6,477 |
58,671 |
24,998 |
Cost of revenue |
|
|
|
|
Products |
13,671 |
5,364 |
46,615 |
14,242 |
Services |
460 |
597 |
2,187 |
2,323 |
Total cost of revenue |
14,131 |
5,961 |
48,802 |
16,565 |
Gross profit |
888 |
516 |
9,869 |
8,433 |
Operating expenses |
|
|
|
|
Sales and marketing |
1,248 |
1,089 |
4,463 |
5,059 |
Research and development |
2,964 |
2,825 |
11,162 |
11,140 |
General and administrative |
2,007 |
1,337 |
6,494 |
5,903 |
Goodwill impairment charge |
-- |
9,019 |
-- |
9,019 |
Total operating expenses |
6,219 |
14,270 |
22,119 |
31,121 |
Operating loss |
(5,331) |
(13,754) |
(12,250) |
(22,688) |
Other income(expense) |
(1,210) |
(1,211) |
(4,329) |
(3,303) |
Loss before income taxes |
(6,541) |
(14,965) |
(16,579) |
(25,991) |
Income tax provision |
(15) |
(31) |
(53) |
(119) |
Net loss |
$ (6,556) |
$ (14,996) |
$ (16,632) |
$ (26,110) |
Preferred dividend |
(3,674) |
(3,374) |
(13,684) |
(13,384) |
Net loss available to common
stockholders |
$ (10,230) |
$ (18,370) |
$ (30,316) |
$ (39,494) |
Loss per common share - basic and
diluted |
$ (5.49) |
$ (10.12) |
$ (16.59) |
$ (21.77) |
Weighted average shares - basic and
diluted |
1,864,242 |
1,814,630 |
1,827,722 |
1,814,526 |
|
Xtera Communications,
Inc. |
Condensed Consolidated
Balance Sheets |
(In thousands, except
par values) |
(Unaudited) |
|
|
|
|
September 30, |
September 30, |
Assets |
2015 |
2014 |
Current assets |
|
|
Cash and cash equivalents |
$ 1,753 |
$ 1,920 |
Restricted cash |
1,120 |
1,155 |
Accounts receivable, net |
6,580 |
7,588 |
Unbilled receivables |
6,119 |
1,080 |
Inventories, net |
10,540 |
9,374 |
Deferred cost |
780 |
595 |
Prepaid expenses and other current
assets |
1,185 |
527 |
Total current assets |
28,077 |
22,239 |
Property and equipment, net |
3,399 |
3,463 |
Restricted cash |
152 |
495 |
Intangible assets, net |
7,554 |
8,632 |
Other assets |
90 |
81 |
Total assets |
$ 39,272 |
$ 34,910 |
Liabilities and Stockholders' Equity |
|
|
Current liabilities |
|
|
Accounts payable |
$ 13,589 |
$ 3,307 |
Accrued compensation and employee
benefits |
760 |
784 |
Deferred revenue |
1,058 |
2,995 |
Warranty reserve |
1,735 |
978 |
Notes payable, related party |
-- |
20,934 |
Current portion of long-term debt |
10,707 |
12,548 |
Other accrued liabilities |
4,966 |
5,428 |
Total current liabilities |
32,815 |
46,974 |
Long-term debt less current portion |
2,133 |
6,129 |
Other long-term liabilities |
631 |
10 |
Total liabilities |
35,579 |
53,113 |
Commitments and contingencies |
|
|
Stockholders' equity (deficit) |
|
|
Series A-3 convertible preferred stock,
$.001 par value 40,500,000 shares authorized 2015 and 2014:
39,663,482 issued and outstanding |
40 |
40 |
Series B-3 convertible preferred stock,
$.001 par value 39,500,000 shares authorized 2015 and 2014:
38,589,303 issued and outstanding |
39 |
39 |
Series C-3 convertible preferred stock,
$.001 par value 25,000,000 shares authorized 2015 and 2014:
19,081,778 issued and outstanding |
19 |
19 |
Series D-3 convertible preferred stock,
$.001 par value 60,000,000 shares authorized 2015 and 2014:
52,509,212 issued and outstanding |
53 |
53 |
Series E-3 convertible preferred stock,
$.001 par value 120,000,000 shares authorized 2015: 114,679,639
issued and outstanding 2014: 0 issued and outstanding |
115 |
-- |
Common Stock, $.001 par value 395,000,000 shares authorized 2015:
1,936,056 issued and outstanding 2014: 1,814,630 issued and outstanding |
2 |
2 |
Additional paid in capital |
388,047 |
350,098 |
Accumulated deficit |
(384,685) |
(368,053) |
Accumulated other comprehensive
income(loss), net |
63 |
(401) |
Total stockholders' equity |
3,693 |
(18,203) |
Total liabilities and stockholders'
equity |
$ 39,272 |
$ 34,910 |
|
Xtera Communications,
Inc. |
Condensed Consolidated
Statements of Cash Flows |
(In
thousands) |
(Unaudited) |
|
Fiscal Year
Ended |
|
September 30, |
September 30, |
|
2015 |
2014 |
Operating activities: |
|
|
Net loss |
$ (16,632) |
$ (26,110) |
Adjustments to reconcile net loss to net
cash used in operating activities: |
|
|
Depreciation and amortization |
2,687 |
2,543 |
Goodwill impairment charge |
-- |
9,019 |
Provision for inventory obsolescence |
1,679 |
1,100 |
Provision for bad debts |
-- |
(286) |
Warranty provision |
1,062 |
312 |
Share-based compensation |
38 |
35 |
Interest expense |
218 |
253 |
(Gain) loss on disposition of assets |
-- |
(1,055) |
(Gain) loss on disposition of property
and equipment |
(9) |
19 |
Changes in operating assets and
liabilities: |
|
|
Accounts receivable |
849 |
854 |
Unbilled accounts receivable |
(5,039) |
1,914 |
Inventories |
(2,845) |
3,519 |
Deferred costs |
(185) |
314 |
Prepaid expenses and other assets |
(693) |
97 |
Accounts payable |
10,359 |
(5,945) |
Other accrued liabilities |
3,473 |
2,466 |
Deferred revenue |
(1,917) |
1,673 |
Net cash used in operating activities |
(6,955) |
(9,278) |
Investing activities: |
|
|
Changes in restricted cash |
377 |
544 |
Proceeds from disposition of assets |
-- |
1,350 |
Proceeds from disposition of property and
equipment |
-- |
-- |
Purchases of property and equipment |
(1,160) |
(609) |
Net cash provided (used) in investing
activities |
(783) |
1,285 |
Financing activities: |
|
|
Repayments of debt |
(35,292) |
(19,736) |
Proceeds from debt |
37,535 |
21,756 |
Proceeds from issuance of bridge
loan |
4,800 |
950 |
Proceeds from issuance of bridge loan,
related party |
-- |
4,150 |
Payment of capital lease obligations |
(18) |
-- |
Proceeds from issuance of common
stock |
31 |
-- |
Proceeds from stock option exercises |
1 |
-- |
Net cash provided by financing
activities |
7,057 |
7,120 |
Effect of exchange rate on cash |
514 |
304 |
Net decrease in cash and cash
equivalents |
(167) |
(569) |
Cash and cash equivalents at beginning of
year |
1,920 |
2,489 |
Cash and cash equivalents at end of year |
$ 1,753 |
$ 1,920 |
Supplemental disclosure of cash flow
information |
|
|
Cash paid for interest |
$ 1,285 |
$ 1,480 |
Cash paid for income taxes |
$ 39 |
$ 24 |
Noncash investing and financing
activities |
|
|
Issuance of warrants |
$ 264 |
$ -- |
Debt conversion to preferred shares |
$ 37,730 |
$ -- |
CONTACT: Investor Contact:
David H. Allen | +1 408 427 4463 | IR@xtera.com
Marketing & Sales Contact:
Bertrand Clesca | +33 1 45 48 15 67 | marketing@xtera.com
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