e8vk
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2008
HARRIS STRATEX NETWORKS, INC.
(Exact name of registrant as specified in its charter)
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Delaware
(State or other jurisdiction
of incorporation)
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001-33278
(Commission File
Number)
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20-5961564
(I.R.S. Employer
Identification No.) |
Address of principal executive offices: 637 Davis Drive, Morrisville, NC 27560
Registrants telephone number, including area code: (919) 767- 3250
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy
the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c)) |
Item 2.02 Results of Operations and Financial Condition
Item 7.01 Regulation FD Disclosure
The information contained in this Current Report on Form 8-K, including the accompanying
Exhibit 99.1, is being furnished pursuant to Item 2.02 and 7.01 of Form 8-K and shall not be deemed
to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
Exchange Act), or otherwise subject to the liability of that section. The information contained
in this Current Report on Form 8-K that is furnished under Item 2.02 and 7.01, including the
accompanying Exhibit 99.1, shall not be incorporated by reference into any filing under the
Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date
hereof, except as shall be expressly set forth by specific reference in such a filing.
On October 29, 2008, Harris Stratex Networks, Inc. (Harris Stratex) issued a press
release announcing, among other things, its results of operations and financial condition as of and
for its first quarter of fiscal year 2009, which ended September 26, 2008, and guidance regarding
expected revenue for its second quarter of fiscal 2009. The full text of the press release and
related financial tables is furnished herewith as Exhibit 99.1 and is incorporated herein by
reference.
Use of Non-GAAP Measures and Comparative Financial Information
The press release and related financial tables include a discussion of non-GAAP financial
measures, including non-GAAP net income or loss and net income or loss (or earnings or loss) per
basic and diluted share for the first quarter of fiscal 2009. A non-GAAP financial measure is
generally defined as a numerical measure of a companys historical or future performance that
excludes or includes amounts, or is subject to adjustments, so as to be different from the most
directly comparable measure calculated and presented in accordance with generally accepted
accounting principles (GAAP). Each of such non-GAAP figures was determined by excluding certain
items including costs of product sales and services, amortization of purchased technology, research
and development expenses, selling and administrative expenses, amortization of intangible assets,
restructuring charges, and provision for income taxes. Harris Stratex has included in its press
release a reconciliation of non-GAAP financial measures disclosed in the press release to the most
directly comparable GAAP financial measures.
Harris Stratex reports information in accordance with U.S. GAAP. Management of Harris Stratex
monitors gross margin, operating income or loss, net income or loss, and net income or loss per
share on a non-GAAP basis for planning and forecasting results in future periods, and may use these
measures for some management compensation purposes. As such, historical non-GAAP combined
information has been included in this press release for comparative purposes. As a result,
management is presenting these non-GAAP measures in addition to results reported in accordance with
GAAP to better communicate underlying operational and financial performance in each period.
Management believes these non-GAAP measures provide information that is useful to investors in
understanding period-over-period operating results separate and apart from items that may, or
could, have a disproportionate positive or negative impact on results in any given period.
Management also believes that these non-GAAP measures enhance the ability of an investor to analyze
trends in Harris Stratex Networks business and to better understand our performance.
Harris Stratex management does not, nor does it suggest that investors should consider such
non-GAAP financial measures in isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. Harris Stratex presents such non-GAAP financial measures in
reporting its financial results to provide investors with an additional tool to evaluate the
Companys financial performance.
Item 9.01 Financial Statements and Exhibits.
(c) Exhibits.
The following exhibit is furnished herewith:
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99.1 |
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Press Release, issued by Harris Stratex Networks, Inc. on October 29, 2008. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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HARRIS STRATEX NETWORKS, INC.
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October 29, 2008 |
By: |
/s/ Sarah A. Dudash
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Name: |
Sarah A. Dudash |
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Title: Senior Vice President and
Cheif Financial Officer |
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exv99w1
Exhibit 99.1
Harris Stratex Networks Reports Q1 Fiscal 2009 Financial Results
Company Reports Record Quarterly Revenues and Earnings
Research Triangle Park, NC October 29, 2008 - Harris Stratex Networks, Inc. (NASDAQ: HSTX), a
leading specialist in backhaul solutions for mobility and broadband networks, today reported
financial results for the first quarter of fiscal 2009, which ended September 26, 2008.
Revenue for the first quarter of fiscal 2009 was $195.8 million, an increase of 14 percent compared
to $172.3 million in the year ago period. GAAP net income was $5.6 million or $0.09 per diluted
share, compared to a loss of $200,000 in the year ago quarter. The GAAP results for the first
quarter of 2009 include $8.2 million in pre-tax charges associated primarily with amortization of
purchase related assets, restructuring, and stock compensation expense.
Non-GAAP Financial Results
Non-GAAP net income was $11.2 million, or $0.19 per share. In the year ago period, Non-GAAP net
income was $10.6 million or $0.18 per share.
A reconciliation of GAAP to non-GAAP financial measures is provided on Table 4 along with the
accompanying notes.
First Quarter Revenue by Business Segment
Revenue in the North America segment was $61.5 million in the first quarter of fiscal 2009,
compared with $56.6 million in the year ago period. International revenue was $130.9 million,
compared with $109.2 million in the year ago period. Strong sequential and year-over-year revenue
growth was achieved in Africa as existing operators continued the expansion of their network
infrastructures, and in Asia Pacific where our Eclipse Nodal solution is gaining broad acceptance
in the 3G network rollouts of multiple customers. Network Operations revenue was $3.4 million
compared with $6.5 million in the year ago period.
We are pleased to report a solid start to the new fiscal year with our highest quarterly revenue
since the merger and a turnaround in net income, said Harald Braun, president and chief executive
officer of Harris Stratex Networks. Sales were driven in large part by our Eclipse product
platform, and its ability to offer full migration for future IP based networks.
Outlook and Guidance
Following an all-time record for new orders in the fourth quarter of fiscal 2008, we are pleased
that orders for the first quarter of fiscal 2009 remained robust at a book-to-bill ratio of greater
than 90 percent, and were higher than the year-ago period. Our revenue expectations in the range
of $185 million to $195 million for the second quarter of fiscal 2009 reflect both the strength of
our backlog and our current view of worldwide economic conditions, noted Braun.
Conference Call
Harris Stratex Networks will host a conference call today to discuss the companys financial
results at 5:30 p.m. Eastern Time. Those wishing to join the call should dial 303-262-2125 (no pass
code required) at approximately 5:20 p.m. A replay of the call will be available starting one hour
after the calls completion until November 5. To access the replay, dial 303-590-3000 (pass code:
11120862 #). A live and archived webcast of the conference call will also be available via the
companys Web site at www.HarrisStratex.com/investors/conference-call.
Non-GAAP Measures and Comparative Financial Information
Harris Stratex Networks, Inc. reports information in accordance with U.S. Generally Accepted
Accounting Principles (GAAP). Management of Harris Stratex Networks monitors revenues, cost of
product sales and services, research and development expenses, selling and administrative expenses,
operating income or loss, tax expense or benefit, net income or loss, and net income or loss per
share for the new combined entity on a non-GAAP basis for planning and forecasting results in
future periods, and may use these measures for some management compensation purposes. As such,
historical non-GAAP combined information has been included in this press release for comparative
purposes. These measures exclude certain costs and expenses as shown on the attached GAAP
reconciliation table. As a result, management is presenting these non-GAAP measures in addition to
results reported in accordance with GAAP to better communicate underlying operational and financial
performance in each period. Management believes these non-GAAP measures provide information that is
useful to investors in understanding period-over-period operating results separate and apart from
items that may, or could, have a disproportionate positive or negative impact on results in any
given period. Management also believes
that these non-GAAP measures enhance the ability of an investor to analyze trends in Harris Stratex Networks business and to better understand our
performance.
Harris Stratex Networks management does not, nor does it suggest that investors should, consider
such non-GAAP financial measures in isolation from, or as a substitute for, financial information
prepared in accordance with GAAP. Harris Stratex Networks presents such non-GAAP financial measures
in reporting its financial results to provide investors with an additional tool to evaluate the
Companys financial performance. Reconciliations of these non-GAAP financial measures with the most
directly comparable financial measures calculated in accordance with GAAP are included in the
tables below.
About Harris Stratex Networks
Harris
Stratex Networks, Inc. (NASDAQ: HSTX) is a leading specialist in
backhaul solutions for mobility and broadband networks. The company offers reliable, flexible and scalable wireless
network solutions, backed by comprehensive professional services and support. Harris Stratex
Networks serves all global markets, including mobile network operators, public safety agencies,
private network operators, utility and transportation companies, government agencies and
broadcasters. Customers in more than 135 countries depend on Harris Stratex Networks to build,
expand and upgrade their voice, data and video solutions. Harris Stratex Networks is recognized
around the world for innovative, best-in-class wireless networking solutions and services. For more
information, visit www.HarrisStratex.com.
Forward-Looking Statements
The information contained in this document includes forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995, Section 21E of the Securities Exchange Act
and Section 27A of the Securities Act. All statements, trend analyses and other information
contained herein about the markets for the services and products of Harris Stratex Networks and
trends in revenue, as well as other statements identified by the use of forward-looking
terminology, including anticipated, believe, plan, estimate, expect, goal, will,
see, continues, delivering,
view, and intend, or the negative of these terms or other similar
expressions, constitute forward-looking statements. These forward-looking statements are based on
estimates reflecting the current beliefs of the senior management of Harris Stratex Networks. These
forward-looking statements involve a number of risks and uncertainties that could cause actual
results to differ materially from those suggested by the forward-looking statements.
Forward-looking statements should therefore be considered in light of various important factors,
including those set forth in this document. Important factors that could cause actual results to
differ materially from estimates or projections contained in the forward-looking statements include
the following:
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the volume, timing and customer, product and geographic mix of our
product orders may have an impact on our operating results; |
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downturn in the global economy affecting customer spend; |
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continued price erosion as a result of increased competition in the
microwave transmission industry; |
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the ability to achieve business plans for Harris Stratex Networks; |
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the ability to manage and maintain key customer relationships; |
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the ability to maintain projected product rollouts, product
functionality, anticipated cost reductions or market acceptance of planned products; |
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future costs or expenses related to litigation; |
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the ability of our subcontractors to perform or our key suppliers to
manufacture or deliver material; |
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customers may not pay for products or services in a timely manner, or at
all; |
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the failure of Harris Stratex Networks to protect its intellectual
property rights and its ability to defend itself against intellectual property
infringement claims by others; |
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currency and interest rate risks; |
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the impact of political, economic and geographic risks on international sales; |
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the impact of slowing growth in the wireless telecommunications market
combined with supplier and operator consolidations; |
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our ability to remediate our material weaknesses in internal control. |
For more information regarding the risks and uncertainties for our business, see Risk Factors in our form 10-K filed with the U.S. Securities and
Exchange Commission (SEC) on September 25, 2008 as well as other reports filed by Harris Stratex
Networks with the SEC from time to time. Harris Stratex Networks undertakes no obligation to update
publicly any forward-looking statement for any reason, except as required by law, even as new
information becomes available or other events occur in the future.
Financial Tables Attached
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CONTACTS:
Investors: Mary McGowan, Summit IR Group Inc., 408-404-5401, mary@summitirgroup.com
Media: Shaun McFall, Harris Stratex Networks, Inc. 408-944-1608, shaun.mcfall@hstx.com
Table 1
HARRIS STRATEX NETWORKS, INC.
Fiscal Year 2009 First Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
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Quarter Ended |
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September 26, 2008 |
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September 28, 2007 |
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(Restated) |
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(In millions, except per share amounts) |
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Revenue from product sales and services |
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$ |
195.8 |
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$ |
172.3 |
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Cost of product sales and services |
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(135.8 |
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(123.5 |
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Amortization of purchased technology |
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(1.8 |
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(1.8 |
) |
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Gross margin |
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58.2 |
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47.0 |
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Research and development expenses |
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(10.2 |
) |
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(12.4 |
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Selling and administrative expenses |
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(36.5 |
) |
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(28.8 |
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Amortization of intangible assets |
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(1.4 |
) |
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(1.8 |
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Restructuring charges |
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(3.3 |
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(4.0 |
) |
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Operating income |
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6.8 |
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Interest income |
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0.4 |
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0.7 |
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Interest expense |
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(0.7 |
) |
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(0.7 |
) |
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Income before income taxes |
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6.5 |
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Provision for income taxes |
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(0.9 |
) |
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(0.2 |
) |
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Net income (loss) |
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$ |
5.6 |
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$ |
(0.2 |
) |
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Net income (loss) per common share of
Class A and Class B common stock (Notes 1
and 2): |
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Basic |
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$ |
0.10 |
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$ |
(0.00 |
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Diluted |
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$ |
0.09 |
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$ |
(0.00 |
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Basic weighted average shares outstanding |
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58.5 |
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58.4 |
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Diluted weighted average shares outstanding |
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58.5 |
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58.4 |
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(1) |
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The net income (loss) per common share amounts are the same for Class A and Class B
because the holders of each class are legally entitled to equal per share distributions
whether through dividends or in liquidation. |
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For the quarter ended September 26, 2008, the calculation of diluted earnings per
share includes a potential deduction to net income of $0.2 million for the assumed
after-tax effect of the change in fair value of warrants using the treasury stock
method. |
Table 2
HARRIS STRATEX NETWORKS, INC.
Fiscal Year 2009 First Quarter Summary
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
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September 26, 2008 |
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June 27, 2008(1) |
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(In millions) |
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Assets |
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Cash and cash equivalents |
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$ |
94.4 |
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$ |
95.0 |
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Short-term investments |
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2.5 |
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3.1 |
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Receivables |
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195.1 |
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199.7 |
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Inventories and unbilled costs |
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144.2 |
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130.6 |
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Current deferred taxes |
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12.0 |
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12.6 |
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Other current assets |
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19.8 |
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19.1 |
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Property, plant and equipment |
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74.6 |
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75.6 |
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Goodwill |
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282.9 |
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284.2 |
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Identifiable intangible assets |
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126.7 |
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130.1 |
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Non-current deferred taxes |
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15.6 |
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13.7 |
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Other assets |
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13.6 |
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13.6 |
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$ |
981.4 |
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$ |
977.3 |
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Liabilities and Shareholders Equity |
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Short-term debt |
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$ |
10.0 |
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$ |
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Current portion of long-term debt |
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5.0 |
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Accounts payable |
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76.6 |
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81.1 |
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Accrued expenses and other current liabilities |
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106.2 |
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96.8 |
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Due to Harris Corporation |
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13.6 |
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19.4 |
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Long-term debt |
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3.8 |
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Restructuring and other long-term liabilities |
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6.2 |
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7.4 |
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Warrants outstanding |
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0.3 |
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0.6 |
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Redeemable preference shares |
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8.3 |
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8.3 |
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Non-current deferred taxes and reserve for uncertain tax positions |
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8.2 |
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6.7 |
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Shareholders equity |
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752.0 |
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748.2 |
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$ |
981.4 |
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$ |
977.3 |
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(1) |
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Derived from audited financial statements. |
Table 3
HARRIS STRATEX NETWORKS, INC.
Fiscal Year 2009 First Quarter Summary
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
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Quarter Ended |
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September 26, |
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September 28, |
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2008 |
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2007 |
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(Restated) |
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(In millions) |
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Operating Activities |
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Net income (loss) |
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$ |
5.6 |
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$ |
(0.2 |
) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: |
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Amortization of identifiable intangible assets |
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3.4 |
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3.6 |
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Depreciation and amortization of property, plant and equipment and capitalized
software |
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5.6 |
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5.3 |
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Non-cash share-based compensation expense |
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1.0 |
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2.0 |
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Decrease in fair value of warrants |
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(0.3 |
) |
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(0.5 |
) |
Deferred income tax (benefit) expense |
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(0.7 |
) |
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0.2 |
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Changes in operating assets and liabilities: |
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Receivables |
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5.5 |
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(13.2 |
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Unbilled costs and inventories |
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(13.6 |
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(9.0 |
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Accounts payable and accrued expenses |
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4.3 |
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8.6 |
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Advance payments and unearned income |
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1.0 |
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Due to Harris Corporation |
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(5.8 |
) |
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3.0 |
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Restructuring liabilities and other |
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(2.1 |
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2.3 |
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Net cash provided by operating activities |
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3.9 |
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2.1 |
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Investing Activities |
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Purchases of short-term investments and available for sale securities |
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(1.2 |
) |
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(4.0 |
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Sales and maturities of short-term investments and available for sale securities |
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1.8 |
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9.3 |
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Additions of property, plant and equipment |
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(4.4 |
) |
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(2.1 |
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Additions of capitalized software |
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(1.0 |
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(4.2 |
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Net cash used in investing activities |
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(4.8 |
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(1.0 |
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Financing Activities |
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Increase (decrease) in short-term debt |
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10.0 |
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(1.2 |
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Payments on long-term debt |
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(8.8 |
) |
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(2.8 |
) |
Payments on long-term capital lease obligation to Harris Corporation |
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(2.0 |
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Proceeds from exercise of former Stratex stock options |
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0.9 |
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Net cash provided by (used in) financing activities |
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1.2 |
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(5.1 |
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Effect of exchange rate changes on cash and cash equivalents |
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(0.9 |
) |
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(1.0 |
) |
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Net decrease in cash and cash equivalents |
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(0.6 |
) |
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(5.0 |
) |
Cash and cash equivalents, beginning of year |
|
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95.0 |
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69.2 |
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Cash and cash equivalents, end of quarter |
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$ |
94.4 |
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$ |
64.2 |
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HARRIS STRATEX NETWORKS, INC.
Fiscal Year 2009 First Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES AND REGULATION G DISCLOSURE
To supplement our consolidated financial statements presented in accordance with accounting
principles generally accepted in the United States (GAAP), we provide additional measures of
revenue, gross margin, operating income (loss), non-operating income (loss), cost of product sales
and services, research and development expenses, selling and administrative expenses, income (loss)
before income taxes, income taxes, net income (loss), and net income (loss) per basic and diluted
share adjusted to exclude certain costs, expenses, gains and losses, including such amounts related
to our merger with Stratex. Management of Harris Stratex Networks, Inc. (the Company or Harris
Stratex) believes that these non-GAAP financial measures provide information that is useful to
investors in understanding period-over-period operating results separate and apart from items that
may, or could, have a disproportionate positive or negative impact on results in any particular
period. Management also believes these non-GAAP measures enhance the ability of an investor to
analyze trends in Harris Stratex business and better understand our performance. In addition, the
Company may utilize non-GAAP financial measures as a guide in its budgeting and long-term planning
process and to measure operating performance for some management compensation purposes. Any
analysis of non-GAAP financial measures should be used only in conjunction with results presented
in accordance with GAAP. A reconciliation of these non-GAAP financial measures with the most
directly comparable financial measures calculated in accordance with GAAP follows.
Table 4
HARRIS STRATEX NETWORKS, INC.
Fiscal Year 2009 First Quarter Summary
RECONCILIATION OF NON-GAAP FINANCIAL MEASURES
Condensed Consolidated Statements of Operations
(Unaudited)
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Quarter Ended |
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September 26, 2008 |
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September 28, 2007 |
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As |
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Non-GAAP |
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% of |
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As |
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Non-GAAP |
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Non-GAAP |
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% of |
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Reported |
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Adjustments |
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Non-GAAP |
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Revenue |
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Restated |
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Adjustments |
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(Restated) |
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Revenue |
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(In millions, except per share amounts) |
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Revenue from product sales and services |
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$ |
195.8 |
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$ |
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$ |
195.8 |
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$ |
172.3 |
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$ |
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$ |
172.3 |
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Cost of product sales and services (A) |
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(135.8 |
) |
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0.4 |
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(135.4 |
) |
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(123.5 |
) |
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1.0 |
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(122.5 |
) |
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Amortization of purchased technology (B) |
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(1.8 |
) |
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1.8 |
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(1.8 |
) |
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1.8 |
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Gross margin. |
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58.2 |
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2.2 |
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60.4 |
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30.8 |
% |
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47.0 |
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2.8 |
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49.8 |
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28.9 |
% |
Research and development expenses (C) |
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(10.2 |
) |
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0.2 |
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(10.0 |
) |
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5.1 |
% |
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(12.4 |
) |
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0.5 |
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(11.9 |
) |
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6.9 |
% |
Selling and administrative expenses (D) |
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(36.5 |
) |
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1.1 |
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(35.4 |
) |
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18.1 |
% |
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(28.8 |
) |
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5.2 |
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(23.6 |
) |
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13.7 |
% |
Amortization of intangible assets (E) |
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(1.4 |
) |
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1.4 |
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(1.8 |
) |
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1.8 |
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Restructuring charges (F) |
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(3.3 |
) |
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3.3 |
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(4.0 |
) |
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4.0 |
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Operating income |
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6.8 |
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8.2 |
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15.0 |
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7.7 |
% |
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14.3 |
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14.3 |
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8.3 |
% |
Interest income |
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0.4 |
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0.4 |
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0.7 |
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0.7 |
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Interest expense |
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(0.7 |
) |
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(0.7 |
) |
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(0.7 |
) |
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(0.7 |
) |
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Income before income taxes |
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6.5 |
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8.2 |
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14.7 |
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tax rate |
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14.3 |
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14.3 |
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tax rate |
Provision for income taxes (G) |
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(0.9 |
) |
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(2.6 |
) |
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(3.5 |
) |
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24 |
% |
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(0.2 |
) |
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(3.5 |
) |
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(3.7 |
) |
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26 |
% |
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Net income (loss) |
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$ |
5.6 |
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$ |
5.6 |
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$ |
11.2 |
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$ |
(0.2 |
) |
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$ |
10.8 |
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$ |
10.6 |
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Net income (loss) per common share of
Class A and Class B common stock (Notes
1 and 2): |
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Basic |
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$ |
0.10 |
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$ |
0.19 |
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$ |
(0.00 |
) |
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$ |
0.18 |
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Diluted |
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$ |
0.09 |
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$ |
0.19 |
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$ |
(0.00 |
) |
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$ |
0.18 |
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Basic weighted average shares outstanding |
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58.5 |
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58.5 |
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58.4 |
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58.4 |
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Diluted weighted average shares
outstanding |
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58.5 |
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58.5 |
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58.4 |
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58.4 |
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(1) |
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The net income (loss) per common share amounts are the same for
Class A and Class B because the holders of each class are legally
entitled to equal per share distributions whether through dividends or in
liquidation. |
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(2) |
|
For the quarter ended September 26, 2008, the calculation of diluted
earnings per share includes a potential deduction to net income of $0.2
million for the assumed after-tax effect of the change in fair value of
warrants using the treasury stock method. |
Notes to table 4:
Note A Cost of sales and services Includes adjustment to cost of product sales and services
for the first quarter of fiscal 2009 to remove purchase accounting adjustments for the amortization
of the step-up in the value of fixed assets ($0.2 million) and adjustment to remove FAS 123R
expense ($0.2 million).
For the first quarter of fiscal 2008, includes adjustment to cost of product sales and services to
remove purchase accounting adjustments for the amortization of the step-up in the value of fixed
assets ($0.2 million), adjustment to remove integration costs ($0.6 million) and adjustment to
remove FAS 123R expense ($0.2 million).
Note B Amortization of purchased technology Adjustment for the first quarters of fiscal 2009
and 2008 to remove amortization of purchased intangibles incurred in connection with the merger.
Note C Research and development expenses Adjustment for the first quarter of fiscal 2009 to
remove FAS 123R expense of $0.2 million.
For the first quarter of fiscal 2008, adjustment to remove FAS 123R expense of $0.5 million.
Note D Selling and administrative expenses Includes adjustment for the first quarter of
fiscal 2009 to remove purchase accounting adjustments related to the amortization of the step-up in
the value of fixed assets ($0.4 million) and FAS 123R expense ($0.7 million).
For the first quarter of fiscal 2008, includes adjustment to remove purchase accounting adjustments
related to the amortization of the step-up in the value of fixed assets ($0.5 million), integration
costs and lease impairment costs ($3.0 million) and FAS 123R expense ($1.7 million).
Note E Amortization of intangible assets Adjustment for the first quarters of fiscal 2009 and
2008 to remove amortization of purchased intangibles incurred in connection with the merger.
Note F Restructuring charges Adjustment to remove charges for restructuring incurred during
the first quarters of fiscal 2009 and 2008.
Note G Provision for income taxes Adjustment to reflect a pro forma 24 percent tax rate for
the first quarter of fiscal 2009 and a pro forma 26 percent tax rate for the first quarter of
fiscal 2008.
Table 5
HARRIS STRATEX NETWORKS, INC.
Fiscal Year 2009 First Quarter Summary
SUPPLEMENTAL SCHEDULE OF REVENUE BY GEOGRAPHICAL AREA
(Unaudited)
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Quarter Ended |
|
|
Quarter Ended |
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|
|
September 26, 2008 |
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|
September 28, 2007 |
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|
(In millions) |
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Non-GAAP |
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Non-GAAP |
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|
|
As Reported |
|
|
Adjustments |
|
|
Non-GAAP |
|
|
As Reported |
|
|
Adjustments |
|
|
Non-GAAP |
|
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North America |
|
$ |
61.5 |
|
|
$ |
|
|
|
$ |
61.5 |
|
|
$ |
56.6 |
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|
$ |
|
|
|
$ |
56.6 |
|
International: |
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Africa |
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|
65.6 |
|
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|
65.6 |
|
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|
52.4 |
|
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|
52.4 |
|
Europe, Middle East, and Russia |
|
|
36.9 |
|
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|
|
36.9 |
|
|
|
32.7 |
|
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|
32.7 |
|
Latin America and AsiaPac |
|
|
28.4 |
|
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|
28.4 |
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|
24.1 |
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|
24.1 |
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Total International |
|
|
130.9 |
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|
130.9 |
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|
|
109.2 |
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|
109.2 |
|
Network Operations |
|
|
3.4 |
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|
3.4 |
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|
6.5 |
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|
6.5 |
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$ |
195.8 |
|
|
$ |
|
|
|
$ |
195.8 |
|
|
$ |
172.3 |
|
|
$ |
|
|
|
$ |
172.3 |
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