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Voip News:Atheros Communications Announces Q3 2005 Results24 October 2005
Atheros Communications, Inc. (Nasdaq: ATHR - News), a leading developer of advanced wireless solutions, today announced financial results for the third quarter of 2005, ended Sept. 30, 2005.
Revenue in the third quarter was $45.8 million, up six percent from the $43.4 million reported in the second quarter. Gross margins in the third quarter were 43.5 percent, in line with the company's target model, compared with 41.6 percent in the second quarter.
In accordance with U.S. generally accepted accounting principles (GAAP), the company recorded a third quarter net income of $2.2 million or $0.04 per diluted share. This compares with a GAAP net loss of $216,000, or $0.00 per diluted share in the second quarter of fiscal 2005.
Total cash and investments increased to $164.6 million at Sept. 30, 2005, compared with $164.1 million at June 30, 2005.
Atheros reports net income and basic and diluted net income per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP net income excludes the effect of the amortization of stock-based compensation. In the third quarter of 2005, non-GAAP net income was $2.6 million, or $0.05 per diluted share, compared with non-GAAP net income of $401,000, or $0.01 per diluted share, in the second quarter of fiscal 2005.
"Our WLAN business was strong and profitable in the third quarter, especially in the enterprise and PC OEM channels," said Craig Barratt, president and CEO of Atheros. "We also gained additional design wins for our ROCm(TM) embedded solutions for the consumer electronics market. These and other new products are increasing our total available market in WLAN, where we remain focused on our goal of being number one.
"Shipments of our AR1900 to UTStarcom for the PAS cellular handset market in China accelerated in the third quarter. We were also very pleased to report that our overall average selling prices declined only four percent in the quarter, a significant improvement from previous quarterly declines of 10 to 15 percent.
"Design win activity remained robust in all product categories, as customers continued to adopt our single-chip solutions. We are now seeing many expected benefits, including operational leverage, from the significant investments we have been making in the company's research and development programs over the past two years. Our third quarter results and our visibility into the fourth quarter position us well for continued growth and profitability in 2006 and beyond," he said.
"Earlier this month, we announced our leadership in and endorsement of the Enhanced Wireless Consortium (EWC) and its efforts to accelerate adoption of the 802.11n standard. Based on the unified specification, we plan to leverage our market-leading technology and CMOS integration expertise to deliver EWC-based 802.11n-based products for high-bandwidth connectivity through the home, enterprise and mobile environments as early as the first quarter of 2006," Dr. Barratt said.
Highlights
-- On Sept. 19, Atheros and Spansion announced a partnership to deliver innovative packaging solutions for handset manufacturers, called Package-on-Package (PoP). This unique packaging allows a reduction in the size of today's dual-mode cellular/WLAN mobile phones by vertically stacking Atheros' ROCm(TM) 802.11a/g and 802.11g solutions with Spansion's MirrorBit(TM) Flash memory. This solution enables handset manufacturers to provide valuable new services, such as Voice-over-IP (VoIP) and WLAN data connectivity for fast download of content such as ring tones, music, video clips, games, and email, in very small form factors.
-- During September, Atheros announced that consumers are purchasing more MIMO (Multiple Input Multiple Output) wireless networking products based on the Atheros Super G® technology than any other MIMO solutions. According to NPD weekly data, Atheros based MIMO products sold in North America made up a majority of all MIMO based WLAN product sales in the third quarter.
-- TRENDnet launched a new WLAN product portfolio featuring Atheros' Super G, Super A/G® and VLocity(TM) MIMO technologies. TRENDnet, a manufacturer of wired and wireless networking solutions, is offering three new high performance WLAN product lines based on Atheros' performance-improving technologies, which enable users to enjoy throughput and coverage benefits of networking equipment that also interoperates seamlessly with standard 802.11g and 802.11a/g devices.
-- Lenovo announced that it has introduced its first notebook computers with Atheros PCI Express chips, which enhance performance and mobility of its new ThinkPad Z60. Introduced in April, the Atheros 802.11a/g AR5006EX and 802.11g AR5006EG are the world's first complete single-chip WLAN solutions to support the PCI Express interface.
-- The company announced its endorsement of the Enhanced Wireless Consortium (EWC) and its efforts to accelerate completion of the 802.11n WLAN standard. Atheros, a founding member of the EWC, plans to deliver chipsets based on the new WLAN specification introduced by the EWC as early as the first quarter of 2006. The group's proposal is a blueprint for semiconductor manufacturers to develop chipsets for interoperable, high performance WLAN products. Other EWC members include Airoha, Apple, Azimuth, Broadcom, Buffalo, Cisco, Conexant, D-Link, Gateway, Gemtek, Intel, Lenovo, Linksys, LitePoint, Marvell, Metalink, Mitsubishi, NETGEAR, Nvidia, Ralink, Realtek, SANYO, Sony, Symbol Technologies, Toshiba, USRobotics, WildPackets, Winbond and ZyDAS, with additional members expected to join.
-- Earthlink, using equipment from Tropos Networks, was chosen as the WiFi equipment vendor for the city of Philadelphia's free network. Tropos' equipment is based on Atheros 802.11g technology.
Conference Call
Atheros will broadcast its third quarter 2005 financial results conference call today, Monday, Oct. 24, 2005, at 2 p.m. Pacific time (5 p.m. Eastern time).
To listen to the call, please dial 630-395-0018 approximately 10 minutes prior to the start time. The pass code is Atheros. A taped replay will be available approximately one hour after the conclusion of the call and will remain available for one week. To access the replay, dial 203-369-3287.
The Atheros financial results conference call will be available via a live webcast on the investor relations section of the Atheros web site at http://www.atheros.com. Please access the web site approximately 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay of the call will be available on the web site for one year.
About Atheros Communications, Inc.
Atheros Communications is a leading developer of semiconductor system solutions for wireless communications products. Atheros combines its wireless systems expertise with high-performance radio frequency (RF), mixed signal and digital semiconductor design skills to provide highly integrated chipsets that are manufacturable on low-cost, standard complementary metal-oxide semiconductor (CMOS) processes. Atheros technology is being used by a broad base of leading customers, including personal computer, networking equipment and handset manufacturers. For more information, please visit http://www.atheros.com or send email to info@atheros.com.
NOTE: Atheros, the Atheros logo, Super G, Super AG, ROCm and VLocity are trademarks of Atheros Communications, Inc.
Note on Forward-Looking Statements
Except for the historical information contained herein, the matters set forth in this press release, including Atheros' goal of being number one in the WLAN market; the anticipated future results of Atheros, including expected growth and profitability in 2006 and beyond; the plans of Atheros to deliver 802.11n-based products based on the EWC's specification as early as the first quarter of 2006; the timing of the adoption of an 802.11n standard and whether the specification promoted by the EWC will be adopted as the standard; and Atheros' design wins and the introduction of Atheros' products into various customers' products, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially, including, but not limited to, the impacts of competition, technological advances and pricing pressures; general economic conditions; variability in the quarterly operating results of Atheros and its customers; the rate of growth of wireless telecommunications markets; whether and in what form the EWC specification is adopted as the 802.11n standard; the timing of adoption of an 802.11n standard; difficulties in the development of new products and technologies, including Atheros' anticipated 802.11n products; manufacturing difficulties; whether Atheros is successful in marketing its products; and other risks detailed in Atheros' Quarterly Report on Form 10-Q for the quarter ended June 30, 2005 as filed with the Securities and Exchange Commission, and in other reports filed with the SEC by Atheros from time to time. These forward-looking statements speak only as of the date hereof. Atheros disclaims any obligation to update these forward-looking statements.
ATHEROS COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
Net revenue $45,800 $38,262 $130,407 $127,954
Cost of goods sold 25,893 20,800 74,089 68,215
Gross profit 19,907 17,462 56,318 59,739
Operating expenses:
Research and development 11,657 10,404 34,121 30,625
Sales and marketing 4,262 3,824 12,715 11,484
General and
administrative 2,627 2,139 7,200 6,432
Stock-based compensation 441 918 1,512 3,058
Total operating
expenses 18,987 17,285 55,548 51,599
Income from operations 920 177 770 8,140
Interest income, net 1,262 658 3,360 1,281
Income taxes (30) (68) (525) (753)
Net income $2,152 $767 $3,605 $8,668
Basic earnings per share $0.04 $0.02 $0.07 $0.21
Diluted earnings per share $0.04 $0.01 $0.07 $0.17
Shares used in computing
basic earnings
per share 48,984 46,762 48,582 41,345
Shares used in computing
diluted earnings
per share 53,617 52,428 53,499 51,486
Non-GAAP net income (*) $2,593 $1,685 $5,117 $11,726
Shares used in computing
non-GAAP basic earnings
per share (*) 48,984 46,762 48,582 41,345
Shares used in computing
non-GAAP diluted
earnings per share (*) 53,617 52,428 53,499 51,486
Non-GAAP basic earnings
per share (*) $0.05 $0.04 $0.11 $0.28
Non-GAAP diluted
earnings per share (*) $0.05 $0.03 $0.10 $0.23
Reconciliation of GAAP Net Income to
Non-GAAP Net Income
Three Months Ended Nine Months Ended
September 30, September 30,
2005 2004 2005 2004
GAAP net income $2,152 $767 $3,605 $8,668
Stock-based compensation 441 918 1,512 3,058
Non-GAAP net income $2,593 $1,685 $5,117 $11,726
(*) To supplement our consolidated financial statements presented in
accordance with GAAP, we have shown above a non-GAAP measure of net
income, which is adjusted from results based on GAAP to exclude
stock-based compensation. This non-GAAP measure is provided to
enhance the user's overall understanding of our historical financial
performance. Specifically, we believe the non-GAAP results provide
useful information to both management and investors by excluding
stock-based compensation expenses.
ATHEROS COMMUNICATIONS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
September 30, December 31,
2005 2004
ASSETS
Current assets:
Cash, cash equivalents and marketable
securities $164,577 $154,485
Accounts receivable, net 29,522 29,750
Inventory 21,685 15,215
Prepaid expenses and other current assets 4,842 3,611
Total current assets 220,626 203,061
Property and equipment, net 5,260 2,757
Other assets 583 545
$226,469 $206,363
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities $43,956 $33,022
Long-term liabilities 1,139 301
Stockholders' equity 181,374 173,040
$226,469 $206,363
--------------------------------------------------------------------------------
Source: Atheros Communications, Inc.
Source: PR Newswire
All trademarks and copyrighted information contained herein are the property of their respective owners.
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