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/ 02.08.2010 5:00PM
Harmonic Finishes 2009 in the Red
SUNNYVALE, CALIF.: Video-on-demand specialist Harmonic finished
the fourth quarter down against last year but up from the most recent period.
Sales totaled $86.7 million, compared to $96.9 million in 4Q08, and nearly $84
million in 3Q09. Total bookings during 4Q09 were $107.6 million, up from nearly
$80 million in the third quarter. Half of 4Q sales were international.
Net income was $47,000 compared to more than $13.2 million the year earlier,
when a tax benefit of $4.6 million contributed to the outcome. 4Q09 results
also included a $100,000 charge related to restructuring and the March 2009
acquisition of Scopus.
For the full year, sales revenues were $319.6 million versus $365 million for
2008. Net loss was $24.1 million versus net income of nearly $64 million for
2008, which included the full figure of $18 million on the aforementioned tax
benefit. The full-year restructuring and acquisition related charge was $13.1 million.
Excluding Scopus and restructuring charges, purchase accounting adjustments on
inventory, amortization on intangibles and certain tax adjustments, and non-cash
accounting charges for stock-based compensation, non-GAAP net income for 4Q09 was
$6.3 million, or 7 cents a diluted share, compared to $19 million, or 20 cents
a share, in 4Q08. Non-GAAP, full-year net income was $18 million, or 19 cents a
share, compared to $66.4 million, or 70 cents a share for ’08.
As of Dec, 31, 2009, Harmonic (NASDAQ: HLIT) had cash, cash equivalents and
short-term investments of $271.1 million, up from $253 million as of Oct. 2,
2009.
Harmonic anticipates that net sales for the first half of 2010 will be $170
million to $180 million.
The company also announced the impending retirement of its chief financial
officer, Robin Dickson, who will remain with Harmonic until a replacement’s
been found.
More on Harmonic
June 18, 2009: “Barclays Boosts
Estimates on Harmonic”
Barclays elevated Harmonic’s (NASDAQ:HLIT) target price as well, from $5 to
$7, on anticipated market stability.
March 12, 2009: “Harmonic-Scopus
$50 Million Deal Completed”
Harmonic said it expected to save $8 million to $10 million annually on
operations once the Scopus is fully integrating.
May 5, 2009: “Harmonic 1Q
Revenues Down 22 Percent”
Harmonic shares fell more than 20 percent on the news that it had missed 1Q
revenue estimates.
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