Current Report
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): February 3,
2009
AVIZA
TECHNOLOGY, INC.
(Exact
name of registrant as specified in charter)
|
Delaware
(State
or other jurisdiction
of
incorporation)
|
000-51642
(Commission
File
Number)
|
20-1979646
(I.R.S.
Employer
Identification
Number)
|
|
440 Kings Village Road, Scotts Valley, CA 95066
(Address
of principal executive offices) (Zip Code)
|
|
831-438-2100
(Registrant’s
telephone number, including area code)
(Former
name or former address, if changed since last
report.)
|
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 (see General Instruction A.2. below):
[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act
(17 CFR 240.14d-2(b))
[ ]
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.
|
On
February 3, 2009, Aviza Technology, Inc. issued a press release and posted
management comments to its website with respect to its financial results for its
first quarter of fiscal year 2009. Copies of the press release and management
comments are furnished as Exhibits 99.1 and 99.2, respectively, to this Form
8-K. This Form 8-K and the attached exhibits are furnished to, but not filed
with, the Securities and Exchange Commission.
|
Item
9.01.
|
Financial Statements and
Exhibits.
|
(d)
Exhibits.
Exhibit
Number
|
99.1
|
Press
Release dated February 3, 2009.
|
|
99.2
|
Management
Comments.
|
SIGNATURES
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.
| AVIZA TECHNOLOGY, INC. | |||
|
Date: February
3, 2009
|
By:
|
/s/ Patrick C. O’Connor | |
|
Patrick
C. O’Connor
Executive
Vice President and Chief Financial Officer
|
|||
EXHIBIT
INDEX
Exhibit
Number
|
99.1
|
Press
Release dated February 3, 2009.
|
|
99.2
|
Management
Comments.
|
Exhibit
99.1
FOR
IMMEDIATE RELEASE
AVIZA
TECHNOLOGY ANNOUNCES FISCAL YEAR 2009
FIRST
QUARTER FINANCIAL RESULTS
SCOTTS
VALLEY, Calif., February 3, 2009—Aviza Technology, Inc. (NASDAQ: AVZA (changed to AVZAQ on June 19, 2009)), a
supplier of advanced semiconductor capital equipment and process technologies
for the global semiconductor industry and related markets, today reported
results for the first quarter of fiscal year 2009, which ended on December 26,
2008.
FISCAL
YEAR 2009 FIRST QUARTER FINANCIAL HIGHLIGHTS
|
§
|
First
quarter net sales of $25.2 million were within the range of the Company’s
guidance of $25 million to $32 million for the
quarter.
|
|
§
|
First
quarter shipments were $24.1
million.
|
|
§
|
First
quarter gross margin improved to 41 percent from the fourth quarter fiscal
2008.
|
|
§
|
First
quarter net income was $1.3 million, or $0.06 per
share. Adjusted net income was $4.9 million, or $0.22 per
share.
|
“The
results of our December quarter reflect our ongoing efforts to improve our
financial performance in the face of an extremely challenging macroeconomic
environment with no visibility into the buying cycle of our customer base.
We have made good progress in reducing our breakeven by accelerating cost
reductions and benefiting from favorable currency exchange rates. The impact of
the stronger dollar against other foreign currencies helped us in the December
quarter. As we continue to size the company appropriately, we anticipate
further restructuring charges in the March quarter” said Jerry Cutini, President
and Chief Executive Officer of Aviza Technology. “Additionally, as we do
not plan to schedule future conference calls to discuss the Company’s financial
results, we will post to the Aviza web site our comments about the quarter and
invite you to contact Pat O’Connor, Chief Financial Officer, or me with any
questions.”
-continued-
|
AVIZA
ANNOUNCES FY09 FIRST QUARTER RESULTS
|
PAGE 2 OF
6
|
FORECAST
– FISCAL 2009 SECOND QUARTER ENDING MARCH 27, 2009
Aviza’s
guidance for the second quarter of fiscal 2009 is predicated on continued
weakness in customers’ demand. Aviza expects that second quarter net
sales will be in the range of $13 million to $18 million, with an adjusted net
loss of $1 million to $5 million.
NON-GAAP
FINANCIAL MEASURES
Aviza
uses non-GAAP financial measures that are not intended to be used in lieu of
GAAP presentations, but are provided because we believe that they provide
additional information with respect to the performance of our fundamental
business activities and are also used by securities analysts, investors and
other interested parties to evaluate our business on a comparable basis to other
companies. The two non-GAAP financial measures that we use are (i)
Adjusted Net Income (Loss) and (ii) Adjusted Net Income (Loss) Per
Share. We believe that Adjusted Net Income (Loss) and Adjusted Net
Income (Loss) Per Share provide investors with useful information about our
operating results. We use Adjusted Net Income (Loss) and Adjusted Net
Income (Loss) Per Share to review and assess our operating
performance. Adjusted Net Income (Loss) and Adjusted Net Income
(Loss) Per Share also allow us to compare our operating results with
corresponding prior periods as well as with the operating results of other
companies in our industry.
Adjusted
Net Income (Loss) is a non-GAAP financial measure that represents GAAP Net
Income (Loss) excluding the following items: stock-based compensation,
amortization expense, depreciation expense, net interest expense, restructuring
and other one-time charges, income taxes and net other (income)
expense. As we have substantial net operating loss carryforwards, we
have not included the impact of additional income tax provisions in this
calculation. Adjusted Net Income (Loss) Per Share is a non-GAAP
financial measure that represents Adjusted Net Income (as defined above) divided
by weighted average number of shares outstanding for the period. A
reconciliation of our Adjusted Net Income (Loss) to GAAP Net Income (Loss), the
most directly comparable GAAP measure, is provided in the attached
table.
Adjusted
Net Income (Loss) and Adjusted Net Income (Loss) Per Share have limitations as
analytical tools, and you should not consider them in isolation or as a
substitute for net income (loss), earnings per share and other consolidated
income statement data prepared in accordance with GAAP. We compensate
for these limitations by relying primarily on our GAAP results and using
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share as
supplemental information.
Unless
otherwise specified, all references in this press release to financial
information are prepared in accordance with accounting principals generally
accepted in the United States.
-continued-
|
AVIZA
ANNOUNCES FY09 FIRST QUARTER RESULTS
|
PAGE 3 OF
6
|
OTHER INFORMATION
Aviza
will not be scheduling a conference call to discuss the Company's financial
results for the first quarter of fiscal year 2009.
In lieu
of the call, the Company will post comments from Chief Executive Officer, Jerry
Cutini, and Chief Financial Officer, Pat O’Connor, regarding results for the
first quarter of fiscal year 2009, which will be available on Aviza's website at
http://www.aviza.com/investors/
.
SAFE
HARBOR STATEMENT
This
press release contains forward-looking statements. These
forward-looking statements are based on our management’s current expectations
and beliefs and involve numerous risks and uncertainties that could cause actual
results to differ materially from expectations. You should not rely
upon these forward-looking statements as predictions of future events because we
cannot assure you that the events or circumstances reflected in these statements
will be achieved or will occur. These forward-looking statements
include, but are not limited to, the statements made by Jerry Cutini and all
statements containing the words “believes,” “expects,” “forecast,“ “may,”
“will,” “should,” “seeks,” “intends,” “plans,” “estimates” or “anticipates” or
the negative of these words and phrases or other variations of these words and
phrases or comparable terminology. Many factors could cause actual
results to differ materially from those projected in these forward-looking
statements, including, but not limited to: variability of our revenues and
financial performance; risks associated with product development and
technological changes; the acceptance of our products in the marketplace by
existing and potential future customers; disruption of operations or increases
in expenses due to our involvement in litigation or caused by civil or political
unrest or other catastrophic events; general economic conditions and conditions
in the semiconductor industry in particular; the continued employment of our key
personnel and risks associated with competition. Some of these
factors and other important factors are detailed in various Securities and
Exchange Commission filings that we have made, particularly in our most recent
Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, copies of which
are available from us without charge. Please review these filings and
do not place undue reliance on these forward-looking statements. We
assume no obligation to update these forward-looking statements.
ABOUT
AVIZA TECHNOLOGY, INC.
Aviza
Technology, Inc. designs, manufactures, sells and supports advanced
semiconductor capital equipment and process technologies for the global
semiconductor industry and related markets. The company’s systems are
used in a variety of segments of the semiconductor market, such as advanced
silicon for memory devices, advanced 3-D packaging and power integrated circuits
for communications. Aviza’s common stock is publicly traded on the
NASDAQ Global Market (NASDAQ GM: AVZA (changed to AVZAQ on June 19, 2009)). Aviza is headquartered in
Scotts Valley, Calif., with manufacturing, R&D, sales and customer support
facilities located in the United Kingdom, Germany, France, Taiwan, China, Japan,
Korea, Singapore and Malaysia. Additional information about the
company can be found at
http://www.aviza.com
.
-tables
follow-
|
AVIZA
TECHNOLOGY, INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(in
thousands)
|
|
(unaudited)
|
|
AVIZA
TECHNOLOGY, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in
thousands, except share and per share amounts)
|
|
(unaudited)
|
|
Quarter
Ended
|
||||||||||||
|
December
26,
|
September
26,
|
December
28,
|
||||||||||
|
2008
|
2008
|
2007
|
||||||||||
|
NET
SALES
|
$ | 25,231 | $ | 35,496 | $ | 34,014 | ||||||
|
COST
OF GOODS SOLD - on net sales
|
14,749 | 22,242 | 24,283 | |||||||||
|
COST
OF GOODS SOLD - restructuring
|
134 | 294 | - | |||||||||
|
Total
cost of goods sold
|
14,883 | 22,536 | 24,283 | |||||||||
|
GROSS
PROFIT (LOSS)
|
10,348 | 12,960 | 9,731 | |||||||||
|
OPERATING
EXPENSES:
|
||||||||||||
|
Research
and development costs
|
4,665 | 6,570 | 8,039 | |||||||||
|
Selling,
general and administrative costs
|
5,932 | 8,187 | 9,826 | |||||||||
|
Restructuring
costs and other costs
|
1,214 | 1,840 | - | |||||||||
|
Total
operating expenses
|
11,811 | 16,597 | 17,865 | |||||||||
|
INCOME
(LOSS) FROM OPERATIONS
|
(1,463 | ) | (3,637 | ) | (8,134 | ) | ||||||
|
OTHER
INCOME (EXPENSE):
|
||||||||||||
|
Interest
income
|
15 | 18 | 52 | |||||||||
|
Interest
expense
|
(667 | ) | (518 | ) | (412 | ) | ||||||
|
Other
income (expense) - net
|
3,561 | 780 | 272 | |||||||||
|
Total
other income (expense)
|
2,909 | 280 | (88 | ) | ||||||||
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
1,446 | (3,357 | ) | (8,222 | ) | |||||||
|
PROVISION
FOR (BENEFIT FROM) INCOME TAXES
|
164 | (244 | ) | 298 | ||||||||
|
NET
INCOME (LOSS)
|
$ | 1,282 | $ | (3,113 | ) | $ | (8,520 | ) | ||||
|
Income
(Loss) per share:
|
||||||||||||
|
Basic
|
$ | 0.06 | $ | (0.14 | ) | $ | (0.40 | ) | ||||
|
Diluted
|
$ | 0.06 | $ | (0.14 | ) | $ | (0.40 | ) | ||||
|
Weighted
average common shares:
|
||||||||||||
|
Basic
|
21,856,473 | 21,856,473 | 21,060,009 | |||||||||
|
Diluted
|
22,047,064 | 21,856,473 | 21,060,009 | |||||||||
|
AVIZA
TECHNOLOGY, INC.
|
|
RECONCILIATION
TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER
SHARE
|
|
(in
thousands, except share and per share amounts)
|
|
(unaudited)
|
|
Quarter
Ended
|
||||||||||||
|
December
26,
|
September
26,
|
December
28,
|
||||||||||
|
2008
|
2008
|
2007
|
||||||||||
|
NET
INCOME (LOSS)
|
$ | 1,282 | $ | (3,113 | ) | $ | (8,520 | ) | ||||
|
Adjustments
to reconcile net income (loss) to adjusted net income
(loss)
|
||||||||||||
|
Stock-based
compensation
|
$ | 422 | $ | 438 | $ | 528 | ||||||
|
Amortization
expense (1)
|
31 | 75 | 100 | |||||||||
|
Depreciation
expense
|
1,009 | 1,170 | 1,430 | |||||||||
|
Interest
expense, net
|
652 | 500 | 360 | |||||||||
|
Other
(income) expense, net (2)
|
(6 | ) | (19 | ) | (20 | ) | ||||||
|
Restructuring
and other costs
|
1,348 | 2,134 | - | |||||||||
|
Income
taxes
|
164 | (244 | ) | 298 | ||||||||
|
ADJUSTED
NET INCOME (LOSS)
|
$ | 4,902 | $ | 941 | $ | (5,824 | ) | |||||
|
Adjusted
Income (loss) per share:
|
||||||||||||
|
Basic
|
$ | 0.22 | $ | 0.04 | $ | (0.28 | ) | |||||
|
Diluted
|
$ | 0.22 | $ | 0.04 | $ | (0.28 | ) | |||||
|
Weighted
average common shares:
|
||||||||||||
|
Basic
|
21,856,473 | 21,856,473 | 21,060,009 | |||||||||
|
Diluted
|
22,047,064 | 21,856,473 | 21,060,009 | |||||||||
|
(1)
Does not include the amortization of debt issuance costs of $25,000,
$33,000, and $33,000 during the three months ended December 26, 2008,
September 26, 2008 and December 28, 2007 respectively, which are included
in interest expense, net.
|
||||||||||
|
(2)
Does not include the FX translation gain of $3,555,000, $761,000, and
$252,000 during the three months ended December 26, 2008, September 26,
2008 and December 28, 2007
respectively.
|
||||||||||
Exhibit
99.2
Aviza
Technology CEO & CFO Comments Regarding First Quarter of Fiscal 2009
Operational and Financial Highlights
Jerry
Cutini
- Aviza Technology -
President, CEO
Despite
the current decline in the global economy and the challenges presented, both
financially and operationally, I am very pleased by our employees’
performance.
Product
event highlights for this quarter include:
|
|
·
|
We
shipped the world’s first 300mm Ion Beam Deposition system to Leti in
Grenoble, France. The system was successfully installed and
accepted during the quarter;
|
|
|
·
|
Our
most advanced 300mm ALD system was installed and accepted in
Japan. Our customer will be processing high-k, metal gate films
on 32nm high performance logic devices. Aviza’s dielectric and
metal films will be incorporated into those
devices;
|
|
|
·
|
We
installed and qualified our Omega Deep Silicon (DSi) Etch system into a
major MEMS foundry. This system combines high performance, high
through-put deep silicon etching processed on a mass production platform
proven in high-volume fabs around the world. We are now helping
our customers deliver high-volume MEMS devices for the mass markets;
and
|
|
|
·
|
Our
CVD system was installed and qualified at a major LED manufacturer in
Europe.
|
Each of
these highlights represents a significant step forward for Aviza as we continue
to expand our presence in our served markets. More importantly, it
validates our strategy of serving our markets with differentiated and
cost-effective systems.
Regarding
our financial performance, the effects of our cost reduction and cost control
programs were central in helping the company achieve profitability during the
December quarter. We have instituted very strong controls on spending
and it has had the desired effect. During the March quarter we will
continue to institute shut down days at varying times and locations.
Additionally,
our board of directors approved a 20% reduction in fees paid to board members,
and members of senior management have decided to forego approximately 20% of
their salary. Just as important, our employees have helped us push
our break-even point lower. Many of our employees around the world
have accepted a reduced compensation program, demonstrating their commitment to
Aviza’s financial performance.
The March
quarter will continue to be challenging, as we will again be faced with an
unpredictable environment for orders. I do not expect the
semiconductor market to stabilize for quite some time. However, I am
optimistic that the markets we serve will continue to purchase our systems,
albeit at a reduced rate from previous quarters.
Pat
O'Connor
- Aviza Technology -
EVP, CFO
INCOME
STATEMENT
Our
results for the December quarter, particularly in light of the continuing
challenging economic environment are as follows:
Net sales
of $25.2 million were within the range of our guidance and compared to net sales
of $35.5 in the September quarter.
Shipments
of $24.1 million decreased from the September quarter shipments of $35.5
million.
On a
geographic basis, percentage breakdown of net sales was Asia-Pacific 33%, Europe
44%, and North America 23%.
Gross
margin of 41% improved from the September quarter gross margin of
36.5%.
We have
continued to lower our operating expenses by utilizing several cost control
measures as we have in the past. Total operating expenses of $11.8
million included a one-time restructuring charge of $1.2 million primarily
related to an impairment of demonstration lab equipment. This
compares to the September quarter total operating expenses of $16.6
million.
R&D
spending of $4.7 million compares with $6.6 million for the September quarter;
and SG&A spending was $5.9 million, which compares with $8.2 million for the
September quarter.
Loss from
operations was $1.5 million, which compares with the September quarter loss from
operations of $3.6 million.
We
recorded $3.6 million in currency exchange remeasurement gains due primarily to
the strengthening of the U.S. dollar against the British Pound. As a result, net
income for the quarter was $1.3 million, or $0.06 per share, as compared to a
net loss of $3.1 million, or $0.14 per share, in the September
quarter.
Adjusted
net income for the December quarter of $4.9 million was in line with our updated
guidance. On an adjusted basis, we recorded $0.22 earnings per
share. This compares with adjusted net income for the September
quarter of $0.9 million, or $0.04 per share.
Non-cash
charges included depreciation expense of $1.0 million; amortization expense of
$56,000; stock-based compensation expense of $422,000; net interest expense of
$652,000; net other income of $6,000; and income tax of $164,000.
In
addition, we recorded a one-time restructuring charge of $1.2 million in the
quarter.
BALANCE
SHEET
DSOs were
95 days, and inventory turns were 2.1 times.
As of
December 26, 2008, the outstanding share count was approximately 21.9 million
shares.
GUIDANCE
Our
guidance for the March quarter continues to reflect weakness in customer demand
for our products and services. We expect that second quarter net sales will be
in the range of $13 million to $18 million, and adjusted net loss will be in the
range of $1.0 million to $5.0 million. In addition, we expect
stock-based compensation expense to be in the range of $400,000 to
$450,000.
NON-GAAP
FINANCIAL MEASURES
Aviza
uses non-GAAP financial measures that are not intended to be used in lieu of
GAAP presentations, but are provided because we believe that they provide
additional information with respect to the performance of our fundamental
business activities and are also used by securities analysts, investors and
other interested parties to evaluate our business on a comparable basis to other
companies. The two non-GAAP financial measures that we use are (i)
Adjusted Net Income (Loss) and (ii) Adjusted Net Income (Loss) Per
Share. We believe that Adjusted Net Income (Loss) and Adjusted Net
Income (Loss) Per Share provide investors with useful information about our
operating results. We use Adjusted Net Income (Loss) and Adjusted Net
Income (Loss) Per Share to review and assess our operating
performance. Adjusted Net Income (Loss) and Adjusted Net Income
(Loss) Per Share also allow us to compare our operating results with
corresponding prior periods as well as with the operating results of other
companies in our industry.
Adjusted
Net Income (Loss) is a non-GAAP financial measure that represents GAAP Net
Income (Loss) excluding the following items: stock-based compensation,
amortization expense, depreciation expense, net interest expense, restructuring
and other one-time charges, income taxes and net other (income)
expense. As we have substantial net operating loss carryforwards, we
have not included the impact of additional income tax provisions in this
calculation. Adjusted Net Income (Loss) Per Share is a non-GAAP
financial measure that represents Adjusted Net Income (as defined above) divided
by weighted average number of shares outstanding for the period. A
reconciliation of our Adjusted Net Income (Loss) to GAAP Net Income (Loss), the
most directly comparable GAAP measure, is provided in the attached
table.
Adjusted
Net Income (Loss) and Adjusted Net Income (Loss) Per Share have limitations as
analytical tools, and you should not consider them in isolation or as a
substitute for net income (loss), earnings per share and other consolidated
income statement data prepared in accordance with GAAP. We compensate
for these limitations by relying primarily on our GAAP results and using
Adjusted Net Income (Loss) and Adjusted Net Income (Loss) Per Share as
supplemental information.
Unless
otherwise specified, financial information referenced in these comments are
prepared in accordance with accounting principals generally accepted in the
United States.
|
AVIZA
TECHNOLOGY, INC.
|
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
|
(in
thousands)
|
|
(unaudited)
|
|
AVIZA
TECHNOLOGY, INC.
|
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(in
thousands, except share and per share amounts)
|
|
(unaudited)
|
|
Quarter
Ended
|
||||||||||||
|
December
26,
|
September
26,
|
December
28,
|
||||||||||
|
2008
|
2008
|
2007
|
||||||||||
|
NET
SALES
|
$ | 25,231 | $ | 35,496 | $ | 34,014 | ||||||
|
COST
OF GOODS SOLD - on net sales
|
14,749 | 22,242 | 24,283 | |||||||||
|
COST
OF GOODS SOLD - restructuring
|
134 | 294 | - | |||||||||
|
Total
cost of goods sold
|
14,883 | 22,536 | 24,283 | |||||||||
|
GROSS
PROFIT (LOSS)
|
10,348 | 12,960 | 9,731 | |||||||||
|
OPERATING
EXPENSES:
|
||||||||||||
|
Research
and development costs
|
4,665 | 6,570 | 8,039 | |||||||||
|
Selling,
general and administrative costs
|
5,932 | 8,187 | 9,826 | |||||||||
|
Restructuring
costs and other costs
|
1,214 | 1,840 | - | |||||||||
|
Total
operating expenses
|
11,811 | 16,597 | 17,865 | |||||||||
|
INCOME
(LOSS) FROM OPERATIONS
|
(1,463 | ) | (3,637 | ) | (8,134 | ) | ||||||
|
OTHER
INCOME (EXPENSE):
|
||||||||||||
|
Interest
income
|
15 | 18 | 52 | |||||||||
|
Interest
expense
|
(667 | ) | (518 | ) | (412 | ) | ||||||
|
Other
income (expense) - net
|
3,561 | 780 | 272 | |||||||||
|
Total
other income (expense)
|
2,909 | 280 | (88 | ) | ||||||||
|
INCOME
(LOSS) BEFORE INCOME TAXES
|
1,446 | (3,357 | ) | (8,222 | ) | |||||||
|
PROVISION
FOR (BENEFIT FROM) INCOME TAXES
|
164 | (244 | ) | 298 | ||||||||
|
NET
INCOME (LOSS)
|
$ | 1,282 | $ | (3,113 | ) | $ | (8,520 | ) | ||||
|
Income
(Loss) per share:
|
||||||||||||
|
Basic
|
$ | 0.06 | $ | (0.14 | ) | $ | (0.40 | ) | ||||
|
Diluted
|
$ | 0.06 | $ | (0.14 | ) | $ | (0.40 | ) | ||||
|
Weighted
average common shares:
|
||||||||||||
|
Basic
|
21,856,473 | 21,856,473 | 21,060,009 | |||||||||
|
Diluted
|
22,047,064 | 21,856,473 | 21,060,009 | |||||||||
|
AVIZA
TECHNOLOGY, INC.
|
|
RECONCILIATION
TO ADJUSTED NET INCOME (LOSS) AND ADJUSTED NET INCOME (LOSS) PER
SHARE
|
|
(in
thousands, except share and per share amounts)
|
|
(unaudited)
|
|
Quarter
Ended
|
||||||||||||
|
December
26,
|
September
26,
|
December
28,
|
||||||||||
|
2008
|
2008
|
2007
|
||||||||||
|
NET
INCOME (LOSS)
|
$ | 1,282 | $ | (3,113 | ) | $ | (8,520 | ) | ||||
|
Adjustments
to reconcile net income (loss) to adjusted net income
(loss)
|
||||||||||||
|
Stock-based
compensation
|
$ | 422 | $ | 438 | $ | 528 | ||||||
|
Amortization
expense (1)
|
31 | 75 | 100 | |||||||||
|
Depreciation
expense
|
1,009 | 1,170 | 1,430 | |||||||||
|
Interest
expense, net
|
652 | 500 | 360 | |||||||||
|
Other
(income) expense, net (2)
|
(6 | ) | (19 | ) | (20 | ) | ||||||
|
Restructuring
and other costs
|
1,348 | 2,134 | - | |||||||||
|
Income
taxes
|
164 | (244 | ) | 298 | ||||||||
|
ADJUSTED
NET INCOME (LOSS)
|
$ | 4,902 | $ | 941 | $ | (5,824 | ) | |||||
|
Adjusted
Income (loss) per share:
|
||||||||||||
|
Basic
|
$ | 0.22 | $ | 0.04 | $ | (0.28 | ) | |||||
|
Diluted
|
$ | 0.22 | $ | 0.04 | $ | (0.28 | ) | |||||
|
Weighted
average common shares:
|
||||||||||||
|
Basic
|
21,856,473 | 21,856,473 | ||||||||||