Science & Technology
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Published in Science and Technology on Wednesday, July 27th 2011 at 21:00 GMT by Market Wire🞛 This publication is a summary or evaluation of another publication
Sunrise Telecom Reports Second Quarter 2011 Results -- SAN JOSE, Calif., July 27, 2011 /PRNewswire/ --
Sunrise Telecom Reports Second Quarter 2011 Results
- Ongoing product transition resulted in weaker than expected quarter
- Cash position remains strong at $11.2M
- Announced and shipped industry's first complete productivity solution for mobile backhaul deployment
- Board of directors approved a new $1 million stock repurchase program
SAN JOSE, Calif., July 27, 2011 /PRNewswire/ -- Sunrise Telecom® Incorporated (OTC: SRTI) today posted its unaudited financial results for the quarter ended June 30, 2011.
Sunrise Telecom reported revenue of $6.4 million for the quarter, compared to $8.9 million for the second quarter of 2010. Operating costs declined to $5.5 million during the second quarter of 2011 from $6.0 million for the second quarter of 2010. Second quarter net loss was $(2.2) million, or $(0.04) per share, compared to $(0.2) million in the second quarter of 2010. EBITDA for the quarter was $(1.7) million, compared to $0.0 million for the quarter ended June 30, 2010.
The company attributed second quarter 2011 loss to delayed orders from key accounts, channel transition in North America and a longer than expected sales cycle for the company's new RxT™ Smart Productivity Test Platform.
"Our second quarter 2011 results are a further indication that we will require ongoing investment in channel expansion in order to fully exploit the potential for our new products," said Bahaa Moukadam, Sunrise Telecom's chief executive officer. "We anticipate improved adoption of the RxT and other new products from major accounts in the second half of the year."
In the second quarter, Sunrise Telecom announced several new RxT modules which represent the first single-platform for mobile backhaul field verification. TMCLabs has honored the RxT mobile backhaul solution with a 2011 Innovation Award, exemplifying the best and the most unique products and services that this industry has to offer.
"Our award winning RxT Smart Productivity Platform is creating significant interest and we have secured major design wins from tier one operators," added Bahaa Moukadam. "The RxT offers unique capabilities such as IntelliSAM™ bandwidth profile verification for business service activation and is well positioned to resolve the growing need for productivity improvement for operators tasked with deploying and maintaining new wireless services."
Sunrise Telecom also announced that its board of directors approved a new stock repurchase program covering up to $1.0 million of company stock during the next 12 months.
About Sunrise Telecom
Sunrise Telecom develops and delivers high-quality communications test and measurement solutions for telecom, cable and wireless networks. The Company's robust portfolio of feature-rich, easy-to-use products enables service providers to deliver premium voice, video, data and next-generation digital multimedia services quickly, reliably, and cost-effectively. Based in San Jose, California, Sunrise Telecom distributes its products through a direct sales force and a global network of sales representatives and distributors.
Sunrise Telecom makes available on or through its website press releases and other information of interest to investors. Sunrise Telecom's website may be found at [ www.sunrisetelecom.com ]. Sunrise Telecom files with OTC Markets Group annual, quarterly and other reports, and any amendments to those reports. Sunrise Telecom files with OTC Markets Group yearly financial statements audited by independent auditor, Armanino McKenna LLP. Its quarterly financial statements filed with OTC Markets Group are unaudited and unreviewed by Armanino McKenna LLP.
For more information, visit [ http://www.sunrisetelecom.com ] or email [ info@sunrisetelecom.com ].
Use of Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933, including, but not limited to, material contained in quotations and statements related to the release and expected future sales of new products. These forward-looking statements are subject to many risks and uncertainties that could cause actual results to differ materially from those projected. Specific factors that may cause results to differ include the following: customer acceptance of Sunrise Telecom's new or enhanced products and modules may be slower than expected; product development or introduction into the marketplace may take longer or be more expensive than we anticipate; product delivery schedules may be delayed for development, manufacturing or other reasons; and end-user demand for telecommunications services may be lower than our customers expect, leading to corresponding cutbacks in their spending on our products. These and other risks and uncertainties are described in more detail in Sunrise Telecom's reports including, but not limited to, its annual report for the year ended December 31, 2010 and its quarterly report for the period ended March 31, 2011 filed with OTC Markets Group. Sunrise Telecom assumes no obligation to update the forward-looking statements included in this press release.
Contact:
Lyron Bentovim
Chief Operating Officer/Chief Financial Officer
+1 408 363 8000
Balance Sheet | |||||
CONSOLIDATED BALANCE SHEETS | |||||
(in thousands, except share data) | |||||
June 30, | December 31, | ||||
2011 | 2010 | ||||
Assets | |||||
Current assets: | |||||
Cash and cash equivalents | $ 9,435 | $ 7,329 | |||
Held-to-maturity investments | 1,770 | 1,527 | |||
Accounts receivable, net of allowances of $328 and $320, respectively | 3,937 | 9,390 | |||
Inventories | 7,253 | 7,079 | |||
Prepaid expenses and other assets | 583 | 940 | |||
Total current assets | 22,978 | 26,265 | |||
Property and equipment, net | 15,307 | 15,754 | |||
Held-to-maturity investments | - | 1,026 | |||
Other assets | 655 | 691 | |||
Total assets | $ 38,940 | $ 43,736 | |||
Liabilities and Stockholders' Equity | |||||
Current liabilities: | |||||
Accounts payable | $ 1,281 | $ 2,049 | |||
Other accrued liabilities | 4,517 | 5,416 | |||
Income taxes payable | 61 | 49 | |||
Deferred revenue | 226 | 149 | |||
Total current liabilities | 6,085 | 7,663 | |||
Income taxes payable | 1,786 | 1,805 | |||
Other non-current liabilities | 179 | 164 | |||
Total liabilities | 8,050 | 9,632 | |||
Stockholders' equity: | |||||
Preferred stock, $0.001 par value per share; 10,000,000 shares | |||||
authorized, none issued and outstanding | - | - | |||
Common stock, $0.001 par value per share; 175,000,000 shares | |||||
authorized; 51,295,000 and 51,345,000 shares issued and 51,295,000 and 51,295,000 shares outstanding as of June 30, 2011 and December 31, 2010, respectively | 51 | 51 | |||
Treasury stock, 50,000 shares | - | (22) | |||
Additional paid-in capital | 78,704 | 78,844 | |||
Accumulated deficit | (47,709) | (44,671) | |||
Accumulated other comprehensive loss | (156) | (98) | |||
Total stockholders' equity | 30,890 | 34,104 | |||
Total liabilities and stockholders' equity | $ 38,940 | $ 43,736 | |||
Income Statement | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(in thousands, except per share data) | ||||||||
Three Months Ended | ||||||||
June 30, | ||||||||
2011 | 2010 | |||||||
Net sales | $ 6,355 | $ 8,934 | ||||||
Cost of sales | 3,087 | 3,539 | ||||||
Gross profit | 3,268 | 5,395 | ||||||
Operating expenses: | ||||||||
Research and development | 2,259 | 2,501 | ||||||
Selling and marketing | 2,226 | 2,522 | ||||||
General and administrative | 1,009 | 954 | ||||||
Restructuring charges (reversals) | - | - | ||||||
Total operating expenses | 5,494 | 5,977 | ||||||
Operating income (loss) | (2,226) | (582) | ||||||
Other income (expense), net | 71 | 77 | ||||||
Income (loss) before income taxes | (2,155) | (505) | ||||||
Income tax expense | 9 | (279) | ||||||
Net loss | $ (2,164) | $ (226) | ||||||
Net loss per share: | ||||||||
Basic | $ (0.04) | $ (0.00) | ||||||
Diluted | $ (0.04) | $ (0.00) | ||||||
Shares used in computing net loss | ||||||||
Basic | 51,245 | 51,345 | ||||||
Diluted | 51,245 | 51,345 | ||||||
SOURCE Sunrise Telecom
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