Ikanos Communications Announces Results for the Fiscal Second Quarter of 2013

Ikanos Communications Announces Results for the Fiscal Second Quarter of 2013 
FREMONT, CA -- (Marketwired) -- 07/25/13 --  Ikanos Communications,
Inc. (NASDAQ: IKAN) 
Q2 Highlights: 


 
--  Revenue of $19.1 million
--  GAAP Operating Expenses of $17.5 million
--  Cash, Cash Equivalents and Short-Term Investments of $27.3 million

  
Ikanos Communications, Inc. (NASDAQ: IKAN), a leading provider of
advanced broadband semiconductor and integrated firmware products for
the digital home, today announced its financial results for the
fiscal second quarter of 2013 ended June 30, 2013.  
"Ikanos achieved second quarter results within guidance, with revenue
of $19.1 million and GAAP operating expenses of $17.5 million," said
Dennis Bencala, chief financial officer and vice president of finance
at Ikanos. "For the third consecutive quarter, the company has
successfully reduced operating expenses while achieving major new
product development milestones. Additionally, inventory levels were
reduced to $4.0 million while meeting customer demand and
contributing to a quarter-ending cash and short-term investments
balance of $27.3 million."  
"We are pleased with the progress and the positive engagements we are
seeing for both the Velocity-3 and the Fusiv(TM) Vx18x processor
families from OEMs and carriers," said Omid Tahernia, president and
CEO at Ikanos. "Our lead customer for Velocity-3 is making good
progress towards mass production, with field trials expected to begin
late this year. We expect the successful lab trials recently
completed by other carriers and OEMs to result in additional design
wins in the coming months. We have seen similar traction with our
Fusiv(TM) line, with the Vx185 being recognized in a recent top-tier
carrier RFP." 
"In addition to the progress we made during the quarter with
Velocity-3 and Fusiv(TM), we officially launched our new diagnostic
and monitoring software product under the brand of inSIGHT. The
addition of inSIGHT to our product portfolio creates a new revenue
opportunity for software running on Ikanos silicon through our direct
engagement with the world's top carriers, enabling them to realize
significant operational cost savings for both new and existing
installed base of Ikanos-based home gateways. The carrier feedback
for inSIGHT, the industry's first in-home broadband diagnostics and
monitoring solution integrated into a DSL communications processor,
has been very positive," concluded Mr. Tahernia.  
Financial Highlights
 Ikanos reports its financial results in
accordance with U.S. generally accepted accounting principles (GAAP)
and additionally on a non-GAAP basis. Non-GAAP net income (loss),
non-GAAP gross profits, non-GAAP operating expenses and non-GAAP
earnings per share, where applicable, exclude the income statement
effects of stock-based compensation, restructuring charges and
amortization of intangible assets. Ikanos has provided these measures
because its management believes these additional non-GAAP measures
are useful to investors for performing financial analysis as these
additional measures highlight Ikanos' recurring operating results.
Ikanos' management uses these non-GAAP measures internally to
evaluate its operating performance and to plan for its future.
However, non-GAAP measures are not a substitute for GAAP reporting.
For a reconciliation of GAAP versus non-GAAP financial information,
please see the attached schedules. 
Fiscal Second Quarter 2013 Results
 Revenue for the second quarter of
2013 was $19.1 million compared to revenue of $32.1 million for the
second quarter of 2012 and revenue of $26.2 million for the first
quarter of 2013. GAAP gross profit for the second quarter of 2013 was
49% compared to a GAAP gross profit of 47% for the second quarter of
2012 and GAAP gross profit of 53% for the first quarter of 2013.  
Non-GAAP gross profit for the second quarter of 2013 was 49% compared
to a non-GAAP gross profit of 49% for the second quarter of 2012 and
non-GAAP gross profit of 54% for the first quarter of 2013. 
GAAP operating expenses for the second quarter of 2013 were $17.5
million compared to operating expenses of $17.5 million for the
second quarter of 2012 and operating expenses of $18.3 million for
the first quarter of 2013. 
Non-GAAP operating expenses for the second quarter of 2013 were $16.5
million compared to non-GAAP operating expenses of $16.9 million for
the second quarter of 2012 and non-GAAP operating expenses of $17.3
million for the first quarter of 2013.  
GAAP net loss for the second quarter of 2013 was $(8.7) million, or a
loss of $(0.12) per share on 71.2 million weighted average shares
outstanding. This compares with a net loss of $(3.0) million, or a
loss of $(0.04) per share on 69.5 million weighted average shares
outstanding for the second quarter of 2012 and a GAAP net loss of
$(4.4) million, or a loss of $(0.06) per share on 70.4 million
weighted average shares outstanding for the first quarter of 2013.  
Non-GAAP net loss for the second quarter of 2013 was $(7.5) million,
or a loss of $(0.11) per share on 71.2 million weighted average
shares outstanding compared to a non-GAAP net loss of $(1.9) million,
or a loss of $(0.03) per share on 69.5 million weighted average
shares outstanding for the second quarter of 2012, and a non-GAAP
loss of $(3.3) million, or a loss of $(0.05) per share on 70.4
million weighted average shares outstanding for the first quarter of
2013.  
Cash, cash equivalents and short-term investments at the end of
second quarter of 2013 were $27.3 million compared to $31.6 million
at the end of the first quarter of 2013.  
Additionally, at the end of the second quarter of 2013 inventory was
$4.0 million compared to $7.4 million at the end of the first quarter
of 2013. Current liabilities at the end of the second quarter of 2013
were $21.1 million compared to $19.3 million at the end of the first
quarter of 2013.  
Outlook
 Revenue is expected to be between $16
million and $18 million for the fiscal third quarter of 2013. 
GAAP gross profit for the fiscal third quarter of 2013 is expected to
be between 47% and 49%. Non-GAAP gross profit is expected to be
between 48% and 50% for the third quarter of 2013. 
GAAP operating expenses for the fiscal third quarter of 2013 are
expected to be in the range of $17.5 million to $18.5 million. On a
non-GAAP basis operating expenses are expected to be in the range of
$16.5 million to $17.5 million for the third quarter of 2013.  
GAAP net loss for third quarter of 2013 is expected to be in the
range of approximately $(9.2) million to $(11.5) million, or a GAAP
loss per share of $(0.13) to $(0.16). Non-GAAP net loss is expected
to be in the range of approximately $(8.0) million to $(10.3)
million, or a non-GAAP loss per share of $(0.11) to $(0.14).  
Second Quarter Conference Call
 Management will review the second
quarter financial results and its expectations for subsequent periods
on a conference call on Thursday, July 25, 2013 at 1:30 p.m. Pacific
Time. To listen to the call, please visit
http://www.ikanos.com/investor/irevents/ and click on the link
provided for the webcast or dial (888) 510-1765 or (719) 325-2215 and
enter conference ID 8910057. The webcast will be archived and
available for 90 days at http://www.ikanos.com/investor/irevents/. A
replay of the conference call will be accessible until October 23,
2013 by dialing (888) 203-1112 or (719) 457-0820 and entering
conference ID 8910057. 
About Ikanos Communications, Inc.
 Ikanos Communications, Inc.
(NASDAQ: IKAN) is a leading provider of advanced broadband
semiconductor and integrated firmware products for the digital home.
The company's broadband DSL, communications processors and other
offerings power access infrastructure and customer premises equipment
for many of the world's leading network equipment manufacturers and
telecommunications service providers. For more information, visit
www.ikanos.com. 
Copyright 2013 Ikanos Communications, Inc. All Rights Reserved.
Ikanos Communications, Ikanos, the Ikanos logo, the Bandwidth without
boundaries tagline, Fusiv, Ikanos Velocity and NodeScale Vectoring
are among the trademarks or registered trademarks of Ikanos
Communications. All other trademarks mentioned herein are properties
of their respective holders. 
Safe Harbor Statement
 Some of the statements included in this press
release constitute forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. You should not
place undue reliance on these statements. These forward-looking
statements include statements that reflect the current views of our
senior management with respect to our financial performance and
future events with respect to our business and our industry in
general. Statements that include the words "expect," "intend,"
"plan," "believe," "anticipate," "estimate," and similar statements
of a future or forward-looking nature identify forward-looking
statements. 
Forward-looking statements address matters that involve risks and
uncertainties. Accordingly, there are or will be important factors
that could cause our actual results to differ materially from those
indicated in these statements. We believe that these factors include,
but are not limited to, the following: our ability to reduce or
maintain operating expenses at current levels; our ability to deliver
full production releases of our newer products and the acceptance of
those products by our customers and telecommunications service
providers; macroeconomic conditions which may cause our customers to
defer purchasing plans or cancel any purchasing plans altogether
despite successful design wins; the continued demand by
telecommunications service providers for our specific xDSL
semiconductor products; our ability to maintain an adequate cash and
short-term investment balance; our ability to comply with the
financial covenants in our credit agreement; the failure of
telecommunications service providers to implement deployment plans on
schedule, or at all, despite positive engagements or successful lab
or field trials; our continued ability to obtain and deliver
production volumes of new and current products and technologies; our
ability to generate demand and close transactions for the sale of our
products; our ability to develop commercially successful products as
a result of our current research and development programs; our
reliance on third parties to manufacture the products we sell;
competition in the markets in which we operate; risks associated with
doing business abroad, including foreign currency risks; the fact
that the products we sell may not satisfy shifting customer demand or
compete successfully with our competitors' products; that our
offering of standalone software, selling directly to
telecommunications service providers, will generate any revenue for
us or result in significant or any operational costs savings for the
telecommunications service providers; and unexpected future costs,
expenses, and financing requirements. For a more detailed discussion
of how these and other risks and uncertainties could cause our actual
results to differ materially from those indicated in our
forward-looking statements, see our reports filed with SEC (available
at www.sec.gov), including our Annual Report on Form 10-K for the
fiscal year ended December 30, 2012 and our Quarterly Report on Form
10-Q for the fiscal quarter ended March 31, 2013. Ikanos undertakes
no obligation to update or revise these forward-looking statements to
reflect events or circumstances subsequent to date of this press
release. 


 
                                                                            
                                                                            
                                                                            
                        IKANOS COMMUNICATIONS, INC.                         
         Unaudited Condensed Consolidated Statements of Operations          
                   (In thousands, except per share data)                    
                                                                            
                                     Three Months Ended   Six Months Ended  
                                     ------------------  ------------------ 
                                     June 30,   July 1,  June 30,   July 1, 
                                       2013      2012      2013      2012   
                                     --------  --------  --------  -------- 
                                                                            
Revenue                              $ 19,115  $ 32,055  $ 45,267  $ 62,815 
Cost of revenue                         9,813    17,001    22,009    31,654 
                                     --------  --------  --------  -------- 
    Gross profit                        9,302    15,054    23,258    31,161 
                                     --------  --------  --------  -------- 
Operating expenses:                                                         
  Research and development             12,599    12,842    26,117    26,842 
  Selling, general and                                                      
   administrative                       4,866     4,648     9,638     9,328 
  Restructuring                             -       (30)        -     1,062 
                                     --------  --------  --------  -------- 
    Total operating expenses           17,465    17,460    35,755    37,232 
                                     --------  --------  --------  -------- 
Loss from operations                   (8,163)   (2,406)  (12,497)   (6,071)
                                                                            
  Interest income and other, net         (442)     (387)     (360)     (312)
                                     --------  --------  --------  -------- 
Loss before income taxes               (8,605)   (2,793)  (12,857)   (6,383)
  Provision for income taxes               68       206       232       321 
                                     --------  --------  --------  -------- 
Net loss                             $ (8,673) $ (2,999) $(13,089) $ (6,704)
                                     ========  ========  ========  ======== 
                                                                            
Net loss per share                                                          
  Basic and diluted                  $  (0.12) $  (0.04) $  (0.18) $  (0.10)
                                     ========  ========  ========  ======== 
                                                                            
Weighted average number of shares                                           
  Basic and diluted                    71,182    69,543    70,798    69,439 
                                     ========  ========  ========  ======== 
                                                                            
                                                                            
                                                                            
                        IKANOS COMMUNICATIONS, INC.                         
         Unaudited Condensed Consolidated Statements of Operations          
                   (In thousands, except per share data)                    
                                                                            
                                                   Three Months Ended       
                                            ------------------------------- 
                                             June 30,   March 31,   July 1, 
                                               2013       2013       2012   
                                            ---------  ----------  -------- 
                                                                            
Revenue                                     $  19,115  $   26,152  $ 32,055 
Cost of revenue                                 9,813      12,196    17,001 
                                            ---------  ----------  -------- 
    Gross profit                                9,302      13,956    15,054 
                                            ---------  ----------  -------- 
Operating expenses:                                                         
  Research and development                     12,599      13,518    12,842 
  Selling, general and administrative           4,866       4,772     4,648 
  Restructuring                                     -           -       (30)
                                            ---------  ----------  -------- 
    Total operating expenses                   17,465      18,290    17,460 
                                            ---------  ----------  -------- 
Loss from operations                           (8,163)     (4,334)   (2,406)
                                                                            
  Interest income and other, net                 (442)         82      (387)
                                            ---------  ----------  -------- 
Loss before income taxes                       (8,605)     (4,252)   (2,793)
  Provision for income taxes                       68         164       206 
                                            ---------  ----------  -------- 
Net loss                                    $  (8,673) $   (4,416) $ (2,999)
                                            =========  ==========  ======== 
                                                                            
Basic and diluted net loss per share        $   (0.12) $    (0.06) $  (0.04)
                                            =========  ==========  ======== 
Weighted average outstanding shares:                                        
  Basic and diluted                            71,182      70,413    69,543 
                                            =========  ==========  ======== 
                                                                            
                                                                            
                                                                            
                         IKANOS COMMUNICATIONS, INC.                        
     Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated    
                          Statements of Operations                          
                    (In thousands, except per share data)                   
                                                                            
                                         Three Months Ended                 
                                            June 30, 2013                   
                           -----------------------------------------------  
                                          Non-GAAP                          
                           As Reported  Adjustments            Non-GAAP     
                           -----------  -----------        ---------------  
Revenue                    $    19,115  $         -        $        19,115  
Cost of revenue                  9,813           (2)  (a)            9,692  
                                               (119)  (b)                   
                                                                            
                           -----------  -----------        ---------------  
    Gross profit                 9,302         (121)                 9,423  
                           -----------  -----------        ---------------  
                                                                            
Operating expenses:                                                         
  Research and development      12,599         (551)  (a)           12,048  
                                                                            
  Selling, general and                                                      
   administrative                4,866         (337)  (a)            4,404  
                                               (125)  (b)                   
                                                                            
  Restructuring                      -            -                      -  
                           -----------  -----------        ---------------  
    Total operating                                                         
     expenses                   17,465       (1,013)                16,452  
                           -----------  -----------        ---------------  
Loss from operations            (8,163)       1,134                 (7,029) 
  Interest income and                                                       
   other, net                     (442)           -                   (442) 
                           -----------  -----------        ---------------  
Loss before income taxes        (8,605)       1,134                 (7,471) 
Provision for income taxes          68            -                     68  
                           -----------  -----------        ---------------  
Net loss                   $    (8,673) $     1,134        $        (7,539) 
                           ===========  ===========        ===============  
                                                                            
Net loss per share:                                                         
  Basic and diluted        $     (0.12)                    $         (0.11) 
                           ===========                     ===============  
                                                                            
Weighted average                                                            
 outstanding shares:                                                        
  Basic and diluted             71,182                              71,182  
                           ===========                     ===============  
 
                                                                        
                                       Three Months Ended               
                                           July 1, 2012                 
                          --------------------------------------------- 
                                         Non-GAAP                       
                          As Reported  Adjustments           Non-GAAP   
                          -----------  -----------        ------------- 
Revenue                   $    32,055  $         -        $      32,055 
Cost of revenue                17,001            1   (a)         16,502 
                                              (500)  (b)                
                                                                        
                          -----------  -----------        ------------- 
    Gross profit               15,054         (499)              15,553 
                          -----------  -----------        ------------- 
                                                                        
Operating expenses:                                                     
  Research and development     12,842         (340)  (a)         12,502 
                                                                        
  Selling, general and                                                  
   administrative               4,648         (165)  (a)          4,358 
                                              (125)  (b)                
                                                                        
  Restructuring                   (30)          30   (c)              - 
                          -----------  -----------        ------------- 
    Total operating                                                     
     expenses                  17,460         (600)              16,860 
                          -----------  -----------        ------------- 
Loss from operations           (2,406)       1,099               (1,307)
  Interest income and                                                   
   other, net                    (387)           -                 (387)
                          -----------  -----------        ------------- 
Loss before income taxes       (2,793)       1,099               (1,694)
Provision for income taxes        206            -                  206 
                          -----------  -----------        ------------- 
Net loss                  $    (2,999) $     1,099        $      (1,900)
                          ===========  ===========        ============= 
                                                                        
Net loss per share:                                                     
  Basic and diluted       $     (0.04)                    $       (0.03)
                          ===========                     ============= 
                                                                        
Weighted average                                                        
 outstanding shares:                                                    
  Basic and diluted            69,543                            69,543 
                          ===========                     ============= 
                                                                            
Notes:                                                   Three Months Ended 
                                                       -------------------- 
                                                         June 30,   July 1, 
                                                           2013      2012   
                                                       ---------- --------- 
(a) Stock-based compensation                           $      890 $     504 
(b) Amortization of acquired intangible assets                244       625 
(c) Restructuring charges                                       -       (30)
                                                       ---------- --------- 
    Total non-GAAP adjustments                         $    1,134 $   1,099 
                                                       ========== ========= 
                                                                            
                                                                            
                                                                            
                                 IKANOS COMMUNICATIONS, INC.                    
              
Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated Statements 
of Operations  
                            (In thousands, except per share data)               
              
                                                                            
                                        Three Months Ended March 31, 2013   
                                      ------------------------------------- 
                                          As       Non-GAAP                 
                                       Reported   Adjustments      Non-GAAP 
                                      ---------  ------------      -------- 
Revenue                               $  26,152  $          -      $ 26,152 
Cost of revenue                          12,196            (1) (a)   12,075 
                                                         (120) (b)          
                                                                            
                                      ---------  ------------      -------- 
    Gross profit                         13,956          (121)       14,077 
                                      ---------  ------------      -------- 
Operating expenses:                                                         
  Research and development               13,518          (571) (a)   12,947 
                                                                            
  Selling, general and administrative     4,772          (262) (a)    4,385 
                                                         (125) (b)          
                                                                            
  Restructuring                               -             -             - 
                                      ---------  ------------      -------- 
    Total operating expenses             18,290          (958)       17,332 
                                      ---------  ------------      -------- 
Loss from operations                     (4,334)        1,079        (3,255)
  Interest income and other, net             82             -            82 
                                      ---------  ------------      -------- 
Loss before income taxes                 (4,252)        1,079        (3,173)
Provision for income taxes                  164             -           164 
                                      ---------  ------------      -------- 
Net loss                              $  (4,416) $      1,079      $ (3,337)
                                      =========  ============      ======== 
                                                                            
Net loss per share:                                                         
  Basic and diluted                   $   (0.06)                   $  (0.05)
                                      =========                    ======== 
                                                                            
Weighted average outstanding shares:                                        
  Basic and diluted                      70,413                      70,413 
                                      =========                    ======== 
                                                                            
Notes:                                                                      
                                                       Three Months Ended   
                                                         March 31, 2013     
                                                   -------------------------
 (a) Stock-based compensation                      $                     834
 (b) Amortization of acquired intangible assets                          245
 (c) Restructuring charges                                                 -
                                                   -------------------------
     Total non-GAAP adjustments                    $                   1,079
                                                   =========================
                                                                            
                                                                            
                                                                            
                         IKANOS COMMUNICATIONS, INC.                        
     Unaudited Reconciliation of GAAP to Non-GAAP Condensed Consolidated    
                           Statements of Operations                         
                    (In thousands, except per share data)                   
                                                                            
                                            Six Months Ended                
                                              June 30, 2013                 
                               -------------------------------------------  
                                               Non-GAAP                     
                                As Reported   Adjustments       Non-GAAP    
                               ------------  ------------     ------------  
Revenue                        $     45,267  $          -     $     45,267  
Cost of revenue                      22,009            (3) (a)      21,767  
                                                     (239) (b)              
                               ------------  ------------     ------------  
    Gross profit                     23,258          (242)          23,500  
                               ------------  ------------     ------------  
                                                                            
Operating expenses:                                                         
  Research and development           26,117        (1,122) (a)      24,995  
                                                                            
  Selling, general and                                                      
   administrative                     9,638          (599) (a)       8,789  
                                                     (250) (b)              
                                                                            
  Restructuring                           -             -                -  
                               ------------  ------------     ------------  
    Total operating expenses         35,755        (1,971)          33,784  
                               ------------  ------------     ------------  
Loss from operations                (12,497)        2,213          (10,284) 
                                                                            
  Interest income and other,                                                
   net                                 (360)            -             (360) 
                               ------------  ------------     ------------  
Loss before income taxes            (12,857)        2,213          (10,644) 
Provision for income taxes              232             -              232  
                               ------------  ------------     ------------  
Net loss                       $    (13,089) $      2,213     $    (10,876) 
                               ============  ============     ============  
                                                                            
Net loss per share:                                                         
  Basic and diluted            $      (0.18)                  $      (0.15) 
                               ============                   ============  
                                                                            
Weighted average outstanding                                                
 shares:                                                                    
  Basic and dilluted                 70,798                         70,798  
                               ============                   ============  
 
                  IKANOS COMMUNICATIONS, INC.                  
    Unaudited Reconciliation of GAAP to Non-GAAP Condensed     
             Consolidated Statements of Operations             
             (In thousands, except per share data)             
                                                               
                                     Six Months Ended          
                                        July 1, 2012           
                             --------------------------------- 
                                        Non-GAAP               
                                As     Adjust-               
                             Reported      ments      Non-GAAP 
                             --------  ---------     --------- 
Revenue                      $ 62,815  $       -     $  62,815 
Cost of revenue                31,654         (2) (a)   30,652 
                                          (1,000) (b)          
                             --------  ---------     --------- 
    Gross profit               31,161     (1,002)       32,163 
                             --------  ---------     --------- 
                                                               
Operating expenses:                                            
  Research and development     26,842       (936) (a)   25,906 
                                                               
  Selling, general and                                         
   administrative               9,328       (360) (a)    8,718 
                                            (250) (b)          
                                                               
  Restructuring                 1,062     (1,062) (c)        - 
                             --------  ---------     --------- 
    Total operating expenses   37,232     (2,608)       34,624 
                             --------  ---------     --------- 
Loss from operations           (6,071)     3,610        (2,461)
                                                               
  Interest income and other,                                   
   net                           (312)         -          (312)
                             --------  ---------     --------- 
Loss before income taxes       (6,383)     3,610        (2,773)
Provision for income taxes        321          -           321 
                             --------  ---------     --------- 
Net loss                     $ (6,704) $   3,610     $  (3,094)
                             ========  =========     ========= 
                                                               
Net loss per share:                                            
  Basic and diluted          $  (0.10)               $   (0.04)
                             ========                ========= 
                                                               
Weighted average outstanding                                   
 shares:                                                       
  Basic and dilluted           69,439                   69,439 
                             ========                ========= 
                                                                            
Notes:                                                     Six Months Ended 
                                                         -------------------
                                                          June 30,  July 1, 
                                                            2013      2012  
                                                         --------- ---------
 (a) Stock-based compensation                            $   1,724 $   1,298
 (b) Amortization of acquired intangible assets                489     1,250
 (c) Restructuring charges (credits)                             -     1,062
                                                         --------- ---------
     Total non-GAAP adjustments                          $   2,213 $   3,610
                                                         ========= =========
                                                                            
                                                                            
                                                                            
                         IKANOS COMMUNICATIONS, INC.                        
               Unaudited Condensed Consolidated Balance Sheets              
                               (In thousands)                               
                                                                            
                                             June 30, March 31, December 30,
                                               2013      2013       2012    
                                            --------- --------- ------------
                   Assets                                                   
Current assets:                                                             
  Cash, cash equivalents and short-term                                     
   investments                              $  27,321 $  31,565 $     31,176
  Accounts receivable                          12,091    10,441       15,748
  Inventory                                     4,037     7,375        8,122
  Prepaid expenses and other current assets     4,035     3,684        5,892
                                            --------- --------- ------------
    Total current assets                       47,484    53,065       60,938
Property and equipment, net                     8,925     8,281        8,769
Intangible assets, net                          1,040     1,285        1,529
Other assets                                    2,482     2,556        2,612
                                            --------- --------- ------------
                                            $  59,931 $  65,187 $     73,848
                                            ========= ========= ============
                                                                            
    Liabilities and Stockholders' Equity                                    
Current liabilities:                                                        
  Revolving line                            $   7,500 $   5,000 $      5,000
  Accounts payable                              5,081     3,494        5,679
  Accrued liabilities                           8,532    10,828       13,688
                                            --------- --------- ------------
    Total current liabilities                  21,113    19,322       24,367
Other liabilities                               2,459     2,561        2,854
                                            --------- --------- ------------
    Total liabilities                          23,572    21,883       27,221
Stockholders' equity                           36,359    43,304       46,627
                                            --------- --------- ------------
                                            $  59,931 $  65,187 $     73,848
                                            ========= ========= ============

  
Investor Relations Contact:
MKR Group, Inc.
Todd Kehrli or Jim Byers
(323) 468-2300
IKAN@mkr-group.com 
 
 
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