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Sierra Wireless reports third quarter 2012 results

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported third quarter 2012 results. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.

Revenue for the third quarter of 2012 was $162.6 million, compared to $146.8 million in the third quarter of 2011, and $167.4 million in the second quarter of 2012. The year-over-year revenue increase of 10.8 percent was driven by exceptional growth in Machine-to-Machine (“M2M”) sales, including a $4.6 million contribution from the recently acquired Sagemcom M2M business, and solid growth in Mobile Computing, driven by higher sales to PC OEMs. M2M revenue was $86.1 million, an increase of 14.3 percent compared to $75.3 million in the third quarter of 2011. Mobile Computing revenue was $76.5 million, an increase of 7.0 percent compared to $71.5 million in the third quarter of 2011.

“Our Machine-to-Machine business had an exceptional quarter, with revenue up 14 percent year-over-year driven by strong organic growth and contribution from the recently acquired Sagemcom M2M business,” said Jason Cohenour, President and Chief Executive Officer. “Our success in M2M, combined with solid year-over-year revenue growth in Mobile Computing and tight cost control, resulted in profitability that exceeded our expectations.”

On a GAAP basis, gross margin was $47.9 million, or 29.4 percent of revenue, in the third quarter of 2012, compared to $43.3 million, or 29.5 percent of revenue, in the third quarter of 2011. Operating expenses were $46.8 million and earnings from operations were $1.1 million in the third quarter of 2012, compared to operating expenses of $45.1 million and a loss from operations of $1.8 million in the third quarter of 2011. Net earnings were $3.7 million, or $0.12 per diluted share, in the third quarter of 2012, compared to a net loss of $1.0 million, or $0.03 per diluted share, in the third quarter of 2011. A favorable income tax recovery contributed to the stronger than expected net earnings. The third quarter results also included $2.7 million in acquisition and restructuring costs, compared to $1.0 million in restructuring and integration costs in the third quarter of 2011.

On a non-GAAP basis, gross margin was 29.5 percent of revenue in the third quarter of 2012, compared to 29.6 percent of revenue in the third quarter of 2011. Operating expenses were $39.6 million and earnings from operations were $8.3 million in the third quarter of 2012, compared to operating expenses of $39.4 million and earnings from operations of $4.0 million in the third quarter of 2011. Net earnings were $8.8 million, or $0.28 per diluted share, in the third quarter of 2012 compared to net earnings of $4.6 million, or $0.15 per diluted share, in the third quarter of 2011.

During the third quarter of 2012, we successfully completed the acquisition of the M2M business of Sagemcom. The purchase price of €44.9 million (US$55.2 million) and the related transaction expenses were funded by cash on hand. The cash, cash equivalents, and short term investments balance at the end of the third quarter of 2012 was $59.5 million, down from $125.3 million at the end of the second quarter of 2012.

Subsequent to the completion of the quarter, we entered into a new $50 million revolving line of credit. This facility replaces our existing $10 million line of credit and is designed to augment our working capital capacity. There are currently no borrowings under the facility.

Non-GAAP results exclude the impact of stock-based compensation expense, acquisition costs, restructuring costs, integration costs, acquisition amortization, foreign exchange gains or losses on foreign currency contracts and translation of balance sheet accounts, and certain tax adjustments. We disclose non-GAAP amounts as we believe that these measures provide our shareholders with useful information about actual operating results and assist in comparisons from one period to another. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules.

Financial guidance

In the fourth quarter of 2012, on a sequential basis, we expect revenue to be flat compared to the third quarter, as a result of continued strength in our M2M business, including a full quarter of contribution from the acquired Sagemcom M2M business, offset by lower sales in Mobile Computing. We expect gross margin to be slightly higher, driven largely by a favorable shift in product mix and we expect operating expenses to be modestly higher as a result of the timing of new product certification and launch expenses, as well as a full quarter of Sagemcom M2M.

   

Q4 2012 Guidance

  Consolidated Non-GAAP
Revenue $160.0 to $165.0 million
Earnings from operations $7.5 to $9.0 million
Net earnings $5.6 to $6.8 million
Earnings per share $0.18 to $0.22 per share


This Non-GAAP guidance for the fourth quarter of 2012 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented below. All figures are approximations based on management’s current beliefs and assumptions.

Conference call, webcast and instant replay details

Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday, November 1, 2012, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below.

To participate in this conference call, please dial the following number approximately ten minutes prior to the commencement of the call:

  • Toll-free (Canada and US): 1-877-201-0168
  • Alternate number: 1-647-788-4901
  • Conference ID: 30799204

For those unable to participate in the live call, a replay will be available until November 22, 2012. Dial 1-855-859-2056 or 1-800-585-8367 and enter the Conference ID number above to access the replay.

To access the webcast, please follow the link below:

http://www.snwebcastcenter.com/custom_events/sierrawireless-20121101/site/

The webcast will remain available at the above link for one year following the call.

We look forward to having you participate in our call.

Cautionary Note Regarding Forward-Looking Statements

Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the fourth quarter of 2012 and our fiscal year 2012, our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws.

Forward-looking statements:

  • Typically include words and phrases about the future such as “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”.
  • Are not promises or guarantees of future performance. They represent our current views and may change significantly.
  • Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:
    • Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
    • Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
    • Expected transition period to our 4G products;
    • Expected cost of goods sold;
    • Expected component supply constraints;
    • Our ability to “win” new business;
    • Expected deployment of next generation networks by wireless network operators;
    • Our operations are not adversely disrupted by component shortages or other development, operating or regulatory risks; and
    • Expected tax rates and foreign exchange rates.
  • Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada.

    • Actual sales volumes or prices for our products and services may be lower than we expect for any reason including, without limitation, the continuing uncertain economic conditions, price and product competition, different product mix, the loss of any of our significant customers, competition from new or established wireless communication companies;
    • The cost of products sold may be higher than planned or necessary component supplies may not be available, are delayed or are not available on commercially reasonable terms;
    • We may be unable to enforce our intellectual property rights or may be subject to litigation that has an adverse outcome;
    • The development and timing of the introduction of our new products may be later than we expect or may be indefinitely delayed;
    • Transition periods associated with the migration to new technologies may be longer than we expect.

About Sierra Wireless

Sierra Wireless (NASDAQ: SWIR) (TSX: SW) offers industry-leading mobile computing and machine-to-machine (M2M) communications products and solutions that connect people, devices, and applications over cellular networks. Wireless service providers, equipment manufacturers, enterprises and government organizations around the world depend on us for reliable wireless technology. We offer 2G, 3G and 4G wireless modems, routers and gateways as well as a comprehensive suite of software, tools, and services that ensure our customers can successfully bring wireless applications to market. For more information about Sierra Wireless, visit www.sierrawireless.com.

“AirCard” and “AirLink” are registered trademarks of Sierra Wireless. “AirPrime” and “AirVantage” are also trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

 

SIERRA WIRELESS, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands of U.S. dollars)

(unaudited)

   
     

September 30,
2012

 

December 31,
2011

Assets
Current assets
Cash and cash equivalents $   59,528   $   101,375  
Short-term investments 9,347
Accounts receivable, net of allowance for

doubtful accounts of $2,855 (December 31, 2011 - $3,642)

118,901 107,367
Inventories 22,746 16,168
Deferred income taxes 10,109 6,540
Prepaids and other     41,216     20,674
252,500 261,471
Property and equipment 26,657 22,087
Intangible assets 60,361 42,557
Goodwill 121,937 89,961
Deferred income taxes 6,205 6,205
Other assets     608     606
  $   468,268 $   422,887
Liabilities
Current liabilities
Accounts payable and accrued liabilities $ 163,788 $ 123,547
Deferred income taxes 336
Deferred revenue and credits     1,576     1,721
165,364 125,604
Long-term obligations 26,677 25,143
Deferred income taxes     236     236
      192,277     150,983
Equity
Shareholders’ equity

Common stock:

no par value; unlimited shares authorized; issued

and outstanding: 30,590,440 shares (December 31, 2011 - 31,306,692 shares)

322,757 328,440

Preferred stock:

no par value; unlimited shares authorized;

issued and outstanding: nil shares

Treasury stock:

at cost 717,886 shares (December 31, 2011 – 877,559 shares)

(5,183 ) (6,141 )
Additional paid-in capital 21,444 20,087
Deficit (54,889 ) (62,482 )
Accumulated other comprehensive loss     (8,138 )     (8,000 )
        275,991     271,904
    $   468,268 $   422,887

 

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands of U.S. dollars, except where otherwise stated)

(unaudited)

  Three months ended

September 30

      Nine months ended

September 30

    2012       2011     2012       2011  
Revenue $ 162,638 $ 146,827 $ 480,345 $ 430,990
Cost of goods sold   114,781     103,493     336,387     309,092  
Gross margin   47,857     43,334     143,958     121,898  
Expenses
Sales and marketing 10,476 11,158 33,527 34,752
Research and development 22,395 21,942 64,564 67,479
Administration 8,592 8,548 25,938 26,743
Acquisition costs 2,196 2,795
Restructuring 498 881 2,209 856
Integration 121 1,426
Amortization   2,649     2,447     7,311     8,089  
    46,806     45,097     136,344     139,345  

Earnings (loss) from operations

1,051 (1,763 ) 7,614 (17,447 )

Foreign exchange gain (loss)

1,176 (154 ) 1,718 47
Other income (expense)   (70 )   68     (231 )   15  
Earnings (loss) before income taxes 2,157 (1,849 ) 9,101 (17,385 )
Income tax expense (recovery)   (1,510 )   (851 )   1,508     (1,775 )
Net earnings (loss) 3,667 (998 ) 7,593 (15,610 )
Net loss attributable to non-controlling interest               (57 )
Net earnings (loss) attributable to the Company $ 3,667   $ (998 ) $ 7,593   $ (15,553 )

Net earnings (loss) per share attributable to the Company’s common shareholders (in dollars)

 
Basic $ 0.12 $ (0.03 ) $ 0.25 $ (0.50 )
Diluted $ 0.12 $ (0.03 ) $ 0.24 $ (0.50 )
Weighted average number of shares outstanding
(in thousands)
Basic 30,573 31,297 30,854 31,267
Diluted   30,772     31,297     31,012     31,267  

 

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE EARNINGS (LOSS)

(in thousands of U.S. dollars)

(unaudited)

  Three months ended

September 30

      Nine months ended

September 30

  2012   2011   2012     2011  
Net earnings (loss) $ 3,667 $ (998 ) $ 7,593 $ (15,610 )
Other comprehensive income (loss), net of taxes:
Purchase of Wavecom S.A. shares, net of taxes of $nil 42
Foreign currency translation adjustments, net of taxes of $nil   1,203   (5,920 )   (138 )   599  
Total comprehensive earnings (loss) 4,870 (6,918 ) 7,455 (14,969 )
Comprehensive income (loss) attributable to non-controlling interest:
Net earnings (loss) (57 )
Foreign currency translation adjustments, net of taxes of $nil             106  
Comprehensive earnings (loss) attributable to the Company $ 4,870 $ (6,918 ) $ 7,455   $ (15,018 )

 

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands of U.S. dollars)

(unaudited)

  Equity attributable to the Company  

Common stock   Treasury Shares  
 

 

# of

shares

   

 

 

$

 

 

# of

shares

   

 

 

$

 

Additional paid-in

capital

 

 

 

Deficit

  Accumulated

other

comprehensive income (loss)

Non-controlling interest

(deficit)

 

 

 

Total

Balance as at December 31, 2010 31,222,786 $ 327,668 643,042 $ (3,908 ) $ 16,926 $ (33,167 ) $ (5,471 ) $ 1,139 $ 303,187
Purchase of Wavecom S.A. shares (796 ) 42 (1,033 ) (1,787 )
Stock option exercises 83,906 772 (253 ) 519
Stock-based compensation 6,449 6,449
Purchase of treasury shares for RSU distribution 613,638 (4,472 ) (4,472 )
Distribution of vested RSUs (379,121 ) 2,239 (2,239 )
Net loss (29,315 ) (57 ) (29,372 )
Foreign currency translation adjustments, net of tax                       (2,571 )   (49 )   (2,620 )
Balance as at December 31, 2011 31,306,692   $ 328,440   877,559   $ (6,141 ) $ 20,087   $ (62,482 ) $ (8,000 ) $   $ 271,904  
 
Common share cancellation (800,000 ) (6,312 ) (6,312 )
Stock option exercises 83,068 624 (197 ) 427
Stock-based compensation 5,010 5,010
Purchase of treasury shares for RSU distribution 336,638 (2,489 ) (2,489 )
Distribution of vested RSUs 680 5 (496,311 ) 3,447 (3,456 ) (4 )
Net earnings 7,593 7,593
Foreign currency translation adjustments, net of tax                       (138 )       (138 )
Balance as at September 30, 2012 30,590,440   $ 322,757   717,886   $ (5,183 ) $ 21,444   $ (54,889 ) $ (8,138 ) $   $ 275,991  

 

SIERRA WIRELESS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands of U.S. dollars)

(unaudited)

    Three months ended

September 30

      Nine months ended

September 30

  2012     2011   2012     2011  
Cash flows provided (used) by:
Operating activities
Net earnings (loss) $ 3,667 $ (998 ) $ 7,593 $ (15,610 )
Items not requiring (providing) cash
Amortization 7,082 7,456 20,795 24,524
Stock-based compensation 1,695 1,587 5,010 4,916
Deferred income taxes (2,032 ) (988 ) (3,905 ) (3,207 )
Loss (gain) on disposal of property, equipment, and intangibles 57 (6 ) 183 27
Taxes paid related to net settlement of equity awards (4 ) (4 )
Changes in non-cash working capital
Accounts receivable (6,970 ) (10,616 ) (11,380 ) 11,051
Inventories (6,044 ) (5,075 ) (5,127 ) (3,076 )
Prepaid expenses and other (17,596 ) 6,903 (20,557 ) 9,406
Accounts payable and accrued liabilities 16,065 (8,236 ) 37,537 (19,252 )
Deferred revenue and credits   513     (69 )   (145 )   (161 )
Cash flows provided (used) by operating activities   (3,567 )   (10,042 )   30,000     8,618  
Investing activities
Purchase of M2M business of Sagemcom (55,218 ) (55,218 )
Purchase of Wavecom S.A. shares (282 ) (1,787 )
Additions to property, plant and equipment (3,290 ) (3,357 ) (11,850 ) (11,920 )
Proceeds from sale of property and equipment (8 ) 14 56 29
Increase in intangible assets (596 ) (1,265 ) (1,934 ) (3,222 )
Net change in short-term investments   2,153     17,470     9,347     26,405  
Cash flows provided (used) by investing activities   (56,959 )   12,580     (59,599 )   9,505  
Financing activities
Issuance of common shares, net of share issue costs 158 15 427 480
Repurchase of common shares (6,312 )
Purchase of treasury shares for RSU distribution (2,497 ) (2,489 ) (2,497 )
Repayment of long-term obligations   (176 )   (261 )   (831 )   (888 )
Cash flows used by financing activities   (18 )   (2,743 )   (9,205 )   (2,905 )
Effect of foreign exchange rate changes on cash and cash equivalents   (3,087 )   (818 )   (3,039 )   1  

Cash and cash equivalents, increase (decrease) in the period

(63,631 ) (1,023 ) (41,847 ) 15,219
Cash and cash equivalents, beginning of period   123,159     101,685     101,375     85,443  
Cash and cash equivalents, end of period $ 59,528   $ 100,662   $ 59,528   $ 100,662  

Supplemental disclosures:

Net Income taxes paid (received) $ 321 $ 592 $ 1,261 $ (1,167 )
Net interest paid (received)   4     35     (40 )   88  

SIERRA WIRELESS, INC.

RECONCILIATION OF GAAP AND NON-GAAP RESULTS

(in thousands of U.S. dollars, except where otherwise stated)

(unaudited)

    2012     2011  
  YTD   Q3   Q2   Q1 YTD   Q3   Q2   Q1
 
Revenue - GAAP and Non-GAAP $ 480,345   $ 162,638   $ 167,441   $ 150,266   $ 430,990   $ 146,827   $ 139,888   $ 144,275  
 
Gross Margin - GAAP $ 143,958 $ 47,857 $ 51,335 $ 44,766 $ 121,898 $ 43,334 $ 39,100 $ 39,464
Stock-based compensation   243     82     78     83     299     89     97     113  
Gross Margin - Non-GAAP $ 144,201   $ 47,939   $ 51,413   $ 44,849   $ 122,197   $ 43,423   $ 39,197   $ 39,577  
 
Earnings (loss) from operations - GAAP $ 7,614 $ 1,051 $ 6,221 $ 342 $ (17,447 ) $ (1,763 ) $ (6,270 ) $ (9,414 )
Stock-based compensation 5,010 1,695 1,636 1,679 4,916 1,587 1,697 1,632
Acquisition 2,795 2,196 599 - - - - -
Restructuring 2,209 498 1,531 180 856 881 (350 ) 325
Integration - - - - 1,426 121 765 540
Acquisition related amortization   8,552     2,906     2,665     2,981     9,798     3,198     3,312     3,288  
Earnings (loss) from operations - Non-GAAP $ 26,180 $ 8,346 $ 12,652 $ 5,182 $ (451 ) $ 4,024 $ (846 ) $ (3,629 )
Amortization (excluding acquisition related amortization)   12,243     4,176     4,066     4,001     14,726     4,258     5,144     5,324  
EBITDA $ 38,423   $ 12,522   $ 16,718   $ 9,183   $ 14,275   $ 8,282   $ 4,298   $ 1,695  
 
Net Earnings (loss) - GAAP $ 7,593 $ 3,667 $ 3,581 $ 345 $ (15,553 ) $ (998 ) $ (6,766 ) $ (7,789 )
Stock-based compensation, restructuring and other,
integration, and acquisition related amortization, net of tax 17,778 7,118 5,891 4,769 16,798 5,570 5,503 5,725
Unrealized foreign exchange loss (gain) (1,484 ) (1,218 ) (165 ) (101 ) (63 ) 34 238 (335 )
Income tax adjustments (804 ) (804 ) - - - - - -
Non-controlling interest   -     -     -     -     (32 )   -     -     (32 )
Net earnings (loss) - Non-GAAP $ 23,083   $ 8,763   $ 9,307   $ 5,013   $ 1,150   $ 4,606   $ (1,025 ) $ (2,431 )
 
Diluted earnings (loss) per share - GAAP (in dollars)
GAAP $ 0.24 $ 0.12 $ 0.11 $ 0.01 $ (0.50 ) $ (0.03 ) $ (0.22 ) $ (0.25 )
Non-GAAP $ 0.74 $ 0.28 $ 0.30 $ 0.16 $ 0.04 $ 0.15 $ (0.03 ) $ (0.08 )

SIERRA WIRELESS, INC.

SEGMENTED RESULTS

(in thousands of U.S. dollars)

(unaudited)

                           
    Three months ended September 30     Nine months ended September 30
  2012   2011     2012   2011
M2M
Revenue $ 86,155 $ 75,315 $ 240,643 $ 221,951
Cost of goods sold   58,143   49,667   161,788   149,732
Gross margin $ 28,012 $ 25,648 $

78,855

$ 72,219
Gross margin % 32.5% 34.1% 32.8% 32.5%
 
Mobile Computing
Revenue $ 76,483 $ 71,512 $ 239,702 $ 209,039
Cost of goods sold   56,638   53,826   174,599   159,360
Gross margin $ 19,845 $ 17,686 $ 65,103 $ 49,679
Gross margin % 25.9% 24.7% 27.2% 23.8%

 

SIERRA WIRELESS, INC.

REVENUE BY SEGMENT AND PRODUCT

(in thousands of U.S. dollars)

(unaudited)

                           
    Three months ended September 30     Nine months ended September 30
  2012   2011     2012   2011
M2M
AirPrime Embedded Wireless Modules (excludes PC OEMs) (1) $ 73,249 $ 63,635 $ 199,961 $ 186,089
AirLink Intelligent Gateways and Routers 11,262 9,928 33,291 28,910
AirVantage M2M Cloud Platform and Other   1,644   1,752   7,391   6,952
$ 86,155 $ 75,315 $ 240,643 $ 221,951
 
Mobile Computing
AirCard Mobile Broadband Devices (2) $ 61,066 $ 60,453 $ 187,959 $ 177,442
AirPrime Embedded Wireless Modules for PC OEMs 14,018 9,771 47,119 28,375
Other   1,399   1,288   4,624   3,222
$ 76,483 $ 71,512 $ 239,702 $ 209,039

(1) AirPrime Embedded Wireless Modules includes revenue generated from the acqusition of the M2M business of Sagemcom from the date of acquisition on August 1, 2012 to September 30, 2012 of $4,630.

(2) Clearwire contributed $nil in mobile computing revenue in the three and nine months ended September 30, 2012 compared to $nil and $8,366 in the three and nine months ended September 30, 2011, respectively.

About Business Wire
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