SYMMETRICOM INC

CIK:0000082628|SEC Filings

Condensed Consolidated Statements of Operations (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended
	Sep. 29, 2013	Sep. 30, 2012
Income Statement [Abstract]
Net revenue	$ 48,044	$ 56,391
Cost of sales:
Cost of products and services	27,382	31,900
Amortization of purchased technology	194	234
Restructuring charges	8	(45)
Total cost of sales	27,584	32,089
Gross profit	20,460	24,302
Operating expenses:
Research and development	6,795	8,313
Selling, general and administrative	14,161	16,227
Amortization of intangible assets	86	86
Restructuring charges	962	55
Total operating expenses	22,004	24,681
Operating loss	(1,544)	(379)
Interest income (loss), net of amortization (accretion) of premium (discount) on investments	88	(36)
Loss before taxes	(1,456)	(415)
Income tax benefit	(456)	(212)
Net loss	$ (1,000)	$ (203)
Earnings (loss) per share:
Basic and diluted	$ (0.02)	$ (0.01)
Shares used in computing earnings (loss) per share:
Weighted average shares outstanding - basic and diluted	40,863	40,510

Condensed Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Sep. 29, 2013	Sep. 30, 2012
Cash flows from operating activities:
Net loss	$ (1,000)	$ (203)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	1,869	1,557
Deferred income taxes	(569)	(382)
Loss on disposal of fixed assets	17
Stock-based compensation	1,554	1,772
Allowance for doubtful accounts	71	9
Provision for excess and obsolete inventory	662	534
Changes in assets and liabilities:
Accounts receivable	2,942	4,551
Inventories	2,635	1,185
Prepaids and other assets	(1,368)	(746)
Accounts payable	1,393	4,748
Accrued compensation	(2,447)	(3,882)
Other accrued liabilities	(1,447)	(1,344)
Net cash provided by operating activities	4,312	7,799
Cash flows from investing activities:
Purchases of short-term investments	(6,405)	(13,219)
Maturities/sale of short-term investments	4,500	8,500
Purchases of property, plant and equipment	(1,594)	(984)
Net cash used in investing activities	(3,499)	(5,703)
Cash flows from financing activities:
Proceeds from issuance of common stock	1,740	1,759
Repurchase of common stock		(3,799)
Net cash provided by (used in) financing activities	1,740	(2,040)
Effect of exchange rate changes on cash	54	99
Net increase in cash and cash equivalents	2,607	155
Cash and cash equivalents at beginning of period	29,358	27,659
Cash and cash equivalents at end of period	31,965	27,814
Non-cash investing and financing activities:
Unrealized gain on investments, net	66	20
Property, plant and equipment purchases included in accounts payable	246	78
Cash payments for:
Income taxes	$ 21	$ 1,217

Condensed Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 29, 2013	Jun. 30, 2013
Current assets:
Cash and cash equivalents	$ 31,965	$ 29,358
Short-term investments	47,881	46,131
Accounts receivable, net of allowance for doubtful accounts of $703 and $636	35,743	38,756
Inventories	41,219	44,516
Prepaids and other current assets	20,158	18,389
Total current assets	176,966	177,150
Property, plant and equipment, net	23,286	23,869
Intangible assets, net	2,678	2,958
Deferred taxes and other assets	27,340	26,951
Total assets	230,270	230,928
Current liabilities:
Accounts payable	8,635	7,813
Accrued compensation	11,255	13,702
Accrued warranty	1,626	1,550
Other accrued liabilities	11,391	12,483
Total current liabilities	32,907	35,548
Long-term obligations	4,833	5,264
Deferred income taxes	334	334
Total liabilities	38,074	41,146
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.0001 par value; 500 shares authorized, none issued
Common stock, $0.0001 par value; 70,000 shares authorized, 53,372 shares issued and 41,510 outstanding at September 29, 2013; 52,956 shares issued and 41,097 outstanding at June 30, 2013	201,521	198,227
Accumulated other comprehensive loss	(156)	(276)
Accumulated deficit	(9,169)	(8,169)
Total stockholders' equity	192,196	189,782
Total liabilities and stockholders' equity	$ 230,270	$ 230,928