SYMMETRICOM INC

CIK:0000082628|SEC Filings

Net Income (Loss) Per Share

3 Months Ended

Sep. 29, 2013

Note 9. Net Income (Loss) Per Share

Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted average number of common shares outstanding and common equivalent shares from dilutive stock options, employee stock purchase plan and restricted stock using the treasury stock method, except when antidilutive.

The following table reconciles the number of shares utilized in the net income (loss) per share calculations:


	Three Months Ended
	September 29, 2013			September 30, 2012
	(In thousands, except per share amounts)
Numerator:
Net loss	$	(1,000	)	$	(203	)


Shares (denominator):
Weighted average common shares outstanding		41,260			40,826
Weighted average common shares outstanding subject to repurchase		(397	)		(316	)

Weighted average shares outstanding—basic and diluted		40,863			40,510

Earnings (loss) per share:
Basic and diluted	$	(0.02	)	$	(0.01	)

Unvested restricted stock is subject to repurchase by the Company and therefore is not included in the calculation of the weighted-average shares outstanding for basic earnings per share.

The following common stock equivalents were excluded from the earnings (loss) per share calculation as their effect would have been anti-dilutive:


	Three Months Ended
	September 29, 2013		September 30, 2012
	(In thousands)

Stock options		7,340		7,281
Common shares subject to repurchase		419		316

Total shares of common stock excluded from diluted net income (loss) per share calculation		7,759		7,597

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