IKANOS COMMUNICATIONS

CIK:0001219210|SEC Filings

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014	Jun. 28, 2015	Jun. 29, 2014
Income Statement [Abstract]
Revenue	$ 11,068	$ 11,255	$ 21,249	$ 25,768
Cost of revenue	5,392	5,775	10,585	13,211
Gross profit	5,676	5,480	10,664	12,557
Operating expenses:
Research and development	12,618	13,408	24,431	26,084
Selling, general, and administrative	4,901	4,105	9,907	8,926
Total operating expenses	17,519	17,513	34,338	35,010
Loss from operations	(11,843)	(12,033)	(23,674)	(22,453)
Interest and other, net	(378)	(129)	(486)	113
Loss before provision for income taxes	(12,221)	(12,162)	(24,160)	(22,340)
Provision for income taxes	95	168	149	295
Net loss	$ (12,316)	$ (12,330)	$ (24,309)	$ (22,635)
Basic and diluted net loss per share (USD per share)	$ (0.72)	$ (1.24)	$ (1.49)	$ (2.29)
Weighted average number of shares (basic and diluted) (in shares)	17,103	9,910	16,339	9,893

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 28, 2015	Jun. 29, 2014
Cash flows from operating activities:
Net Loss	$ (24,309)	$ (22,635)
Adjustments to reconcile net loss to net cash used by operating activities:
Depreciation	2,651	2,039
Stock-based compensation expense	2,027	1,912
Amortization of intangible assets and acquired technology	239	240
Changes in assets and liabilities:
Accounts receivable, net	3,084	6,499
Inventory	(27)	(143)
Prepaid expenses and other assets	1,442	(508)
Accounts payable and accrued liabilities	2,382	172
Net cash used in operating activities	(12,511)	(12,424)
Cash flows from investing activities:
Purchases of property and equipment	(2,862)	(1,787)
Purchases of investments	0	(3,026)
Maturities and sales of investments	2,421	4,824
Net cash provided by (used in) investing activities	(441)	11
Cash flows from financing activities:
Proceeds from issuances of common stock under employee stock plans	89	375
Proceeds from rights offering, net of issuance costs	11,487	0
Proceeds from revolving line	4,979	6,912
Repayments of revolving line	(10,841)	(12,000)
Proceeds from long-term debt	10,000	0
Net cash provided by (used in) financing activities	15,714	(4,713)
Net increase (decrease) in cash and cash equivalents	2,762	(17,126)
Cash and cash equivalents at beginning of period	13,270	36,043
Cash and cash equivalents at end of period	$ 16,032	$ 18,917

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 28, 2015	Dec. 28, 2014
Current assets:
Cash and cash equivalents	$ 16,032	$ 13,270
Short-term investments	0	2,421
Accounts receivable, net	10,765	13,849
Inventory, net	1,991	1,964
Prepaid expenses and other current assets	1,799	3,682
Total current assets	30,587	35,186
Property and equipment, net	13,947	8,581
Other assets	2,018	2,343
Total assets	46,552	46,110
Current liabilities:
Revolving line	4,979	10,841
Accounts payable	4,553	5,054
Accrued liabilities	11,042	6,460
Total current liabilities	20,574	22,355
Long-term debt, net of debt discount	9,528	0
Other long-term liabilities	5,195	1,740
Total liabilities	$ 35,297	$ 24,095
Commitments and contingencies
Stockholders’ equity	$ 11,255	$ 22,015
Total liabilities and stockholders' equity	$ 46,552	$ 46,110