Harmonic Announces Revised Third Quarter Results and 10-Q Filing
SUNNYVALE, Calif.--(BUSINESS WIRE)--Nov. 13, 2000--Harmonic Inc. (Nasdaq:HLIT - news) today announced that it has filed its Report on Form 10-Q for the quarter ended September 29, 2000 with the Securities and Exchange Commission.
For the third quarter of 2000, Harmonic revised its results compared to those announced in a press release on October 18, 2000. This revision arises from an agreement concluded on November 10, 2000, with a domestic customer of the Company's Broadband Access Networks division to accept the return of up to $4.1 million of products. The customer recently informed the Company of a decision to reduce significantly the scope and delay the timing of certain network construction projects. To maintain its ongoing relationship with this customer, Harmonic agreed to the return of products. Because this agreement was reached after the announcement of third quarter results, but before filing of its Form 10-Q for the third quarter, the Company has recorded a provision for the return in its financial statements for the quarter ended September 29, 2000.
Harmonic has revised its reported net sales to $68.2 million in the Form 10-Q for the third quarter of 2000. For the first nine months of 2000, Harmonic reported revised net sales of $211.0 million. The results of operations of DiviCom are included from May 3, 2000, the date of acquisition.
Excluding the effects of non-cash purchase accounting adjustments for amortization of goodwill and other intangibles and charges for acquired in process research and development, the revised pro forma net loss for the third quarter of 2000 was $5.5 million or ($0.10) per share and the revised pro forma net income for the first nine months of 2000 was $10.5 million or $0.22 per diluted share.
Including the purchase accounting adjustments, the Company has reported that the revised net loss for the third quarter of 2000 was $89.7 million or ($1.55) per share and for the first nine months of 2000 was $167.4 million or ($3.68) per share.
Harmonic's Broadband Access Networks (BAN) division, which designs, manufactures and markets fiber optic products used extensively in broadband cable networks, reported revised revenue of $40.4 million for the third quarter, down from divisional revenue of $53.2 million in the previous quarter. The sequentially lower BAN revenue levels reflect slower sales across the Company's worldwide base of cable customers.
The revised results, excluding purchase accounting adjustments, are shown in detail in the results of operations table entitled ``Pro Forma Condensed Consolidated Statements of Operations''. The revised GAAP results are shown in detail in the results of operations table entitled ``Condensed Consolidated Statements of Operations''.
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