re:
If one wants more information on CREE financials, one has to look elsewhere then CREE itself.
It seems that Spectrian was holding $35 M of CREE stock as of Mar 31 or about 3 M shares using that date for price. They only got 1.8 M shares on Dec 26. I can only assume that Spectrian took the last $30 M aliquot for payment for UltraRF in stock rather than cash. Also, the total unrealized loss on CREE investment of $ 22 M on 3 M shares doesn't reflect the big whack one would assume as 1.8 M shares of stock went from $30 - $13 unless they sold some of that orginial stock or took on more CREE stock at lower cost.
I would assume that they sold minimally amount of CREE in first quarter since they reported a realized loss of only $400K on sale of CREE stock. I also would have to assume that CREE will tank again as soon as Spectrian sells these 3 M shares of CREE. Maybe they will wise up and hold it LT. Maybe today's move up is just market makers having to cover their bet that Spectrian would have sold all their CREE shares before now.
john
biz.yahoo.com
Wedesday April 18, 4:17 pm Eastern Time
Press Release
Spectrian Announces Fourth Quarter Results
Meets Revenue and Exceeds Profit Expectations
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 18, 2001--Spectrian (Nasdaq: SPCT - news), a leader in the design and manufacture of power amplifiers for the wireless infrastructure market, today announced financial results for the fiscal year and quarter ended March 31, 2001.
Spectrian's revenue for the quarter ended March 31, 2001 was $44.2 million, an increase of $4.3 million from the quarter ended March 31, 2000 and a decrease of $7.2 million from the quarter ended December 31, 2000 from the revenue of $51.4 million.
The Company had a reported net income of $7.7 million for the quarter ended March 31, 2001 and net income per diluted share of $0.67.
Proforma net income for the quarter ended March 31, 2001 was $1.1 million or $0.09 per diluted share, excluding the recognized non-cash deferred income from the sale of UltraRF of approximately $7.1 million and a realized loss on the sale of a portion of the Cree, Inc. shares that Spectrian received as consideration for UltraRF of $481,000.
These results compare with a net loss of $6.3 million, or $0.59 per share, for the quarter ended March 31, 2000, including the restructuring charge of $1.0 million. The net income for the prior quarter ended December 31, 2000 was $13.4 million, or a net income per diluted share of $1.19, including the $11.7 million gain on the sale of UltraRF.
For the fiscal year ended March 31, 2001 (fiscal 2001), revenues totaled $179.8 million, an increase of $16.2 million over revenues of $163.6 million for the fiscal year ended March 31, 2000 (fiscal 2000). Spectrian had net income for fiscal 2001 of $13.5 million, or $1.19 per diluted share, compared to a net loss of $5.8 million, or $0.56 per share, in fiscal 2000.
Spectrian's balance sheet at March 31, 2001 included $116.3 million in cash, cash equivalents and short-term investments, including a $34.6 million investment in Cree, an increase of $ 68.7 million from March 31, 2000.
Spectrian highlights relating to the quarter:
Expanded Sales in Asia. This quarter, Spectrian announced contracts with new customers, Huawei and Hitachi, and a follow-on order with Samsung for CDMA 2000 Multicarrier Power Amplifiers.
New customers in Latin America. The company diversified its customer base in Latin America by adding Telemig and two Telefonica properties as new customers.
Increase of Sales of Multicarrier Products. Multicarrier sales increased in the quarter ended March 31, 2001 to almost 45% of total revenue compared to 41% in the previous quarter. Multicarrier sales were 33% for fiscal 2001 compared with 20% for fiscal 2000.
Positive Cash Flow for the Quarter. Spectrian has achieved its third consecutive quarter of positive cash flow from operations.
Redeployment of R&D Staff. Since January, the outlook in demand for UMTS infrastructure equipment has dropped significantly for 2001 and 2002 including Nortel's recent announcement regarding the reduction in the volume of their UMTS program. Therefore, Spectrian has advised Nortel that it will discontinue work on the current phase of the Nortel UMTS program and as a result will not recognize any revenue from this program. Spectrian made this decision in order to devote research and development and manufacturing resources to other potential revenue opportunities.
Thomas H. Waechter, Spectrian's president and chief executive officer said, ``We are very pleased with our results in the last two quarters in a difficult market environment, but as we move into the first half of fiscal 2002, we realize that we are not immune from the current market downturn.
``We have added a number of new customers from different regions of the world, our outsource manufacturing model has helped us to reduce costs this year and multicarrier product revenues have increased. Finally, we've focused our team on our core competencies.''
If you would like more information on the earnings call, an audio simultaneous Webcast will be available on April 18, 2001 at 2 p.m. PDT. Log onto our Website at www.spectrian.com and go to ``News and Investor Info.'' Then, click on ``Live Webcast.''
The call will last approximately one hour. You can also access a playback of Spectrian's fourth-quarter fiscal 2001 earnings call. The recording will be available beginning at 4 p.m. PDT on April 18, 2001 and will end on May 2, 2001. To access this, please call 800/633-8284 or 858/812-6440 and enter reservation number 18623486.
Spectrian is a leading designer and manufacturer of single carrier and multicarrier high-power RF amplifiers for the worldwide wireless communications industry, utilized in both wireless data and voice applications.
Spectrian supports AMPS, CDMA, TDMA, GSM and 3G technologies for mobile and fixed wireless networks. Spectrian is located at 350 West Java Drive, Sunnyvale, Calif. 94089. For more information, visit the company's Web site at www.spectrian.com or call 408/745-5400.
Certain statements in this press release, including statements regarding potential revenues from non-Nortel multicarrier amplifier opportunities and the acceptance of Spectrian's products by customers other than Nortel are forward-looking statements that are subject to risks and uncertainties.
Results could differ materially based on various factors including, and without limitations: the ability to manufacture new or existing products in sufficient quality or quantity; continued acceptance of Spectrian's products by non-Nortel customers; the timely development, manufacture and market acceptance of new products, in particular 3G products; reliance upon the growth of wireless services; the highly competitive market for Spectrian's products; rapid technological change and evolving industry standards and the current concentration of Spectrian's sales to a few customers.
Further information on factors that could affect Spectrian's results are included in Spectrian's Annual Report on Form 10-K for the year ended March 31, 2000 and Forms 10-Q for the interim quarters.
Spectrian is a registered trademark of Spectrian Corporation. Other brand or product names are registered trademarks or trademarks of their respective holders.(c)Spectrian Corporation, 2001. All rights reserved.
Financials Attached
SPECTRIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands, except share data)
(Unaudited)
March 31, March 31,
2001 2000(1)
--------- ---------
ASSETS
CURRENT ASSETS:
Cash and cash equivalents $ 36,397 $ 11,553
Restricted cash 6,354 --
Short-term investments 38,919 36,027
Investment in Cree 34,593 --
Accounts receivable, less
allowance for doubtful
accounts of $460 and $420,
respectively 27,587 23,817
Inventories 22,221 34,542
Deferred tax asset 3,818 --
Prepaid expenses and other
current assets 4,918 4,400
--------- ---------
Total current assets 174,807 110,339
Property and equipment, net 11,632 19,668
Other assets 1,584 1,268
--------- ---------
$ 188,023 $ 131,275
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
CURRENT LIABILITIES:
Accounts payable $ 23,613 $ 16,416
Accrued liabilities 13,958 13,773
Income taxes payable 750 20
Deferred gain, current portion 31,550 --
Current portion of debt and
capital lease obligations -- 730
--------- ---------
Total current liabilities 69,871 30,939
Deferred gain, net of
current portion 19,650 --
Debt and capital lease obligations,
net of current portion -- 1,351
--------- ---------
Total liabilities 89,521 32,290
--------- ---------
STOCKHOLDERS' EQUITY:
Preferred stock -- --
Common stock 13 12
Additional paid-in capital 167,524 160,117
Treasury stock (14,789) (14,789)
Deferred compensation expense (69) (937)
Unrealized loss on
available-for-sale securities (22,856) (617)
Accumulated deficit (31,321) (44,801)
--------- ---------
Total stockholders' equity 98,502 98,985
--------- ---------
$ 188,023 $ 131,275
========= =========
(1) Derived from the March 31, 2000 audited balance sheet included
in the 2000 Annual Report on Form 10-K of Spectrian Corporation.
SPECTRIAN CORPORATION AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
Three Twelve
Months Ended Months Ended
March 31, March 31, March 31, March 31,
2001 2000 2001 2000
-------- --------- --------- ---------
REVENUES $ 44,248 $ 39,972 $ 179,752 $ 163,567
-------- --------- --------- ---------
COSTS AND EXPENSES:
Cost of revenues 35,583 34,235 145,055 129,998
Research and
development 4,398 6,449 20,762 22,488
Selling, general
and administrative 4,469 5,337 21,602 19,337
Restructuring
costs (100) 1,032 (100) 1,032
-------- --------- --------- ---------
Total costs
and expenses 44,350 47,053 187,319 172,855
-------- --------- --------- ---------
Operating
INCOME (loss) (102) (7,081) (7,567) (9,288)
INTEREST INCOME 1,167 758 2,850 3,344
INTEREST EXPENSE -- (54) (162) (473)
OTHER INCOME, NET 6,670 -- 18,371 624
-------- --------- --------- ---------
INCOME (LOSS) BEFORE
INCOME TAXES 7,735 (6,377) 13,492 (5,793)
INCOME TAXES -- (44) 12 30
-------- --------- --------- ---------
NET INCOME (LOSS) $ 7,735 $ (6,333) $ 13,480 $ (5,823)
======== ========= ========= =========
NET INCOME (LOSS) PER SHARE:
Basic $ 0.68 $ (0.59) $ 1.21 $ (0.56)
======== ========= ========= =========
Diluted $ 0.67 $ (0.59) $ 1.19 $ (0.56)
======== ========= ========= =========
SHARES USED IN COMPUTING
PER SHARE AMOUNTS:
Basic 11,416 10,734 11,113 10,426
======== ========= ========= =========
Diluted 11,627 10,734 11,343 10,426
======== ========= ========= ========= |
