NEWS RELEASE |
2Q17 3 months ended 9/30/16 | 1Q17 3 months ended 6/30/16 | + favorable / - unfavorable | |
Consolidated Revenue | $17.8M | $14.8M | +20% |
Net Income (Loss) | ($5.8M) | ($7.8M) | +26% |
Earnings (Loss) Per Share | ($0.09) | ($0.13) | +31% |
Non-GAAP Net Income (Loss) (1) | ($1.1M) | ($3.6M) | +69% |
Non-GAAP Earnings (Loss) Per Share (1) | ($0.02) | ($0.06) | +67% |
(1) Please refer to the schedule at the end of this press release for a complete GAAP to non-GAAP reconciliation and other information related to non-GAAP financial measures. |
2Q17 3 months ended 9/30/16 | 1Q17 3 months ended 6/30/16 | + favorable / - unfavorable | |
IBW Segment Revenue | $6.6M | $6.1M | +9% |
IBW Segment Gross Margin (1) | 33.6% | 16.2% | +17.4% |
IBW Segment R&D Expense | $1.6M | $2.4M | +33% |
IBW Segment Profit (Loss) | $0.6M | ($1.4M) | +147% |
(1) Excluding charges of $0.2 million in 2Q17 and $1.4 million in 1Q17 related to the previously announced discontinuation of the ClearLink DAS, IBW segment gross margin was 36.5% and 39.0%, respectively. Please refer to the schedule at the end of this press release for a complete GAAP to non-GAAP reconciliation. |
2Q17 3 months ended 9/30/16 | 1Q17 3 months ended 6/30/16 | + favorable / - unfavorable | |
ISMS Segment Revenue | $5.1M | $4.1M | +23% |
ISMS Segment Gross Margin | 47.1% | 48.8% | -1.7% |
ISMS Segment R&D Expense | $1.2M | $1.3M | +4% |
ISMS Segment Profit (Loss) | $1.2M | $0.7M | +61% |
2Q17 3 months ended 9/30/16 | 1Q17 3 months ended 6/30/16 | + favorable / - unfavorable | |
CNS Segment Revenue | $6.0M | $4.6M | +32% |
CNS Segment Gross Margin | 28.7% | 34.1% | -5.4% |
CNS Segment R&D Expense | $0.5M | $0.6M | +20% |
CNS Segment Profit (Loss) | $1.2M | $0.9M | +32% |
Three months ended | Six months ended | ||||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | |||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | |||||||||||||||||
Revenue | $ | 17,780 | $ | 14,816 | $ | 25,514 | $ | 32,596 | $ | 47,084 | |||||||||||
Gross profit | 6,367 | 4,565 | 10,231 | 10,932 | 18,660 | ||||||||||||||||
Gross margin | 35.8 | % | 30.8 | % | 40.1 | % | 33.5 | % | 39.6 | % | |||||||||||
Operating expenses: | |||||||||||||||||||||
R&D | 3,327 | 4,277 | 4,625 | 7,604 | 9,711 | ||||||||||||||||
Sales and marketing | 2,896 | 3,381 | 4,113 | 6,277 | 7,309 | ||||||||||||||||
General and administrative | 2,218 | 2,345 | 2,493 | 4,563 | 5,462 | ||||||||||||||||
Intangible amortization | 1,201 | 1,200 | 1,432 | 2,401 | 2,831 | ||||||||||||||||
Restructuring | 2,601 | (1) | (36 | ) | — | 2,565 | (1) | 17 | |||||||||||||
Long-lived assets impairment | — | 1,181 | (2) | — | 1,181 | (2) | — | ||||||||||||||
Total operating expenses | 12,243 | 12,348 | 12,663 | 24,591 | 25,330 | ||||||||||||||||
Operating profit (loss) | (5,876 | ) | (7,783 | ) | (2,432 | ) | (13,659 | ) | (6,670 | ) | |||||||||||
Other income (expense), net | 74 | 17 | (61 | ) | 91 | (23 | ) | ||||||||||||||
Income (loss) before income taxes and discontinued operations | (5,802 | ) | (7,766 | ) | (2,493 | ) | (13,568 | ) | (6,693 | ) | |||||||||||
Income tax benefit (expense) | (8 | ) | (2 | ) | 20 | (10 | ) | 82 | |||||||||||||
Net income (loss) from continuing operations | (5,810 | ) | (7,768 | ) | (2,473 | ) | (13,578 | ) | (6,611 | ) | |||||||||||
Income from discontinued operations (3) | — | — | — | — | 272 | ||||||||||||||||
Net income (loss) | $ | (5,810 | ) | $ | (7,768 | ) | $ | (2,473 | ) | $ | (13,578 | ) | $ | (6,339 | ) | ||||||
Basic net income (loss) per share: | |||||||||||||||||||||
Basic net income (loss) from continuing operations | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.22 | ) | $ | (0.11 | ) | ||||||
Basic net income (loss) from discontinued operations | — | — | — | — | — | ||||||||||||||||
Basic net income (loss) (4) | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.22 | ) | $ | (0.10 | ) | ||||||
Diluted net income (loss) per share: | |||||||||||||||||||||
Diluted net income (loss) from continuing operations | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.22 | ) | $ | (0.11 | ) | ||||||
Diluted net income (loss) from discontinued operations | — | — | — | — | — | ||||||||||||||||
Diluted net income (loss) (4) | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.22 | ) | $ | (0.10 | ) | ||||||
Weighted-average number of common shares outstanding: | |||||||||||||||||||||
Basic | 61,199 | 61,016 | 60,783 | 61,108 | 60,743 | ||||||||||||||||
Diluted | 61,199 | 61,016 | 60,783 | 61,108 | 60,743 |
(1) | The Company recorded restructuring expense primarily relating to abandonment of excess office space at its headquarters and in New Hampshire, and severance costs for terminated employees. |
(2) | 1Q17 Impairment related to long-lived assets associated with ClearLink DAS. |
(3) | Income from discontinued operations resulted from the expiration of indemnity periods and release of contingency reserves related to the sale of ConferencePlus. |
(4) | Totals may not sum due to rounding. |
September 30, 2016 (Unaudited) | March 31, 2016 | |||||||
Assets | ||||||||
Cash and cash equivalents | $ | 20,917 | $ | 19,169 | ||||
Short-term investments | — | 10,555 | ||||||
Accounts receivable, net | 13,639 | 16,361 | ||||||
Inventories | 12,678 | 13,498 | ||||||
Prepaid expenses and other current assets | 1,923 | 1,900 | ||||||
Total current assets | 49,157 | 61,483 | ||||||
Land, property and equipment, net | 2,454 | 3,977 | ||||||
Intangible assets, net | 17,987 | 20,388 | ||||||
Other non-current assets | 168 | 183 | ||||||
Total assets | $ | 69,766 | $ | 86,031 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Accounts payable | $ | 4,619 | $ | 7,856 | ||||
Accrued expenses | 4,967 | 5,932 | ||||||
Accrued restructuring | 2,951 | 1,537 | ||||||
Contingent consideration payable | — | 311 | ||||||
Deferred revenue | 1,318 | 1,601 | ||||||
Total current liabilities | 13,855 | 17,237 | ||||||
Deferred revenue non-current | 1,388 | 1,236 | ||||||
Deferred income tax liability | 24 | 10 | ||||||
Accrued restructuring non-current | 192 | 550 | ||||||
Other non-current liabilities | 249 | 314 | ||||||
Total liabilities | 15,708 | 19,347 | ||||||
Total stockholders’ equity | 54,058 | 66,684 | ||||||
Total liabilities and stockholders’ equity | $ | 69,766 | $ | 86,031 |
Three months ended September 30, | Six months ended September 30, | |||||||||||
2016 | 2016 | 2015 | ||||||||||
Cash flows from operating activities: | ||||||||||||
Net income (loss) | $ | (5,810 | ) | $ | (13,578 | ) | $ | (6,339 | ) | |||
Reconciliation of net loss to net cash used in operating activities: | ||||||||||||
Depreciation and amortization | 1,645 | 3,230 | 3,495 | |||||||||
Long-lived assets impairment | — | 1,181 | — | |||||||||
Stock-based compensation | 687 | 1,093 | 710 | |||||||||
Restructuring | 2,601 | 2,565 | 17 | |||||||||
Deferred taxes | 12 | 14 | 57 | |||||||||
Other loss (gain) | 5 | 11 | 60 | |||||||||
Changes in assets and liabilities: | ||||||||||||
Accounts receivable | (2,748 | ) | 2,722 | (5,342 | ) | |||||||
Inventory | 1,054 | 820 | 4,009 | |||||||||
Accounts payable and accrued expenses | (1,765 | ) | (5,909 | ) | 3,476 | |||||||
Deferred revenue | 317 | (131 | ) | (845 | ) | |||||||
Other | (136 | ) | (8 | ) | 933 | |||||||
Net cash provided by (used in) operating activities | (4,138 | ) | (7,990 | ) | 231 | |||||||
Cash flows from investing activities: | ||||||||||||
Net maturity (purchase) of short-term investments and debt securities | 10,090 | 10,555 | 20,430 | |||||||||
Proceeds from sale of land | — | — | 264 | |||||||||
Purchases of property and equipment, net | (102 | ) | (498 | ) | (1,530 | ) | ||||||
Net cash provided by (used in) investing activities | 9,988 | 10,057 | 19,164 | |||||||||
Cash flows from financing activities: | ||||||||||||
Purchase of treasury stock | (57 | ) | (141 | ) | (85 | ) | ||||||
Payment of contingent consideration | (48 | ) | (175 | ) | (455 | ) | ||||||
Net cash provided by (used in) financing activities | (105 | ) | (316 | ) | (540 | ) | ||||||
(Gain) loss of exchange rate changes on cash | (6 | ) | (3 | ) | (3 | ) | ||||||
Net increase (decrease) in cash and cash equivalents | 5,739 | 1,748 | 18,852 | |||||||||
Cash and cash equivalents, beginning of period | 15,178 | 19,169 | 14,026 | |||||||||
Cash and cash equivalents, end of period | $ | 20,917 | $ | 20,917 | $ | 32,878 |
Three months ended September 30, 2016 | Three months ended June 30, 2016 | |||||||||||||||||||||||||||||||
IBW | ISMS | CNS | Total | IBW | ISMS | CNS | Total | |||||||||||||||||||||||||
Revenue | $ | 6,644 | $ | 5,109 | $ | 6,027 | $ | 17,780 | $ | 6,121 | $ | 4,139 | $ | 4,556 | $ | 14,816 | ||||||||||||||||
Gross profit | 2,233 | 2,407 | 1,727 | 6,367 | 994 | 2,019 | 1,552 | 4,565 | ||||||||||||||||||||||||
Gross margin (1) | 33.6 | % | 47.1 | % | 28.7 | % | 35.8 | % | 16.2 | % | 48.8 | % | 34.1 | % | 30.8 | % | ||||||||||||||||
R&D expenses | 1,594 | 1,237 | 496 | 3,327 | 2,364 | 1,294 | 619 | 4,277 | ||||||||||||||||||||||||
Segment profit (loss) | $ | 639 | $ | 1,170 | $ | 1,231 | $ | 3,040 | $ | (1,370 | ) | $ | 725 | $ | 933 | $ | 288 | |||||||||||||||
(1) Excluding charges of $0.2 million in 2Q17 and $1.4 million in 1Q17 related to the previously announced discontinuation of the ClearLink DAS, IBW segment gross margin was 36.5% and 39.0%, respectively. Please refer to the schedule at the end of this press release for a complete GAAP to non-GAAP reconciliation. |
Three months ended September 30, 2016 | Three months ended September 30, 2015 | |||||||||||||||||||||||||||||||
IBW | ISMS | CNS | Total | IBW | ISMS | CNS | Total | |||||||||||||||||||||||||
Revenue | $ | 6,644 | $ | 5,109 | $ | 6,027 | $ | 17,780 | $ | 10,819 | $ | 5,886 | $ | 8,809 | $ | 25,514 | ||||||||||||||||
Gross profit | 2,233 | 2,407 | 1,727 | 6,367 | 4,547 | 3,164 | 2,520 | 10,231 | ||||||||||||||||||||||||
Gross margin (1) | 33.6 | % | 47.1 | % | 28.7 | % | 35.8 | % | 42.0 | % | 53.8 | % | 28.6 | % | 40.1 | % | ||||||||||||||||
R&D expenses | 1,594 | 1,237 | 496 | 3,327 | 2,775 | 1,302 | 548 | 4,625 | ||||||||||||||||||||||||
Segment profit (loss) | $ | 639 | $ | 1,170 | $ | 1,231 | $ | 3,040 | $ | 1,772 | $ | 1,862 | $ | 1,972 | $ | 5,606 | ||||||||||||||||
(1) 2Q17 IBW Segment Gross Margin was 36.5% when excluding a charge of $0.2 million related to the previously announced discontinuation of the ClearLink DAS and stock-based compensation. Please refer to the GAAP to non-GAAP reconciliation of IBW segment gross margin at the end of the Segment Statement of Operations section. |
Six months ended September 30, 2016 | Six months ended September 30, 2015 | |||||||||||||||||||||||||||||||
IBW | ISMS | CNS | Total | IBW | ISMS | CNS | Total | |||||||||||||||||||||||||
Revenue | $ | 12,765 | $ | 9,248 | $ | 10,583 | $ | 32,596 | $ | 19,889 | $ | 10,391 | $ | 16,804 | $ | 47,084 | ||||||||||||||||
Gross profit | 3,227 | 4,426 | 3,279 | 10,932 | 8,548 | 5,375 | 4,737 | 18,660 | ||||||||||||||||||||||||
Gross margin (1) | 25.3 | % | 47.9 | % | 31.0 | % | 33.5 | % | 43.0 | % | 51.7 | % | 28.2 | % | 39.6 | % | ||||||||||||||||
R&D expenses | 3,958 | 2,531 | 1,115 | 7,604 | 5,937 | 2,583 | 1,191 | 9,711 | ||||||||||||||||||||||||
Segment profit (loss) | $ | (731 | ) | $ | 1,895 | $ | 2,164 | $ | 3,328 | $ | 2,611 | $ | 2,792 | $ | 3,546 | $ | 8,949 | |||||||||||||||
(1) The six month ended September 30, 2016, IBW Segment Gross Margin was 37.7% when excluding a charge of $1.6 million related to the previously announced discontinuation of the ClearLink DAS and stock-based compensation. Please refer to the GAAP to non-GAAP reconciliation of IBW segment gross margin at the end of the Segment Statement of Operations section. |
Three months ended September 30, 2016 | Three months ended June 30, 2016 | Three months ended September 30, 2015 | |||||||||||||||||||||||||||||||
Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | |||||||||||||||||||||||||
GAAP - IBW segment | $ | 6,644 | $ | 2,233 | 33.6 | % | $ | 6,121 | $ | 994 | 16.2 | % | $ | 10,819 | $ | 4,547 | 42.0 | % | |||||||||||||||
ClearLink DAS E&O (1) | — | 192 | — | 1,389 | — | — | |||||||||||||||||||||||||||
Stock-based compensation (2) | — | 2 | — | 3 | — | — | |||||||||||||||||||||||||||
Non-GAAP - IBW segment | $ | 6,644 | $ | 2,427 | 36.5 | % | $ | 6,121 | $ | 2,386 | 39.0 | % | $ | 10,819 | $ | 4,547 | 42.0 | % | |||||||||||||||
(1) Excess and Obsolete inventory charges on ClearLink DAS inventory and firm purchase commitments. | |||||||||||||||||||||||||||||||||
(2) Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards. |
Six months ended September 30, 2016 | Six months ended September 30, 2015 | |||||||||||||||||||||
Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | |||||||||||||||||
GAAP - IBW segment | $ | 12,765 | $ | 3,227 | 25.3 | % | $ | 19,889 | $ | 8,548 | 43.0 | % | ||||||||||
ClearLink DAS E&O (1) | — | 1,581 | — | — | ||||||||||||||||||
Stock-based compensation (2) | — | 5 | — | — | ||||||||||||||||||
Non-GAAP - IBW segment | $ | 12,765 | $ | 4,813 | 37.7 | % | $ | 19,889 | $ | 8,548 | 43.0 | % | ||||||||||
(1) Excess and Obsolete inventory charges on ClearLink DAS inventory and firm purchase commitments. | ||||||||||||||||||||||
(2) Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards. |
Three months ended September 30, 2016 | Three months ended June 30, 2016 | Three months ended September 30, 2015 | |||||||||||||||||||||||||||||||
Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | Revenue | Gross Profit | Gross Margin | |||||||||||||||||||||||||
GAAP - Consolidated | $ | 17,780 | $ | 6,367 | 35.8 | % | $ | 14,816 | 4,565 | 30.8 | % | $ | 25,514 | $ | 10,231 | 40.1 | % | ||||||||||||||||
Deferred revenue adjustment (1) | 63 | 63 | 63 | 63 | 73 | 73 | |||||||||||||||||||||||||||
ClearLink DAS E&O (2) | — | 192 | — | 1,389 | — | — | |||||||||||||||||||||||||||
Stock-based compensation (3) | — | 8 | — | 6 | — | 14 | |||||||||||||||||||||||||||
Non-GAAP - Consolidated | $ | 17,843 | $ | 6,630 | 37.2 | % | $ | 14,879 | $ | 6,023 | 40.5 | % | $ | 25,587 | $ | 10,318 | 40.3 | % |
Three months ended | Six months ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
GAAP consolidated operating expenses | $ | 12,243 | $ | 12,348 | $ | 12,663 | $ | 24,591 | $ | 25,330 | ||||||||||
Adjustments: | ||||||||||||||||||||
Stock-based compensation (3) | (679 | ) | (400 | ) | (239 | ) | (1,079 | ) | (699 | ) | ||||||||||
Long-lived asset impairment (4) | — | (1,181 | ) | — | (1,181 | ) | — | |||||||||||||
Amortization of intangibles (5) | (1,201 | ) | (1,200 | ) | (1,432 | ) | (2,401 | ) | (2,831 | ) | ||||||||||
Restructuring, separation, and transition (6) | (2,601 | ) | 36 | (59 | ) | (2,565 | ) | (223 | ) | |||||||||||
Total adjustments | (4,481 | ) | (2,745 | ) | (1,730 | ) | (7,226 | ) | (3,753 | ) | ||||||||||
Non-GAAP consolidated operating expenses | $ | 7,762 | $ | 9,603 | $ | 10,933 | $ | 17,365 | $ | 21,577 |
Three months ended | Six months ended | |||||||||||||||||||
September 30, | June 30, | September 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
GAAP consolidated operating profit (loss) | $ | (5,876 | ) | $ | (7,783 | ) | $ | (2,432 | ) | $ | (13,659 | ) | $ | (6,670 | ) | |||||
Adjustments: | ||||||||||||||||||||
Deferred revenue adjustment (1) | 63 | 63 | 73 | 126 | 146 | |||||||||||||||
ClearLink DAS E&O (2) | 192 | 1,389 | — | 1,581 | — | |||||||||||||||
Stock-based compensation (3) | 687 | 406 | 253 | 1,093 | 710 | |||||||||||||||
Long-lived asset impairment (4) | — | 1,181 | — | 1,181 | — | |||||||||||||||
Amortization of intangibles (5) | 1,201 | 1,200 | 1,432 | 2,401 | 2,831 | |||||||||||||||
Restructuring, separation, and transition (6) | 2,601 | (36 | ) | 59 | 2,565 | 223 | ||||||||||||||
Total adjustments | 4,744 | 4,203 | 1,817 | 8,947 | 3,910 | |||||||||||||||
Non-GAAP consolidated operating profit (loss) from continuing operations | $ | (1,132 | ) | $ | (3,580 | ) | $ | (615 | ) | $ | (4,712 | ) | $ | (2,760 | ) | |||||
Depreciation | 444 | 385 | 367 | 829 | 664 | |||||||||||||||
Non-GAAP consolidated Adjusted EBITDA (7) from continuing operations | $ | (688 | ) | $ | (3,195 | ) | $ | (248 | ) | $ | (3,883 | ) | $ | (2,096 | ) |
Three months ended | Six months ended | |||||||||||||||||||
September 30, | June 30 | September 30, | September 30, | September 30, | ||||||||||||||||
2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
GAAP consolidated net income (loss) | $ | (5,810 | ) | $ | (7,768 | ) | $ | (2,473 | ) | $ | (13,578 | ) | $ | (6,339 | ) | |||||
Adjustments: | ||||||||||||||||||||
Deferred revenue adjustment (1) | 63 | 63 | 73 | 126 | 146 | |||||||||||||||
ClearLink DAS E&O (2) | 192 | 1,389 | — | 1,581 | — | |||||||||||||||
Stock-based compensation (3) | 687 | 406 | 253 | 1,093 | 710 | |||||||||||||||
Long-lived asset impairment (4) | — | 1,181 | — | 1,181 | — | |||||||||||||||
Amortization of intangibles (5) | 1,201 | 1,200 | 1,432 | 2,401 | 2,831 | |||||||||||||||
Restructuring, separation, and transition (6) | 2,601 | (36 | ) | 59 | 2,565 | 223 | ||||||||||||||
(Income) loss from discontinued operations (8) | — | — | — | — | (272 | ) | ||||||||||||||
Total adjustments | 4,744 | 4,203 | 1,817 | 8,947 | 3,638 | |||||||||||||||
Non-GAAP consolidated net income (loss) | $ | (1,066 | ) | $ | (3,565 | ) | $ | (656 | ) | $ | (4,631 | ) | $ | (2,701 | ) | |||||
GAAP consolidated net income (loss) per common share: | ||||||||||||||||||||
Basic and diluted | $ | (0.09 | ) | $ | (0.13 | ) | $ | (0.04 | ) | $ | (0.22 | ) | $ | (0.10 | ) | |||||
Non-GAAP consolidated net income (loss) per common share: | ||||||||||||||||||||
Basic and diluted | $ | (0.02 | ) | $ | (0.06 | ) | $ | (0.01 | ) | $ | (0.08 | ) | $ | (0.04 | ) | |||||
Average number of common shares outstanding: | ||||||||||||||||||||
Basic and diluted | 61,199 | 61,016 | 60,783 | 61,108 | 60,743 |
(1) | On April 1, 2013, the Company purchased Kentrox. The acquisition required the step-down on acquired deferred revenue, which resulted in lower revenue that will not recur once those liabilities have fully settled. The adjustment removes the step-down on acquired deferred revenue that was recognized. |
(2) | Excess and Obsolete inventory charges on inventory and firm purchase commitments associated with the previously announced discontinuation of ClearLink DAS. |
(3) | Stock-based compensation is a non-cash expense incurred in accordance with share-based compensation accounting standards. |
(4) | Impairment related to long-lived assets associated with ClearLink DAS. |
(5) | Amortization of intangibles is a non-cash expense arising from previously acquired intangible assets. |
(6) | Restructuring expenses are not directly related to the ongoing performance of our fundamental business operations including costs relating to abandonment of excess office space at its headquarters and in New Hampshire, and severance costs for terminated employees. This adjustment also includes severance benefits related to the departure of certain former executives. |
(7) | EBITDA is a non-GAAP measure that represents Earnings Before Interest, Taxes, Depreciation, and Amortization. The Company presents Adjusted EBITDA in its reconciliation of GAAP to non-GAAP consolidated operating profit (loss) rather than in its reconciliation of GAAP to non-GAAP consolidated net income (loss) because (a) non-GAAP consolidated operating profit (loss) is more closely aligned with Adjusted EBITDA and (b) the difference between the Company's GAAP consolidated operating profit (loss) and its GAAP consolidated net income (loss) is immaterial. |
(8) | The release of contingent liabilities related to the sale of ConferencePlus are presented as discontinued operations. |
Tom Minichiello Chief Financial Officer Westell Technologies, Inc. +1 (630) 375 4740 tminichiello@westell.com |