Quarterly report pursuant to Section 13 or 15(d)

Condensed Consolidated Statements of Operations (Unaudited)

v3.8.0.1
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Sep. 30, 2017
Sep. 30, 2016
Sep. 30, 2017
Sep. 30, 2016
Sales Revenue, Goods, Net $ 16,097 $ 15,881 $ 31,642 $ 29,494
Sales Revenue, Services, Net 1,135 1,899 2,164 3,102
Total revenue 17,232 17,780 33,806 32,596
Cost of Goods Sold 9,522 10,380 [1] 18,946 19,981 [1]
Cost of Services 435 1,033 818 1,683
Total cost of revenue 9,957 11,413 [1] 19,764 21,664 [1]
Gross profit 7,275 6,367 [1] 14,042 10,932 [1]
Operating expenses        
Research and development 2,205 3,327 4,481 7,604
Sales and marketing 1,992 2,896 4,328 6,277
General and administrative 1,809 2,218 3,520 4,563
Intangible amortization 1,048 1,201 2,095 2,401
Restructuring 165 2,601 165 2,565
Impairment of Long-Lived Assets to be Disposed of 0 0 0 1,181
Total operating expenses 7,219 12,243 14,589 24,591
Operating profit (loss) 56 (5,876) (547) (13,659)
Other income, net 677 [2] 74 720 [2] 91
Income (loss) before income taxes 733 (5,802) 173 (13,568)
Income tax expense (13) (8) (25) (10)
Net income (loss) $ 720 $ (5,810) $ 148 $ (13,578)
Net income (loss) per share:        
Basic $ 0.05 $ (0.38) [3] $ 0.01 $ (0.89) [3]
Diluted $ 0.05 $ (0.38) [3] $ 0.01 $ (0.89) [3]
Weighted-average number of common shares outstanding:        
Basic (shares) 15,461 15,299 [3] 15,471 15,277 [3]
Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options (4) [4] 211 0 167 0
Diluted (shares) 15,672 15,299 [3] 15,638 15,277 [3]
[1] The three and six months ended September 30, 2016, includes $0.2 million and $1.6 million of E&O expense for ClearLink DAS inventory and pipeline inventory.
[2] During the quarter ended September 30, 2017, the Company dissolved the NoranTel legal entity, which triggered a one-time foreign currency gain with the reversal of a cumulative translation adjustment. See Note 1.
[3] All common stock (except authorized shares), equity share, and per share amounts have been retroactively adjusted to reflect a one-for-four reverse stock split, which was effective June 7, 2017.
[4] The Company had 0.4 million and 0.5 million shares represented by common stock equivalents for the three and six months ended September 30, 2017, and 1.3 million and 1.4 million shares represented by common stock equivalents for the three and six months ended September 30, 2016, which were not included in the computation of average dilutive shares outstanding because they were anti-dilutive. In periods with a net loss from continuing operations, the basic loss per share equals the diluted loss per share as all common stock equivalents are excluded from the per share calculation.