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 9 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2017
Dec. 31, 2016
Sales Revenue, Goods, Net $ 11,754 $ 12,746 $ 43,396 $ 42,240
Sales Revenue, Services, Net 1,921 2,237 4,085 5,339
Total revenue 13,675 14,983 47,481 47,579
Cost of Goods Sold 7,114 7,807 26,060 27,788 [1]
Cost of Services 485 1,122 1,303 2,805
Total cost of revenue 7,599 8,929 27,363 30,593 [1]
Gross profit 6,076 6,054 20,118 16,986 [1]
Operating expenses        
Research and development 1,542 2,414 6,023 10,018
Sales and marketing 1,950 1,943 6,278 8,220
General and administrative 1,502 1,777 5,022 6,340
Intangible amortization 1,047 1,212 3,142 3,613
Restructuring   490 165 3,055
Impairment of Long-Lived Assets to be Disposed of 0 0 0 1,181
Total operating expenses 6,041 7,836 20,630 32,427
Operating profit (loss) 35 (1,782) (512) (15,441)
Other income, net 79 (15) 799 [2] 76
Income (loss) before income taxes 114 (1,797) 287 (15,365)
Income tax benefit (expense) 685 [3] (10) 660 [3] (20)
Net income (loss) $ 799 $ (1,807) $ 947 $ (15,385)
Net income (loss) per share:        
Basic $ 0.05 $ (0.12) [4] $ 0.06 $ (1.00) [4]
Diluted $ 0.05 $ (0.12) [4] $ 0.06 $ (1.00) [4]
Weighted-average number of common shares outstanding:        
Basic (shares) 15,504 15,391 [4] 15,482 15,315 [4]
Effect of dilutive securities: restricted stock, restricted stock units, performance stock units and stock options (5) [5] 251 0 197 0
Diluted (shares) 15,755 15,391 [4] 15,679 15,315 [4]
[1] The nine months ended December 31, 2016, includes $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] During the quarter ended December 31, 2017, the Company had income tax benefit from the release of the tax valuation allowance associated with previously generated alternative minimum tax (AMT) credits due to the enacted Tax Reform. See Note 8.
[4] 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.
[5] The Company had 0.2 million and 0.4 million shares represented by common stock equivalents for the three and nine months ended December 31, 2017, and 1.0 million and 1.3 million shares represented by common stock equivalents for the three and nine months ended December 31, 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.