| Segment information |
Segment information for the three and nine months ended December 31, 2012 and 2011 is set forth below:
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Three months ended December 31, 2012 |
(in thousands) |
Westell |
|
CNS |
|
Unallocated |
|
Total |
Revenue |
$ |
8,873 |
|
|
$ |
55 |
|
|
$ |
— |
|
|
$ |
8,928 |
|
Cost of goods sold |
5,783 |
|
|
2 |
|
|
— |
|
|
5,785 |
|
Gross profit |
3,090 |
|
|
53 |
|
|
— |
|
|
3,143 |
|
Gross margin |
34.8 |
% |
|
96.4 |
% |
|
— |
|
|
35.2 |
% |
Operating expenses: |
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|
|
|
|
|
Sales and marketing |
1,862 |
|
|
(55 |
) |
|
— |
|
|
1,807 |
|
Research and development |
1,331 |
|
|
423 |
|
|
— |
|
|
1,754 |
|
General and administrative |
938 |
|
|
(11 |
) |
|
1,197 |
|
|
2,124 |
|
Restructuring |
— |
|
|
— |
|
|
— |
|
|
— |
|
Intangible amortization |
234 |
|
|
2 |
|
|
— |
|
|
236 |
|
Total operating expenses |
4,365 |
|
|
359 |
|
|
1,197 |
|
|
5,921 |
|
Operating income (loss) |
$ |
(1,275 |
) |
|
$ |
(306 |
) |
|
(1,197 |
) |
|
(2,778 |
) |
Other income |
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|
|
43 |
|
|
43 |
|
Income (loss) before income taxes and discontinued operations |
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|
|
|
(1,154 |
) |
|
(2,735 |
) |
Income tax benefit (expense) |
|
|
|
|
1,399 |
|
|
1,399 |
|
Net income (loss) from continuing operations |
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|
|
$ |
245 |
|
|
$ |
(1,336 |
) |
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Three months ended December 31, 2011 |
(in thousands) |
Westell |
|
CNS |
|
Unallocated |
|
Total |
Revenue |
$ |
7,674 |
|
|
$ |
6,718 |
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|
$ |
— |
|
|
$ |
14,392 |
|
Cost of goods sold |
5,024 |
|
|
5,105 |
|
|
— |
|
|
10,129 |
|
Gross profit |
2,650 |
|
|
1,613 |
|
|
— |
|
|
4,263 |
|
Gross margin |
34.5 |
% |
|
24.0 |
% |
|
— |
|
|
29.6 |
% |
Operating expenses: |
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|
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|
|
|
Sales and marketing |
1,269 |
|
|
145 |
|
|
— |
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|
1,414 |
|
Research and development |
1,223 |
|
|
574 |
|
|
— |
|
|
1,797 |
|
General and administrative |
649 |
|
|
200 |
|
|
858 |
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|
1,707 |
|
Restructuring |
— |
|
|
(2 |
) |
|
— |
|
|
(2 |
) |
Intangible amortization |
135 |
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|
1 |
|
|
— |
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|
136 |
|
Total operating expenses |
3,276 |
|
|
918 |
|
|
858 |
|
|
5,052 |
|
Operating income (loss) |
$ |
(626 |
) |
|
$ |
695 |
|
|
(858 |
) |
|
(789 |
) |
Other income |
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|
|
106 |
|
|
106 |
|
Interest (expense) |
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|
|
|
(37 |
) |
|
(37 |
) |
Income (loss) before income taxes and discontinued operations |
|
|
|
|
(789 |
) |
|
(720 |
) |
Income tax benefit (expense) |
|
|
|
|
268 |
|
|
268 |
|
Net income (loss) from continuing operations |
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|
$ |
(521 |
) |
|
$ |
(452 |
) |
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Nine months ended December 31, 2012 |
(in thousands) |
Westell |
|
CNS |
|
Unallocated |
|
Total |
Revenue |
$ |
28,145 |
|
|
$ |
1,235 |
|
|
$ |
— |
|
|
$ |
29,380 |
|
Cost of goods sold |
18,833 |
|
|
160 |
|
|
— |
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|
18,993 |
|
Gross profit |
9,312 |
|
|
1,075 |
|
|
— |
|
|
10,387 |
|
Gross margin |
33.1 |
% |
|
87.0 |
% |
|
— |
|
|
35.4 |
% |
Operating expenses: |
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Sales and marketing |
5,568 |
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|
(53 |
) |
|
— |
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|
5,515 |
|
Research and development |
4,216 |
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|
1,299 |
|
|
— |
|
|
5,515 |
|
General and administrative |
3,232 |
|
|
531 |
|
|
3,605 |
|
|
7,368 |
|
Restructuring |
149 |
|
|
— |
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|
— |
|
|
149 |
|
Intangible amortization |
652 |
|
|
4 |
|
|
— |
|
|
656 |
|
Total operating expenses |
13,817 |
|
|
1,781 |
|
|
3,605 |
|
|
19,203 |
|
Operating income (loss) |
$ |
(4,505 |
) |
|
$ |
(706 |
) |
|
(3,605 |
) |
|
(8,816 |
) |
Other income |
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|
|
134 |
|
|
134 |
|
Income (loss) before income taxes and discontinued operations |
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|
|
(3,471 |
) |
|
(8,682 |
) |
Income tax benefit (expense) |
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|
3,431 |
|
|
3,431 |
|
Net income (loss) from continuing operations |
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|
$ |
(40 |
) |
|
$ |
(5,251 |
) |
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Nine months ended December 31, 2011 |
(in thousands) |
Westell |
|
CNS |
|
Unallocated |
|
Total |
Revenue |
$ |
32,920 |
|
|
$ |
25,401 |
|
|
$ |
— |
|
|
$ |
58,321 |
|
Cost of goods sold |
19,830 |
|
|
19,641 |
|
|
— |
|
|
39,471 |
|
Gross profit |
13,090 |
|
|
5,760 |
|
|
— |
|
|
18,850 |
|
Gross margin |
39.8 |
% |
|
22.7 |
% |
|
— |
|
|
32.3 |
% |
Operating expenses: |
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|
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Sales and marketing |
4,197 |
|
|
911 |
|
|
— |
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|
5,108 |
|
Research and development |
3,829 |
|
|
2,036 |
|
|
— |
|
|
5,865 |
|
General and administrative |
2,071 |
|
|
751 |
|
|
2,803 |
|
|
5,625 |
|
Restructuring |
— |
|
|
275 |
|
|
— |
|
|
275 |
|
Intangible amortization |
410 |
|
|
3 |
|
|
— |
|
|
413 |
|
Total operating expenses |
10,507 |
|
|
3,976 |
|
|
2,803 |
|
|
17,286 |
|
Operating income (loss) |
$ |
2,583 |
|
|
$ |
1,784 |
|
|
(2,803 |
) |
|
1,564 |
|
Gain on CNS asset sale |
|
|
|
|
31,654 |
|
|
31,654 |
|
Other income |
|
|
|
|
201 |
|
|
201 |
|
Interest (expense) |
|
|
|
|
(42 |
) |
|
(42 |
) |
Income (loss) before income taxes and discontinued operations |
|
|
|
|
29,010 |
|
|
33,377 |
|
Income tax benefit (expense) |
|
|
|
|
(11,108 |
) |
|
(11,108 |
) |
Net income (loss) from continuing operations |
|
|
|
|
$ |
17,902 |
|
|
$ |
22,269 |
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