LOS GATOS, Calif., Nov. 3 /PRNewswire-FirstCall/ -- Hifn(TM)
(NASDAQ:HIFN) today reported financial results for the fourth
quarter ended September 30, 2008. This press release contains both
GAAP and non-GAAP financial information for which a reconciliation
can be found on the final page. (Logo:
http://www.newscom.com/cgi-bin/prnh/20070723/CLM036LOGO) Revenues
for the fourth quarter of fiscal 2008 were $9.0 million, a decrease
of 12 percent from the $10.2 million in revenues reported in the
previous quarter and a decrease of 18 percent from the $11.0
million in revenues reported in the fourth quarter of fiscal 2007.
Revenues for the twelve months ended September 30, 2008 were $39.4
million, a decrease of eight percent from the $43.0 million
reported for the twelve months ended September 30, 2007. Net loss
for the fourth quarter ended September 30, 2008, on a GAAP basis,
was $3.2 million, or $0.22 per share. Non-GAAP net loss for the
fourth quarter of fiscal 2008, adjusted for stock-based
compensation expense, amortization of intangible assets and
impairment of investments, was $1.9 million, or $0.13 per share.
Net income for the fourth quarter ended September 30, 2007, on a
GAAP basis, was $584,000, or $0.04 per share. Non-GAAP net income
for the fourth quarter of fiscal 2007, adjusted for stock-based
compensation expense and amortization of intangible assets, was
$1.9 million, or $0.13 per share. Net loss for the twelve months
ended September 30, 2008, on a GAAP basis, was $7.8 million, or
$0.53 per share. Non-GAAP net loss for the twelve months ended
September 30, 2008, adjusted for stock-based compensation expense,
amortization of intangible assets and impairment of investments,
was $2.5 million, or $0.17 per share. Net loss for the twelve
months ended September 30, 2007, on a GAAP basis, was $2.5 million,
or $0.18 per share. Non-GAAP net income for the twelve months ended
September 30, 2007, adjusted for stock-based compensation expense
and amortization of intangible assets, was $2.8 million, or $0.19
per share. "We are disappointed with the results this quarter. In
the fourth quarter, security product revenues and gross margins
were reduced by a non-Hifn related manufacturing issue at our
largest customer. Revenues were further impacted by a large
transaction that slipped into October," said Albert Sisto, chairman
and chief executive officer of Hifn. "Hifn is well positioned to
further its customer and revenue diversification and improve its
competitive advantage. Our balance sheet is strong with no debt and
we remain in a robust R&D cycle, which is now delivering a
range of compelling new products. We believe that our long-term
growth prospects have not changed. The continued growth of data
storage capacity, coupled with the new converged networks of the
data center are presenting us with significant opportunities to
broaden the reach of our Express Card product portfolio as well as
diversify our customer base. Although we are not immune to an
industry slowdown, our industry-leading technology and business
model position us well to expand our leadership and competitive
advantages during these challenging times," Sisto continued.
"During the fourth quarter, Hifn repurchased 152,400 shares of
common stock at an average price per share of $4.31, for an
aggregate purchase price of $656,000," said William Walker, Hifn's
vice president and chief financial officer. "Under the stock
repurchase program, which expired September 30, 2008, Hifn
repurchased 344,142 shares of common stock, for an aggregate
purchase price of $1.6 million," Walker continued. Hifn management
will hold a conference call to discuss these results today,
November 3, 2008, at 1:30 p.m. Pacific Standard Time (PST). Those
wishing to join should dial 866-219-5269 (domestic U.S.) or
703-639-1121 (international) at approximately 1:15 p.m. Playback of
the conference call will be available for 48 hours after the call
and may be accessed by calling 888-266-2081 (domestic U.S.) or
703-925-2533 (international), pass code 1296415. This press release
and information regarding the conference call, including a webcast
of the call, may be accessed through the Investor Relations page in
Hifn's corporate website at http://www.hifn.com/. About Hifn Hifn
(NASDAQ:HIFN) delivers the key OEM ingredients for 21st century
storage and networking environments. Leveraging over a decade of
leadership and expertise in the development of purpose-built
Applied Services Processors (ASPs), Hifn is a trusted partner to
industry leaders for whom infrastructure innovation in storage and
networking is critical to success. With the majority of secure
networked communications flowing through Hifn technology, the 21st
century convergence of storage and networking drives our product
roadmap forward. For more information, please visit:
http://www.hifn.com/. Use of Non-GAAP Financial Measures This
release contains non-GAAP financial measures (non-GAAP net income
or loss) that exclude the effects of stock-based compensation
expense, amortization of intangible assets and impairment of
investments. Reconciliations of each of these non-GAAP financial
measures to the most directly comparable GAAP financial measures
are detailed in the Reconciliation of GAAP Measures to non-GAAP
Measures attached to this press release. We believe that
presentation of these non-GAAP financial measures provides useful
information to investors regarding our results of operations. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation from or as a substitute for the
financial information prepared and presented in accordance with
GAAP, and may be different from non-GAAP financial measures used by
other companies. In addition, these non-GAAP measures have
limitations in that they do not reflect all of the amounts
associated with Hifn's results of operations as determined in
accordance with GAAP. We believe that excluding stock-based
compensation expense, amortization of intangible assets and
impairment of investments provides supplemental information and an
alternative presentation useful to investors' understanding of the
company's core operating results and trends, especially when
comparing those results on a consistent basis to results for
previous periods and anticipated results for future periods.
Investors have indicated that they consider financial measures of
our results of operations excluding stock-based compensation
expense, amortization of intangible assets and impairment of
investments as important supplemental information useful to their
understanding of our historical results and estimating of our
future results. Management uses non-GAAP financial measures
internally for evaluating current financial performance, strategic
decision making and forecasting. Given the importance of non-GAAP
measures to management, Hifn believes these non-GAAP measures will
help analysts and investors better understand management's
assessment of the company's operational financial performance as
compared with prior periods. This press release contains
forward-looking statements, such as: statements about Hifn's future
financial performance; long-term growth prospects; continued growth
and diversification of customers and revenues; utilization of
Hifn's competitive advantages; the potential of future revenue
generation from Hifn's research and development activities;
successful penetration of new customers and markets with the
Express Card product portfolio; and the expansion of our leadership
[in the security product industry] and utilization of competitive
advantages. Readers are cautioned that Hifn's forward-looking
statements are only predictions and may differ materially from
actual future events or results due to a variety of factors, such
as: changes in customer demand and customer ordering patterns,
whether as a result of the current worldwide economic slowdown or
otherwise; diversification of our customer base and sources of
revenues; our ability to execute our product and technology
roadmap; our continued ability to control expenses as compared with
prior periods; and an economic slowdown in the technology sector.
Additional risks are detailed from time to time in Hifn's filings
with the Securities and Exchange Commission. Hifn undertakes no
special duty to update or revise its forward-looking statements,
whether as a result of new information, future events or otherwise.
The financial information contained in this release should be read
in conjunction with the consolidated financial statements and notes
thereto included in Hifn's most recent Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q. Hifn's results of operations
for the three months ended September 30, 2008 are not necessarily
indicative of Hifn's operating results for any future periods. Any
projections in this release are based on limited information
currently available to Hifn and speak only as of the date of this
release. Hi/fn(R) is a registered trademark of hi/fn, inc. Hifn is
a trademark of hi/fn, inc. HIFN, INC. CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS (in thousands, except per share data)
(unaudited) Three Months Ended Twelve Months Ended September 30,
September 30, 2008 2007 2008 2007 Net revenues $9,004 $10,998
$39,418 $42,967 Costs and operating expenses: Cost of revenues
3,560 3,468 13,823 14,232 Research and development 3,704 2,589
13,942 12,925 Sales and marketing 2,568 2,276 10,570 8,312 General
and administrative 1,784 1,518 6,597 8,558 Amortization of
intangibles 749 826 2,996 3,038 Purchased in-process research &
development - 159 - 159 12,365 10,836 47,928 47,224 Income (loss)
from operations (3,361) 162 (8,510) (4,257) Interest and other
income, net 227 431 899 1,900 Income (loss) before income taxes
(3,134) 593 (7,611) (2,357) Provision for income taxes 19 9 145 184
Net income (loss) $(3,153) $584 $(7,756) $(2,541) Net income (loss)
per share: - Basic $(0.22) $0.04 $(0.53) $(0.18) - Diluted $(0.22)
$0.04 $(0.53) $(0.18) Weighted average shares outstanding: - Basic
14,645 14,338 14,766 14,092 - Diluted 14,645 14,682 14,766 14,092
HIFN, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands)
(unaudited) September 30, September 30, 2008 2007 ASSETS Current
assets: Cash & short-term investments $34,371 $35,322 Accounts
receivable, net 6,651 7,450 Inventories 2,283 2,784 Prepaid
expenses and other current assets 1,482 1,428 Total current assets
44,787 46,984 Other receivables 129 189 Property and equipment, net
1,927 1,982 Goodwill, intangibles and other assets, net 6,444 9,811
$53,287 $58,966 LIABILITIES AND STOCKHOLDERS' EQUITY Current
liabilities: Accounts payable $1,930 $1,467 Accrued expenses and
other current liabilities 3,744 4,051 Total current liabilities
5,674 5,518 Stockholders' equity: Common stock 15 15 Paid-in
capital 175,164 171,573 Accumulated other comprehensive income
(loss) (102) 3 Accumulated deficit (121,472) (113,716) Treasury
stock, at cost (5,992) (4,427) Total stockholders' equity 47,613
53,448 $53,287 $58,966 HIFN, INC. RECONCILIATION OF GAAP MEASURES
TO NON-GAAP MEASURES (in thousands, except per share data)
(unaudited) Three Months Ended Twelve Months Ended September 30,
September 30, 2008 2007 2008 2007 GAAP net income (loss) $(3,153)
$584 $(7,756) $(2,541) Reconciling items: Stock-based compensation
expense 474 512 1,854 2,261 Amortization of intangibles 749 826
2,996 3,038 Impairment of investments (18) - 364 - Non-GAAP net
income (loss) $(1,948) $1,922 $(2,542) $2,758 GAAP basic net income
(loss) per share $(0.22) $0.04 $(0.53) $(0.18) Reconciling items:
Stock-based compensation expense 0.04 0.03 0.13 0.16 Amortization
of intangibles 0.05 0.06 0.20 0.22 Impairment of investments 0.00
0.00 0.03 0.00 Non-GAAP basic net income (loss) per share $(0.13)
$0.13 $(0.17) $0.20 GAAP diluted net income (loss) per share
$(0.22) $0.04 $(0.53) $(0.18) Reconciling items: Stock-based
compensation expense 0.04 0.03 0.13 0.16 Amortization of
intangibles 0.05 0.06 0.20 0.21 Impairment of investments 0.00 0.00
0.03 0.00 Non-GAAP diluted net income (loss) per share $(0.13)
$0.13 $(0.17) $0.19 Shares used to calculate GAAP net income (loss)
per share: Basic 14,645 14,338 14,766 14,092 Diluted 14,645 14,682
14,766 14,092 Shares used to calculate non-GAAP net income (loss)
per share: Basic 14,645 14,338 14,766 14,092 Diluted 14,645 14,682
14,766 14,302
http://www.newscom.com/cgi-bin/prnh/20070723/CLM036LOGO
http://photoarchive.ap.org/ DATASOURCE: Hifn, Inc. CONTACT: William
R. Walker, Vice President and Chief Financial Officer of Hifn,
Inc., +1-408-399-3537, Web site: http://www.hifn.com/
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