InFocus� Corporation (NASDAQ: INFS) today announced its first
quarter 2009 financial results. For the quarter ending March 31st,
the Company reported revenues of $44.4 million and a net loss of
$8.1 million, or $0.20 per share, compared to revenues of $51.4
million and a net loss of $13.1 million, or $0.32 per share, in the
fourth quarter of 2008 and revenues of $61.0 million and a net loss
of $1.8 million, or $0.05 per share, in the first quarter of
2008.
Included in the first quarter 2009 results are restructuring
charges of $1.0 million, an asset impairment charge of $1.2 million
and value added tax assessment of $0.6 million. The restructuring
charge consisted primarily of costs associated with lease losses of
vacated and unutilized facilities, and accounted for $0.02 of the
net loss per share. The impairment charge related to a fair value
adjustment of the Company�s fixed assets accounted for $0.03 of the
net loss per share. The tax assessment related to foreign
jurisdiction value added taxes and interest for product shipments
from 2002 and accounted for $0.01 of the net loss per share.
Excluding these charges, proforma operating loss for the first
quarter was $5.6 million.
On April 13th the Company announced that it had entered into a
definitive agreement and plan of merger with Image Holdings
Corporation (IHC) and its wholly-owned subsidiary, IC Acquisition
Corp (IC). Under the terms of the agreement, IHC will cause IC to
make an all cash tender offer to acquire all outstanding shares of
InFocus stock for $0.95 per share, or an aggregate value of
approximately $39 million. The tender offer is expected to commence
on or around April 27, 2009.
Quarterly Revenue, Unit, ASP and Gross Margin
Comparisons
First quarter revenues of $44.4 million represents a decrease of
14 percent compared to the fourth quarter of 2008, and a decrease
of 27 percent compared to the first quarter of 2008. Projector unit
shipments totaled approximately 60,000 in the first quarter, a
decrease of approximately 5 percent compared to the fourth quarter
of 2008 and a reduction of 13 percent compared to the first quarter
of 2008. Overall, average selling prices (ASPs) decreased by
approximately 9 percent from the fourth quarter of 2008. Gross
margins were 14.1 percent, a reduction of 2.7 percent from the
fourth quarter of 2008. Gross margins were negatively impacted in
the first quarter by product mix and sale of end of life
projectors. Revenue in the Americas decreased by 1 percent while
units shipped increased by 6 percent compared to the fourth quarter
of 2008. Revenue and unit shipments decreased by 37 percent and 25
percent, respectively, in Europe. Revenue and units from Asia
Pacific decreased by 1 percent and increased by 12 percent,
respectively, compared to the fourth quarter of 2008.
Operating and Other Expenses
Excluding charges, proforma operating expenses in the first
quarter were $11.8 million, a reduction of $2.1 million, or 15
percent, from expenses in the fourth quarter of 2008. Reductions
were experienced across all functional areas, and were the result
of the implementation of the restructuring activities announced in
the fourth quarter of 2008 and lower variable sales and marketing
costs. Non-operating expense was $0.1 million in the first quarter,
compared to $0.6 million in the fourth quarter of 2008 and $1.5
million in the first quarter of 2008.
Balance Sheet
Total cash, restricted cash, and marketable securities as of
March 31, 2009 were $22.3 million, a decrease of $11.1 million from
the end of the fourth quarter. The reduction in cash was primarily
due to changes in working capital and capital expenditures.
Accounts receivable were $24.2 million, a reduction of $1.1 million
from the fourth quarter. Inventories reduced by $14.7 million to
$23.8 million. Accounts payable decreased by $18.8 million to $21.7
million.
Reconciliation of GAAP and Pro Forma Information
The Company has recorded charges that are excluded from
operating expenses and earnings for comparative purposes. In
accordance with SEC FR-59, attached is a Statement of
Reconciliation of GAAP Earnings. Management uses such pro forma
information for purposes of assessing the operating performance of
the Company excluding the impact of such non-recurring charges.
Forward-Looking Statements
This press release contains forward-looking statements including
statements concerning the proposed acquisition of InFocus and the
expected commencement of the tender offer contemplated by such
proposed acquisition. Investors are cautioned that all
forward-looking statements involve risks and uncertainties and
several factors could cause actual results to differ materially
from those in the forward-looking statements. Factors that could
cause actual results to differ from these forward-looking
statements include, but are not limited to, conditions affecting
the industries in which InFocus operates, the parties� ability to
satisfy the conditions to the offer and the merger and to
consummate the transactions, the ability of InFocus to realize
anticipated cost savings, and other risk factors found in the
InFocus annual report on Form 10-K for the year ended December 31,
2008. The forward-looking statements contained in this press
release speak only as of the date on which they are made and
InFocus does not undertake any obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this press release, except as required by applicable
law.
NOTICE TO INVESTORS: This announcement is neither an offer to
purchase nor a solicitation of an offer to sell securities. The
tender offer for the outstanding shares of InFocus common stock
described in the press release has not commenced. At the time the
offer is commenced, a tender offer statement on Schedule tender
offer will be filed with the Securities and Exchange Commission
(SEC) and InFocus will file a solicitation / recommendation
statement on Schedule 14D-9 with respect to the offer. The
tender offer statement (including an offer to purchase and a
related letter of transmittal) and the solicitation /
recommendation statement will contain important information that
should be read carefully before any decision is made with respect
to the tender offer. Those materials will be made available to
InFocus shareholders at no expense to them. In addition, all of
those materials (and all other offer documents filed with the SEC)
will be available at no charge on the SEC�s website at
www.sec.gov.
About InFocus Corporation
InFocus is the industry pioneer and a global leader in the
digital projection market. The company�s digital projectors make
bright ideas brilliant everywhere people gather to communicate and
be entertained � in meetings, presentations, classrooms and living
rooms around the world. Backed by more than 20 years of experience
and innovation in digital projections, and over 245 patents,
InFocus is dedicated to setting the industry standard for large
format visual display. The company is based in Wilsonville, Oregon
with operations in North America, Europe and Asia. InFocus is
listed on NASDAQ under the symbol INFS. For more information, visit
the company�s website at www.infocus.com.
InFocus, In Focus, INFOCUS (stylized), IN, ASK, Proxima,
LiteShow, LP, ScreenPlay, Play Big, Work Big, Learn Big and The Big
Picture are either registered trademarks or trademarks of InFocus
Corporation in the U.S. and abroad. All other trademarks are used
for identification purposes only and are the property of their
respective owners in this and other countries. All rights
reserved.
� � �
InFocus Corporation
Consolidated Statements of
Operations(In thousands, except per share amounts)(Unaudited)
� �
Three months ended March 31, 2009 2008 �
Revenues $ 44,405 $ 61,025
Cost of revenues � 38,153
� � 48,590 �
Gross margin $ 6,252 $ 12,435 �
Operating
expenses: Marketing and sales $ 5,522 $ 8,291 Research and
development 2,304 2,784 General and administrative 4,012 4,442
Restructuring costs 1,000 - Impairment of long-lived assets 1,236 -
Value added tax assessment � 468 � � - � $ 14,542 $ 15,517 �
Loss from operations $ (8,290 ) $ (3,082 ) �
Other
income, net � (128 ) � 1,510 �
Loss before income taxes
(8,418 ) (1,572 )
Provision for income taxes � (350 ) � 236
�
Net Loss $
(8,068 ) $ (1,808
) � �
Basic and fully diluted net loss per share
$ (0.20 ) $ (0.05 ) �
Basic and fully diluted shares outstanding 40,358 39,745 � � �
InFocus
CorporationConsolidated Balance Sheets(In
thousands)(Unaudited)
� �
March 31, December 31, 2009 2008 �
Assets Current Assets: Cash and cash equivalents $ 7,954 $
16,801 Restricted cash, equivalents, and marketable securities
14,321 16,569 Accounts receivable, net of allowances 24,179 25,272
Inventories 23,798 38,520 Other current assets � 3,938 � � 4,043 �
Total Current Assets 74,190 101,205 � Property and equipment, net -
- Other assets, net � 7,321 � � 7,023 �
Total Assets
$ 81,511 �
$ 108,228 � �
Liabilities
and Shareholders' Equity Current Liabilities: Credit facility $
2,455 $ - Accounts payable 21,692 40,428 Other current liabilities
� 12,817 � � 14,588 � Total Current Liabilities 36,964
55,016
� Other Long-Term Liabilities 1,823 2,124 � Shareholders' Equity:
Common stock and additional paid-in capital 170,429 170,306 Other
comprehensive income: Foreign currency translation 26,742 27,161
Accumulated deficit � (154,447 ) � (146,379 ) �
Total
Shareholders' Equity �
42,724 � �
51,088 � �
Total Liabilities and Shareholders' Equity $
81,511 �
$ 108,228 � � � � � � � � � � � �
InFocus Corporation
Reconciliation of GAAP Earnings(In
thousands, except per share amounts)(Unaudited)
� �
First Quarter 2009 Fourth Quarter 2008 Net
Loss
Net LossPer
Share
OperatingExpenses
Loss
FromOperations
Net Loss
Net LossPer
Share
OperatingExpenses
Loss
FromOperations
�
GAAP $ (8,068 ) $ (0.20 ) $ 14,542 � $ (8,290 ) $ (13,086
) $ (0.32 ) $ 20,803 � $ (12,159 ) �
Adjustments: �
Restructuring costs $ 1,000 $ 0.02 $ (1,000 ) $ 1,000 $
4,200 $ 0.10 $ (4,200 ) $ 4,200 �
Impairment of long-lived
assets $ 1,236 $ 0.03 $ (1,236 ) $ 1,236 $ 2,628 $ 0.07 $
(2,628 ) $ 2,628 �
Value added tax assessment $ 468 $ 0.01 $
(468 ) $ 468 $ - $ - $ - $ - � � � � � � � �
Proforma excluding
adjustments $ (5,364 ) $ (0.13 ) $ 11,838 � $ (5,586 ) $ (6,258
) $ (0.16 ) $ 13,975 � $ (5,331 ) � � �
First Quarter 2009
First Quarter 2008 Net Loss
Net LossPer
Share
OperatingExpenses
Loss
FromOperations
Net Loss
Net LossPer
Share
OperatingExpenses
Loss
FromOperations
�
GAAP $ (8,068 ) $ (0.20 ) $ 14,542 � $ (8,290 ) $ (1,808 )
$ (0.05 ) $ 15,517 � $ (3,082 ) �
Adjustments: �
Restructuring costs $ 1,000 $ 0.02 $ (1,000 ) $ 1,000 $ - $
- $ - $ - �
Impairment of long-lived assets $ 1,236 $ 0.03 $
(1,236 ) $ 1,236 $ - $ - $ - $ - �
Value added tax
assessment $ 468 $ 0.01 $ (468 ) $ 468 $ - $ - $ - $ - � � � �
� � � �
Proforma excluding adjustments $ (5,364 ) $ (0.13 )
$ 11,838 � $ (5,586 ) $ (1,808 ) $ (0.05 ) $ 15,517 � $ (3,082 )
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