ModusLink Global Solutions™, Inc. (NASDAQ: MLNK) today
reported financial results for its 2014 fourth quarter and fiscal year
ended July 31, 2014. Results for those periods are summarized in the
following paragraphs. For a full discussion of the results, please see
the Company’s annual report on Form 10-K, which can be accessed through www.moduslink.com.
Fourth Quarter Financial Summary
-
Net revenue of $164.7 million compared to $181.0 million in the fourth
quarter of fiscal 2013
-
Gross margin of 8.8% compared to 11.1% in the fourth quarter of fiscal
2013
-
SG&A expenses of $17.2 million, a 13.1% reduction compared to the
fourth quarter of fiscal 2013
-
Operating loss of $4.2 million compared to operating loss of $5.7
million in the fourth quarter of fiscal 2013
-
Net loss of $8.5 million, or $0.16 per share, compared with net loss
of $8.8 million, or $0.17 per share, in the fourth quarter of fiscal
2013
-
Adjusted EBITDA of $2.1 million compared to $6.9 million in the fourth
quarter of fiscal 2013
ModusLink reported net revenue of $164.7 million for the fourth quarter
of fiscal 2014, compared to $181.0 million in the fourth quarter of
fiscal 2013. The change in net revenue was primarily driven by lower
revenue from a computing client that primarily affected results in Asia,
and lower volumes from an aftermarket services program related to the
repair and refurbishment of mobile devices that affected results in the
Americas.
Gross margin for the fourth quarter of fiscal 2014 was 8.8% compared to
11.1% in the fourth quarter of the previous year. The decline was
primarily due to lower overall revenue, including revenue from the
computing client noted above, partially offset by improved operating
efficiencies. In the fourth quarter of the prior year, the Company
recognized previously deferred revenue for a client program, which
increased gross margin by 80 basis points for that period.
Operating loss for the fourth quarter of fiscal 2014 was $4.2 million,
compared to $5.7 million in the fourth quarter of the previous year.
Contributing to the reduced operating loss was an 80.3% decline in
restructuring costs and a 13.1% decline in selling, general and
administrative expenses (SG&A), which was primarily due to lower
professional fees related to the financial restatement and employee
related costs. Net loss for the fourth quarter of fiscal 2014 was $8.5
million, or $0.16 per share, compared with net loss of $8.8 million, or
$0.17 per share.
For the fourth quarter of fiscal 2014, Adjusted EBITDA was $2.1 million
compared to $6.9 million for the same period in fiscal 2013. EBITDA
represents earnings before interest, income tax expense, depreciation
and amortization, and Adjusted EBITDA represents EBITDA excluding
certain items. Please refer to the non-GAAP information and table
reconciling the Company’s Adjusted EBITDA to its GAAP net income/(loss)
below.
The Company reported cash and cash equivalents of $183.5 million at July
31, 2014 compared to $77.9 million at July 31, 2013. At July 31, 2014,
the Company reported trading securities of $22.8 million. The payment
associated with the acquisition of the securities was not made by July
31, 2014 given that the majority of the related trades had not settled.
Therefore, the liability associated with the payment is classified under
other current liabilities on the Company’s balance sheet.
Fiscal Year 2014 Financial Summary
-
Net revenue of $723.4 million compared to $754.5 million in fiscal 2013
-
Gross margin of 10.3%, an improvement of 40 basis points, compared to
9.9% in fiscal 2013
-
SG&A expenses of $72.0 million, a 17.2% reduction compared to fiscal
2013
-
Operating loss of $5.5 million compared to operating loss of $28.2
million in fiscal 2013
-
Net loss of $16.3 million, or $0.32 per share, compared with net loss
of $40.4 million, or $0.86 per share, in fiscal 2013
-
Adjusted EBITDA of $23.0 million compared to $17.2 million in fiscal
2013
The Company reported net revenue of $723.4 million for 2014, compared to
$754.5 million in fiscal 2013. The change in net revenue was driven by
lower revenue from a software client that reorganized its supply chain,
primarily affecting results in Europe. Results for fiscal 2014 benefited
from significant revenue growth from a consumer electronics client,
which primarily affected results in the Americas and Europe, and from an
aftermarket services program related to the repair and refurbishment of
mobile devices that affected results in the Americas.
Gross margin for fiscal 2014 was 10.3% compared to 9.9% in the previous
year. The improvement was primarily due to a favorable revenue mix and
cost reduction actions.
ModusLink reported operating loss for fiscal 2014 of $5.5 million,
compared to operating loss of $28.2 million in the previous year.
Contributing to the reduced operating loss was a 54.8% decline in
restructuring costs and a 17.2% decline in SG&A, which was primarily due
to lower professional fees (including audit fees and cost related to the
financial restatement) and employee related costs. Net loss for fiscal
2014 was $16.3 million, or $0.32 per share, compared with net loss of
$40.4 million, or $0.86 per share. For fiscal 2014, Adjusted EBITDA was
$23.0 million compared to $17.2 million for fiscal 2013.
ModusLink Extends Tax Benefit Preservation Plan
ModusLink today announced that its Board of Directors approved a
three-year extension of its current tax benefit preservation plan, which
is designed to help preserve the value of its net operating losses and
other deferred tax benefits.
The current plan, adopted in October 2011, had been scheduled to expire
on October 17, 2014. As approved by the Board of Directors, the
expiration date of the tax benefit preservation plan has been extended
to October 17, 2017.
Additional information regarding the tax benefit preservation plan will
be contained in a Form 8-K and in a Registration Statement on Form 8-A/A
that ModusLink is filing with the Securities and Exchange Commission.
About ModusLink
ModusLink Corporation, a wholly owned subsidiary of ModusLink Global
Solutions, Inc. (NASDAQ: MLNK), executes comprehensive supply chain and
logistics services that are designed to improve clients’ revenue, cost,
sustainability and customer experience objectives. ModusLink is a
trusted and integrated provider to the world’s leading companies in
consumer electronics, communications, computing, medical devices,
software and retail. The Company’s operations are supported by more than
25 sites across North America, Europe, and the Asia/Pacific region. For
details on ModusLink's flexible and scalable solutions visit www.moduslink.com
and www.valueunchained.com,
the blog for supply chain professionals.
Non-GAAP Information
In addition to the financial measures prepared in accordance with
generally accepted accounting principles, the Company uses Adjusted
EBITDA, a non-GAAP financial measure, to assess its performance. EBITDA
represents earnings before interest, income tax expense, depreciation
and amortization. We define Adjusted EBITDA as EBITDA excluding the
effects of professional fees associated with our SEC inquiry and
financial restatement, strategic alternatives and other professional
fees, executive severance and employee retention, restructuring,
share-based compensation, impairments of goodwill and long-lived assets,
unrealized foreign exchange gains or losses, net, other non-operating
gains or losses, net, equity in losses of affiliates and impairments,
and discontinued operations.
We believe that providing Adjusted EBITDA to investors is useful as this
measure provides important supplemental information of our performance
to investors and permits investors and management to evaluate the
operating performance of our core supply chain business. We use Adjusted
EBITDA in internal forecasts and models when establishing internal
operating budgets, supplementing the financial results and forecasts
reported to our Board of Directors, determining a component of incentive
compensation for executive officers and other key employees based on
operating performance and evaluating short-term and long-term operating
trends in our core supply chain business. We believe that the Adjusted
EBITDA financial measure assists in providing an enhanced understanding
of our underlying operational measures to manage the core supply chain
business, to evaluate performance compared to prior periods and the
marketplace, and to establish operational goals. We believe that these
non-GAAP financial adjustments are useful to investors because they
allow investors to evaluate the effectiveness of the methodology and
information used by management in our financial and operational decision
making.
Adjusted EBITDA is a non-GAAP financial measure and should not be
considered in isolation or as a substitute for financial information
provided in accordance with U.S. GAAP. This non-GAAP financial measure
may not be computed in the same manner as similarly titled measures used
by other companies.
A table reconciling the Company’s EBITDA and Adjusted EBITDA to its GAAP
net income/(loss) is included in this release.
ModusLink Global Solutions is a registered trademark of ModusLink Global
Solutions, Inc. All other company names and products are trademarks or
registered trademarks of their respective companies.
This release contains forward-looking statements, which address a
variety of subjects. All statements other than statements of historical
fact, including without limitation, those with respect to the Company’s
goals, plans, expectations and strategies set forth herein are
forward-looking statements. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking statements: the
Company’s ability to execute on its business strategy, including any
cost reduction plans and the continued and increased demand for and
market acceptance of its services, which could negatively affect the
Company’s ability to meet its revenue, operating income and cost savings
targets, maintain and improve its cash position, expand its operations
and revenue, lower its costs, improve its gross margins, reach and
sustain profitability, reach its long-term objectives and operate
optimally; failure to realize expected benefits of restructuring and
cost-cutting actions; the Company’s ability to preserve and monetize
it’s net operating losses; difficulties integrating technologies,
operations and personnel in accordance with the Company’s business
strategy; client or program losses; demand variability in supply chain
management clients to which the Company sells on a purchase order
basis rather than pursuant to contracts with minimum purchase
requirements; risks inherent with conducting international operations;
and increased competition and technological changes in the markets in
which the Company competes. For a detailed discussion of cautionary
statements that may affect the Company’s future results of operations
and financial results, please refer to the Company’s filings with
the Securities and Exchange Commission, including the Company’s most
recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
Forward-looking statements represent management’s current expectations
and are inherently uncertain. The Company does not undertake any
obligations to update forward-looking statements made by it.
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ModusLink Global Solutions, Inc. and Subsidiaries
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Condensed Consolidated Balance Sheets
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(in thousands)
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July 31,
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July 31,
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2014
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2013
|
Assets:
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Cash and cash equivalents
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$
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183,515
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$
|
77,916
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Trading securities
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22,793
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-
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Accounts receivable, net
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123,948
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|
142,098
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Inventories
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65,269
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61,322
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Prepaid and other current assets
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10,243
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|
9,750
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Total current assets
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405,768
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291,086
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Property and equipment, net
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25,126
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34,290
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Investments in affiliates
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7,172
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7,970
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Goodwill
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|
3,058
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|
3,058
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Other intangible assets, net
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667
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1,764
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Other assets
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9,855
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|
5,528
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Total assets
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|
$
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451,646
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$
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343,696
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Liabilities:
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Accounts payable
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$
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105,045
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$
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110,148
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Accrued restructuring
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2,246
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|
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|
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|
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4,670
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Accrued expenses
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|
|
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|
39,544
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|
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34,748
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Other current liabilities
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51,759
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|
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26,865
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Total current liabilities
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198,594
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176,431
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Long-term portion of accrued restructuring
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39
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494
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Notes payable
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73,391
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|
-
|
Other long-term liabilities
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|
8,004
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|
|
|
|
|
|
9,866
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Total liabilities
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|
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|
280,028
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|
186,791
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Stockholders' equity:
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171,618
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|
156,905
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|
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Total liabilities and stockholders' equity
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$
|
451,646
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$
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343,696
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ModusLink Global Solutions, Inc. and Subsidiaries
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Condensed Consolidated Statements of Operations
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(in thousands, except per share data)
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(unaudited)
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Three Months Ended July 31,
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Years Ended July 31,
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2014
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2013
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Fav (Unfav)
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2014
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2013
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Fav (Unfav)
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Net revenue
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$
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164,700
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$
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181,001
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(9.0
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%)
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|
|
$
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723,400
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|
$
|
754,504
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(4.1
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%)
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Cost of revenue
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|
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|
150,249
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|
160,908
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6.6
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%
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|
|
648,675
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680,134
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4.6
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%
|
Gross profit
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|
14,451
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|
20,093
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(28.1
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%)
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74,725
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74,370
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0.5
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%
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8.8
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%
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11.1
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%
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(2.3
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%)
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10.3
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%
|
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9.9
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%
|
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|
|
0.5
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%
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Operating expenses:
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Selling, general and administrative
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17,233
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19,823
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13.1
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%
|
|
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|
|
72,020
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|
|
|
|
|
86,972
|
|
|
|
|
17.2
|
%
|
Amortization of intangible assets
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|
|
|
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|
|
268
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|
|
|
|
|
281
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4.6
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%
|
|
|
|
|
1,097
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|
|
|
|
|
1,133
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|
|
|
|
3.2
|
%
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Impairment of long-lived assets
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|
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-
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|
-
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|
0.0
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%
|
|
|
|
|
500
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|
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|
-
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|
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|
|
100.0
|
%
|
Restructuring, net
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|
|
|
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|
1,117
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|
|
|
|
|
5,664
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|
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|
80.3
|
%
|
|
|
|
|
6,557
|
|
|
|
|
|
14,497
|
|
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|
|
54.8
|
%
|
Total operating expenses
|
|
|
|
|
|
|
18,618
|
|
|
|
|
|
25,768
|
|
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|
27.7
|
%
|
|
|
|
|
80,174
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|
|
|
|
|
102,602
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|
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|
|
21.9
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%
|
Operating income (loss)
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|
|
|
|
|
|
(4,167
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)
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|
|
|
|
(5,675
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)
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26.6
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%
|
|
|
|
|
(5,449
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)
|
|
|
|
|
(28,232
|
)
|
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|
|
80.7
|
%
|
Other income (expense), net
|
|
|
|
|
|
|
(2,226
|
)
|
|
|
|
|
(1,195
|
)
|
|
|
|
(86.3
|
%)
|
|
|
|
|
(6,097
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)
|
|
|
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|
(5,704
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)
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|
(6.9
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%)
|
Income (loss) from continuing operations before taxes
|
|
|
|
|
|
|
(6,393
|
)
|
|
|
|
|
(6,870
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)
|
|
|
|
6.9
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%
|
|
|
|
|
(11,546
|
)
|
|
|
|
|
(33,936
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)
|
|
|
|
66.0
|
%
|
Income tax expense
|
|
|
|
|
|
|
2,092
|
|
|
|
|
|
1,804
|
|
|
|
|
(16.0
|
%)
|
|
|
|
|
4,682
|
|
|
|
|
|
3,779
|
|
|
|
|
(23.9
|
%)
|
Equity in losses of affiliates, net of tax
|
|
|
|
|
|
|
-
|
|
|
|
|
|
161
|
|
|
|
|
100.0
|
%
|
|
|
|
|
134
|
|
|
|
|
|
1,615
|
|
|
|
|
91.7
|
%
|
Income (loss) from continuing operations
|
|
|
|
|
|
|
(8,485
|
)
|
|
|
|
|
(8,835
|
)
|
|
|
|
4.0
|
%
|
|
|
|
|
(16,362
|
)
|
|
|
|
|
(39,330
|
)
|
|
|
|
58.4
|
%
|
Discontinued operations, net of income taxes:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
|
(6
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
80
|
|
|
|
|
|
(1,025
|
)
|
|
|
|
107.8
|
%
|
Net income (loss)
|
|
|
|
|
|
$
|
(8,485
|
)
|
|
|
|
$
|
(8,841
|
)
|
|
|
|
4.0
|
%
|
|
|
|
$
|
(16,282
|
)
|
|
|
|
$
|
(40,355
|
)
|
|
|
|
59.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Basic and diluted net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) from continuing operations
|
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
$
|
(0.17
|
)
|
|
|
|
4.7
|
%
|
|
|
|
$
|
(0.32
|
)
|
|
|
|
$
|
(0.84
|
)
|
|
|
|
62.4
|
%
|
Income (loss) from discontinued operations
|
|
|
|
|
|
|
(0.00
|
)
|
|
|
|
|
(0.00
|
)
|
|
|
|
0.0
|
%
|
|
|
|
|
0.00
|
|
|
|
|
|
(0.02
|
)
|
|
|
|
107.1
|
%
|
Net income (loss)
|
|
|
|
|
|
$
|
(0.16
|
)
|
|
|
|
$
|
(0.17
|
)
|
|
|
|
4.8
|
%
|
|
|
|
$
|
(0.32
|
)
|
|
|
|
$
|
(0.86
|
)
|
|
|
|
63.5
|
%
|
Weighted average number of common shares used in:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and diluted earnings per share
|
|
|
|
|
|
|
51,830
|
|
|
|
|
|
51,421
|
|
|
|
|
|
|
|
|
|
51,582
|
|
|
|
|
|
46,654
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ModusLink Global Solutions, Inc. and Subsidiaries
|
Condensed Consolidated Statements of Operations Information by
Operating Segment
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended July 31,
|
|
|
|
Years Ended July 31,
|
|
|
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
2014
|
|
|
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net revenue:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
|
|
|
$
|
69,235
|
|
|
|
|
$
|
72,354
|
|
|
|
|
$
|
299,026
|
|
|
|
|
$
|
268,490
|
|
Asia
|
|
|
|
|
|
|
42,285
|
|
|
|
|
|
48,099
|
|
|
|
|
|
176,592
|
|
|
|
|
|
212,963
|
|
Europe
|
|
|
|
|
|
|
43,760
|
|
|
|
|
|
48,522
|
|
|
|
|
|
209,550
|
|
|
|
|
|
237,222
|
|
All other
|
|
|
|
|
|
|
9,420
|
|
|
|
|
|
12,026
|
|
|
|
|
|
38,232
|
|
|
|
|
|
35,829
|
|
|
Total net revenue
|
|
|
|
|
|
$
|
164,700
|
|
|
|
|
$
|
181,001
|
|
|
|
|
$
|
723,400
|
|
|
|
|
$
|
754,504
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Americas
|
|
|
|
|
|
$
|
1,152
|
|
|
|
|
$
|
1,590
|
|
|
|
|
$
|
9,456
|
|
|
|
|
$
|
(230
|
)
|
Asia
|
|
|
|
|
|
|
3,334
|
|
|
|
|
|
6,462
|
|
|
|
|
|
17,335
|
|
|
|
|
|
22,841
|
|
Europe
|
|
|
|
|
|
|
(3,385
|
)
|
|
|
|
|
(8,512
|
)
|
|
|
|
|
(12,319
|
)
|
|
|
|
|
(22,091
|
)
|
All other
|
|
|
|
|
|
|
(347
|
)
|
|
|
|
|
605
|
|
|
|
|
|
(249
|
)
|
|
|
|
|
349
|
|
|
Total segment operating income (loss)
|
|
|
|
|
|
|
754
|
|
|
|
|
|
145
|
|
|
|
|
|
14,223
|
|
|
|
|
|
869
|
|
|
Corporate-level activity
|
|
|
|
|
|
|
(4,921
|
)
|
|
|
|
|
(5,820
|
)
|
|
|
|
|
(19,672
|
)
|
|
|
|
|
(29,101
|
)
|
|
Total operating income (loss)
|
|
|
|
|
|
$
|
(4,167
|
)
|
|
|
|
$
|
(5,675
|
)
|
|
|
|
$
|
(5,449
|
)
|
|
|
|
$
|
(28,232
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ModusLink Global Solutions, Inc. and Subsidiaries
|
Reconciliation of Selected Non-GAAP Measures to GAAP Measures
|
(in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income (Loss) to Adjusted EBITDA1
|
|
|
|
|
|
(unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended July 31,
|
|
|
|
Years Ended July 31,
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2014
|
|
|
2013
|
|
|
|
2014
|
|
|
2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
|
|
|
$
|
(8,485
|
)
|
|
|
$
|
(8,841
|
)
|
|
|
|
$
|
(16,282
|
)
|
|
|
$
|
(40,355
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
|
|
|
|
(56
|
)
|
|
|
|
(71
|
)
|
|
|
|
|
(382
|
)
|
|
|
|
(300
|
)
|
|
Interest expense
|
|
|
|
|
|
|
2,548
|
|
|
|
|
88
|
|
|
|
|
|
5,009
|
|
|
|
|
612
|
|
|
Income tax expense
|
|
|
|
|
|
|
2,092
|
|
|
|
|
1,804
|
|
|
|
|
|
4,682
|
|
|
|
|
3,779
|
|
|
Depreciation
|
|
|
|
|
|
|
2,981
|
|
|
|
|
3,907
|
|
|
|
|
|
13,179
|
|
|
|
|
14,118
|
|
|
Amortization of intangible assets
|
|
|
|
|
|
|
268
|
|
|
|
|
281
|
|
|
|
|
|
1,097
|
|
|
|
|
1,133
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA
|
|
|
|
|
|
|
|
(652
|
)
|
|
|
|
(2,832
|
)
|
|
|
|
|
7,303
|
|
|
|
|
(21,013
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SEC inquiry and financial restatement costs
|
|
|
|
|
|
|
589
|
|
|
|
|
2,522
|
|
|
|
|
|
3,909
|
|
|
|
|
10,761
|
|
|
Strategic alternatives and other professional fees
|
|
|
|
|
|
|
878
|
|
|
|
|
35
|
|
|
|
|
|
963
|
|
|
|
|
1,270
|
|
|
Executive severance and employee retention
|
|
|
|
|
|
|
-
|
|
|
|
|
154
|
|
|
|
|
|
1,080
|
|
|
|
|
1,417
|
|
|
Restructuring
|
|
|
|
|
|
|
1,117
|
|
|
|
|
5,664
|
|
|
|
|
|
6,557
|
|
|
|
|
14,497
|
|
|
Share-based compensation
|
|
|
|
|
|
|
591
|
|
|
|
|
467
|
|
|
|
|
|
2,254
|
|
|
|
|
2,308
|
|
|
Impairment of goodwill and long-lived assets
|
|
|
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
|
|
500
|
|
|
|
|
-
|
|
|
Unrealized foreign exchange (gains) losses, net
|
|
|
|
|
|
|
(337
|
)
|
|
|
|
(786
|
)
|
|
|
|
|
(660
|
)
|
|
|
|
1,964
|
|
|
Other non-operating (gains) losses, net
|
|
|
|
|
|
|
(39
|
)
|
|
|
|
208
|
|
|
|
|
|
(430
|
)
|
|
|
|
592
|
|
|
Equity in losses of affiliates and impairments
|
|
|
|
|
|
|
-
|
|
|
|
|
1,430
|
|
|
|
|
|
1,554
|
|
|
|
|
4,365
|
|
|
Discontinued operations
|
|
|
|
|
|
|
-
|
|
|
|
|
6
|
|
|
|
|
|
(80
|
)
|
|
|
|
1,025
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA
|
|
|
|
|
|
$
|
2,147
|
|
|
|
$
|
6,868
|
|
|
|
|
$
|
22,950
|
|
|
|
$
|
17,186
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 The Company defines Adjusted EBITDA as net income
(loss) excluding net charges related to interest income, interest
expense, income tax expense, depreciation, amortization of
intangible assets, SEC inquiry and financial restatement costs,
strategic alternatives and other professional fees, executive
severance and employee retention, restructuring, share-based
compensation, impairment of goodwill and long-lived assets,
unrealized foreign exchange (gains) losses, net, other non-operating
(gains) losses, net, equity in losses of affiliates and impairments
and discontinued operations.
|
|
Copyright Business Wire 2014