Iteris Reports Record Third Quarter Revenue of $22.7 Million
9 Month Revenue $70.7 Million up 22% from $58 Million in FY16
Iteris, Inc. (NASDAQ: ITI), the global leader in applied informatics for transportation and agriculture, today
reported financial results for its fiscal third quarter ended December 31, 2016.
Fiscal Third Quarter 2017 Financial Highlights
- Total revenue increased 19% year over year to $22.7 million
- Transportation Systems revenue increased 44% year over year to $11.9 million
- Agriculture and Weather Analytics revenue increased 44% year over year to $1.4 million
- Roadway Sensors achieved release readiness for February 2017 launch of new advanced radar detection
sensor with streaming video
Management commentary:
”We are pleased to deliver a third consecutive quarter of strong year-over-year performance,” said Joe Bergera, President and
CEO. “Over the last year, we have been making enhancements to our business model. Despite the fact that the third quarter is
historically impacted by seasonality, you can see the benefit of these enhancements in our financial results.
“In addition, we saw continued significant progress in all of our business segments against their product roadmaps,” continued
Bergera. “We believe this positive momentum should not only sustain our leadership in existing categories, but also create exciting
additional opportunities for Iteris in adjacent markets.”
Business Segment Reassignment
Beginning in the Company’s first fiscal quarter of 2017, certain operations that were previously within its Agriculture and
Weather Analytics segment (formerly known as Performance Analytics), specifically its performance measurement and information
management solution iPeMS® and related traffic consulting services, were reassigned to the Transportation Systems segment to better
align the Company’s traffic analytics capabilities, resources and initiatives. Prior year segment information presented in the
table below has been re-classified to reflect this change.
GAAP Fiscal Third Quarter 2017 Financial Results
Total revenues in the third quarter of fiscal 2017 increased 19% to a record $22.7 million, compared to $19.0 million in the
same quarter a year ago. This growth was primarily driven by a 44% increase in Transportation Systems, and to a lesser extent, a
44% increase in Agriculture and Weather Analytics revenues. The Transportation Systems segment experienced significant backlog
growth during the second half of fiscal 2016, which contributed to revenue growth in the Company’s third fiscal quarter of
2017.
Operating expenses in the third quarter were $10.1 million, compared to $8.3 million in the same quarter a year ago. The
increase was primarily due to increases in selling, general and administrative expenses, including increased headcount,
particularly in the Agriculture and Weather Analytics segment where employee headcount was increased to support the sales and
marketing of the Company’s ClearAg® solutions. The increase in operating expenses was also attributable to increased headcount in
corporate headquarters general and administrative positions.
Operating loss in the third quarter was $1.5 million, compared to an operating loss of approximately $1.1 million in the same
quarter a year ago. Net loss in the third quarter was $1.4 million, or ($0.04) per share, compared to a net loss of $10.4 million,
or ($0.33) per share in the year-ago quarter, however third quarter fiscal 2016 included the recording of a non-cash $10.1 million
valuation allowance on the company’s deferred tax assets.
Non-GAAP Fiscal Q3 2017 Financial Results
In addition to results presented in accordance with generally accepted accounting principles in the United States (“GAAP”), the
Company has included the following non-GAAP financial measures: non-GAAP operating expenses, non-GAAP operating loss, non-GAAP net
loss and non-GAAP basic and diluted net loss per share. These non-GAAP financial measures exclude the following items: (a) audit
fee overruns; (b) financial consulting services; (c) severance and transition related costs paid to the Company’s former Chief
Executive Officer; (d) the estimated income tax effect of the foregoing non-GAAP adjustments; and (e) the recording of a valuation
allowance on the company’s deferred tax assets. A discussion of the Company’s use of these non-GAAP financial measures is set forth
below in the financial statements portion of this release under the heading “Non-GAAP Financial Measures and Reconciliation,” which
also includes a reconciliation of such non-GAAP financial measures to their most comparable GAAP financial measures for the three
months ended December 31, 2016 and 2015.
Non-GAAP operating expenses in the third quarter increased to $10.1 million, compared to $8.3 million in the same quarter a year
ago. Non-GAAP operating loss in the third quarter was $1.5 million, compared to an operating loss of $1.1 million in the same
quarter a year ago. Non-GAAP net loss in the third quarter was $1.4 million, or ($0.04) per share, compared to a net loss of
$378,000, or ($0.01) per share, in the same quarter a year ago.
Earnings Conference Call
Iteris will conduct a conference call today to discuss its fiscal third quarter 2017 results.
Date: Thursday, February 9, 2017
Time: 4:30 p.m. Eastern Time (1:30 p.m. Pacific Time)
Toll-free dial-in number: 1-877-545-1403
International dial-in number: 1-719-325-4749
Conference ID: 4020979
To listen to the live or archived webcast of the earnings call or to view the press release, please visit the investor relations section of the Iteris website at www.iteris.com.
A replay of the conference call will be available after 7:30 p.m. Eastern time on the same day through February 23, 2017. To
access the replay dial information, please click here.
About Iteris, Inc.
Iteris is the global leader in applied informatics for transportation and agriculture, turning big data into big breakthrough
solutions. We collect, aggregate and analyze data on traffic, roads, weather, water, soil and crops to generate precise informatics
that lead to safer transportation and smarter farming. Municipalities, government agencies, crop science companies, farmers and
agronomists around the world use our solutions to make roads safer and travel more efficient, as well as farmlands more
sustainable, healthy and productive. Visit www.iteris.com for more information.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
This release may contain forward-looking statements, which speak only as of the date hereof and are based upon our current
expectations and the information available to us at this time. Words such as "believes," "anticipates," "expects," "intends,"
"plans," "seeks," "estimates," "may," "will," "can," and variations of these words or similar expressions are intended to identify
forward-looking statements. These statements include, but are not limited to, statements about the Company’s anticipated growth
opportunities, the impact of the new management team, the impact and success of new product introductions and acquisitions, our
future performance, growth, operating results, financial condition and prospects. Such statements are subject to certain risks,
uncertainties, and assumptions that are difficult to predict and actual results could differ materially and adversely from those
expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, federal, state and local government
budgetary issues, constraints and delays; the timing and amount of government funds allocated to overall transportation
infrastructure projects and the transportation industry; the potential impact of the recently extended Federal Highway Bill on the
Intelligent Transportation industry and the expected benefits to Iteris; the potential unforeseen impact of product and service
offerings from competitors, increased competition in certain market segments and other competitive pressures; our ability to secure
additional Transportation Systems consulting contracts and successfully complete such contracts on a timely basis; our ability to
specify, develop, complete, introduce, market and gain broad acceptance of our new and existing products and technologies the
timing and successful completion of customer qualification of our products and the risks of non-qualification; the availability of
components used in the manufacture of certain of our products; the effectiveness of efficiency, cost, and expense reduction
efforts; our ability to successfully identify, complete and integrate acquisitions of products, technologies and companies; our
ability to retain, integrate and incentivize our new management team and their ability to shape the strategic direction of the
company and implement change; any softness in the real estate development market, and the impact of general economic and political
conditions and specific conditions in the markets we address, and the possible disruption in government spending and commercial
activities related to terrorist activity or armed conflict in the United States and internationally. Further information on Iteris,
Inc., including additional risk factors that may affect our forward-looking statements, as contained in our Annual Report on Form
10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K, and our other SEC filings that are available through the
SEC's website (www.sec.gov).
|
|
|
|
|
ITERIS, INC. |
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS |
(in thousands) |
|
|
|
|
|
|
|
December 31, |
|
March 31, |
|
2016 |
|
2016 |
|
|
|
|
|
|
|
ASSETS: |
|
|
|
|
|
|
Cash |
|
$ |
17,881 |
|
$ |
16,029 |
Trade accounts receivable, net |
|
|
12,443 |
|
|
13,241 |
Costs and estimated earnings in excess of billings |
|
|
|
|
|
|
on uncompleted contracts |
|
6,031 |
5,250 |
Inventories |
|
|
2,753 |
|
|
3,153 |
Prepaid expenses and other current assets |
|
|
2,016 |
|
|
1,505 |
Total current assets |
|
|
41,124 |
|
|
39,178 |
|
|
|
|
|
|
|
Property and equipment, net |
|
|
2,078 |
|
|
2,139 |
Goodwill |
|
|
17,318 |
|
|
17,318 |
Intangible and other assets, net |
|
|
1,289 |
|
|
1,385 |
Total assets |
|
$ |
61,809 |
|
$ |
60,020 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY: |
|
|
|
|
|
|
Accounts payable and other current liabilities |
|
$ |
14,375 |
|
$ |
12,633 |
Billings in excess of costs and estimated earnings |
|
|
|
|
|
|
on uncompleted contracts |
|
|
2,950 |
|
|
2,294 |
Total current liabilities |
|
|
17,325 |
|
|
14,927 |
Long-term liabilities |
|
|
1,579 |
|
|
1,631 |
Total liabilities |
|
|
18,904 |
|
|
16,558 |
Stockholders’ equity |
|
|
42,905 |
|
|
43,462 |
Total liabilities and stockholders’ equity |
|
$ |
61,809 |
|
$ |
60,020 |
|
|
|
|
|
|
|
|
|
|
|
|
ITERIS, INC. |
UNAUDITED CONSOLIDATED |
STATEMENTS OF OPERATIONS |
(in thousands, except per share amounts) |
|
|
|
|
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
December 31, |
|
December 31, |
|
|
2016 |
|
|
2015 |
|
|
2016 |
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
22,691 |
|
|
$ |
19,014 |
|
|
$ |
70,678 |
|
|
$ |
57,952 |
|
Cost of revenues |
|
|
14,071 |
|
|
|
11,803 |
|
|
|
43,194 |
|
|
|
35,220 |
|
Gross profit |
|
|
8,620 |
|
|
|
7,211 |
|
|
|
27,484 |
|
|
|
22,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
|
8,035 |
|
|
|
6,400 |
|
|
|
23,698 |
|
|
|
19,176 |
|
Research and development |
|
|
1,979 |
|
|
|
1,853 |
|
|
|
5,287 |
|
|
|
5,428 |
|
|
|
|
80 |
|
|
|
92 |
|
|
|
248 |
|
|
|
276 |
|
Amortization of intangible assets |
|
|
|
|
|
Total operating expenses |
|
|
10,094 |
|
|
|
8,345 |
|
|
|
29,233 |
|
|
|
24,880 |
|
Operating loss |
|
|
(1,474 |
) |
|
|
(1,134 |
) |
|
|
(1,749 |
) |
|
|
(2,148 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-operating income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Other (expense) income, net |
|
|
(1 |
) |
|
|
(3 |
) |
|
|
(7 |
) |
|
|
1 |
|
Interest income, net |
|
|
4 |
|
|
|
3 |
|
|
|
9 |
|
|
|
10 |
|
Loss from continuing operations before income taxes |
|
|
(1,471 |
) |
|
|
(1,134 |
) |
|
|
(1,747 |
) |
|
|
(2,137 |
) |
Benefit (expense) for income taxes |
|
|
4 |
|
|
|
(9,365 |
) |
|
|
11 |
|
|
|
(9,055 |
) |
Loss from continuing operations |
|
|
(1,467 |
) |
|
|
(10,499 |
) |
|
|
(1,736 |
) |
|
|
(11,192 |
) |
Gain on sale of discontinued operation, net of tax |
|
|
87 |
|
|
|
57 |
|
|
|
278 |
|
|
|
163 |
|
Net loss |
|
$ |
(1,380 |
) |
|
$ |
(10,442 |
) |
|
$ |
(1,458 |
) |
|
$ |
(11,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loss per share from continuing operations –
|
|
|
(0.05 |
) |
|
|
(0.33 |
) |
|
|
(0.05 |
) |
|
|
(0.35 |
) |
basic and diluted |
|
$ |
$ |
$ |
$ |
Gain per share from sale of discontinued operation – |
|
|
0.01 |
|
|
|
0.00 |
|
|
|
0.01 |
|
|
|
0.01 |
|
basic and diluted |
|
$ |
$ |
$ |
$ |
Net loss per share - basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares used in basic and diluted per share calculations |
|
|
32,205 |
|
|
|
32,013 |
|
|
|
32,125 |
|
|
|
32,051 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ITERIS, INC. |
UNAUDITED SEGMENT REPORTING DETAILS |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
Roadway
Sensors
|
|
Transportation
Systems
|
|
Ag & Weather
Analytics
|
|
Iteris, Inc. |
Three Months Ended December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
9,397 |
|
$ |
11,913 |
|
$ |
1,381 |
|
|
$ |
22,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
$ |
1,940 |
|
$ |
1,920 |
|
$ |
(1,892 |
) |
|
$ |
1,968 |
|
Corporate and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
(3,362 |
) |
Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
(80 |
) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(1,474 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roadway
Sensors
|
|
Transportation
Systems
|
|
Ag & Weather
Analytics
|
|
Iteris, Inc. |
Three Months Ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
9,771 |
|
$ |
8,283 |
|
$ |
960 |
|
|
$ |
19,014 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
$ |
1,856 |
|
$ |
1,027 |
|
$ |
(1,546 |
) |
|
$ |
1,337 |
|
Corporate and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
(2,379 |
) |
Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
(92 |
) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(1,134 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roadway
Sensors
|
|
Transportation
Systems
|
|
Ag & Weather
Analytics
|
|
Iteris, Inc. |
Nine Months Ended December 31, 2016 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
30,897 |
|
$ |
36,638 |
|
$ |
3,143 |
|
|
$ |
70,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
$ |
6,897 |
|
$ |
6,813 |
|
$ |
(5,582 |
) |
|
$ |
8,128 |
|
Corporate and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
(9,629 |
) |
Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
(248 |
) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(1,749 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Roadway
Sensors
|
|
Transportation
Systems
|
|
Ag & Weather
Analytics
|
|
Iteris, Inc. |
Nine Months Ended December 31, 2015 |
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ |
31,235 |
|
$ |
24,536 |
|
$ |
2,181 |
|
|
$ |
57,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment operating income (loss) |
|
$ |
7,053 |
|
$ |
3,074 |
|
$ |
(4,904 |
) |
|
$ |
5,223 |
|
Corporate and other income (expense), net |
|
|
|
|
|
|
|
|
|
|
|
(7,095 |
) |
Amortization of intangible assets |
|
|
|
|
|
|
|
|
|
|
|
(276 |
) |
Operating loss |
|
|
|
|
|
|
|
|
|
|
$ |
(2,148 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
ITERIS, INC.
Non-GAAP Financial Measures and Reconciliation
In addition to results presented in accordance with GAAP, the Company has included the following non-GAAP financial measures in
this release: non-GAAP operating expenses, non-GAAP operating (loss) income, non-GAAP net income and non-GAAP basic and diluted
earnings per share from continuing operations. These non-GAAP financial measures exclude the following items: (a) audit fee
overruns; (b) financial consulting services; (c) severance and transition related costs paid to the Company’s former Chief
Executive Officer; (d) the estimated income tax effect of the foregoing non-GAAP adjustments; and (e) the recording of a valuation
allowance on the company’s deferred tax assets.
Iteris believes that the presentation of these non-GAAP financial measures provides important supplemental information to
management and investors regarding financial and business trends relating to its financial condition and results of operations.
Iteris’ management believes that the use of these non-GAAP financial measures provides consistency and comparability among and
between results from prior periods or forecasts and future prospects, and also facilitates comparisons with other companies in its
industry. The Company’s management believes that the exclusion of the items described above provides insight into core operating
results, the ability to generate cash and underlying business trends affecting performance. Iteris has chosen to provide this
information to investors to enable them to perform additional analysis of past, present and future operating performance and as a
supplemental means to evaluate ongoing core operations.
Management uses certain non-GAAP financial measures internally for strategic decision making, forecasting future results and
evaluating current performance. Non-GAAP financial measures are not prepared in accordance with GAAP; therefore, the information is
not necessarily comparable to other companies' financial information and should be considered as a supplement to, not a substitute
for, or superior to, the corresponding financial measures calculated in accordance with GAAP.
Details of the items excluded from GAAP financial results in calculating non-GAAP financial measures and explanatory footnotes
are as follows:
|
|
|
|
a) |
|
Audit fee overruns were calculated as the amount of audit fees that exceeded the
expected fees per the Company’s audit engagement letters. For the audit of Fiscal 2015, approximately $150,000 of fee overruns
were recorded into the first fiscal quarter of 2016. |
|
|
|
|
|
|
|
|
|
|
|
b) |
|
Management engaged financial consulting service firms to assist with the completion
of its Fiscal 2015 and Fiscal 2014 audits. The fees incurred for assistance with the Fiscal 2015 audit were incurred during the
first quarter of Fiscal 2016. |
|
|
|
|
|
|
|
|
|
|
|
c) |
|
On February 25, 2015, the Company’s Chief Executive Officer resigned and, as a
result, the Company incurred approximately $150,000 in severance and transition related expenses in the first half of 2016,
respectively. |
|
|
|
|
|
|
|
|
|
|
|
d) |
|
The amount represents the estimated income tax effect of the non-GAAP adjustments.
The tax effect of non-GAAP adjustments was calculated by applying an estimated tax rate of 38% to each specific non-GAAP
item. |
|
|
|
|
|
|
|
|
|
|
|
e) |
|
The Company recorded an approximate $10.1 million valuation allowance at December 31,
2015 related to its Federal Net Operating Loss (NOL) carryforwards, which are at risk of expiring in future years. As a result,
the Company reserved approximately $2.5 million and $7.6 million in current and long-term deferred tax assets, respectively,
from the Balance Sheet and recorded the related $10.1 million adjustment in tax expense in the Statement of Operations. |
|
|
|
|
|
|
|
|
Iteris, Inc. |
Schedule Reconciling GAAP Net (Loss) to Non-GAAP Net (Loss) |
($ in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss |
|
$ |
(1,380 |
) |
|
$ |
(10,442 |
) |
|
$ |
(1,458 |
) |
|
$ |
(11,029 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net loss per share - basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.33 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.34 |
) |
The non-GAAP amounts have been adjusted to
|
|
|
|
|
|
|
|
|
|
|
|
|
exclude the following items: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excluded from operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
Audit Fee overrun (a) |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(150 |
) |
Financial consulting services (b) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(88 |
) |
Executive management severance costs (c) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(150 |
) |
Total excluded from operating expenses |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total excluded operating loss |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(388 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax effect on non-GAAP adjustments (d) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
147 |
|
Total excluded from operating expenses after
|
|
|
|
|
|
|
|
|
|
|
|
|
income tax effect |
|
$ |
- |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
(241 |
) |
Excluded from income tax expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Valuation allowance on deferred tax assets (e)
|
|
|
- |
|
|
|
(10,064 |
) |
|
|
- |
|
|
|
(10,064 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP net loss |
|
$ |
(1,380 |
) |
|
$ |
(378 |
) |
|
$ |
(1,458 |
) |
|
$ |
(724 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP loss per share - basic and diluted |
|
$ |
(0.04 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.04 |
) |
|
$ |
(0.02 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) - (e) See corresponding footnotes above. |
|
|
Iteris, Inc. |
Schedule Reconciling GAAP Operating (Loss) to Non-GAAP Operating
(Loss) Income |
($ in thousands, except per share amounts) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
December 31, |
|
December 31, |
|
|
|
2016 |
|
|
|
2015 |
|
|
|
2016 |
|
|
|
2015 |
|
GAAP operating expenses |
|
$ |
10,094 |
|
|
$ |
8,345 |
|
|
$ |
29,233 |
|
|
$ |
24,880 |
|
Audit Fee overrun (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(150 |
) |
Financial consulting services (b) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(88 |
) |
Executive management severance costs (c) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(150 |
) |
Non-GAAP operating expenses |
|
$ |
10,094 |
|
|
$ |
8,345 |
|
|
$ |
29,233 |
|
|
$ |
24,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP operating loss |
|
$ |
(1,474 |
) |
|
$ |
(1,134 |
) |
|
$ |
(1,749 |
) |
|
$ |
(2,148 |
) |
Audit Fee overrun (a) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(150 |
) |
Financial consulting services (b) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(88 |
) |
Executive management severance costs (c) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(150 |
) |
Non-GAAP operating loss |
|
$ |
(1,474 |
) |
|
$ |
(1,134 |
) |
|
$ |
(1,749 |
) |
|
$ |
(1,760 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Investor Relations
MKR Group, Inc.
Todd Kehrli
323-468-2300
iti@mkr-group.com
View source version on businesswire.com: http://www.businesswire.com/news/home/20170209006098/en/