shanak10
9 years ago
Oct 30, 2014 16:05:00 (ET)
Ikanos Communications Announces Results for the Third Quarter 2014
FREMONT, CA--(Marketwired - Oct 30, 2014) - Ikanos Communications, Inc. (NASDAQ: IKAN)
Third Quarter Highlights
-- Revenue of $11.1 million
-- GAAP net loss of $(10.3) million, or $(0.10) per share
-- Ending cash, cash equivalents and short-term investments of $6.7 million
Ikanos Communications, Inc. (NASDAQ: IKAN), a leading provider of advanced broadband semiconductor and software products for the connected home, today announced its financial results for the third quarter of 2014, ended September 28, 2014.
"We achieved third quarter revenue of $11.1 million, within our guidance, with a GAAP gross profit of 44%, below our guidance, which resulted from a product mix shift at the end of the quarter," said Dennis Bencala, CFO of Ikanos. "During the third quarter, we continued to carefully manage our business and cash position, recording operating expenses of $14.8 million, below the mid-point of our guidance, with cash and short-term investments totaling $6.7 million at quarter end, which excludes the gross proceeds of our announced private placement funding of $16.3 million that occurred on September 29, 2014."
"The third quarter marked a significant milestone in Ikanos' recent history," said Omid Tahernia, president and CEO of Ikanos. "The agreement with Alcatel-Lucent and the associated investment that were announced on September 29, 2014 were testaments to Ikanos' technology leadership and strongly validate the strategy and the vision we have been executing on for the past two years. We believe our partnership with this market leader will significantly strengthen our position within the access product segment, and also broaden our reach among global carriers, which in turn will positively impact our gateway and inSIGHT business opportunities. I'm very excited about this engagement and its potential impact on Ikanos' future growth. In addition, we now have access to China, the world's largest telecom market, through the adoption of our Velocity-3 chipset by FiberHome."
Financial Details
Ikanos reports its financial results in accordance with U.S. generally accepted accounting principles (GAAP) and additionally on a non-GAAP basis. Non-GAAP net income (loss), non-GAAP gross profits and non-GAAP operating expenses, where applicable, exclude the income statement effects of stock-based compensation and the amortization of intangible assets. Ikanos has provided these measures because its management believes these additional non-GAAP measures are useful to investors for performing financial analysis, as these additional measures highlight Ikanos' recurring operating results. Ikanos' management uses these non-GAAP measures internally to evaluate its operating performance and to plan for its future. However, non-GAAP measures are not a substitute for GAAP reporting. For a reconciliation of GAAP versus non-GAAP financial information, please see the attached schedules.
Third Quarter 2014 Results
Revenue for the third quarter of 2014 was $11.1 million, compared to revenue of $16.9 million for the third quarter of 2013 and revenue of $11.3 million for the second quarter of 2014. GAAP gross profit for the third quarter of 2014 was 44%, compared to a GAAP gross profit of 51% for the third quarter of 2013 and GAAP gross profit of 49% for the second quarter of 2014.
Non-GAAP gross profit for the third quarter of 2014 was 45%, compared to a non-GAAP gross profit of 52% for the third quarter of 2013 and 50% for the second quarter of 2014.
GAAP operating expenses for the third quarter of 2014 were $14.8 million, compared to operating expenses of $17.0 million for the third quarter of 2013 and operating expenses of $17.5 million for the second quarter of 2014.
Non-GAAP operating expenses for the third quarter of 2014 were $13.9 million, compared to non-GAAP operating expenses of $16.0 million for the third quarter of 2013 and non-GAAP operating expenses of $16.6 million for the second quarter of 2014.
GAAP net loss for the third quarter of 2014 was $(10.3) million, or a loss of $(0.10) per share on 99.3 million weighted average shares outstanding, compared to a GAAP net loss of $(8.7) million, or $(0.12) per share on 71.7 million weighted average shares outstanding, for the second quarter of 2013 and a GAAP net loss of $(12.3) million, or $(0.12) per share on 99.1 million weighted shares outstanding, for the second quarter of 2014.
Non-GAAP net loss for the third quarter of 2014 was $(9.3) million, or a loss of $(0.09) per share on 99.3 million weighted average shares outstanding, compared to a non-GAAP net loss of $(7.5) million, or $(0.11) per share on 71.7 million weighted average shares outstanding, for the second quarter of 2013 and a non-GAAP loss of $(11.3) million, or $(0.11) per share on 99.1 million weighted average shares outstanding, for the second quarter of 2014.
Cash and cash equivalents and short-term investments at the end of the third quarter of 2014 were $6.7 million, compared to $20.6 million at the end of the second quarter of 2014. Additionally, at the end of the third quarter of 2014, inventory was $0.9 million, compared to $2.2 million at the end of the second quarter of 2014. Current liabilities at the end of the third quarter of 2014 were $16.7 million, compared to $21.6 million at the end of the second quarter of 2014. For both the third quarter and second quarter of 2014, current liabilities included an accounts receivable-backed revolving line of credit advance of $4.9 million and $6.9 million, respectively.
For a more complete review of our third quarter 2014 results and quarter-over-quarter comparisons, please see the attached financial schedules.
Outlook
Revenue is expected to be between $10.0 million and $12.0 million for the fourth quarter of 2014.
GAAP gross profit for the fourth quarter of 2014 is expected to be between 46% and 48%. Non-GAAP gross profit is expected to be between 47% and 49% for the fourth quarter of 2014. GAAP operating expenses for the fourth quarter of 2014 are expected to be in the range of $14.0 million to $15.0 million. Non-GAAP operating expenses are expected to be in the range of $13.0 million to $14.0 million for the fourth quarter of 2014. GAAP net loss for the fourth quarter of 2014 is expected to be in the range of approximately $(8.5) million to $(10.7) million, or a GAAP loss per share of $(0.06) to $(0.08). Non-GAAP net loss is expected to be in the range of approximately $(7.4) million to $(9.6) million, or a non-GAAP loss per share of $(0.05) to $(0.07).
Third Quarter Conference Call
Management will review the third quarter financial results and its expectations for subsequent periods at a conference call on October 30, 2014 at 1:30 p.m. Pacific Time. To listen to the call, please visit http://www.ikanos.com/investor/irevents/ and click on the link provided for the webcast or dial (800) 768-6569 and enter conference ID 2359596. The webcast will be archived and available for 90 days at http://www.ikanos.com/investor/irevents/. A replay of the conference call will be accessible until January 28, 2015 by dialing (888) 203-1112 and entering conference ID 2359596.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (NASDAQ: IKAN) is a leading provider of advanced broadband semiconductor and software products for the connected home. The company's broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit www.ikanos.com.
(c) 2014 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos and the Ikanos logo, the Bandwidth without boundaries tagline, Fusiv, inSIGHT, Neos, Ikanos Velocity, and Ikanos NodeScale are among the trademarks or registered trademarks of Ikanos Communications. All other trademarks mentioned herein are properties of their respective holders.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Some of the statements included in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. These forward-looking statements include statements that reflect the current views of our senior management with respect to future events with respect to our business and our industry in general. Statements that include the words "expect," "intend," "plan," "believe," "anticipate," "estimate," and similar statements of a future or forward-looking nature identify forward-looking statements.
Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following: our ability to achieve the anticipated benefits of our partnership with Alcatel-Lucent, including the strengthening of our position within the access product segment, broadening our reach among global carriers, and the potential impact on our gateway and inSIGHT businesses; our ability to capitalize on our access to China's telecom market through the adoption of our Velocity-3 chipset by FiberHome; new product revenue momentum may not materialize at the rate anticipated, or at all; the transition to new products will take longer than anticipated; our ability to manage operating expenses will be less successful than anticipated and not result in the cost reductions expected; the revenue generated by our mature products will decline at a rate greater than anticipated; that new designs and design wins will result in sales of our products at the levels anticipated, or at all; that our carrier trials will be successful and, if successful, will eventually result in field trials or market deployments; that the delays in new customer
product ramps will continue longer than anticipated; that the return to sequential revenue growth will not occur by the end of the year and may take longer than anticipated; that the rate of acceptance of our new and future products, including our G.fast products, by our customers and telecommunications service providers, may be lower than anticipated; our ability to complete future products, including our G.fast products, when anticipated or at all; that the unfavorable trends in certain maturing markets, such as Japan and Korea, will continue longer than anticipated; that our design win pipeline will continue to expand as anticipated; macroeconomic or other conditions which may cause our customers to defer purchasing plans or cancel any purchasing plans altogether despite successful design wins or successful field trials; the continued demand by telecommunications service providers for our specific xDSL semiconductor products; our ability to continue to effectively manage our business, operating expenses, and cash position; the failure of telecommunications service providers to implement deployment plans on schedule, or at all, despite increased performance results; our ability to generate demand and close transactions for the sale of our products; competition in the markets in which we operate; and the fact that the products we sell may not satisfy shifting customer demand or compete successfully with our competitors' products. For a more detailed discussion of how these and other risks and uncertainties could cause our actual results to differ materially from those indicated in our forward-looking statements, see our reports filed with SEC (available at www.sec.gov), including our Quarterly Report on Form 10-Q for the quarter ended June 29, 2014 filed on August 8, 2014.
IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended Nine Months Ended
------------------------ -------------------------
September September September September
28, 2014 29, 2013 28, 2014 29, 2013
---------- ----------- ----------- -----------
Revenue $ 11,079 $ 16,900 $ 36,847 $ 62,167
Cost of revenue 6,227 8,263 19,438 30,272
--------- ------- ------- -------
Gross profit 4,852 8,637 17,409 31,895
--------- ------- ------- -------
Operating
expenses:
Research and
development 10,822 12,455 36,906 38,572
Selling, general
and
administrative 4,000 4,589 12,926 14,227
--------- ------- ------- -------
Total operating
expenses 14,822 17,044 49,832 52,799
--------- ------- ------- -------
Loss from
operations (9,970) (8,407) (32,423) (20,904)
Interest and
other income
(expense), net (120) (147) (7) (507)
--------- ------- ------- -------
Loss before
income taxes (10,090) (8,554) (32,430) (21,411)
Provision for
income taxes 190 111 485 343
--------- ------- ------- -------
Net loss $ (10,280) $ (8,665) $ (32,915) $ (21,754)
========= ======= ======= =======
Net loss per
share
Basic and
diluted $ (0.10) $ (0.12) $ (0.33) $ (0.31)
========= ======= ======= =======
Weighted average
number of shares
Basic and
diluted 99,284 71,662 99,045 71,086
========= ======= ======= =======
IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended
--------------------------------------------
September 28, June 29, September
2014 2014 29, 2013
-------------- ------------ ------------
Revenue $ 11,079 $ 11,255 $ 16,900
Cost of revenue 6,227 5,775 8,263
--- --------- -------- --- -------
Gross profit 4,852 5,480 8,637
--- --------- -------- --- -------
Operating
expenses:
Research and
development 10,822 13,408 12,455
Selling, general
and
administrative 4,000 4,105 4,589
--- --------- -------- --- -------
Total operating
expenses 14,822 17,513 17,044
--- --------- -------- --- -------
Loss from
operations (9,970) (12,033) (8,407)
Interest and
other income
(expense), net (120) (129) (147)
--- --------- -------- --- -------
Loss before
income taxes (10,090) (12,162) (8,554)
Provision for
income taxes 190 168 111
--- --------- -------- --- -------
Net loss $ (10,280) $ (12,330) $ (8,665)
=== ========= ======== === =======
Basic and diluted
net loss per
share $ (0.10) $ (0.12) $ (0.12)
=== ========= ======== === =======
Weighted average
outstanding
shares:
Basic and
diluted 99,284 99,102 71,662
=== ========= ======== === =======
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended September 28, 2014 Three Months Ended September 29, 2013
---------------------------------------- ------------------------------------------
As Non-GAAP As Non-GAAP
Reported Adjustments Non-GAAP Reported Adjustments Non-GAAP
--------- ------------ -------- --------- ------------ ----------
Revenue $ 11,079 $ - $ 11,079 $ 16,900 $ - $ 16,900
Cost of revenue 6,227 (4) (a) 6,104 8,263 (2) (a) 8,141
(119) (b) (120) (b)
Gross profit 4,852 (123) 4,975 8,637 (122) 8,759
-------- ----------- ------- -------- ----------- ------
Operating
expenses:
Research and
development 10,822 (531) (a) 10,291 12,455 (673) (a) 11,782
Selling, general
and
administrative 4,000 (343) (a) 3,657 4,589 (250) (a) 4,255
(84) (b)
-------- ----------- ------- -------- ----------- ------
Total operating
expenses 14,822 (874) 13,948 17,044 (1,007) 16,037
-------- ----------- ------- -------- ----------- ------
Loss from
operations (9,970) 997 (8,973) (8,407) 1,129 (7,278)
Interest and
other income
(expense), net (120) - (120) (147) - (147)
-------- ----------- ------- -------- ----------- ------
Loss before
income taxes (10,090) 997 (9,093) (8,554) 1,129 (7,425)
Provision for
income taxes 190 - 190 111 - 111
-------- ----------- ------- -------- ----------- ------
Net loss $ (10,280) $ 997 $ (9,283) $ (8,665) $ 1,129 $ (7,536)
======== =========== ======= ======== =========== ======
Net loss per
share:
Basic and
diluted $ (0.10) $ (0.09) $ (0.12) $ (0.11)
======== ======= ======== ======
Weighted average
outstanding
shares:
Basic and
diluted 99,284 99,284 71,662 71,662
======== ======= ======== ======
Notes: Three Months Ended
------------------------
September September
28, 2014 29, 2013
----------- -----------
(a) Stock-based compensation $ 878 $ 925
(b) Amortization
of acquired
intangible
assets 119 204
--- ------ -------
Total non-GAAP adjustments $ 997 $ 1,129
=== ====== =======
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed
Consolidated Statements of Operations
(In thousands, except per share data)
Three Months Ended June 29, 2014
----------------------------------------
As Non-GAAP
Reported Adjustments Non-GAAP
--------- ------------ --------
Revenue $ 11,255 $ - $ 11,255
Cost of revenue 5,775 (3) (a) 5,652
(120) (b)
Gross profit 5,480 (123) 5,603
-------- ----------- -------
Operating
expenses:
Research and
development 13,408 (595) (a) 12,813
Selling, general
and
administrative 4,105 (325) (a) 3,780
Total operating
expenses 17,513 (920) 16,593
-------- ----------- -------
Loss from
operations (12,033) 1,043 (10,990)
Interest and
other income
(expense), net (129) - (129)
-------- ----------- -------
Loss before
income taxes (12,162) 1,043 (11,119)
Provision for
income taxes 168 - 168
-------- ----------- -------
Net loss $ (12,330) $ 1,043 $(11,287)
======== =========== =======
Net loss per
share:
Basic and
diluted $ (0.12) $ (0.11)
======== =======
Weighted average
outstanding
shares:
Basic and
diluted 99,102 99,102
======== =======
Three Months
Notes: Ended
June 29,
2014
------------
(a) Stock-based
compensation $ 923
(b) Amortization of acquired
intangible assets 120
-----------
Total non-GAAP
adjustments $ 1,043
===========
IKANOS COMMUNICATIONS, INC.
Unaudited Reconciliation of GAAP to Non-GAAP Condensed
Consolidated Statements of Operations
(In thousands, except per share data)
Nine Months Ended September 28, 2014 Nine Months Ended September 29, 2013
----------------------------------------- ----------------------------------------
As Non-GAAP As Non-GAAP
Reported Adjustments Non-GAAP Reported Adjustments Non-GAAP
--------- ------------ --------- --------- ------------ --------
Revenue $ 36,847 $ - $ 36,847 $ 62,167 $ - $ 62,167
Cost of revenue 19,438 (10) (a) 19,069 30,272 (5) (a) 29,908
(359) (b) (359) (b)
-------- ----------- -------- -------- ----------- -------
Gross profit 17,409 (369) 17,778 31,895 (364) 32,259
-------- ----------- -------- -------- ----------- -------
Operating
expenses:
Research and
development 36,906 (1,767) (a) 35,139 38,572 (1,795) (a) 36,777
Selling, general
and
administrative 12,926 (1,016) (a) 11,910 14,227 (850) (a) 13,044
(333) (b)
Total operating
expenses 49,832 (2,783) 47,049 52,799 (2,978) 49,821
-------- ----------- -------- -------- ----------- -------
Loss from
operations (32,423) 3,152 (29,271) (20,904) 3,342 (17,562)
Interest and
other income
(expense), net (7) - (7) (507) - (507)
-------- ----------- -------- -------- ----------- -------
Loss before
income taxes (32,430) 3,152 (29,278) (21,411) 3,342 (18,069)
Provision for
income taxes 485 - 485 343 - 343
-------- ----------- -------- -------- ----------- -------
Net loss $ (32,915) $ 3,152 $ (29,763) $ (21,754) $ 3,342 $(18,412)
======== =========== ======== ======== =========== =======
Net loss per
share:
Basic and
diluted $ (0.33) $ (0.30) $ (0.31) $ (0.26)
======== ======== ======== =======
Weighted average
outstanding
shares:
Basic and
dilluted 99,045 99,045 71,086 71,086
======== ======== ======== =======
Notes: Nine Months Ended
------------------------
September September
28, 2014 29, 2013
----------- -----------
(a) Stock-based compensation $ 2,793 $ 2,650
(b) Amortization
of acquired
intangible
assets 359 692
------- -------
Total non-GAAP adjustments $ 3,152 $ 3,342
======= =======
IKANOS COMMUNICATIONS, INC.
Unaudited Condensed Consolidated Balance Sheets
(In thousands)
September 28, December 29,
2014 June 29, 2014 2013
---------------- --------------- ----------------
Assets
Current assets:
Cash, cash
equivalents
and short-term
investments $ 6,685 $ 20,592 $ 39,516
Accounts
receivable 11,003 9,393 15,892
Inventory 886 2,160 2,017
Prepaid
expenses and
other current
assets 3,452 3,793 3,245
--- ----------- ----------- --- -----------
Total current
assets 22,026 35,938 60,670
Property and
equipment, net 9,355 9,761 8,612
Intangible
assets, net 358 478 718
Other assets 1,976 1,912 1,952
--- ----------- ----------- --- -----------
$ 33,715 $ 48,089 $ 71,952
=== =========== =========== === ===========
Liabilities and
Stockholders'
Equity
Current
liabilities:
Revolving line $ 4,937 $ 6,912 $ 12,000
Accounts
payable 4,116 7,252 4,692
Accrued
liabilities 7,679 7,433 8,232
--- ----------- ----------- --- -----------
Total current
liabilities 16,732 21,597 24,924
Other
liabilities 1,337 1,445 1,637
--- ----------- ----------- --- -----------
Total
liabilities 18,069 23,042 26,561
Stockholders'
equity 15,646 25,047 45,391
--- ----------- ----------- --- -----------
$ 33,715 $ 48,089 $ 71,952
=== =========== =========== === ===========
(MORE TO FOLLOW) Dow Jones Newswires
October 30, 2014 16:05 ET (20:05 GMT)
shanak10
9 years ago
Ikanos Communications Announces Filing of Registration Statement for Rights Offering to Stockholders
FREMONT, CA--(Marketwired - Oct 20, 2014) - Ikanos Communications, Inc. (NASDAQ: IKAN), a provider of broadband semiconductor and software products for the connected home, today announced that it has filed with the Securities and Exchange Commission (the SEC) a Registration Statement on Form S-1 for a rights offering (the Rights Offering). In the Rights Offering, stockholders of record at 5:00 p.m. Eastern Time on September 26, 2014 (the Record Date), will receive one non-transferrable subscription right for each whole share of common stock owned on the Record Date. Each subscription right will entitle the holder to purchase 1.459707 shares of the company's common stock (the Basic Subscription Right), at a subscription price of $0.41 per share (the Subscription Price). The Subscription Price is the same price at which the company sold shares in the Private Placement described below.
As previously announced, on September 29, 2014, a group of investors affiliated with Tallwood Venture Capital (the Tallwood Group), our largest investor, and Alcatel-Lucent Participations purchased from us in a private placement an aggregate of 39,634,144 shares of common stock at a per-share purchase price equal to the Subscription Price, resulting in gross proceeds to us of approximately $16.25 million (the Private Placement).
If a stockholder of record on the Record Date exercises its Basic Subscription Rights in full, and other stockholders do not fully exercise their Basic Subscription Rights, those stockholders will be entitled to an over-subscription privilege to purchase a portion of the unsubscribed shares at the Subscription Price, subject to proration (the Over-Subscription Privilege). The Rights Offering has been structured so that each stockholder on the Record Date will, subject to the Over-Subscription Privilege and if it exercises its Basic Subscription Rights in full, maintain its relative percentage ownership of our company as compared to the pre-Private Placement ownership of the Tallwood Group.
For purposes of eligibility for the Over-Subscription Privilege, the shares purchased by the Tallwood Group in the Private Placement will be credited to the Tallwood Group. In addition, the Tallwood Group has indicated that it intends to purchase $11.25 million, or 27,439,023 shares, of our common stock pursuant to exercise of its Basic Subscription Rights and in fulfillment of its obligations under a standby purchase agreement with the company. If it does so, the Tallwood Group will therefore be eligible for the Over-Subscription Privilege.
We have filed a preliminary proxy statement with the SEC for a special meeting of our stockholders to, among other things, solicit stockholder approval of an amendment to our certificate of incorporation to increase the number of authorized shares of our common stock (the Share Increase) from 200,000,000 to 425,000,000 prior to commencement of the Rights Offering in order to issue 144,925,083 shares of our common stock in the Rights Offering. Holders of 51.3% of our outstanding shares of common stock, including the Tallwood Group, have agreed to vote in favor of the Share Increase.
Ikanos intends to use the net proceeds from the Rights Offering for working capital and general corporate purposes.
The rights offering will be made only by means of a prospectus anticipated to be filed with the Securities and Exchange Commission ("SEC") as part of a registration statement. A registration statement relating to the rights offering has been filed with the SEC but has not yet become effective. The securities may not be sold, nor may any offer to buy be accepted prior to the time the registration statement becomes effective. This press release and the foregoing description shall not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities law of such state or jurisdiction. No offer of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933 (the "Securities Act") or pursuant to an exemption from the registration requirements thereof.
This communication is not a solicitation of a proxy from any stockholder or investor. The company has filed a preliminary proxy statement with the SEC and intends to deliver to its stockholders a proxy statement in connection with the Share Increase. The company and its directors and executive officers may be deemed to be participants in the solicitation of proxies. Information regarding the company's directors and executive officers may be found in the definitive proxy statement for the company's 2014 Annual Meeting of Stockholders filed April 23, 2014. Directors and executive officers of the company may solicit proxies for the stockholders meeting and will not be compensated separately for such services, but may be reimbursed for their reasonably incurred expenses. The company may also hire and pay a firm to solicit proxies in connection with the proposals to be acted upon at the stockholder meeting. The proxy statement will contain important information about the company and related matters, including information regarding persons who may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies, and the current security holdings of the company's directors and executive officers. Stockholders are urged to read the proxy statement carefully when it becomes available. The written materials described above, including the proxy statement and the interests of participants in the proxy solicitation pursuant to the proxy statement, and other documents filed by the company with the SEC, will be available free of charge at www.sec.gov. Free copies of these documents may also be obtained by directing a written request to: Corporate Secretary, Ikanos Communications, Inc., 47669 Fremont Boulevard, Fremont, California 94538.
About Ikanos Communications, Inc.
Ikanos Communications, Inc. (NASDAQ: IKAN) is a leading provider of advanced broadband semiconductor and software products for the connected home. The company's broadband DSL, communications processors and other offerings power access infrastructure and customer premises equipment for many of the world's leading network equipment manufacturers and telecommunications service providers. For more information, visit www.ikanos.com.
(c) 2014 Ikanos Communications, Inc. All Rights Reserved. Ikanos Communications, Ikanos and the Ikanos logo, the Bandwidth without boundaries tagline, Fusiv, inSIGHT, Neos, Ikanos Velocity, and Ikanos NodeScale are among the trademarks or registered trademarks of Ikanos Communications. All other trademarks mentioned herein are properties of their respective holders.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
Some of the statements included in this press release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. You should not place undue reliance on these statements. These forward-looking statements may be identified by the words "expect," "intend," "plan," "believe," "anticipate," "estimate, " and similar expressions, and include statements regarding the anticipated rights offering and the structure thereof, the anticipated use of proceeds from the rights offering, any additional investment by the Tallwood Group, and the Share Increase.
Forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, the following: stockholder participation in the rights offering; obtaining the necessary stockholder approval to increase our authorized common stock; and our ability to successfully complete the rights offering. For a more detailed discussion of how these and other risks and uncertainties could cause our actual results to differ materially from those indicated in our forward-looking statements, see our reports filed with SEC (available at www.sec.gov), including our Quarterly Report on Form 10-Q for the quarter ended June 29, 2014 filed on August 8, 2014.
(MORE TO FOLLOW) Dow Jones Newswires
October 20, 2014 08:30 ET (12:30 GMT)
Register for streaming realtime charts, analysis tools, and prices.
phishtrick
9 years ago
NathanH
10 years ago
Wildbilly
10 years ago
rayank
10 years ago
willlbone
10 years ago
Penny Roger$
12 years ago
wesley_
14 years ago
Hot Features
Premium
