Quarter Ended | Year-to-Date Period Ended | |||||||||||||||
June 28, 2008 | July 4, 2009 | June 28, 2008 | July 4, 2009 | |||||||||||||
Product revenues |
$ | 18,118 | $ | 62,697 | $ | 36,377 | $ | 117,136 | ||||||||
Royalty and fee revenues |
4,638 | 1,141 | 9,326 | 2,508 | ||||||||||||
Total revenues |
22,756 | 63,838 | 45,703 | 119,644 | ||||||||||||
Cost of revenues |
14,863 | 62,628 | 30,094 | 117,750 | ||||||||||||
Gross profit |
7,893 | 1,210 | 15,609 | 1,894 | ||||||||||||
Operating expenses: |
||||||||||||||||
Research and development |
5,887 | 4,444 | 10,830 | 8,890 | ||||||||||||
Selling, general and administrative |
5,894 | 6,742 | 10,886 | 13,118 | ||||||||||||
Write-off of loan receivable from silicon supplier |
— | — | — | 43,882 | ||||||||||||
Facility start-up |
8,573 | 687 | 11,992 | 4,146 | ||||||||||||
Restructuring charges |
2,708 | 825 | 4,570 | 2,617 | ||||||||||||
Total operating expenses |
23,062 | 12,698 | 38,278 | 72,653 | ||||||||||||
Operating loss |
(15,169 | ) | (11,488 | ) | (22,669 | ) | (70,759 | ) | ||||||||
Other income (expense): |
||||||||||||||||
Foreign exchange gains (losses), net |
(158 | ) | 1,681 | 3,656 | 982 | |||||||||||
Interest income |
2,735 | 1,341 | 5,762 | 3,554 | ||||||||||||
Interest expense |
(46 | ) | (6,532 | ) | (362 | ) | (11,912 | ) | ||||||||
Other income (expense), net |
2,531 | (3,510 | ) | 9,056 | (7,376 | ) | ||||||||||
Loss before equity income (loss) from interest in Sovello AG |
(12,638 | ) | (14,998 | ) | (13,613 | ) | (78,135 | ) | ||||||||
Equity income (loss) from interest in Sovello AG |
3,716 | (5,340 | ) | 4,666 | (6,492 | ) | ||||||||||
Net loss |
$ | (8,922 | ) | $ | (20,338 | ) | $ | (8,947 | ) | $ | (84,627 | ) | ||||
Net loss per share: |
||||||||||||||||
Basic |
$ | (0.08 | ) | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.49 | ) | ||||
Diluted |
$ | (0.08 | ) | $ | (0.11 | ) | $ | (0.08 | ) | $ | (0.49 | ) | ||||
Weighted average shares used in computing basic and diluted
net loss per share: |
||||||||||||||||
Basic |
118,327 | 180,745 | 113,625 | 171,163 | ||||||||||||
Diluted |
118,327 | 180,745 | 113,625 | 171,163 |
(a) | On January 1, 2009, the Company adopted FSP No. APB 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement)” concerning convertible debt accounting and FSP EITF 03-6-1 “Determining Whether Instruments Granted in Share-Based Payment Transactions are Participating Securities” concerning the calculation of earnings per share. These rules require restatement of prior periods to conform to current accounting. |
December 31, | ||||||||
2008 | July 4, 2009 | |||||||
(Adjusted) | ||||||||
Assets |
||||||||
Current assets: |
||||||||
Cash and cash equivalents |
$ | 100,888 | $ | 83,474 | ||||
Marketable securities |
76,621 | 2,674 | ||||||
Accounts receivable, net of allowances for doubtful accounts |
35,458 | 61,559 | ||||||
Due from Sovello AG |
1,949 | 3,306 | ||||||
Inventory |
23,500 | 29,524 | ||||||
Prepaid cost of inventory |
11,696 | 16,176 | ||||||
VAT receivable, net |
1,474 | 1,495 | ||||||
Other current assets |
7,684 | 7,892 | ||||||
Total current assets |
259,270 | 206,100 | ||||||
Investment in and advances to Sovello AG |
115,553 | 122,984 | ||||||
Restricted cash |
212 | 3,128 | ||||||
Deferred financing costs |
6,152 | 5,460 | ||||||
Loan receivable from silicon supplier |
41,757 | — | ||||||
Prepaid cost of inventory |
172,193 | 160,480 | ||||||
Fixed assets, net |
406,191 | 442,634 | ||||||
Other assets |
3,579 | 366 | ||||||
Total assets |
$ | 1,004,907 | $ | 941,152 | ||||
Liabilities and stockholders’ equity |
||||||||
Current liabilities: |
||||||||
Accounts payable and accrued expenses |
$ | 62,652 | $ | 22,732 | ||||
Due to Sovello AG |
22,840 | 1,802 | ||||||
Accrued employee compensation |
6,451 | 5,861 | ||||||
Accrued interest |
7,392 | 7,024 | ||||||
Accrued warranty |
1,182 | 1,765 | ||||||
Total current liabilities |
100,517 | 39,184 | ||||||
Senior convertible notes, net of discount |
311,531 | 317,267 | ||||||
Deferred income taxes |
9,776 | 9,496 | ||||||
Total liabilities |
421,824 | 365,947 | ||||||
Commitments and contingencies |
||||||||
Stockholders’ equity: |
||||||||
Common stock, $0.01 par value, 250,000,000 shares authorized,
164,874,850 and 208,277,378 issued and outstanding at December 31, 2008
and July 4, 2009, respectively |
1,649 | 2,083 | ||||||
Additional paid-in capital |
803,491 | 879,496 | ||||||
Accumulated deficit |
(223,687 | ) | (308,314 | ) | ||||
Accumulated other comprehensive income (loss) |
1,630 | 1,940 | ||||||
Total stockholders’ equity |
583,083 | 575,205 | ||||||
Total liabilities and stockholders’ equity |
$ | 1,004,907 | $ | 941,152 | ||||
(a) | On January 1, 2009, the Company adopted FSP No. APB 14-1 “Accounting for Convertible Debt Instruments That May Be Settled in Cash Upon Conversion (Including Partial Cash Settlement).” The rule requires restatement of prior periods to conform to current accounting. |