·	First quarter net revenues of $10.4 million

·	Gross margin of 45 percent

·	Net Loss of $1.8 million

·	Loss per share of $0.03

 

 

 

 

 

 

 

 

 

		Three Months Ended March 31,
		2011				2010
Net revenue		$	10,367			$	12,615
Cost of revenue			5,703				5,257
Gross profit			4,664				7,358
Operating expenses:
General and administrative			4,057				3,733
Sales and marketing			2,070				1,960
Research and development			1,029				828
Amortization of intangible assets			346				683
Total operating expenses			7,502				7,204
Income (loss) from operations			(2,838	)			154
Interest expense			(20	)			(21	)
Other non-operating income (expense), net			194				(18	)
Income (loss) before provision from income taxes			(2,664	)			115
Provision for (benefit from) income taxes			(906	)			47
Net income (loss)		$	(1,758	)		$	68
Earnings (loss) per share:
Basic		$	(0.03	)		$	0.00
Diluted		$	(0.03	)		$	0.00
Number of shares used in per share calculations:
Basic			52,586				51,243
Diluted			52,586				53,652

 

 

		March 31, 2011				December 31, 2010
ASSETS Current assets:
Cash and cash equivalents		$	52,589			$	55,338
Restricted cash			4,634				4,636
Accounts receivable, net of allowance for doubtful accounts of $34 and $44 at March 31, 2011 and December 31, 2010, respectively			8,507				9,649
Unbilled receivables, current			4,979				2,278
Inventories			9,408				9,772
Deferred tax assets, net			2,097				2,097
Prepaid expenses and other current assets			4,607				4,428
Total current assets			86,821				88,198
Restricted cash, non-current			1,380				2,244
Property and equipment, net			21,900				22,314
Goodwill			12,790				12,790
Other intangible assets, net			8,006				8,352
Other assets, non-current			2				19
Total assets		$	130,899			$	133,917
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable		$	1,304			$	1,429
Accrued expenses and other current liabilities			5,385				5,248
Income taxes payable			20				13
Accrued warranty reserve			867				1,028
Deferred revenue			619				2,341
Current portion of long-term debt			128				128
Current portion of capital lease obligations			129				160
Total current liabilities			8,452				10,347
Long-term debt			53				85
Capital lease obligations, non-current			60				144
Deferred tax liabilities, non-current, net			317				317
Deferred revenue, non-current			286				157
Other non-current liabilities			2,073				2,067
Total liabilities			11,241				13,117
Commitments and Contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued or outstanding			—				—
Common stock, $0.001 par value; 200,000,000 shares authorized; 52,608,629 and 52,596,170 shares issued and outstanding at March 31, 2011 and December 31, 2010, respectively			53				53
Additional paid-in capital			112,653				112,025
Notes receivable from stockholders			(38	)			(38	)
Accumulated other comprehensive loss			(92	)			(80	)
Retained earnings			7,082				8,840
Total stockholders’ equity			119,658				120,800
Total liabilities and stockholders’ equity		$	130,899			$	133,917