| Summary of Quarterly Results of Operations |
The following is a summary of the quarterly results of operations
for the years ended December 31, 2013 and 2012:
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(in thousands, except per share data)
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Fiscal Year 2013 Quarters
Ended |
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March 31 |
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June 30 |
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September 30 (a) |
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December 31 (b) |
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Net revenue
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$ |
16,793 |
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$ |
20,666 |
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$ |
33,983 |
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$ |
29,900 |
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Gross profit
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4,592 |
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4,768 |
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7,261 |
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5,689 |
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Loss before income taxes
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(3,793) |
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(2,908) |
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(2,086) |
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(2,447) |
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Net loss
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(3,793) |
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(2,908) |
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(2,094) |
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(2,505) |
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Diluted net loss per share
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$ |
(0.14) |
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$ |
(0.11) |
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$ |
(0.07) |
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$ |
(0.08) |
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Weighted average shares outstanding-diluted
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26,696 |
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27,804 |
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30,044 |
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33,077 |
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(in thousands, except per share data)
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Fiscal Year 2012 Quarters
Ended |
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March 31 |
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June 30 |
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September 30 (c) |
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December 31 (d) |
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Net revenue
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$ |
18,256 |
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$ |
21,447 |
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$ |
26,358 |
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$ |
26,830 |
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Gross profit
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6,427 |
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5,319 |
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5,737 |
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5,549 |
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Income (loss) before income taxes
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(3,052) |
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(4,070) |
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(27,549) |
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(3,815) |
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Net income (loss)
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(1,856) |
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(2,518) |
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(39,017) |
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(3,815) |
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Diluted net income (loss) per share
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$ |
(0.07) |
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$ |
(0.09) |
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$ |
(1.46) |
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$ |
(0.14) |
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Weighted average shares outstanding-diluted
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26,661 |
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26,669 |
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26,677 |
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26,694 |
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| (a) |
The quarter ended September 30,
2013 includes one-time cash charges of $555,000 for the integration
of Syndicated and other acquisition related expenses. |
| (b) |
The quarter ended December 31,
2013 includes one-time cash charges of $1.5 million for the
integration of Syndicated, acquisition of Mercury and other
acquisition related expenses. |
| (c) |
The quarter ended September 30,
2012 includes a noncash charge of $22.0 million for the impairment
of goodwill and other assets and a noncash charge of $14.5 million
for the establishment of a valuation allowance for all of our net
deferred tax assets. |
| (d) |
The quarter ended December 31,
2012 includes a noncash charge of $1.6 million for an additional
valuation allowance for our net deferred tax assets generated
during that quarter. |
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