Symmetricom Inc. Reports Operating Results (10-K)

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Sep 11, 2013
Symmetricom Inc. (SYMM, Financial) filed Annual Report for the period ended 2013-06-30.

Symmetricom Inc. has a market cap of $205.2 million; its shares were traded at around $5.01 with a P/E ratio of 72.80 and P/S ratio of 0.90.

Highlight of Business Operations:

During fiscal 2013, no single customer accounted for more than 10% of our net revenue. Our export sales outside the United States accounted for 37%, 38% and 35% of our net revenue in fiscal 2013, 2012, and 2011 respectively. For additional information regarding our export sales, see Note 11 to our consolidated financial statements included in Part II, Item 8 of this Form 10-K and Item 1A-Risk Factors- Significant sales of our products to customers outside the United States subject us to business, economic and political risks.

Gross profit: Gross profit as a percentage of revenue for our Communications segment increased to 52% in fiscal 2013, compared to 50% in fiscal 2012, due to lower manufacturing costs. Gross profit as a percentage of revenue for our Government and Enterprise segment decreased to 36% in fiscal 2013, compared to 37% in fiscal 2012, due to an unfavorable product mix, partially offset by lower manufacturing costs. Corporate related charges decreased $0.2 million due to lower restructuring charges in fiscal 2013.

Gross profit: Gross profit in fiscal 2012 increased by $14.3 million, or 15.9%, compared to fiscal 2011. Gross profit as a percentage of revenue in fiscal 2012 increased to 43.8% compared to 43.1% in fiscal 2011 due primarily to a decrease in corporate-related restructuring charges.

Gross profit for our Communications segment increased by 12.8% in fiscal 2012 compared to fiscal 2011, while the revenue in this segment increased 11.1% compared to the prior year due to product mix shift to higher margin products, partially offset by an increase in installation revenue, which typically has lower margins. Gross profit for our Government and Enterprise segment decreased by 3.7% in fiscal 2012 compared to fiscal 2011 whereas revenue increased 18.3% compared to the same period in the prior year, due to a product mix shift to lower margin products (government programs business and CSAC) and higher manufacturing costs.

As of June 30, 2013, working capital was $141.6 million compared to $140.0 million as of July 1, 2012. Cash, cash equivalents and short-term investments as of June 30, 2013 increased to $75.5 million from $66.9 million as of July 1, 2012. Our days sales outstanding in accounts receivable was 68 days as of June 30, 2013, compared to 67 days as of July 1, 2012.

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