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Today's news alerts include: Symmetricom Announces Cost Reductions to Further Streamline Operation
Reiterates Fiscal 2009 Non-GAAP EPS Guidance and Narrows Fiscal 2009 Revenue Guidance
SAN JOSE, Calif., Jun 12, 2009 -- Symmetricom, Inc. (NASDAQ: SYMM), a worldwide leader in precise time and frequency technologies that accelerate the deployment and enable the management of next generation networks, today announced cost reductions as part of an ongoing effort to further streamline the business and enhance its operational business model.
Symmetricom plans to eliminate approximately 30 positions or about 4% of the company's total workforce by the end of the calendar year and incur associated restructuring charges in the range of $1.5 to $2.0 million. Symmetricom expects to record the majority of the restructuring charges in the fourth quarter of fiscal 2009. Upon completion, Symmetricom expects the restructuring to reduce annual costs by approximately $3.5 million.
"This recent action is part of our continued effort to align our operating cost structure with our long term profitability goals," said Thomas Steipp, president and CEO. "The company remains on track to meet its revenue and non-GAAP earnings guidance for fiscal 2009."
Revenue and EPS Guidance
Symmetricom's guidance for Fiscal 2009 is updated as follows:
-- Net revenues are now expected to be in the range of $214 million to $219 million compared to previous guidance of $212 million to $219 million.
-- As a result of the additional restructuring charges, Symmetricom now expects a GAAP loss in the range of $(1.00) to $(0.95) per share compared to previous guidance of a GAAP loss in the range of $(0.97) to $(0.93) per share.
-- Non-GAAP earnings projections remain unchanged. Symmetricom continues to expect non-GAAP earnings in the range of $0.35 to $0.40 per share.
Fiscal fourth quarter 2009 guidance is updated as follows:
-- Net revenues are now expected to be in the range of $53 million to $58 million compared to previous guidance of $51 million to $58 million.
-- As a result of the additional restructuring charges, Symmetricom now expects GAAP earnings to range from a loss of $(0.01) to earnings of $0.04 per share compared to previous guidance of GAAP earnings in the range of $0.01 to $0.06 per share.
-- Non-GAAP earnings projections remain unchanged. Symmetricom continues to expect non-GAAP earnings in the range of $0.05 to $0.10 per share.
A reconciliation of GAAP and non-GAAP guidance is provided at the end of this press release.
About Symmetricom, Inc.
As a worldwide leader in precise time and frequency products and services, Symmetricom provides "Perfect Timing" to customers around the world. Since 1985, the company's solutions have helped define the world's time and frequency standards, delivering precision, reliability and efficiency to wireline and wireless networks, instrumentation and testing applications and network time management. Deployed in more than 90 countries, the company's synchronization solutions include primary reference sources, building integrated timing supplies (BITS), GPS timing receivers, time and frequency distribution systems, network time servers and ruggedized oscillators. Symmetricom also incorporates technologies including Universal Timing Interface (UTI), Network Time Protocol (NTP), IEEE 1588 (Precision Time Protocol), and others supporting the world's migration to Next Generation Networks (NGN). Symmetricom's QoE video quality management solutions provide the tools necessary to accurately monitor and analyze video quality and bring higher satisfaction levels to the end user. Symmetricom is based in San Jose, Calif., with offices worldwide. For more information, visit http://www.symmetricom.com.
Safe Harbor
This press release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning estimates of restructuring charges and annual cost reductions and statements concerning profitability. Symmetricom's actual results could differ materially from those estimated in these forward-looking statements. Factors that could cause future actual charges, cost reductions and results to differ materially from the results projected in or suggested by such forward-looking statements include: reduced rates of demand for telecommunication products, cable products or test and measurement products, our customers' ability and need to upgrade existing equipment, our ability to reduce manufacturing and operating costs, timing of orders, cancellation or delay of customer orders, loss of customers, customer acceptance of new products, recessionary pressures, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the annual report on Form 10-K for the fiscal year ended June 29, 2008 and subsequent Form 10-Q's and Form 8-K's.
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