Carrier Access Reports Fourth Quarter and Annual 2006 Financial Results
7 February 2007
2,501 77 Amortization of purchased intangibles 307 308 1,228 1,229 --------- ---------- --------- --------- NON-GAAP Net Income (Loss) $ (7,591) $ 972 $ (11,107) $ (5,326) ========= ========== ========= ========= US GAAP: Net Income (Loss) reported per share - basic and diluted $ (0.25) $ 0.02 $ (0.44) $ (0.19) ========= ========== ========= ========= NON-GAAP: Net Income (Loss) per share - basic and diluted $ (0.22) $ 0.03 $ (0.33) $ (0.15) ========= ========== ========= ========= Use of Non-GAAP Financial Information
To supplement our condensed consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (GAAP), we provide investors with certain non-GAAP financial measures, including non-GAAP net income (loss) and non-GAAP diluted net income (loss) per share. The presentation of these non-GAAP financial measures is not meant to be considered in isolation or as a substitute for net income (loss) or diluted net income (loss) per share prepared in accordance with GAAP. We believe that these non-GAAP measures are used by and are useful to investors and other users of our financial statements in evaluating our operating results and comparative trends, as well as to facilitate comparisons with our historical operating results. The non-GAAP results are an indicator of our baseline performance before gains, losses or other charges that are considered by management to be outside of our core operating results and are excluded by management for purposes of evaluating performance against internal budgets and in making operational decisions. In addition, these non-GAAP results are among the primary indicators management uses as a basis for our planning and forecasting of future periods.
There are limitations in using non-GAAP financial measures because the non-GAAP financial measures are not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial measures used by other companies. The non-GAAP financial measures are limited in value because they exclude certain items that may have a material impact upon our reported financial results. Investors should review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables above.
Pro-forma compensation expense under SFAS 123, among other computational differences, does not consider potential pre-vesting forfeitures. Because of these differences, the pro-forma stock compensation expense presented above for the prior three month and calendar year periods ended December 31, 2005 under SFAS 123 and the stock compensation expense recognized during the current three month and calendar year periods ended December 31, 2006 under SFAS 123(R) are not directly comparable. In accordance with the modified prospective transition method of SFAS 123(R), the prior comparative quarterly results have not been restated.
(1) Pro-forma compensation expense under SFAS 123, among other computational differences, does not consider potential pre-vesting forfeitures. Because of these differences, the pro-forma stock compensation expense presented above for the prior year ended December 31, 2005 under SFAS 123 and the stock compensation expense recognized during the current year ended December 31, 2006 under SFAS 123(R) are not directly comparable. In accordance with the modified prospective transition method of SFAS 123(R), the prior comparative quarterly and calendar year results have not been restated.
Contact: Audra Burke (303) 218-5455
SOURCE: Carrier Access
Source: marketwire
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