MIRA
INFORM REPORT
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Report Date : |
23.10.2012 |
IDENTIFICATION DETAILS
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Name : |
INPHI CORPORATION |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
November 2000 |
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Legal Form : |
Public Independent Company |
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Line of Business : |
provider of high-speed
analog semiconductor solutions for the communications and computing markets |
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No. of Employees : |
165 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
United States - ECONOMIC OVERVIEW
The
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Source : CIA |
Company name & address
Inphi Corporation
Tel: 408-217-7300
Fax: 408-217-7350
Web: www.inphi.com
Synthesis
Employees: 165
Company Type: Public Independent
Traded:
Incorporation Date:
Nov-2000
Auditor: PricewaterhouseCoopers LLP
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: US
Dollar
Annual Sales: 79.3
1
Net Income: 1.9
Total Assets: 172.6
2
Market Value: 296.4 (05-Oct-2012)
Business Description
Inphi Corporation (Inphi) is a provider of high-speed analog
semiconductor solutions for the communications and computing markets. The
Company has a product portfolio with 17 product lines and over 170 products.
Its analog semiconductor solutions provide high signal integrity at data speeds
while reducing system power consumption. Its solutions are designed to address
bandwidth bottlenecks in networks, maximize throughput and minimize latency in
computing environments and enable the rollout of next generation communications
and computing infrastructures. Its product categories include Networking and
Communications Products, Computing and storage products, and Test and
measurement, military and aerospace products. It provides 40 gigabits (40G) per
second and 100 gigabits per second, high-speed analog semiconductor solutions
for the communications market and high-speed memory interface solutions for the
computing market. For the six months ended 30 June 2012, Inphi Corporation
revenues decreased 4% to $43.5M. Net loss totaled $3.1M vs. income of $4.8M.
Revenues reflect
Industry
Industry Semiconductors
ANZSIC 2006: 2429 - Other
Electronic Equipment Manufacturing
NACE 2002: 3210 - Manufacture
of electronic valves and tubes and other electronic components
NAICS 2002: 334413 -
Semiconductor and Related Device Manufacturing
UK SIC 2003: 3210 - Manufacture
of electronic valves and tubes and other electronic components
UK SIC 2007: 2611 - Manufacture
of electronic components
US SIC 1987: 3674 -
Semiconductors and Related Devices
Key Executives
(Emails Available)
|
Name |
Title |
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Ford G. Tamer |
President, Chief Executive Officer, Director |
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John S. Edmunds |
Chief Financial Officer, Chief Accounting Officer |
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Charlie Roach |
Vice President of Worldwide Sales |
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Ron Torten |
Vice President - Worldwide Operations |
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Norman Yeung |
Senior Vice President - Engineering |
Significant Developments
|
Topic |
#* |
Most Recent Headline |
Date |
|
Negative Earnings Pre-Announcement |
1 |
Inphi Corp
Issues Q4 2011 Guidance Below Analysts' Estimates |
26-Oct-2011 |
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1 |
1-Feb-2012 |
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2 |
Inphi Corp
Issues Q3 2012 Guidance In Line With Analysts' Estimates |
25-Jul-2012 |
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1 |
Inphi Corp
Issues Q2 2012 Guidance; Revenue Guidance Above Analysts' Estimates |
24-Apr-2012 |
* number of significant developments within the last 12 months
News
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Title |
Date |
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Inphi Corp. Files SEC Form SC TO-I, Tender
Offer Statement By Issuer [Amend] (Oct. 4, 2012) |
17-Oct-2012 |
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NYSE stocks posting largest percentage
decreases |
10-Oct-2012 |
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9-Oct-2012 |
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Inphi to Report Third Quarter 2012
Financial Results on November 1 |
8-Oct-2012 |
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Inphi Corp. Files SEC Form 4, Statement of
Changes in Beneficial Ownership of Securities [Amend] (Sept. 24, 2012) |
3-Oct-2012 |
Financial Summary
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Stock Snapshot
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1 - Profit & Loss Item Exchange Rate: USD 1 = USD 1
2 - Balance Sheet Item Exchange Rate: USD 1 = USD 1
Corporate Overview
Location
Tel: 408-217-7300
Fax: 408-217-7350
Web: www.inphi.com
Quote Symbol - Exchange
IPHI -
Sales USD(mil): 79.3
Assets USD(mil): 172.6
Employees: 165
Fiscal Year End: 31-Dec-2011
Industry: Semiconductors
Incorporation Date: Nov-2000
Company Type: Public
Independent
Quoted Status: Quoted
President,
Chief Executive Officer,
Director: Ford G. Tamer
Contents
Industry Codes
Business Description
Financial Data
Key Corporate Relationships
Additional Information
Industry Codes
ANZSIC 2006 Codes:
2429 - Other Electronic Equipment Manufacturing
NACE 2002 Codes:
3210 - Manufacture of electronic valves and tubes and other
electronic components
NAICS 2002 Codes:
334413 - Semiconductor and Related Device Manufacturing
US SIC 1987:
3674 - Semiconductors and Related Devices
3210 - Manufacture of electronic valves and tubes and other
electronic components
2611 - Manufacture of electronic components
Business Description
Inphi Corporation
(Inphi), incorporated in November 2000, is a provider of high-speed analog
semiconductor solutions for the communications and computing markets. The Company
has a product portfolio with 17 product lines and over 170 products. Its analog
semiconductor solutions provide high signal integrity at data speeds while
reducing system power consumption. Its solutions are designed to address
bandwidth bottlenecks in networks, maximize throughput and minimize latency in
computing environments and enable the rollout of next generation communications
and computing infrastructures. Its product categories include Networking and
Communications Products, Computing and storage products, and Test and
measurement, military and aerospace products. It provides 40 gigabits (40G) per
second and 100 gigabits per second, high-speed analog semiconductor solutions
for the communications market and high-speed memory interface solutions for the
computing market.
The Company’s
solutions provide high-speed interface between analog signals and digital
information in high-performance systems, such as telecommunications transport
systems, enterprise networking equipment, datacenter and enterprise servers,
storage platforms, test and measurement equipment and military systems. Sales
directly to Samsung accounted for 36% and 33% of the total revenue and sales
directly and through distributors to Micron accounted for 17% and 12% of the total
revenue during the year ended December 31, 2009.
The Company’s
products are sold as components or as modules for use in other electronic
equipment sold by its customers.
High-speed analog
products for networking and communications applications
Inphi develops
broadband analog semiconductors that are designed into routing, switching and
optical transport networking equipment, providing critical connections between
the optical and electrical systems. Inphi’s high-speed analog components
enable telecommunications carriers to increase their network capacity. Its
high-speed analog products include transimpedance amplifiers (TIAs), modulator
drivers, retimers, clock fanouts and frequency dividers for 40G/100G networks.
Memory interface
products for computing and storage applications
Inphi’s
enterprise memory interface components address the central processing unit
(CPU)/memory bottleneck in data center servers and high-performance computing
systems. Inphi’s ExacTik memory interface components enable data centers and
cloud computing applications to operate at high speeds. Inphi’s ExacTik
products include PLLs, registers, buffers, motherboard buffers and silicon
clocks.
Test and
measurement, military and aerospace products
Inphi’s products
for test and measurement enable the development of next-generation testers for
emerging or new applications, such as 100G Ethernet and 100G Coherent
Detection. For military markets, Inphi’s products include 10G and 50G logic
gates retimers, fanout buffers, MUX, DEMUX and latched comparators.
The Company
competes with Broadcom Corporation, Hittite Microwave Corporation, Integrated
Device Technology, Inc., Texas Instruments Incorporated and NetLogic
Microsystems, Inc.
More Business Descriptions
Inphi Corporation
(Inphi) is a provider of high-speed analog semiconductor solutions for the
communications and computing markets. The Company has a product portfolio with
17 product lines and over 170 products. Its analog semiconductor solutions
provide high signal integrity at data speeds while reducing system power
consumption. Its solutions are designed to address bandwidth bottlenecks in
networks, maximize throughput and minimize latency in computing environments
and enable the rollout of next generation communications and computing
infrastructures. Its product categories include Networking and Communications
Products, Computing and storage products, and Test and measurement, military
and aerospace products. It provides 40 gigabits (40G) per second and 100 gigabits
per second, high-speed analog semiconductor solutions for the communications
market and high-speed memory interface solutions for the computing market. For
the six months ended 30 June 2012, Inphi Corporation revenues decreased 4% to
$43.5M. Net loss totaled $3.1M vs. income of $4.8M. Revenues reflect
Establishments
primarily engaged in manufacturing electronic components, not elsewhere
classified, such as receiving antennas, switches, and waveguides.
Semiconductor and
Other Electronic Component Manufacturing
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Credit Report as of 04/01/2012
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Location |
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3945 Freedom Cir Ste: 1100 |
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County: |
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MSA: |
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Phone: |
408-217-7300 |
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URL: |
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ABI©: |
380314781 |
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Annual Sales: |
$79,297,000 (USD) |
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Employees: |
165 |
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Facility Size(ft2): |
10,000 - 39,999 |
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Business Type: |
Public |
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Location Type: |
Headquarter |
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Ticker: |
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Exchange: |
NYSE |
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Primary Line of
Business: |
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SIC: |
3679-01 - Electronic Equipment & Supplies-Mfrs |
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NAICS: |
334419 - Other Electronic Component Mfg |
Competitors Report
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Company
Name |
Location |
Employees |
Ownership |
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Broadcom Corporation |
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8,330 |
Public |
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Hittite Microwave Corp |
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469 |
Public |
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Integrated Device Technology,
Inc. |
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1,800 |
Public |
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34,759 |
Public |
Executive report
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Board of
Directors |
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Independent Chairman of the Board |
Chairman |
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Independent Director |
Director/Board Member |
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Director |
Director/Board Member |
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Independent Director |
Director/Board Member |
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Lead Independent Director |
Director/Board Member |
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President, Chief Executive Officer, Director |
Director/Board Member |
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Director |
Director/Board Member |
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Executives |
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President, Chief Executive Officer, Director |
Chief Executive Officer |
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Vice President, Operations Executive |
Operations Executive |
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Chief Operating Officer, Vice President |
Operations Executive |
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Vice President - Worldwide Operations |
Operations Executive |
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Chief Financial Officer, Chief Accounting
Officer |
Finance Executive |
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Controller |
Controller |
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Vice President, Human Resources Executive |
Human Resources Executive |
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Vice President-Human Resources |
Human Resources Executive |
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Sales Manager |
Sales Executive |
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Vice President of Worldwide Sales |
International Sales Executive |
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Vice President, Marketing Executive |
Marketing Executive |
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Chief Marketing Officer, Vice President |
Marketing Executive |
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Information Technology, Vice President |
Information Executive |
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Chief Information Officer / Chief Technology Officer |
Information Executive |
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Staff Engineer |
Engineering/Technical Executive |
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Vice President, Chief Architect, Computing and Storage |
Engineering/Technical Executive |
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Senior Director of Engineering |
Engineering/Technical Executive |
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Senior Vice President - Engineering |
Engineering/Technical Executive |
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Significant Developments
Inphi Corp Issues Q3 2012 Guidance In Line With Analysts' Estimates Jul 25, 2012
Inphi Corp announced that for third quarter of 2012, it expects revenues to be up 3%-9% sequentially, resulting in a range of $24.0-$25.5 million, GAAP net loss, which includes non-cash stock based compensation expense, to be a loss of $0.4-$1.0 million or ($0.01) to ($0.03) per diluted common share on 30 million estimated fully diluted common shares and non-GAAP net income, excluding stock-based compensation expense, to be between $1.4-$2.1 million, or $0.05-$0.07 per diluted common share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $25.1 million and EPS of $0.06 for third quarter of 2012.
Inphi Corp Issues Q2 2012 Guidance; Revenue Guidance Above Analysts' Estimates Apr 24, 2012
Inphi Corp announced that for second quarter of 2012, it expects revenue to increase sequentially in the range of 5%-10% as compared to the first quarter of 2012. GAAP net loss is expected to be in the range of $0.6 million to $0.8 million, or ($0.02)-($0.03) loss per diluted common share. Non-GAAP net income, excluding stock-based compensation expense, is expected to be between $0.8 million and $1.3 million, or $0.02-$0.04 per diluted common share. The Company reported revenue of $20.9 million in first quarter of 2012. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $20.13 million, net income of $1.22 million and EPS of $0.04 for second quarter of 2012.
Inphi Corp Appoints Ford Tamer Chief Executive Officer Feb 01, 2012
Inphi Corp announced the appointment of Ford Tamer as Chief Executive Officer (CEO) for Inphi effective immediately. Tamer succeeds Young K. Sohn, President and CEO, who will stay on as a senior adviser to the Company during this transition. Sohn, who is retiring from Inphi, will not seek re-election as a director at Inphi's forthcoming 2011 annual general meeting of stockholders that is expected to take place in May 2012.
Inphi Corp Issues Q1 2012 Guidance In Line With Analysts' Estimates Feb 01, 2012
Inphi Corp announced that for the first quarter of 2012, it expects revenues to range from approximately $19.0 million to $ 21.0 million, GAAP results to range between ($0.8) million to $0.0 million, or ($0.03)-$0.00 per diluted share on approximately 29.6 million diluted shares outstanding and non-GAAP net income, excluding stock-based compensation expense, to be between $0.8 million and $1.6 million, or $0.03-$0.05 per diluted share (EPS). According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $19.1 million, net income of $1.0 million and EPS of $0.04 for the first quarter of 2012.
Inphi Corp Issues Q4 2011 Guidance Below Analysts' Estimates Oct 26, 2011
Inphi Corp announced that for the fourth quarter of 2011, it expects revenue to be in a range of $15.5-$17.5 million. GAAP net loss is expected to be in the range of ($1.4) million to ($0.7) million, or ($0.05)-($0.02) per diluted common share (EPS) and Non-GAAP results, excluding stock based compensation expense, are expected to be between a net loss of ($0.3) million and net income of $0.6 million, or between ($0.01) -$0.02 per diluted common share. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $18.0 million and EPS of $0.03 for the fourth quarter of 2011.
Annual
Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
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Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
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UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
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Filed Currency |
USD |
USD |
USD |
USD |
USD |
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Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
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Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
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Net Sales |
79.3 |
83.2 |
58.9 |
43.0 |
36.2 |
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Revenue |
79.3 |
83.2 |
58.9 |
43.0 |
36.2 |
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Total Revenue |
79.3 |
83.2 |
58.9 |
43.0 |
36.2 |
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Cost of Revenue |
28.7 |
29.4 |
21.3 |
19.2 |
16.0 |
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Cost of Revenue, Total |
28.7 |
29.4 |
21.3 |
19.2 |
16.0 |
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Gross Profit |
50.6 |
53.8 |
37.6 |
23.7 |
20.2 |
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Selling/General/Administrative Expense |
18.2 |
16.8 |
11.0 |
9.5 |
8.1 |
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Labor & Related Expense |
3.7 |
1.2 |
0.7 |
- |
- |
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Total Selling/General/Administrative Expenses |
21.8 |
18.0 |
11.7 |
9.5 |
8.1 |
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Research & Development |
28.6 |
23.8 |
17.8 |
17.5 |
17.3 |
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Total Operating Expense |
79.1 |
71.3 |
50.8 |
46.3 |
41.5 |
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Operating Income |
0.2 |
11.9 |
8.1 |
-3.3 |
-5.2 |
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Other Non-Operating Income (Expense) |
0.5 |
-0.1 |
0.1 |
-0.1 |
-0.1 |
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Other, Net |
0.5 |
-0.1 |
0.1 |
-0.1 |
-0.1 |
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Income Before Tax |
0.7 |
11.9 |
8.2 |
-3.4 |
-5.3 |
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Total Income Tax |
-1.2 |
-14.2 |
0.8 |
0.0 |
0.0 |
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Income After Tax |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
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Net Income Before Extraord Items |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
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Net Income |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
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Preferred Dividends |
0.0 |
-20.8 |
-7.2 |
0.0 |
0.0 |
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Miscellaneous Earnings Adjustment |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Total Adjustments to Net Income |
0.0 |
-20.9 |
-7.2 |
0.0 |
0.0 |
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Income Available to Common Excl Extraord Items |
1.9 |
5.2 |
0.1 |
-3.4 |
-5.3 |
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Income Available to Common Incl Extraord Items |
1.9 |
5.2 |
0.1 |
-3.4 |
-5.3 |
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Basic/Primary Weighted Average Shares |
26.8 |
5.1 |
1.7 |
1.3 |
0.8 |
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Basic EPS Excl Extraord Items |
0.07 |
1.03 |
0.08 |
-2.66 |
-6.57 |
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Basic/Primary EPS Incl Extraord Items |
0.07 |
1.03 |
0.08 |
-2.66 |
-6.57 |
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Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Diluted Net Income |
1.9 |
5.2 |
0.1 |
-3.4 |
-5.3 |
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Diluted Weighted Average Shares |
29.4 |
8.5 |
2.8 |
1.3 |
0.8 |
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Diluted EPS Excl Extraord Items |
0.07 |
0.61 |
0.05 |
-2.66 |
-6.57 |
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Diluted EPS Incl Extraord Items |
0.07 |
0.61 |
0.05 |
-2.66 |
-6.57 |
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Dividends per Share - Common Stock Primary Issue |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
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Depreciation, Supplemental |
3.0 |
1.6 |
1.3 |
1.4 |
1.3 |
|
Total Special Items |
-1.8 |
0.0 |
- |
- |
- |
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Normalized Income Before Tax |
-1.1 |
11.9 |
8.2 |
-3.4 |
-5.3 |
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Effect of Special Items on Income Taxes |
-1.0 |
5.4 |
- |
- |
- |
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Inc Tax Ex Impact of Sp Items |
-2.2 |
-8.9 |
0.8 |
0.0 |
0.0 |
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Normalized Income After Tax |
1.1 |
20.8 |
7.3 |
-3.4 |
-5.3 |
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Normalized Inc. Avail to Com. |
1.1 |
-0.1 |
0.1 |
-3.4 |
-5.3 |
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Basic Normalized EPS |
0.04 |
-0.02 |
0.08 |
-2.66 |
-6.57 |
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Diluted Normalized EPS |
0.04 |
-0.01 |
0.05 |
-2.66 |
-6.57 |
|
Rental Expenses |
3.4 |
3.3 |
2.8 |
2.6 |
2.2 |
|
Research & Development Exp, Supplemental |
28.6 |
23.8 |
17.8 |
17.5 |
17.3 |
|
Normalized EBIT |
-1.6 |
11.9 |
8.1 |
-3.3 |
-5.2 |
|
Normalized EBITDA |
1.4 |
13.6 |
9.4 |
-1.9 |
-3.9 |
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Current Tax - Domestic |
2.8 |
-6.2 |
0.3 |
0.0 |
0.0 |
|
Current Tax - Foreign |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current Tax - Local |
1.2 |
-1.0 |
0.6 |
0.0 |
0.0 |
|
Current Tax - Total |
4.0 |
-7.1 |
0.8 |
0.0 |
0.0 |
|
Deferred Tax - Domestic |
-2.4 |
-4.5 |
0.0 |
0.0 |
- |
|
Deferred Tax - Foreign |
-0.1 |
-0.1 |
0.0 |
0.0 |
- |
|
Deferred Tax - Local |
-2.7 |
-2.4 |
0.0 |
0.0 |
- |
|
Deferred Tax - Total |
-5.2 |
-7.1 |
0.0 |
0.0 |
- |
|
Income Tax - Total |
-1.2 |
-14.2 |
0.8 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Cash & Equivalents |
29.7 |
110.2 |
19.1 |
9.1 |
- |
|
Short Term Investments |
89.3 |
- |
- |
- |
- |
|
Cash and Short Term Investments |
119.0 |
110.2 |
19.1 |
9.1 |
- |
|
Trade Accounts Receivable - Net |
9.4 |
10.1 |
8.0 |
3.4 |
- |
|
Other Receivables |
2.1 |
2.2 |
0.0 |
- |
- |
|
Total Receivables, Net |
11.5 |
12.3 |
8.0 |
3.4 |
- |
|
Inventories - Finished Goods |
2.5 |
2.0 |
1.6 |
1.9 |
- |
|
Inventories - Work In Progress |
1.9 |
2.0 |
1.4 |
1.2 |
- |
|
Inventories - Raw Materials |
1.3 |
1.0 |
1.0 |
0.9 |
- |
|
Total Inventory |
5.7 |
5.1 |
3.9 |
4.1 |
- |
|
Prepaid Expenses |
2.5 |
1.4 |
0.4 |
0.2 |
- |
|
Deferred Income Tax - Current Asset |
1.5 |
1.7 |
0.0 |
- |
- |
|
Other Current Assets, Total |
1.5 |
1.7 |
0.0 |
- |
- |
|
Total Current Assets |
140.1 |
130.6 |
31.4 |
16.7 |
- |
|
|
|
|
|
|
|
|
Buildings |
3.1 |
2.7 |
0.0 |
0.0 |
- |
|
Machinery/Equipment |
20.5 |
16.3 |
13.3 |
12.5 |
- |
|
Property/Plant/Equipment - Gross |
23.7 |
18.9 |
13.3 |
12.5 |
- |
|
Accumulated Depreciation |
-14.1 |
-11.7 |
-10.2 |
-8.9 |
- |
|
Property/Plant/Equipment - Net |
9.6 |
7.2 |
3.1 |
3.6 |
- |
|
Goodwill, Net |
5.9 |
5.8 |
0.0 |
- |
- |
|
Intangibles, Net |
0.0 |
1.6 |
0.0 |
- |
- |
|
Deferred Charges |
6.1 |
7.3 |
0.0 |
- |
- |
|
Deferred Income Tax - Long Term Asset |
10.7 |
6.2 |
0.0 |
- |
- |
|
Other Long Term Assets |
0.3 |
0.2 |
0.0 |
0.1 |
- |
|
Other Long Term Assets, Total |
17.1 |
13.7 |
0.0 |
0.1 |
- |
|
Total Assets |
172.6 |
159.0 |
34.5 |
20.4 |
- |
|
|
|
|
|
|
|
|
Accounts Payable |
5.0 |
6.7 |
4.4 |
2.8 |
- |
|
Accrued Expenses |
3.7 |
3.6 |
2.5 |
1.4 |
- |
|
Notes Payable/Short Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Customer Advances |
1.9 |
2.6 |
3.4 |
1.8 |
- |
|
Income Taxes Payable |
- |
0.0 |
0.4 |
0.0 |
- |
|
Other Current Liabilities |
0.0 |
0.7 |
0.5 |
0.0 |
- |
|
Other Current liabilities, Total |
1.9 |
3.4 |
4.3 |
1.8 |
- |
|
Total Current Liabilities |
10.7 |
13.7 |
11.3 |
6.0 |
- |
|
|
|
|
|
|
|
|
Total Long Term Debt |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Total Debt |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
|
|
|
|
|
|
|
Other Long Term Liabilities |
3.5 |
2.6 |
0.3 |
0.6 |
- |
|
Other Liabilities, Total |
3.5 |
2.6 |
0.3 |
0.6 |
- |
|
Total Liabilities |
14.2 |
16.3 |
11.6 |
6.6 |
- |
|
|
|
|
|
|
|
|
Redeemable Convertible Preferred Stock |
- |
0.0 |
77.6 |
77.6 |
- |
|
Redeemable Preferred Stock |
- |
0.0 |
77.6 |
77.6 |
- |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Additional Paid-In Capital |
190.3 |
176.5 |
6.0 |
4.3 |
- |
|
Retained Earnings (Accumulated Deficit) |
-32.7 |
-34.6 |
-60.8 |
-68.1 |
- |
|
Other Comprehensive Income |
0.8 |
0.8 |
0.0 |
- |
- |
|
Other Equity, Total |
0.8 |
0.8 |
0.0 |
- |
- |
|
Total Equity |
158.4 |
142.7 |
22.9 |
13.8 |
- |
|
|
|
|
|
|
|
|
Total Liabilities & Shareholders’ Equity |
172.6 |
159.0 |
34.5 |
20.4 |
- |
|
|
|
|
|
|
|
|
Shares Outstanding - Common Stock Primary
Issue |
27.9 |
25.1 |
2.0 |
1.6 |
- |
|
Total Common Shares Outstanding |
27.9 |
25.1 |
2.0 |
1.6 |
- |
|
Treasury Shares - Common Stock Primary Issue |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Employees |
165 |
166 |
- |
- |
- |
|
Number of Common Shareholders |
68 |
189 |
- |
- |
- |
|
Deferred Revenue - Current |
1.9 |
2.6 |
3.4 |
1.8 |
- |
|
Total Operating Leases, Supplemental |
11.2 |
10.8 |
4.7 |
- |
- |
|
Operating Lease Payments Due in Year 1 |
3.7 |
3.7 |
3.2 |
- |
- |
|
Operating Lease Payments Due in Year 2 |
3.9 |
3.0 |
1.5 |
- |
- |
|
Operating Lease Payments Due in Year 3 |
1.8 |
1.2 |
0.0 |
- |
- |
|
Operating Lease Payments Due in Year 4 |
1.0 |
1.2 |
- |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.8 |
1.0 |
- |
- |
- |
|
Operating Lease Pymts. Due in 2-3 Years |
5.7 |
4.1 |
1.5 |
- |
- |
|
Operating Lease Pymts. Due in 4-5 Years |
1.8 |
2.2 |
- |
- |
- |
|
Oper. Lse. Pymts. Due in Year 6 & Beyond |
0.0 |
0.7 |
0.0 |
- |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income/Starting Line |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
|
Depreciation |
3.2 |
1.8 |
1.3 |
1.4 |
1.3 |
|
Depreciation/Depletion |
3.2 |
1.8 |
1.3 |
1.4 |
1.3 |
|
Deferred Taxes |
-5.2 |
-16.1 |
0.0 |
0.0 |
0.0 |
|
Unusual Items |
1.6 |
0.0 |
0.0 |
- |
- |
|
Other Non-Cash Items |
8.1 |
3.3 |
1.2 |
1.0 |
0.9 |
|
Non-Cash Items |
9.7 |
3.3 |
1.2 |
1.0 |
0.9 |
|
Accounts Receivable |
0.7 |
-1.9 |
-4.6 |
1.8 |
-0.6 |
|
Inventories |
-0.6 |
-0.6 |
0.1 |
0.6 |
-1.7 |
|
Prepaid Expenses |
-1.0 |
-1.1 |
-0.1 |
0.2 |
0.0 |
|
Accounts Payable |
-1.0 |
0.3 |
1.4 |
-1.2 |
-0.2 |
|
Accrued Expenses |
0.1 |
1.0 |
1.1 |
0.5 |
0.1 |
|
Taxes Payable |
2.7 |
-1.4 |
0.4 |
0.0 |
0.0 |
|
Other Liabilities |
-1.0 |
0.9 |
1.7 |
0.4 |
1.4 |
|
Changes in Working Capital |
0.0 |
-2.9 |
0.0 |
2.3 |
-1.0 |
|
Cash from Operating Activities |
9.6 |
12.4 |
9.8 |
1.4 |
-4.2 |
|
|
|
|
|
|
|
|
Purchase of Fixed Assets |
-5.2 |
-5.2 |
-0.6 |
-2.6 |
-1.8 |
|
Capital Expenditures |
-5.2 |
-5.2 |
-0.6 |
-2.6 |
-1.8 |
|
Acquisition of Business |
0.0 |
-2.5 |
0.0 |
0.0 |
- |
|
Sale of Fixed Assets |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Sale/Maturity of Investment |
34.5 |
0.0 |
0.0 |
- |
- |
|
Purchase of Investments |
-125.0 |
0.0 |
0.0 |
- |
- |
|
Other Investing Cash Flow Items, Total |
-90.5 |
-2.5 |
0.0 |
0.1 |
0.0 |
|
Cash from Investing Activities |
-95.7 |
-7.7 |
-0.6 |
-2.5 |
-1.8 |
|
|
|
|
|
|
|
|
Other Financing Cash Flow |
2.2 |
0.2 |
0.0 |
0.0 |
- |
|
Financing Cash Flow Items |
2.2 |
0.2 |
0.0 |
0.0 |
- |
|
Common Stock, Net |
-1.1 |
85.7 |
0.0 |
0.0 |
- |
|
Sale/Issuance of
Preferred |
- |
0.0 |
0.0 |
9.9 |
0.0 |
|
Preferred Stock, Net |
- |
0.0 |
0.0 |
9.9 |
0.0 |
|
Options Exercised |
4.5 |
0.5 |
0.7 |
0.6 |
0.6 |
|
Issuance (Retirement) of Stock, Net |
3.4 |
86.1 |
0.7 |
10.6 |
0.6 |
|
Long Term Debt Issued |
- |
- |
0.0 |
0.0 |
3.7 |
|
Long Term Debt
Reduction |
0.0 |
0.0 |
0.0 |
-3.7 |
-0.6 |
|
Long Term Debt, Net |
0.0 |
0.0 |
0.0 |
-3.7 |
3.1 |
|
Issuance (Retirement) of Debt, Net |
0.0 |
0.0 |
0.0 |
-3.7 |
3.1 |
|
Cash from Financing Activities |
5.6 |
86.4 |
0.7 |
6.9 |
3.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-80.5 |
91.1 |
10.0 |
5.8 |
-2.3 |
|
|
|
|
|
|
|
|
Net Cash - Beginning Balance |
110.2 |
19.1 |
9.1 |
3.3 |
5.6 |
|
Net Cash - Ending Balance |
29.7 |
110.2 |
19.1 |
9.1 |
3.3 |
|
Cash Interest Paid |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Cash Taxes Paid |
0.0 |
2.5 |
0.4 |
0.0 |
0.0 |
Annual Income Statement
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Revenue |
79.3 |
55.3 |
37.6 |
32.7 |
31.7 |
|
Revenue from Related Party |
- |
27.9 |
21.2 |
10.2 |
4.6 |
|
Total Revenue |
79.3 |
83.2 |
58.9 |
43.0 |
36.2 |
|
|
|
|
|
|
|
|
Cost of Revenue |
28.7 |
29.4 |
21.3 |
19.2 |
16.0 |
|
Research and Development |
28.6 |
23.8 |
17.8 |
17.5 |
17.3 |
|
Sales and Marketing |
10.6 |
8.3 |
7.5 |
6.3 |
5.2 |
|
Stock-based compensation expense |
2.1 |
0.5 |
0.2 |
- |
- |
|
General and Administrative |
7.5 |
8.5 |
3.5 |
3.2 |
3.0 |
|
Stock-based compensation expense |
1.6 |
0.7 |
0.4 |
- |
- |
|
Total Operating Expense |
79.1 |
71.3 |
50.8 |
46.3 |
41.5 |
|
|
|
|
|
|
|
|
Other Income/Expense |
0.5 |
-0.1 |
0.1 |
-0.1 |
-0.1 |
|
Net Income Before Taxes |
0.7 |
11.9 |
8.2 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Provision for Income Taxes |
-1.2 |
-14.2 |
0.8 |
0.0 |
0.0 |
|
Net Income After Taxes |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Net Income Before Extra. Items |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
|
Net Income |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Amount Allocable to Preferred Stock |
0.0 |
-20.8 |
-7.2 |
0.0 |
0.0 |
|
Unvested Early Exercised Options |
0.0 |
-0.1 |
0.0 |
0.0 |
0.0 |
|
Income Available to Com Excl ExtraOrd |
1.9 |
5.2 |
0.1 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Income Available to Com Incl ExtraOrd |
1.9 |
5.2 |
0.1 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Basic Weighted Average Shares |
26.8 |
5.1 |
1.7 |
1.3 |
0.8 |
|
Basic EPS Excluding ExtraOrdinary Items |
0.07 |
1.03 |
0.08 |
-2.66 |
-6.57 |
|
Basic EPS Including ExtraOrdinary Items |
0.07 |
1.03 |
0.08 |
-2.66 |
-6.57 |
|
Dilution Adjustment |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Diluted Net Income |
1.9 |
5.2 |
0.1 |
-3.4 |
-5.3 |
|
Diluted Weighted Average Shares |
29.4 |
8.5 |
2.8 |
1.3 |
0.8 |
|
Diluted EPS Excluding ExtraOrd Items |
0.07 |
0.61 |
0.05 |
-2.66 |
-6.57 |
|
Diluted EPS Including ExtraOrd Items |
0.07 |
0.61 |
0.05 |
-2.66 |
-6.57 |
|
DPS-Common Stock |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
Gross Dividends - Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Normalized Income Before Taxes |
-1.1 |
11.9 |
8.2 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Effect of Special Items on Income Taxes |
-1.0 |
5.4 |
- |
- |
- |
|
Inc Tax Ex Impact of Sp Items |
-2.2 |
-8.9 |
0.8 |
0.0 |
0.0 |
|
Normalized Income After Taxes |
1.1 |
20.8 |
7.3 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Normalized Inc. Avail to Com. |
1.1 |
-0.1 |
0.1 |
-3.4 |
-5.3 |
|
|
|
|
|
|
|
|
Basic Normalized EPS |
0.04 |
-0.02 |
0.08 |
-2.66 |
-6.57 |
|
Diluted Normalized EPS |
0.04 |
-0.01 |
0.05 |
-2.66 |
-6.57 |
|
Research & Development Exp, Supplemental |
28.6 |
23.8 |
17.8 |
17.5 |
17.3 |
|
Depreciation, Supplemental |
3.0 |
1.6 |
1.3 |
1.4 |
1.3 |
|
Rental Expense, Supplemental |
3.4 |
3.3 |
2.8 |
2.6 |
2.2 |
|
U.S. Federal |
2.8 |
-6.2 |
0.3 |
0.0 |
0.0 |
|
U.S. State |
1.2 |
-1.0 |
0.6 |
0.0 |
0.0 |
|
Foreign |
0.0 |
0.0 |
0.0 |
0.0 |
- |
|
Current Tax - Total |
4.0 |
-7.1 |
0.8 |
0.0 |
0.0 |
|
U.S. Federal |
-2.4 |
-4.5 |
0.0 |
0.0 |
- |
|
U.S. State |
-2.7 |
-2.4 |
0.0 |
0.0 |
- |
|
Foreign |
-0.1 |
-0.1 |
0.0 |
0.0 |
- |
|
Deferred Tax - Total |
-5.2 |
-7.1 |
0.0 |
0.0 |
- |
|
Income Tax - Total |
-1.2 |
-14.2 |
0.8 |
0.0 |
0.0 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
|
Exchange Rate |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
Cash and cash equivalents |
29.7 |
110.2 |
19.1 |
9.1 |
|
Short-term investments in marketable sec |
89.3 |
- |
- |
- |
|
Accounts receivable, net |
9.4 |
6.7 |
4.6 |
2.9 |
|
Accounts receivable from related party |
- |
3.4 |
3.4 |
0.5 |
|
Raw materials |
1.3 |
1.0 |
1.0 |
0.9 |
|
Work in process |
1.9 |
2.0 |
1.4 |
1.2 |
|
Finished goods |
2.5 |
2.0 |
1.6 |
1.9 |
|
Income tax receivable |
2.1 |
2.2 |
0.0 |
- |
|
Prepaid expenses and other current asset |
2.5 |
1.4 |
0.4 |
0.2 |
|
Deferred tax assets and other current as |
1.5 |
1.7 |
0.0 |
- |
|
Total Current Assets |
140.1 |
130.6 |
31.4 |
16.7 |
|
|
|
|
|
|
|
Goodwill and intangible assets, net |
5.9 |
5.8 |
0.0 |
- |
|
Deferred tax charge |
6.1 |
7.3 |
0.0 |
- |
|
Identifiable intangible assets |
0.0 |
1.6 |
0.0 |
- |
|
Deferred tax assets and other assets |
10.7 |
6.2 |
0.0 |
- |
|
Laboratory and production equipment |
15.6 |
11.9 |
10.6 |
10.2 |
|
Office, software and computer equip. |
4.3 |
3.7 |
2.6 |
2.1 |
|
Furniture and fixtures |
0.6 |
0.7 |
0.2 |
0.2 |
|
Leasehold improvements |
3.1 |
2.7 |
0.0 |
0.0 |
|
Accumulated depreciation |
-14.1 |
-11.7 |
-10.2 |
-8.9 |
|
Other assets, net |
0.3 |
0.2 |
0.0 |
0.1 |
|
Total Assets |
172.6 |
159.0 |
34.5 |
20.4 |
|
|
|
|
|
|
|
Accounts payable |
5.0 |
6.7 |
4.4 |
2.8 |
|
Income tax payable |
- |
0.0 |
0.4 |
0.0 |
|
Deferred revenue |
1.9 |
2.6 |
3.4 |
1.8 |
|
Accrued expenses and other current liabi |
1.7 |
1.7 |
1.3 |
1.1 |
|
Other accrued expenses |
2.0 |
1.8 |
1.2 |
0.3 |
|
Other current liabilities |
0.0 |
0.7 |
0.5 |
0.0 |
|
Total Current Liabilities |
10.7 |
13.7 |
11.3 |
6.0 |
|
|
|
|
|
|
|
Other liabilities |
3.5 |
2.6 |
0.3 |
0.6 |
|
Total Liabilities |
14.2 |
16.3 |
11.6 |
6.6 |
|
|
|
|
|
|
|
Series A Convertible Preferred Stock |
- |
0.0 |
12.0 |
12.0 |
|
Series B Redeemable Convertible Preferre |
- |
0.0 |
25.0 |
25.0 |
|
Series C Redeemable Convertible Preferre |
- |
0.0 |
18.7 |
18.7 |
|
Series D Redeemable Convertible Preferre |
- |
0.0 |
12.0 |
12.0 |
|
Series E Redeemable Convertible Preferre |
- |
0.0 |
9.9 |
9.9 |
|
Common stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Additional paid-in capital |
190.3 |
176.5 |
6.0 |
4.3 |
|
Accumulated deficit |
-32.7 |
-34.6 |
-60.8 |
-68.1 |
|
Accumulated other comprehensive income |
0.8 |
0.8 |
0.0 |
- |
|
Total Equity |
158.4 |
142.7 |
22.9 |
13.8 |
|
|
|
|
|
|
|
Total Liabilities & Shareholders' Equity |
172.6 |
159.0 |
34.5 |
20.4 |
|
|
|
|
|
|
|
S/O-Common Stock |
27.9 |
25.1 |
2.0 |
1.6 |
|
Total Common Shares Outstanding |
27.9 |
25.1 |
2.0 |
1.6 |
|
T/S-Common Stock |
0.0 |
0.0 |
0.0 |
0.0 |
|
Deferred Revenue - Current |
1.9 |
2.6 |
3.4 |
1.8 |
|
Full-Time Employees |
165 |
166 |
- |
- |
|
Number of Common Shareholders |
68 |
189 |
- |
- |
|
Operating Lease Pymts. Due within 1Year |
3.7 |
3.7 |
3.2 |
- |
|
Operating Lease Payments Due in Year 2 |
3.9 |
3.0 |
1.5 |
- |
|
Operating Lease Payments Due in Year 3 |
1.8 |
1.2 |
0.0 |
- |
|
Operating Lease Payments Due in Year 4 |
1.0 |
1.2 |
- |
- |
|
Operating Lease Payments Due in Year 5 |
0.8 |
1.0 |
- |
- |
|
Operating Leases - Remaining Payments |
- |
0.7 |
- |
- |
|
Total Operating Leases, Supplemental |
11.2 |
10.8 |
4.7 |
- |
Annual Cash Flows
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
31-Dec-2008 |
31-Dec-2007 |
|
Period Length |
12 Months |
12 Months |
12 Months |
12 Months |
12 Months |
|
UpdateType/Date |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
Updated Normal |
|
Filed Currency |
USD |
USD |
USD |
USD |
USD |
|
Exchange Rate
(Period Average) |
1 |
1 |
1 |
1 |
1 |
|
Auditor |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
PricewaterhouseCoopers
LLP |
|
Auditor Opinion |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
Unqualified |
|
|
|
|
|
|
|
|
Net Income |
1.9 |
26.1 |
7.3 |
-3.4 |
-5.3 |
|
Depreciation |
3.2 |
1.8 |
1.3 |
1.4 |
1.3 |
|
Excess tax benefit related to stock-base |
-1.2 |
-0.2 |
0.0 |
0.0 |
- |
|
Amortization of premiums on marketable s |
0.9 |
0.0 |
0.0 |
- |
- |
|
Amortization of deferred tax charge |
1.2 |
0.7 |
0.0 |
0.0 |
- |
|
Impairment charges |
1.6 |
0.0 |
0.0 |
- |
- |
|
Stock-based compensation |
7.2 |
2.7 |
1.2 |
1.0 |
0.8 |
|
Deferred income taxes and deferred tax c |
-5.2 |
-16.1 |
0.0 |
0.0 |
0.0 |
|
Other noncash items |
0.0 |
0.1 |
0.0 |
0.1 |
0.0 |
|
Accounts receivable |
0.7 |
-1.9 |
-4.6 |
1.8 |
-0.6 |
|
Inventories |
-0.6 |
-0.6 |
0.1 |
0.6 |
-1.7 |
|
Prepaid expenses and other assets |
-1.0 |
-1.1 |
-0.1 |
0.2 |
0.0 |
|
Income tax payable |
2.7 |
-1.4 |
0.4 |
0.0 |
0.0 |
|
Accounts payable |
-1.0 |
0.3 |
1.4 |
-1.2 |
-0.2 |
|
Accrued expenses |
0.1 |
1.0 |
1.1 |
0.5 |
0.1 |
|
Deferred revenue |
-0.7 |
-0.7 |
1.6 |
0.4 |
1.4 |
|
Other |
-0.3 |
1.6 |
0.0 |
0.0 |
0.0 |
|
Cash from Operating Activities |
9.6 |
12.4 |
9.8 |
1.4 |
-4.2 |
|
|
|
|
|
|
|
|
Capital Expenditures |
-5.2 |
-5.2 |
-0.6 |
-2.6 |
-1.8 |
|
Acquisition, net of cash acquired |
0.0 |
-2.5 |
0.0 |
0.0 |
- |
|
Sales and maturities of marketable secur |
34.5 |
0.0 |
0.0 |
- |
- |
|
Purchases of marketable securities |
-125.0 |
0.0 |
0.0 |
- |
- |
|
Proceeds from sale of property and equip |
0.0 |
0.0 |
0.0 |
0.1 |
0.0 |
|
Cash from Investing Activities |
-95.7 |
-7.7 |
-0.6 |
-2.5 |
-1.8 |
|
|
|
|
|
|
|
|
Repayment of capital lease obligations |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Proceeds from line of credit |
- |
- |
0.0 |
0.0 |
3.7 |
|
Repayment of line of credit |
- |
0.0 |
0.0 |
-3.7 |
-0.6 |
|
Proceeds from initial public offering, n |
-1.1 |
85.7 |
0.0 |
0.0 |
- |
|
Excess tax benefit related to stock-base |
1.2 |
0.2 |
0.0 |
0.0 |
- |
|
Proceeds from the secondary public offer |
1.1 |
0.0 |
0.0 |
- |
- |
|
Minimum tax withholding paid on behalf o |
-0.1 |
0.0 |
0.0 |
- |
- |
|
Proceeds from exercise of stock options |
4.5 |
0.5 |
0.7 |
0.6 |
0.6 |
|
Net proceeds from issuance of preferred |
- |
0.0 |
0.0 |
9.9 |
0.0 |
|
Cash from Financing Activities |
5.6 |
86.4 |
0.7 |
6.9 |
3.6 |
|
|
|
|
|
|
|
|
Foreign Exchange Effects |
0.0 |
0.0 |
0.0 |
0.0 |
0.0 |
|
Net Change in Cash |
-80.5 |
91.1 |
10.0 |
5.8 |
-2.3 |
|
|
|
|
|
|
|
|
Cash and cash equivalents at beginning |
110.2 |
19.1 |
9.1 |
3.3 |
5.6 |
|
Cash and cash equivalents at end |
29.7 |
110.2 |
19.1 |
9.1 |
3.3 |
|
Cash Interest Paid |
- |
0.0 |
0.0 |
0.1 |
0.1 |
|
Cash Taxes Paid |
0.0 |
2.5 |
0.4 |
0.0 |
0.0 |
Financial
Health
Financials in: USD (mil)
Except for share items (millions) and per share items (actual units)
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Standard
& Poor’s
|
United
States of America Long-Term Rating Lowered To 'AA+' Due To Political Risks, Rising
Debt Burden; Outlook Negative |
|
Publication
date: 05-Aug-2011 20:13:14 EST |
·
We have lowered our long-term
sovereign credit rating on the United States of America to 'AA+' from 'AAA' and
affirmed the 'A-1+' short-term rating.
·
We have also removed both the short- and long-term ratings
from CreditWatch negative.
·
The downgrade reflects our opinion
that the fiscal consolidation plan that Congress and the Administration
recently agreed to falls short of what, in our view, would be necessary to
stabilize the government's medium-term debt dynamics.
·
More broadly, the downgrade
reflects our view that the effectiveness, stability, and predictability of
American policymaking and political institutions have weakened at a time of
ongoing fiscal and economic challenges to a degree more than we envisioned when
we assigned a negative outlook to the rating on April 18, 2011.
·
Since then, we have changed our
view of the difficulties in bridging the gulf between the political parties
over fiscal policy, which makes us pessimistic about the capacity of Congress
and the Administration to be able to leverage their agreement this week into a
broader fiscal consolidation plan that stabilizes the government's debt
dynamics any time soon.
·
The outlook on the long-term rating
is negative. We could lower the long-term rating to 'AA' within the next two
years if we see that less reduction in spending than agreed to, higher interest
rates, or new fiscal pressures during the period result in a higher general
government debt trajectory than we currently assume in our base case.
TORONTO (Standard &
Poor's) Aug. 5, 2011--Standard & Poor's Ratings Services said today that it
lowered its long-term sovereign credit rating on the United States of America
to 'AA+' from 'AAA'. Standard & Poor's also said that the outlook on the
long-term rating is negative. At the same time, Standard & Poor's affirmed
its 'A-1+' short-term rating on the U.S. In addition, Standard & Poor's
removed both ratings from CreditWatch, where they were placed on July 14, 2011,
with negative implications.
The
transfer and convertibility (T&C) assessment of the U.S.--our assessment of
the likelihood of official interference in the ability of U.S.-based public-
and private-sector issuers to secure foreign exchange for
debt service--remains
'AAA'.
We lowered our long-term
rating on the U.S. because we believe that the prolonged controversy over
raising the statutory debt ceiling and the related fiscal policy debate
indicate that further near-term progress containing the growth in public
spending, especially on entitlements, or on reaching an agreement on raising
revenues is less likely than we previously assumed and will remain a contentious
and fitful process. We also believe that the fiscal consolidation plan that
Congress and the Administration agreed to this week falls short of the amount
that we believe is necessary to stabilize the general government debt burden by
the middle of the decade.
Our lowering of the
rating was prompted by our view on the rising public debt burden and our
perception of greater policymaking uncertainty, consistent with our criteria
(see "Sovereign Government Rating Methodology and
Assumptions ," June 30, 2011,
especially Paragraphs 36-41). Nevertheless, we view the U.S. federal
government's other economic, external, and monetary credit attributes, which
form the basis for the sovereign rating, as broadly unchanged.
We have taken the ratings
off CreditWatch because the Aug. 2 passage of the Budget Control Act Amendment
of 2011 has removed any perceived immediate threat of payment default posed by
delays to raising the government's debt ceiling. In addition, we believe that
the act provides sufficient clarity to allow us to evaluate the likely course
of U.S. fiscal policy for the next few years.
The
political brinksmanship of recent months highlights what we see as America's
governance and policymaking becoming less stable, less effective, and less
predictable than what we previously believed. The statutory debt ceiling and
the threat of default have become political bargaining chips in the debate over
fiscal policy. Despite this year's wide-ranging debate, in our view, the
differences between political parties have proven to be extraordinarily
difficult to bridge, and, as we see it, the resulting agreement fell well short
of the comprehensive fiscal consolidation program that some proponents had
envisaged until quite recently. Republicans and Democrats have only been able
to agree to relatively modest savings on discretionary spending while
delegating to the Select Committee decisions on more comprehensive measures. It
appears that for now, new revenues have dropped down on the menu of policy
options. In addition, the plan envisions only minor policy changes on Medicare
and little change in other entitlements,
the containment of which
we and most other independent observers regard as key to long-term fiscal
sustainability.
Our opinion is that
elected officials remain wary of tackling the structural issues required to
effectively address the rising U.S. public debt burden in a manner consistent
with a 'AAA' rating and with 'AAA' rated sovereign peers (see Sovereign Government Rating Methodology and
Assumptions," June 30, 2011,
especially Paragraphs 36-41). In our view, the difficulty in framing a
consensus on fiscal policy weakens the government's ability to manage public
finances and diverts attention from the debate over how to achieve more
balanced and dynamic economic growth in an era of fiscal stringency and
private-sector deleveraging (ibid). A new political consensus might (or might
not) emerge after the 2012 elections, but we believe that by then, the
government debt burden will likely be higher, the needed medium-term fiscal
adjustment potentially greater, and the inflection point on the U.S.
population's demographics and other age-related spending drivers closer at hand
(see "Global Aging 2011: In The U.S., Going Gray Will Likely
Cost Even More Green, Now,"
June 21, 2011).
Standard & Poor's
takes no position on the mix of spending and revenue measures that Congress and
the Administration might conclude is appropriate for putting the U.S.'s
finances on a sustainable footing.
The act calls for as much
as $2.4 trillion of reductions in expenditure growth over the 10 years through
2021. These cuts will be implemented in two steps: the $917 billion agreed to
initially, followed by an additional $1.5 trillion that the newly formed
Congressional Joint Select Committee on Deficit Reduction is supposed to
recommend by November 2011. The act contains no measures to raise taxes or
otherwise enhance revenues, though the committee could recommend them.
The act further provides
that if Congress does not enact the committee's recommendations, cuts of $1.2
trillion will be implemented over the same time period. The reductions would
mainly affect outlays for civilian discretionary spending, defense, and
Medicare. We understand that this fall-back mechanism is designed to encourage
Congress to embrace a more balanced mix of expenditure savings, as the
committee might recommend.
We note that in a letter
to Congress on Aug. 1, 2011, the Congressional Budget Office (CBO) estimated total
budgetary savings under the act to be at least $2.1 trillion over the next 10
years relative to its baseline assumptions. In updating our own fiscal
projections, with certain modifications outlined below, we have relied on the
CBO's latest "Alternate Fiscal Scenario" of June 2011, updated to
include the CBO assumptions contained in its Aug. 1 letter to Congress. In
general, the CBO's "Alternate Fiscal Scenario" assumes a continuation
of recent Congressional action overriding existing law.
We view the act's
measures as a step toward fiscal consolidation. However, this is within the
framework of a legislative mechanism that leaves open the details of what is
finally agreed to until the end of 2011, and Congress and the Administration
could modify any agreement in the future. Even assuming that at least $2.1
trillion of the spending reductions the act envisages are implemented, we
maintain our view that the U.S. net general government debt burden (all levels
of government combined, excluding liquid financial assets) will likely continue
to grow. Under our revised base case fiscal scenario--which we consider to be
consistent with a 'AA+' long-term rating and a negative outlook--we now project
that net general government debt would rise from an estimated 74% of GDP by the
end of 2011 to 79% in 2015 and 85% by 2021. Even the projected 2015 ratio of
sovereign indebtedness is high in relation to those of peer credits and, as
noted, would continue to rise under the act's revised policy settings.
Compared with previous
projections, our revised base case scenario now assumes that the 2001 and 2003
tax cuts, due to expire by the end of 2012, remain in place. We have changed
our assumption on this because the majority of Republicans in Congress continue
to resist any measure that would raise revenues, a position we believe Congress
reinforced by passing the act. Key macroeconomic assumptions in the base case
scenario include trend real GDP growth of 3% and consumer price inflation near
2% annually over the decade.
Our revised upside
scenario--which, other things being equal, we view as consistent with the
outlook on the 'AA+' long-term rating being revised to stable--retains these
same macroeconomic assumptions. In addition, it incorporates $950 billion of new
revenues on the assumption that the 2001 and 2003 tax cuts for high earners
lapse from 2013 onwards, as the Administration is advocating. In this scenario,
we project that the net general government debt would rise from an estimated
74% of GDP by the end of 2011 to 77% in 2015 and to 78% by 2021.
Our revised downside
scenario--which, other things being equal, we view as being consistent with a
possible further downgrade to a 'AA' long-term rating--features less-favorable
macroeconomic assumptions, as outlined below and also assumes that the second
round of spending cuts (at least $1.2 trillion) that the act calls for does not
occur. This scenario also assumes somewhat higher nominal interest rates for
U.S. Treasuries. We still believe that the role of the U.S. dollar as the key
reserve currency confers a government funding advantage, one that could change
only slowly over time, and that Fed policy might lean toward continued loose
monetary policy at a time of fiscal tightening. Nonetheless, it is possible
that interest rates could rise if investors re-price relative risks. As a
result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in
10-year bond yields relative to the base and upside cases from 2013 onwards. In
this scenario, we project the net public debt burden would rise from 74% of GDP
in 2011 to 90% in 2015 and to 101% by 2021.
Our revised scenarios
also take into account the significant negative revisions to historical GDP
data that the Bureau of Economic Analysis announced on July 29. From our
perspective, the effect of these revisions underscores two related points when
evaluating the likely debt trajectory of the U.S. government. First, the
revisions show that the recent recession was deeper than previously assumed, so
the GDP this year is lower than previously thought in both nominal and real
terms. Consequently, the debt burden is slightly higher. Second, the revised
data highlight the sub-par path of the current economic recovery when compared
with rebounds following previous post-war recessions. We believe the sluggish
pace of the current economic recovery could be consistent with the experiences
of countries that have had financial crises in which the slow process of debt
deleveraging in the private sector leads to a persistent drag on demand. As a
result, our downside case scenario assumes relatively modest real trend GDP
growth of 2.5% and inflation of near 1.5% annually going forward.
When comparing the U.S.
to sovereigns with 'AAA' long-term ratings that we view as relevant
peers--Canada, France, Germany, and the U.K.--we also observe, based on our
base case scenarios for each, that the trajectory of the U.S.'s net public debt
is diverging from the others. Including the U.S., we estimate that these five
sovereigns will have net general government debt to GDP ratios this year
ranging from 34% (Canada) to 80% (the U.K.), with the U.S. debt burden at 74%.
By 2015, we project that their net public debt to GDP ratios will range between
30% (lowest, Canada) and 83% (highest, France), with the U.S. debt burden at
79%. However, in contrast with the U.S., we project that the net public debt
burdens of these other sovereigns will begin to decline, either before or by
2015.
Standard & Poor's
transfer T&C assessment of the U.S. remains 'AAA'. Our T&C assessment
reflects our view of the likelihood of the sovereign restricting other public
and private issuers' access to foreign exchange needed to meet debt service.
Although in our view the credit standing of the U.S. government has deteriorated
modestly, we see little indication that official interference of this kind is
entering onto the policy agenda of either Congress or the Administration.
Consequently, we continue to view this risk as being highly remote.
The outlook on the long-term
rating is negative. As our downside alternate fiscal scenario illustrates, a
higher public debt trajectory than we currently assume could lead us to lower
the long-term rating again. On the other hand, as our upside scenario
highlights, if the recommendations of the Congressional Joint Select Committee
on Deficit Reduction--independently or coupled with other initiatives, such as
the lapsing of the 2001 and 2003 tax cuts for high earners--lead to fiscal
consolidation measures beyond the minimum mandated, and we believe they are
likely to slow the deterioration of the government's debt dynamics, the
long-term rating could stabilize at 'AA+'.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.67 |
|
UK Pound |
1 |
Rs.86.05 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.