Harmonic Inc. Announces Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2012; Provides Earnings Guidance for the First Quarter of 2013; Provides Tax Rate Guidance for the Fiscal Year 2013
For the full year, the company reported loss from operations of $9,307,000, loss before income taxes of $9,085,000 and net loss of $10,937,000 or $0.09 per diluted share on net revenue of $530,464,000 compared to income from operations of $11,773,000, income before income taxes of $11,633,000 and net income of $8,779,000 or $0.08 per diluted share on net revenue of $549,332,000 a year ago period. Net cash provided by operating activities was $70,813,000 against $45,177,000 a year ago. Acquisition of property and equipment was $12,609,000 against $17,269,000 a year ago. Non-GAAP net income was $29,282,000 or $0.25 per diluted share compared to $47,532,000 or $0.41 per diluted share a year ago.
The company anticipates net revenue in the range of $115 million to $125 million for the first quarter of 2013. GAAP gross margins and operating expenses for the first quarter of 2013 are expected to be in the range of 43% to 45% and $62 million to $63 million, respectively. Non-GAAP gross margins and operating expenses for the first quarter of 2013, which will exclude stock-based compensation and the amortization of intangibles, are anticipated to be in the range of 49% to 50% and $56 million to $57 million, respectively.
The company anticipates non-GAAP tax rate for 2013 to be in the range of 21% to 22%, subject to domestic versus international income split.