Harmonic Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the fourth quarter, the company reported net revenues of $107,875,000 against $120,222,000 a year ago. Loss from operations was $2,162,000 against $998,000 a year ago. Loss from continuing operations before income taxes was $2,201,000 against $1,197,000 a year ago. Loss from continuing operations was $4,854,000 against $2,179,000 a year ago. Net loss was $4,854,000 or $0.06 per diluted share against $2,360,000 or $0.02 per diluted share a year ago. Basic and diluted net loss per share from continuing operations was $0.06 against $0.02 a year ago. Non-GAAP net income from continuing operations was $5.3 million, or $0.06 per diluted share, compared with non-GAAP net income from continuing operations for the third quarter of 2014 of $5.1 million, or $0.06 per diluted share, and non-GAAP net income from continuing operations for the fourth quarter of 2013 of $8.3 million, or $0.08 per diluted share.

For the year, the company reported net revenues of $433,557,000 against $461,940,000 a year ago. Loss from operations was $21,571,000 against $23,024,000 a year ago. Loss from continuing operations before income taxes was $21,795,000 against $23,152,000 a year ago. Loss from continuing operations was $46,248,000 against income from continuing operations of $21,589,000 a year ago. Net loss was $46,248,000 or $0.50 per diluted share against net income of $37,027,000 or $0.34 per diluted share a year ago. Basic and diluted net loss per share from continuing operations was $0.50 against income per share of $0.20 a year ago. Net cash provided by operating activities was $47,369,000 against $53,759,000 a year ago. Purchases of property and equipment were $10,065,000 against $14,581,000 a year ago. For the full year 2014, non-GAAP net income from continuing operations was $15.1 million, or $0.16 per diluted share, compared with $18.3 million, or $0.17 per diluted share, for 2013.

For the first quarter of 2015, the company expects net revenue in the range of $100 million to $110 million, GAAP gross margins in the range of 51.5% to 52.5%, GAAP operating expenses in the range of $57.0 million to $58.0 million, Non-GAAP gross margins in the range of 52.5% to 53.5%, Non-GAAP operating expenses in the range of $50.5 million to $51.5 million.