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Sierra Wireless Reports Fourth Quarter and Full Year 2012 Results

Sierra Wireless, Inc.:

Fourth Quarter 2012

  • Total revenue, including revenue from AirCard® related discontinued operations, of $163.8 million and non-GAAP net earnings of $10.3 million, or $0.33 per diluted share
  • Revenue from continuing operations of $109.4 million, 32.8 percent year-over-year growth, and non-GAAP operating earnings from continuing operations of $3.7 million

Full Year 2012

  • Total revenue, including revenue from AirCard related discontinued operations, of $644.2 million and non-GAAP net earnings of $33.4 million, or $1.08 per diluted share
  • Revenue from continuing operations of $397.3 million, 19.3 percent year-over-year growth, and non-GAAP operating earnings from continuing operations of $0.9 million

Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported fourth quarter and full year 2012 results. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.

On January 28, 2013, the company announced a definitive agreement for the sale of substantially all of the assets and operations related to its AirCard business to Netgear, Inc. In accordance with GAAP, assets and liabilities associated with the sale have been recorded as “held for sale” and the results of operations of the AirCard business as discontinued operations. The consolidated statements of operations and related selected financial information have been retrospectively modified to distinguish between continuing operations and discontinued operations.

“Our fourth quarter results highlight our continued solid revenue growth and improving earnings,” said Jason Cohenour, President and Chief Executive Officer. “As the global leader in M2M and connected device solutions, we believe that we are exceptionally well positioned to drive profitable growth both organically and through strategic acquisitions.”

Fourth Quarter 2012
Revenue from continuing operations in the fourth quarter of 2012 was $109.4 million, compared to $82.4 million in the fourth quarter of 2011, and $100.2 million in the third quarter of 2012. The 32.8 percent year-over-year revenue increase was driven by better than expected growth in Machine-to-Machine (“M2M”) sales, including a $15.5 million contribution from the recently acquired M2M business of Sagemcom, along with solid growth in sales to PC OEMs.

On a GAAP basis, gross margin from continuing operations was $36.2 million, or 33.1 percent of revenue, in the fourth quarter of 2012, compared to $25.2 million, or 30.6 percent of revenue, in the fourth quarter of 2011. Operating expenses from continuing operations were $37.7 million and loss from continuing operations was $1.5 million in the fourth quarter of 2012, compared to operating expenses of $45.2 million and a loss from operations of $20.0 million in the fourth quarter of 2011. Fourth quarter of 2011 operating expenses included an intangible asset impairment charge of $11.2 million, primarily related to a software development program that was acquired through the purchase of Wavecom, S.A. in 2009 and which we abandoned during the fourth quarter of 2011. Net earnings from continuing operations were $15.5 million, or $0.50 per diluted share, in the fourth quarter of 2012, compared to net loss of $20.4 million, or $0.65 per diluted share, in the fourth quarter of 2011. Net earnings from continuing operations in 2012 included an income tax recovery that was the result of the recognition of certain tax assets that will be realizable as a result of the sale of the AirCard business. Net earnings, including discontinued operations, were $19.6 million, or $0.64 per diluted share, in the fourth quarter of 2012, compared to net loss, including discontinued operations, of $13.8 million, or $0.44 per diluted share, in the fourth quarter of 2011.

On a non-GAAP basis, gross margin from continuing operations was 33.2 percent of revenue in the fourth quarter of 2012, compared to 30.7 percent of revenue in the fourth quarter of 2011. Operating expenses from continuing operations were $32.6 million and operating earnings from continuing operations were $3.7 million in the fourth quarter of 2012, compared to operating expenses of $29.7 million and an operating loss of $4.4 million in the fourth quarter of 2011. Net earnings from continuing operations were $4.5 million, or $0.15 per diluted share, in the fourth quarter of 2012 compared to net loss of $4.4 million, or $0.14 per diluted share, in the fourth quarter of 2011.

The cash, cash equivalents, and short-term investments balance at the end of the fourth quarter of 2012 was $63.6 million, up from $59.5 million at the end of the third quarter of 2012.

Full Year 2012
Revenue from continuing operations for the year ended December 31, 2012 was $397.3 million, compared to $333.2 million for the year ended December 31, 2011. The 19.3 percent year-over-year revenue increase was driven by significant growth in M2M sales, including a $20.1 million contribution from the recently acquired M2M business of Sagemcom, along with strong growth in sales to PC OEMs.

On a GAAP basis, gross margin from continuing operations was $125.3 million, or 31.5 percent of revenue, in 2012, compared to $101.7 million, or 30.5 percent of revenue, in 2011. Operating expenses from continuing operations were $147.5 million and loss from operations was $22.2 million in 2012, compared to operating expenses of $156.0 million and a loss from operations of $54.2 million in 2011. The operating loss in 2011 included an intangible asset impairment charge of $11.2 million, primarily related to a software development program that was acquired through the purchase of Wavecom, S.A. in 2009 and which we abandoned during the fourth quarter of 2011. Net loss from continuing operations was $4.2 million, or $0.14 per diluted share, in 2012, compared to $50.7 million, or $1.62 per diluted share, in 2011. Net earnings, including discontinued operations, were $27.2 million, or $0.88 per diluted share, in 2012, compared to net loss, including discontinued operations, of $29.3 million, or $0.94 per diluted share, in 2011.

On a non-GAAP basis, gross margin from continuing operations was 31.6 percent of revenue in 2012, compared to 30.7 percent of revenue in 2011. Operating expenses from continuing operations were $124.7 million and operating earnings from continuing operations were $0.9 million in 2012, compared to operating expenses of $124.5 million and an operating loss of $22.4 million in 2011. Net loss from continuing operations was $0.4 million, or $0.01 per diluted share, in 2012, compared to net loss of $18.7 million, or $0.60 per diluted share, in 2011.

Non-GAAP results exclude the impact of stock-based compensation expense, acquisition costs, restructuring costs, integration costs, disposition costs, acquisition amortization, foreign exchange gains or losses on foreign currency contracts and translation of balance sheet accounts, and certain tax adjustments. We disclose non-GAAP amounts as we believe that these measures provide our shareholders with useful information about operating results and assist in comparisons from one period to another. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules.

Financial guidance
The Company provides the following guidance for the first quarter of 2013 for its continuing operations.

In the first quarter of 2013, we expect revenue from our continuing operations to be down sequentially following the exceptionally strong fourth quarter of 2012. We expect gross margin to be similar or slightly lower than fourth quarter 2012 levels, and operating expenses to increase as a result of higher new product certification costs combined with the negative impact of a strengthening euro.

Looking forward to the second quarter of 2013, we expect a return to solid sequential and year-over-year revenue growth and modest profitability.

Q1 2013 Guidance

  Non-GAAP - Continuing Operations
Revenue $98.0 to $102.0 million
Earnings (loss) from operations ($2.5) to ($1.5) million

Net earnings (loss) from continuing operations

($2.5) to ($1.5) million

Earnings (loss) per share from continuing operations

($0.08) to ($0.05) per share


This Non-GAAP guidance for the first quarter of 2013 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management’s current beliefs and assumptions.

Conference call, webcast and instant replay details
Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Wednesday, February 6, 2013, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below.

To participate in this conference call, please dial the following number approximately ten minutes prior to the commencement of the call:

  • Toll-free (Canada and US): 1-877-201-0168
  • Alternate number: 1-647-788-4901
  • Conference ID: 87240990

For those unable to participate in the live call, a replay will be available until February 27, 2013. Dial 1-855-859-2056 or 1-800-585-8367 and enter the Conference ID number above to access the replay.

To access the webcast, please follow the link below:
Sierra Wireless Q4 and FY2012 Financial Results Webcast

If the above link does not work, please copy and paste the following URL into your browser:
http://www.snwebcastcenter.com/custom_events/sierrawireless-20130206/site/

The webcast will remain available at the above link for one year following the call.

We look forward to having you participate in our call.

Cautionary Note Regarding Forward-Looking Statements
Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the first quarter of 2013 and our fiscal year 2013, our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws.

Forward-looking statements:

  • Typically include words and phrases about the future such as “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”.
  • Are not promises or guarantees of future performance. They represent our current views and may change significantly.
  • Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:
  • Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
  • Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
  • Expected cost of goods sold;
  • Expected component supply situation;
  • Our ability to “win” new business;
  • Expected deployment of next generation networks by wireless network operators;
  • Our operations are not adversely disrupted by component shortages or other development, operating or regulatory risks; and
  • Expected tax rates relative mix of earnings amongst the tax jurisdictions in which we operate, along with foreign exchange rates.
  • Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management’s Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada.
  • We may experience higher than anticipated costs; disruption of, and demands on, our ongoing business; diversion of management’s time and attention; adverse effects on existing business relationships with suppliers and customers and employee issues in connection with the divestiture of the AirCard assets and operations;
  • Actual sales volumes or prices for our products and services may be lower than we expect for any reason including, without limitation, the continuing uncertain economic conditions, competition, different product mix, the loss of any of our significant customers;
  • The cost of products sold may be higher than planned or necessary component supplies may not be available, are delayed or are not available on commercially reasonable terms;
  • We may be unable to enforce our intellectual property rights or may be subject to claims and litigation that have an adverse outcome;
  • The development and timing of the introduction of our new products may be later than we expect or may be indefinitely delayed;
  • Transition periods associated with the migration to new technologies may be longer than we expect.

About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) offers industry-leading mobile computing and machine-to-machine (M2M) communications products and solutions that connect people, devices, and applications over cellular networks. Wireless service providers, equipment manufacturers, enterprises and government organizations around the world depend on us for reliable wireless technology. We offer 2G, 3G and 4G wireless modems, routers and gateways as well as a comprehensive suite of software, tools, and services that ensure our customers can successfully bring wireless applications to market. For more information about Sierra Wireless, visit www.sierrawireless.com.

“AirCard” and “AirLink” are registered trademarks of Sierra Wireless. “AirPrime” and “AirVantage” are also trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.

SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands of U.S. dollars, except where otherwise stated)

  Three months ended

December 31,

  Year ended

December 31,

    2012     2011   2012     2011
Revenue $ 109,405 $ 82,391 $ 397,321 $ 333,175
Cost of goods sold   73,172   57,206   272,047   231,435
Gross margin   36,233   25,185   125,274   101,740
Expenses
Sales and marketing 10,176 8,886 37,067 37,188
Research and development 16,294 14,801 61,785 60,903
Administration 7,743 7,694 32,777 33,716

Acquisition costs

387 3,182
Restructuring 42 (19) 2,251 837
Integration 1,426
Impairment of intangible asset 11,214 11,214
Amortization   3,107   2,620   10,418   10,709
    37,749   45,196   147,480   155,993
Loss from operations (1,516) (20,011) (22,206) (54,253)
Foreign exchange gain (loss) 1,608 (507) 3,326 (460)
Other income (expense)   35   20   (196)   35
Earnings (loss) before income taxes 127 (20,498) (19,076) (54,678)
Income tax recovery   (15,396)   (68)   (14,874)   (3,968)
Net earnings (loss) from continuing operations 15,523 (20,430) (4,202) (50,710)
Net earnings from discontinued operations   4,083   6,668   31,401   21,338
Net earnings (loss) 19,606 (13,762) 27,199 (29,372)
Net loss attributable to non-controlling interest         (57)
Net earnings (loss) attributable to the Company $ 19,606 $ (13,762) $ 27,199 $ (29,315)

Basic and diluted net earnings (loss) per share attributable to the Company’s common shareholders (in dollars)

Continuing operations

$ 0.50 $ (0.65) $ (0.14) $ (1.62)
Discontinued operations $ 0.14 $ 0.21 $ 1.02 $ 0.68
$ 0.64 $ (0.44) $ 0.88 $ (0.94)
Weighted average number of shares outstanding

(in thousands)

Basic 30,591 31,298 30,788 31,275
Diluted   30,774   31,298   30,788   31,275



SIERRA WIRELESS, INC.
SELECTED FINANCIAL INFORMATION FOR THREE MONTHS AND YEAR ENDED DECEMBER 31, 2012
(in thousands of U.S. dollars, except where otherwise stated)

         

2012

         
Three months ended December 31 Year ended December 31
Discontinued Operations Continuing Operations Total Discontinued Operations

Continuing Operations

Total
 
Revenue - GAAP and Non-GAAP $ 54,416 $ 109,405 $ 163,821 $ 246,845 $ 397,321 $ 644,166
 
 
Gross margin - GAAP $ 14,781 $ 36,233 $ 51,014 $ 69,698 $ 125,274 $ 194,972
Stock-based compensation   -   61   61   -   304   304
Gross margin - Non-GAAP $ 14,781 $ 36,294 $ 51,075 $ 69,698 $ 125,578 $ 195,276
 
 
Gross margin % - GAAP 27.2% 33.1% 31.1% 28.2% 31.5% 30.3%
Gross margin % - Non-GAAP 27.2% 33.2% 31.2% 28.2% 31.6% 30.3%
 
 
Earnings (loss) from operations - GAAP $ 4,741 $ (1,516) $ 3,225 $ 33,045 $ (22,206) $ 10,839
Stock-based compensation 233 1,470 1,703 932 5,781 6,713
Acquisition - 387 387 - 3,182 3,182
Disposition 1,463 - 1,463 1,463 - 1,463
Restructuring - 42 42 - 2,251 2,251
Integration - - - - - -
Acquisition related amortization   -   3,338   3,338   -   11,890   11,890
Earnings from operations - Non-GAAP $ 6,437 $ 3,721 $ 10,158 $ 35,440 $ 898 $ 36,338
 
 
Net earnings (loss) - GAAP $ 4,083 $ 15,523 $ 19,606 $ 31,401 $ (4,202) $ 27,199
Stock-based compensation, acquisition, disposition, restructuring, integration, and acquisition related amortization, net of tax 1,696 5,162 6,858 2,395 22,241 24,636
Unrealized foreign exchange loss (gain) - (1,655) (1,655) - (3,139) (3,139)
Income tax adjustments   -   (14,540)   (14,540)   -   (15,344)   (15,344)
Net earnings (loss) - Non-GAAP $ 5,779 $ 4,490 $ 10,269 $ 33,796 $ (444) $ 33,352
 
 
Diluted earnings (loss) per share (in dollars) - GAAP $ 0.14 $ 0.50 $ 0.64 $ 1.02 $ (0.14) $ 0.88
Diluted earnings (loss) per share (in dollars) - Non-GAAP $ 0.18 $ 0.15 $ 0.33 $ 1.09 $ (0.01) $ 1.08



SIERRA WIRELESS, INC.
SELECTED FINANCIAL INFORMATION FOR THREE MONTHS AND YEAR ENDED DECEMBER 31, 2011
(in thousands of U.S. dollars, except where otherwise stated)

         

2011

         

Three months ended December 31

Year ended December 31
Discontinued Operations Continuing Operations Total Discontinued Operations Continuing Operations Total
 
Revenue - GAAP and Non-GAAP $ 64,804 $ 82,391 $

147,195

$ 245,010 $ 333,175 $ 578,185
 
 
Gross margin - GAAP $ 16,367 $ 25,185 $ 41,552 $ 61,710 $ 101,740 $ 163,450
Stock-based compensation   -   86   86   -   385   385
Gross margin - Non-GAAP $ 16,367 $ 25,271 $ 41,638 $ 61,710 $ 102,125 $ 163,835
 
 
Gross margin % - GAAP 25.3% 30.6% 28.2% 25.2% 30.5% 28.3%
Gross margin % - Non-GAAP 25.3% 30.7% 28.3% 25.2% 30.7% 28.3%
 
 
Earnings (loss) from operations - GAAP $ 7,546 $ (20,011) $ (12,465) $ 24,341 $ (54,253) $ (29,912)
Stock-based compensation 225 1,308 1,533 951 5,498 6,449
Restructuring - (19) (19) - 837 837
Integration - - - - 1,426 1,426
Impairment of intangible assets - 11,214 11,214 - 11,214 11,214
Acquisition related amortization   -   3,090   3,090   -   12,888   12,888
Earnings from operations - Non-GAAP $ 7,771 $ (4,418) $ 3,353 $ 25,292 $ (22,390) $ 2,902
 
 
Net earnings (loss) - GAAP $ 6,668 $ (20,430) $ (13,762) $ 21,338 $ (50,653) $ (29,315)
Stock-based compensation, acquisition, disposition, restructuring, integration, and acquisition related amortization, net of tax 225 15,690 15,915 951 31,762 32,713
Unrealized foreign exchange loss (gain) - 330 330 - 267 267
Non-controlling interest   -   -   -   -   (32)   (32)
Net earnings (loss) - Non-GAAP $ 6,893 $ (4,410) $ 2,483 $ 22,289 $ (18,656) $ 3,633
 
 
Diluted earnings (loss) per share (in dollars) - GAAP $ 0.21 $ (0.65) $ (0.44) $ 0.68 $ (1.62) $ (0.94)
Diluted earnings (loss) per share (in dollars) - Non-GAAP $ 0.22 $ (0.14) $ 0.08 $ 0.71 $ (0.59) $ 0.12



SIERRA WIRELESS, INC.
PRODUCT LINE REVENUE
(in thousands of U.S. dollars)

 

 

       

2012

         

 

       

2011

       
Q1 Q2 Q3 Q4 YTD Q1 Q2 Q3 Q4 YTD
Continuing operations
AirPrime Embedded Wireless Modules
M2M $ 62,944 $ 63,768 $ 73,249 $ 79,363 $ 279,324 $ 59,695 $ 62,759 $ 63,635 $ 56,702 $ 242,791

PC OEM

  15,273   17,828   14,018   14,014   61,133   6,747   11,857   9,771   11,047   39,422
78,217 81,596 87,267 93,377 340,457 66,442 74,616 73,406 67,749 282,213
 
AirLink Intelligent Gateways and Routers 10,622 11,407 11,262 13,408 46,699 10,096 8,886 9,928 10,103 39,013
AirVantage M2M Cloud Platform and Other   3,496   2,395   1,654   2,620   10,165   3,020   2,361   2,029   4,539   11,949
  92,335   95,398   100,183   109,405   397,321   79,558   85,863   85,363   82,391   333,175
 
 
Discontinued operations                    
AirCard Mobile Broadband Devices  

57,931

  72,043   62,455   54,416   246,845   64,717   54,025   61,464   64,804   245,010
                   
Total   150,266   167,441   162,638   163,821   644,166   144,275   139,888   146,827   147,195   578,185

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