Harmonic Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014; Provides Earnings Guidance for the First Quarter of 2015
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.