Netlist: Fiscal 1Q13 Financial Results

Netlist, Inc. reported financial results for the first quarter ended March 30, 2013.

Revenues for the three months ended March 30, 2013, were $6.0 million, compared to revenues of $14.0 million for the first quarter ended March 31, 2012.

Gross profit for the three months ended March 30, 2013, was $0.6 million, or 9.5% of revenues, compared to a gross profit of $5.4 million, or 38.9% of revenues, for the three months ended March 31, 2012.

Adjusted EBITDA loss after adding back net interest expense, benefit of income taxes, depreciation, amortization, stock-based compensation and net other expense (income) was ($2.2) million for the three month period ended March 30, 2013, compared to an adjusted EBITDA income of $43,000 for the prior year period.

Net loss for the three months ended March 30, 2013, was ($3.2) million, or ($0.10) loss per share, compared to a net loss in the prior year period of ($1.1) million, or ($0.04) loss per share. These results include stock-based compensation expense of $434,000 for the first quarter of 2013, compared to $523,000 for the first quarter of 2012.

"Our first quarter results reflect the ongoing transition of our business model as we execute our plan to introduce our advanced, IP-based solutions to the next-generation high-speed server and storage markets," said C.K. Hong, CEO of Netlist. "Our business is supported by our extensive patent portfolio in the areas of high performance, memory subsystems and hybrid flash-based memory technologies. We remain focused on working with our OEM partners to roll out our new products, including HyperCloud and NVvault, and believe our investments will lead to a more diversified and scalable business model."

As of March 30, 2013, cash and cash equivalents were $7.7 million, total assets were $20.0 million, working capital was $8.8 million, total debt was $3.3 million, and stockholders’ equity was $11.0 million.