| Quarterly Results of Operations-Unaudited |
15. Quarterly Results of Operations—Unaudited
The following table sets forth certain unaudited quarterly results
of operations for fiscal 2017 and fiscal 2016. In the opinion of
management, this information has been prepared on the same basis as
the audited consolidated financial statements and all necessary
adjustments, consisting only of normal recurring adjustments, have
been included in the amounts stated below to present fairly the
quarterly information when read in conjunction with the audited
consolidated financial statements and notes thereto included
elsewhere in this Form 10-K. The quarterly operating results
are not necessarily indicative of future results of operations.
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Fiscal Year Ended January 31,
2017 |
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Q1
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Q2
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Q3
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Q4
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(Amounts in
thousands, except per share data) |
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Revenue
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$ |
21,570 |
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$ |
18,452 |
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$ |
19,961 |
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$ |
23,812 |
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Gross profit
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9,149 |
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7,456 |
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9,812 |
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15,763 |
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Operating expenses
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18,724 |
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19,124 |
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18,247 |
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40,231 |
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Net loss(1)
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(8,907 |
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(26,884 |
) |
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(8,082 |
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(27,376 |
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Loss per share(2):
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Basic
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$ |
(0.26 |
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$ |
(0.77 |
) |
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$ |
(0.23 |
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$ |
(0.78 |
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Diluted
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$ |
(0.26 |
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$ |
(0.77 |
) |
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$ |
(0.23 |
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$ |
(0.78 |
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Fiscal Year Ended January 31,
2016 |
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Q1 |
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Q2 |
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Q3 |
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Q4 |
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(Amounts in
thousands, except per share data) |
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Revenue
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$ |
23,177 |
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$ |
27,871 |
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$ |
28,747 |
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$ |
27,197 |
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Gross profit
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10,116 |
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14,427 |
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6,877 |
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15,419 |
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Operating expenses
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19,582 |
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19,177 |
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18,718 |
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37,561 |
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Net loss(3)
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(9,825 |
) |
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(5,027 |
) |
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(10,565 |
) |
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(22,280 |
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Loss per share(2):
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Basic
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$ |
(0.29 |
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$ |
(0.16 |
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$ |
(0.31 |
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$ |
(0.66 |
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Diluted
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$ |
(0.29 |
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$ |
(0.16 |
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$ |
(0.31 |
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$ |
(0.66 |
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| (1) |
Net loss in the fourth quarter of
fiscal 2017 includes a $23.7 million loss on impairment of
long-lived assets as we found during “Step 2” of our
annual goodwill impairment test that the carrying value of our
goodwill was greater than the implied fair value. As a result, we
recorded an impairment charge of $23.5 million. In addition,
we fully impaired the fair market value of our facility in
Greenville, New Hampshire by recording an impairment charge of
$0.2 million as we feel that the sale of this facility is not
imminent due to the facility’s location and the market
conditions in the area. |
| (2) |
The sum of per share data may not
agree to annual amounts due to rounding. |
| (3) |
Net loss in the fourth quarter of
fiscal 2016 includes a $21.5 million loss on impairment of
long-lived assets as a result of our decision to enter into a
restructuring plan relating to the Timeline Labs operations. |
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