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VA Linux : des pertes plus importantes que prévues

mercredi 21 février 2001

Résumé des éléments financiers (2ème trimstre fiscal 2000)

- Chiffre d’affaire : 42,5 millions de $ (+111%)

- Pertes (hors charges exceptionnelles) : 0,28 $/action (contre 0,20$)

- Rentabilité prévue : Octobre 2002 (+ 9 mois)

Le licensienment de 25% des effectifs a immédiatement été annoncée, en même temps que la nomination d’un nouveau Directeur Général : Ali Jenab.

Liens :

- Le site officiel de VA Linux


Bilan complet

VA LINUX SYSTEMS, INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Excluding non-cash expenses (1)
(In thousands, except per share data)

Three Months Ended Six Months Ended
---------------------- ----------------------
January 27, January 28, January 27, January 28,
2001 2000 2001 2000
---------- ---------- ---------- ----------
(unaudited) (unaudited)

Net revenues $ 42,513 $ 20,191 $ 98,575 $ 35,039
Cost of revenues (2) 35,660 17,356 79,110 30,243
---------- ---------- ---------- ----------
Gross profit 6,853 2,835 19,465 4,796

Operating expenses :
Sales and
marketing (3) 11,478 6,114 23,025 11,178
Research and
development 4,842 2,431 9,572 5,205
General and
administrative (4) 5,410 1,658 10,964 3,154
Total operating ---------- ---------- ---------- ----------
expenses 21,730 10,203 43,561 19,537
---------- ---------- ---------- ----------
Loss from operations (14,877) (7,368) (24,096) (14,741)
Interest and other
income, net 1,514 1,062 3,693 1,235
---------- ---------- ---------- ----------
Net loss $ (13,363) $ (6,306) $ (20,403) $ (13,506)
========== ========== ========== ==========
Pro forma basic
and diluted net
loss per share $ (0.28) $ (0.20) $ (0.44) $ (0.46)
Pro forma basic
and diluted
weighted-average
shares outstanding(5) 47,362 32,300 46,723 29,412

(1) Excludes amortization of goodwill and intangible assets,
amortization of compensation expense related to acquisitions,
amortization of deferred stock compensation, and the dividend related
to convertible preferred stock.

(2) Excludes a one-time inventory provision of $14 million in the
fiscal 2001 periods to establish a reserve for excess material.

(3) Excludes $997,000 of non-cash expense for stock grants to
consultants in the fiscal 2000 periods.

(4) Excludes a one-time provision for bad debt of $2.5 million in
the fiscal 2001 periods.

(5) Pro forma basic and diluted weighted-average shares includes
the conversion of convertible preferred stock using the if-converted
method into an equivalent number of common shares as if the shares had
been converted on the dates of issuance.

VA LINUX SYSTEMS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)

Three Months Ended Six Months Ended
---------------------- ----------------------
January 27, January 28, January 27, January 28,
2001 2000 2001 2000
---------- ---------- ---------- ----------
(unaudited) (unaudited)

Net revenues $ 42,513 $ 20,191 $ 98,575 $ 35,039
Cost of revenues 49,660 17,356 93,110 30,243
---------- ---------- ---------- ----------
Gross profit (7,147) 2,835 5,465 4,796

Operating expenses :
Sales and marketing 11,478 7,111 23,025 12,175
Research and
development 4,842 2,431 9,572 5,205
General and
administrative 7,910 1,658 13,464 3,154
Amortization of
deferred stock
compensation 2,694 4,258 5,388 7,113
Amortization of
compensation
expense related
to acquisitions 17,602 - 35,791 -
Amortization of
goodwill and
intangible assets 23,989 - 47,413 -
---------- ---------- ---------- ----------
Total operating
expenses 68,515 15,458 134,653 27,647
---------- ---------- ---------- ----------
Loss from operations (75,662) (12,623) (129,188) (22,851)
Interest and other
income, net 1,514 1,062 3,693 1,235
---------- ---------- ---------- ----------
Net loss $ (74,148) $ (11,561) $ (125,495) $ (21,616)
========== ========== ========== ==========
Dividend related
to convertible
preferred stock - - - (4,900)
---------- ---------- ---------- ----------
Net loss attributable
to common
stockholders $ (74,148) $ (11,561) $ (125,495) $ (26,516)
========== ========== ========== ==========
Basic and diluted net
loss per share $ (1.57) $ (0.50) $ (2.69) $ (1.73)
Weighted-average
shares
outstanding :
Basic and diluted 47,362 23,325 46,723 15,372

VA LINUX SYSTEMS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)

January 27, July 28,
2001 2000
---------- ----------
(unaudited)
ASSETS

Current assets :
Cash and cash equivalents $ 66,674 $ 123,849
Marketable securities 59,652 52,433
Accounts receivable, net 33,962 31,842
Inventories 1,393 1,018
Prepaid expenses and other current assets 8,769 2,156
---------- ----------
Total current assets 170,450 211,298
Property and equipment, net 19,915 10,316
Goodwill and intangible assets, net 326,730 362,744
Other assets 1,450 741
---------- ----------
$ 518,545 $ 585,099
========== ==========

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities :
Accounts payable $ 20,159 $ 26,715
Accrued liabilities and other 24,715 11,285
Current portion of loans and notes payable 1,013 1,568
---------- ----------
Total current liabilities 45,887 39,568
Notes payable, net of current portion 1,026 1,104
Other long-term liabilities 1,036 552

Stockholders’ equity :
Common stock 53 52
Additional paid-in capital 778,440 763,175
Deferred stock compensation (71,984) (109,686)
Accumulated other comprehensive loss (799) (47)
Accumulated deficit (235,114) (109,619)
---------- ----------
Total stockholders’ equity 470,596 543,875
---------- ----------
$ 518,545 $ 585,099
========== ==========