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Atheros Announces First Quarter 2009 Results SANTA CLARA, Calif., April 23, 2009 — Atheros Communications, Inc. (NASDAQ: ATHR), a global leader in innovative technologies for wireless and wired communications, today announced financial results for its first quarter ended March 31, 2009. In accordance with U.S. generally accepted accounting principles (GAAP), the company recorded a first quarter net loss of $7.6 million or $0.12 per diluted share. This compares with a GAAP net loss of $4.8 million or $0.08 per diluted share in the fourth quarter of 2008. Net income in the first quarter of 2008 was $3.4 million or $0.06 per diluted share. Cash, cash equivalents and short-term marketable securities were $288.9 million at Mar. 31, 2009, down $4.9 million from the prior quarter. Atheros reports gross margins, operating expenses, operating income (loss), net income (loss) and basic and diluted net income (loss) per share in accordance with GAAP and additionally on a non-GAAP basis. Non-GAAP net income excludes, where applicable, the effect of stock-based compensation, amortization of acquired intangible assets and acquisition-related charges, the other-than-temporary impairment of long-term investments and the tax impact of these excluded items. A reconciliation of preliminary GAAP net income (loss) to non-GAAP net income, as well as a description of items excluded in the calculation of non-GAAP net income is presented in the financial statements portion of this release. Non-GAAP gross margins in the first quarter were 48.1 percent, compared to 49.2 percent reported in the fourth quarter of 2008 and 51.2 percent in the first quarter of 2008. Non-GAAP operating income in the first quarter was 3.2 percent of revenue, compared to 7.6 percent in the fourth quarter of 2008 and 15.3 percent in the first quarter of 2008. Non-GAAP net income in the first quarter was $3.9 million or $0.06 per diluted share, compared to $10.8 million or $0.17 per diluted share in the fourth quarter of 2008 and $17.2 million or $0.28 per diluted share in the first quarter of 2008. “While we continue to work through a difficult macro economic climate, we exited the first quarter with growing momentum as our customers began to ramp new products and replenish inventory levels,” said Dr. Craig Barratt, Atheros’ president and chief executive officer. “Looking ahead, we continue to be encouraged by customer response to our growing product portfolio of communications solutions. While we continue to carefully manage expenses in a manner consistent with the current economic environment, we remain focused on developing new products that drive the success of our customers and provide us ongoing growth opportunities,” Dr. Barratt said. Recent Atheros Highlights
Conference Call To listen to the call from within the United States, please dial 877-835-9268 approximately 10 minutes prior to the start of the call. To listen to the call from outside the United States, please dial 706-634-9690 approximately 10 minutes prior to the start of the call. The pass code is Atheros. A taped replay will be made available approximately one hour after the conclusion of the call and will remain available for one week after the live call. To access the replay, please dial 706-645-9291 and use the pass code 87027913. Atheros' financial results conference call will be available via a live webcast on the investor relations section of the Atheros web site at http://www.atheros.com. Access the web site 15 minutes prior to the start of the call to download and install any necessary audio software. An archived webcast replay will be available on the web site for 6 months. About Atheros Communications, Inc. NOTE: Atheros, the Atheros logo and ROCm are trademarks of Atheros Communications, Inc. NOTE ON FORWARD-LOOKING STATEMENTS: ### – Summary Financial Data PDF Link – For
analyst inquires contact: Jack Lazar,
Chief Financial Officer for Atheros Communications, Inc., +1-408-773-5200; or David Allen,
For Atheros press contact: Dakota Lee, 408-720-5597, dakota@atheros.com |
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