SOURCE: Quantum Corporation

Quantum Corporation

January 29, 2014 16:05 ET

Quantum Corporation Reports Fiscal Third Quarter Results

SAN JOSE, CA--(Marketwired - Jan 29, 2014) - Quantum Corp. (NYSE: QTM)

Highlights:

  • Total revenue of $146 million, up 11% sequentially
  • Sequential increase in branded tape automation and DXi revenue of 37% and 32%, respectively
  • 20% year-over-year growth in StorNext and related service revenue, driven by near doubling of North America sales
  • Year-over-year improvement in GAAP and non-GAAP net income of 70% and 27%, respectively, on 8% revenue decline

Quantum Corp. (NYSE: QTM) today reported results for the third quarter of fiscal 2014, ended Dec. 31, 2013. Revenue for the quarter was $145.9 million, down 8 percent from the third quarter of fiscal 2013, primarily due to lower tape automation revenue and a decline in DXi® sales from the record DXi quarter a year earlier. On a sequential basis, total revenue was up 11 percent and, as previously announced, above the high end of the guidance range provided in the company's Oct. 23, 2013 earnings announcement. Product highlights included growth in StorNext® and related service revenue of 20 percent year-over-year and 5 percent over the prior quarter, as well as sequential increases in branded Scalar® tape automation and DXi sales of 37 percent and 32 percent, respectively.

On a GAAP basis, Quantum reported breakeven operating income for the quarter, better than the $5.7 million operating loss a year earlier, and had a net loss of $2.4 million, or $0.01 per diluted share, compared to a net loss of $8.2 million in the prior year, a 70 percent improvement. On a non-GAAP basis, the company generated $8.6 million of operating income, up $1.2 million year-over-year. Finally, Quantum reported non-GAAP net income of $6.2 million, or $0.02 per diluted share, approximately $1.3 million, or 27 percent, higher than a year earlier. The operating and net income results were better than the high end of the third quarter guidance given in October.

"Our December quarter results reflect our focus on driving increased profitability and cash flow while capitalizing on revenue opportunities," said Jon Gacek, president and CEO of Quantum. "We reduced our GAAP operating expenses by 17 percent year-over-year -- and 12 percent on a non-GAAP basis -- improving our bottom-line results and helping us end the quarter with our highest cash balance in three years. At the same time we continued to increase our StorNext revenue, with particularly strong year-over-year growth driven by a near doubling of sales in North America, and significantly improved our DXi and tape automation revenue performance over the prior quarter. Moving forward, we will maintain a balanced approach between growth and profit, building on our expanding product portfolio and market reach and the actions we've taken to reduce our cost structure."

Quantum generated $7.3 million in cash from operations in the quarter, ending the quarter with $82.8 million in total cash and cash equivalents.

Outlook

For the fourth quarter of fiscal 2014, Quantum expects:

  • Revenue of approximately $125 million to $130 million.
  • GAAP gross margin of 42 to 43 percent and non-GAAP gross margin of 43 to 44 percent.
  • GAAP operating expenses of $60 million to $61 million and non-GAAP operating expenses of $55 million to $56 million.
  • Interest expense of $2.5 million and taxes of $500,000.

The company noted that its fourth quarter operating expense guidance is $10 million to $11 million lower than actual operating expenses on a GAAP basis in the comparable quarter a year ago and $7 million to $8 million lower on a non-GAAP basis. Quantum also reiterated that it expects approximately $16 million to $18 million of additional annual expense savings from the outsourcing of manufacturing operations and staffing reductions announced earlier this month to be reflected in the company's results beginning in the fiscal first quarter of 2015 (June 2014 quarter). The company will provide guidance for fiscal 2015 when it reports its fourth quarter results.

Business Highlights

Key business highlights for the December quarter include the following:

  • Based on the integration of the company's Lattus™ Object Storage with Rocket Arkivio data archiving software, Quantum announced a new solution to reduce primary storage and backup costs by archiving static, unstructured data. Customers using the combined solution can save 30 percent or more in annual storage expenses and, in many cases, pay back their investment within a year.
  • The company introduced a new program enabling managed service providers (MSPs) and value added resellers (VARs) to expand their businesses with a cloud backup service powered by Quantum's DXi virtual deduplication appliances and vmPRO™ backup software. Through unique capacity-based subscription pricing, the program allows MSPs and VARs to brand, market and sell cloud backup-as-a-service offerings that scale as their revenues grow, thereby reducing the need for large up-front capital expenditures on hardware.
  • Quantum continued to receive industry accolades, reinforcing the compelling benefits and overall value it provides to customers and partners. The company and its Lattus Object Storage solution were named as finalists for 2014 Storage Visions Awards, which honor excellence and innovation in media and entertainment technology. The Lattus solution also received honorable mention in the Tiered Storage Product of the Year category at the 2013 Storage Virtualization Cloud Awards. At these same awards, the Quantum Alliance reseller program was also selected as "Vendor's Reseller Channel Program of the Year."

Conference Call and Audio Webcast Notification
Quantum will hold a conference call today, Jan. 29, 2014, at 2:00 p.m. PST, to discuss its fiscal third quarter results. Press and industry analysts are invited to attend in listen-only mode. Dial-in number: (480) 629-9819 (U.S. & International). Quantum will provide a live audio webcast of the conference call beginning today, Jan. 29, 2014, at 2:00 p.m. PST. Site for the webcast and related information: www.quantum.com/investors.

About Quantum
Quantum is a leading expert in end-to-end scale-out storage and data protection, providing solutions for sharing, archiving and accessing digital assets over the entire data lifecycle. From small businesses to major enterprises, more than 100,000 customers have trusted Quantum to address their most demanding content workflow challenges. With Quantum, customers can Be Certain™ they have a comprehensive storage foundation to maximize the value of their data, making it accessible whenever and wherever needed, offering indefinite retention and reducing total cost and complexity. See how at www.quantum.com/customerstories.

Quantum, the Quantum logo, Be Certain, DXi, StorNext, Scalar, Lattus and vmPRO are either registered trademarks or trademarks of Quantum Corporation and its affiliates in the United States and/or other countries. All other trademarks are the property of their respective owners.

"Safe Harbor" Statement under the U.S. Private Securities Litigation Reform Act of 1995: This press release contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Specifically, without limitation, our statements regarding our priorities and focuses for the fourth quarter of our fiscal year, that we will maintain our balanced approach to driving increased profit and cash flow while pursuing revenue growth and all of our statements under the "Outlook" section are forward-looking statements within the meaning of the Safe Harbor. All forward-looking statements in this press release are based on information available to Quantum on the date hereof. These statements involve known and unknown risks, uncertainties and other factors that may cause Quantum's actual results to differ materially from those implied by the forward-looking statement. More detailed information about these risk factors, and additional risk factors are set forth in Quantum's periodic filings with the Securities and Exchange Commission, including, but not limited to, those risks and uncertainties listed in the section entitled "Risk Factors" in Quantum's Annual Report on Form 10-K filed with the Securities and Exchange Commission on June 7, 2013 and in Quantum's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on November 12, 2013. Quantum expressly disclaims any obligation to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.

Use of Non-GAAP Financial Measures

Quantum believes that the non-GAAP financial measures disclosed above provide useful and supplemental information to investors regarding its quarterly financial performance. Quantum management uses these non-GAAP financial measures internally to understand, manage and evaluate the company's business results and make operating decisions. For instance, Quantum management often makes decisions regarding staffing, future management priorities and how the company will direct future operating expenses on the basis of non-GAAP financial measures. In addition, compensation of our employees is based in part on the performance of our business based on non-GAAP operating income.

The non-GAAP financial measures used in this press release exclude the impact of amortization of intangibles, share-based compensation, restructuring charges and outsourcing transition costs for the following reasons:

Amortization of Intangible Assets

This includes acquired intangibles such as purchased technology and customer relationships in connection with prior acquisitions. These expenses are not factored into management's evaluation of potential acquisitions or Quantum's performance after completion of the acquisitions because they are not related to Quantum's core operating performance. In addition, the frequency and amount of such charges can vary significantly based on the size and timing of acquisitions and the maturities of the businesses being acquired. Excluding acquisition-related charges from non-GAAP measures provides investors with a basis to compare Quantum against the performance of other companies without the variability caused by purchase accounting.

Share-Based Compensation Expense

Share-based compensation expense relates primarily to equity awards such as stock options and restricted stock units. Share-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond Quantum's control. As a result, management excludes this item from Quantum's internal operating forecasts and models. Management believes that non-GAAP measures adjusted for share-based compensation provide investors with a basis to measure Quantum's core performance against the performance of other companies without the variability created by share-based compensation as a result of the variety of equity awards used by other companies and the varying valuation methodologies and assumptions used.

Restructuring Charges

Restructuring charges primarily relate to expenses associated with changes to Quantum's operating structure. Restructuring charges are excluded from non-GAAP financial measures because they are not considered core operating activities. Although Quantum has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. Management believes that it is appropriate to exclude restructuring charges from Quantum's non-GAAP financial measures, as it enhances the ability of investors to compare Quantum's period-over-period operating results from continuing operations.

Outsourcing Transition Costs

Outsourcing transition costs are expenses attributable to transitioning our manufacturing to an outsourced model. These costs are excluded from non-GAAP financial measures because they are not considered core operating activities and management believes that it is appropriate to exclude these costs in order to provide investors the ability to compare Quantum's period-over-period operating results from continuing operations.

Non-GAAP financial measures should not be considered as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. They are limited in value because they exclude charges that have a material impact on the company's reported financial results and, therefore, should not be relied upon as the sole financial measures to evaluate the company. The non-GAAP financial measures are meant to supplement, and be viewed in conjunction with, GAAP financial measures. Investors are encouraged to review the reconciliation of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the tables accompanying this press release.

Note 1

In the first quarter of fiscal year 2014, Quantum identified an error related to the accounting for certain allowances for estimated future price adjustments to customers which impacted prior reporting periods. As a result, the company's financial statements for the third quarter and first nine months of fiscal 2013 have been revised. For additional information, refer to our Form 10-Q filed with the Securities and Exchange Commission on November 12, 2013.

   
   
QUANTUM CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS  
(In thousands, except per share amounts)  
(Unaudited)  
                       
  Three Months Ended     Nine Months Ended  
  December 31, 2013     December 31, 2012     December 31, 2013     December 31, 2012  
        (Revised) Note 1           (Revised) Note 1  
Revenue:                              
  Product $ 98,348     $ 112,490     $ 269,024     $ 306,316  
  Service   36,926       35,340       109,612       107,138  
  Royalty   10,656       11,538       46,693       34,081  
    Total revenue   145,930       159,368       425,329       447,535  
Cost of revenue:                              
  Product   64,502       72,007       181,167       204,641  
  Service   19,706       19,360       56,053       59,896  
  Restructuring charges   288       --       377       --  
    Total cost of revenue   84,496       91,367       237,597       264,537  
      Gross margin   61,434       68,001       187,732       182,998  
                               
  Operating expenses:                              
    Research and development   16,010       18,615       49,063       56,639  
    Sales and marketing   29,424       33,588       89,577       102,473  
    General and administrative   14,279       14,851       43,789       46,910  
    Restructuring charges   1,758       6,602       4,525       6,602  
  Total operating expenses   61,471       73,656       186,954       212,624  
        Income (loss) from operations   (37 )     (5,655 )     778       (29,626 )
                               
  Other income and expense   370       60       791       (388 )
  Interest expense   (2,440 )     (2,230 )     (7,319 )     (5,896 )
        Loss before income taxes   (2,107 )     (7,825 )     (5,750 )     (35,910 )
  Income tax provision   308       348       1,232       1,217  
        Net loss $ (2,415 )   $ (8,173 )   $ (6,982 )   $ (37,127 )
                               
                               
  Basic and diluted net loss per share: $ (0.01 )   $ (0.04 )   $ (0.03 )   $ (0.16 )
                               
  Weighted average basic and diluted shares:   248,135       240,786       246,183       239,099  
                               
                               
  Included in the above Statements of Operations:                              
      Restructuring charges related to cost of revenue $ 288     $ --     $ 377     $ --  
      Restructuring charges related to operating expense   1,758       6,602       4,525       6,602  
    2,046       6,602       4,902       6,602  
  Amortization of intangibles:                              
      Cost of revenue   368       911       1,104       3,407  
      Sales and marketing   1,856       1,856       5,569       7,668  
    2,224       2,767       6,673       11,075  
  Share-based compensation:                              
      Cost of revenue   509       626       1,560       1,839  
      Research and development   862       925       2,638       2,772  
      Sales and marketing   994       1,273       3,148       3,603  
      General and administrative   1,056       892       2,922       3,515  
    3,421       3,716       10,268       11,729  
  Outsourcing Transition Costs:                              
      Cost of revenue   952       --       952       --  
    952       --       952       --  
                               
                               
Note 1 is presented above, before the Condensed Consolidated Statements of Operations.  
   
   
   

   

QUANTUM CORPORATION  
CONDENSED CONSOLIDATED BALANCE SHEETS  
(In thousands)  
(Unaudited)  
             
    December 31, 2013     March 31, 2013*  
          (Revised) Note 1  
Assets                
Current assets:                
  Cash and cash equivalents   $ 80,115     $ 68,976  
  Restricted cash     2,652       3,023  
  Accounts receivable     105,121       97,546  
  Manufacturing inventories     43,621       53,075  
  Service parts inventories     27,743       35,368  
  Other current assets     11,063       11,831  
    Total current assets     270,315       269,819  
                 
Long-term assets:                
  Property and equipment     18,457       21,456  
  Intangible assets     6,140       12,813  
  Goodwill     55,613       55,613  
  Other long-term assets     9,749       9,892  
    Total long-term assets     89,959       99,774  
                 
    $ 360,274     $ 369,593  
                 
Liabilities and Stockholders' Deficit                
Current liabilities:                
  Accounts payable   $ 38,994     $ 47,634  
  Accrued warranty     6,127       7,520  
  Deferred revenue, current     88,968       91,108  
  Accrued restructuring charges, current     3,554       3,021  
  Accrued compensation     29,338       30,964  
  Other accrued liabilities     13,580       14,503  
    Total current liabilities     180,561       194,750  
                 
Long-term liabilities:                
    Deferred revenue, long-term     39,350       38,393  
    Convertible subordinated debt     205,000       205,000  
    Other long-term liabilities     14,992       15,232  
      Total long-term liabilities     259,342       258,625  
                   
    Stockholders' deficit     (79,629 )     (83,782 )
                 
    $ 360,274     $ 369,593  
                 
* Derived from the March 31, 2013 audited Consolidated Financial Statements.  
Note 1 is presented above, before the Condensed Consolidated Statements of Operations.  
   
   
   
QUANTUM CORPORATION  
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS  
(In thousands)  
(Unaudited)  
             
    Nine Months Ended  
    December 31, 2013     December 31, 2012  
          (Revised) Note 1  
Cash flows from operating activities:                
  Net loss   $ (6,982 )   $ (37,127 )
  Adjustments to reconcile net loss to net cash provided by (used in) operating activities:                
    Depreciation     8,217       9,283  
    Amortization     7,898       12,013  
    Service parts lower of cost or market adjustment     8,715       7,026  
    Deferred income taxes     86       231  
    Share-based compensation     10,268       11,729  
    Changes in assets and liabilities:                
      Accounts receivable     (7,575 )     (5,074 )
      Manufacturing inventories     5,372       1,502  
      Service parts inventories     2,993       2,857  
      Accounts payable     (8,672 )     (9,748 )
      Accrued warranty     (1,393 )     160  
      Deferred revenue     (1,182 )     (4,650 )
      Accrued restructuring charges     309       3,184  
      Accrued compensation     (1,786 )     (538 )
      Other assets and liabilities     (732 )     1,020  
Net cash provided by (used in) operating activities     15,536       (8,132 )
                 
Cash flows from investing activities:                
  Purchases of property and equipment     (5,026 )     (9,389 )
  Decrease in restricted cash     517       691  
  Purchases of other investments     (534 )     (2,169 )
  Return of principal from other investments     -       208  
Net cash used in investing activities     (5,043 )     (10,659 )
                 
Cash flows from financing activities:                
  Repayments of long-term debt     --       (49,495 )
  Borrowings of convertible subordinated debt, net     --       67,701  
  Payment of taxes due upon vesting of restricted stock     (1,807 )     (1,926 )
  Proceeds from issuance of common stock     2,431       2,604  
Net cash provided by financing activities     624       18,884  
                 
Effect of exchange rate changes on cash and cash equivalents     22       (14 )
                 
Net increase in cash and cash equivalents     11,139       79  
Cash and cash equivalents at beginning of period     68,976       51,261  
Cash and cash equivalents at end of period   $ 80,115     $ 51,340  
                 
                 
Note 1 is presented above, before the Condensed Consolidated Statements of Operations.      
   
   
   
QUANTUM CORPORATION
GAAP TO NON-GAAP RECONCILIATION
(In thousands, except per share amounts)
(Unaudited)
 
 
     Three Months Ended December 31, 2013  
    Gross Margin   Gross Margin Rate     Operating Expenses     Income (Loss) From Operations     Net Income (Loss)     Per Share Net Income (Loss), Basic     Per Share Net Income (Loss), Diluted  
GAAP   $ 61,434   42.1 %   $ 61,471     $ (37 )   $ (2,415 )   $ (0.01 )   $ (0.01 )
Non-GAAP Reconciling Items:                                                    
  Amortization of intangibles     368           (1,856 )     2,224       2,224                  
  Share-based compensation     509           (2,912 )     3,421       3,421                  
  Restructuring charges     288           (1,758 )     2,046       2,046                  
  Outsouring transition costs     952           -       952       952                  
Non-GAAP   $ 63,551   43.5 %   $ 54,945     $ 8,606     $ 6,228     $ 0.02     $ 0.02**  
                     
  Computation of basic and diluted net income (loss) per share:         GAAP       Non-GAAP  
    Net income (loss)       $ (2,415 )   $ 6,228  
      Interest on dilutive convertible notes         -       788  
    Income (loss) for purposes of computing income (loss) per diluted share       $ (2,415 )   $ 7,016  
                     
  Weighted average shares:                    
    Basic         248,135       248,135  
      Dilutive shares from stock plans         -       1,952  
      Dilutive shares from convertible notes         -       42,502  
    Diluted         248,135       292,589  
       
       
       
     Nine Months Ended December 31, 2013  
    Gross Margin   Gross Margin Rate     Operating Expenses     Income From Operations   Net Income (Loss)     Per Share Net Income (Loss), Basic     Per Share Net Income (Loss), Diluted  
GAAP   $ 187,732   44.1 %     186,954       778   $ (6,982 )   $ (0.03 )   $ (0.03 )
Non-GAAP Reconciling Items:                                                  
  Amortization of intangibles     1,104           (5,569 )     6,673     6,673                  
  Share-based compensation     1,560           (8,708 )     10,268     10,268                  
  Restructuring charges     377           (4,525 )     4,902     4,902                  
  Outsourcing transition costs     952           -       952     952                  
Non-GAAP   $ 191,725   45.1 %   $ 168,152     $ 23,573   $ 15,813     $ 0.06     $ 0.06**  
                                                   
  Computation of basic and diluted net income (loss) per share:                                     GAAP     Non-GAAP  
    Net income (loss)                                     $ (6,982 )   $ 15,813  
      Interest on dilutive convertible notes                                       -       2,363  
    Income (loss) for purposes of computing income (loss) per diluted share                                     $ (6,982 )   $ 18,176  
                                                   
  Weighted average shares:                                                  
    Basic                                       246,183       246,183  
      Dilutive shares from stock plans                                       -       2,925  
      Dilutive shares from convertible notes                                       -       42,502  
    Diluted                                       246,183       291,610  
                                                       

** Non-GAAP per share net income (loss): Each fiscal period is calculated independently, thus the sum of each of the quarter's non-GAAP per diluted share net income (loss) does not necessarily equal the year-to-date non-GAAP per diluted share net income (loss). For example, certain convertible subordinated notes were anti-dilutive in the second quarter of fiscal 2014 but were dilutive for the year-to-date period.

The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.

       
       
       
     Three Months Ended December 31, 2012  
     (Revised) Note 1  
       
    Gross Margin   Gross Margin Rate     Operating Expenses     Income (Loss) From Operations     Net Income (Loss)     Per Share Net Income (Loss), Basic     Per Share Net Income (Loss), Diluted  
GAAP   $ 68,001   42.7 %   $ 73,656     $ (5,655 )   $ (8,173 )   $ (0.04 )   $ (0.04 )
Non-GAAP Reconciling Items:                                                    
  Amortization of intangibles     911           (1,856 )     2,767       2,767                  
  Share-based compensation     626           (3,090 )     3,716       3,716                  
  Restructuring charges     -           (6,602 )     6,602       6,602                  
Non-GAAP   $ 69,538   43.6 %   $ 62,108     $ 7,430     $ 4,912     $ 0.02     $ 0.02  
                                                     
  Computation of basic and diluted net loss per share:                                       GAAP     Non-GAAP  
  Net income (loss)                                       $ (8,173 )   $ 4,912  
    Interest on dilutive convertible notes                                         -       533  
  Net income (loss) for purposes of computing income (loss) per diluted share                                         (8,173 )     5,445  
                                                     
  Weighted average shares:                                                    
    Basic                                         240,786       240,786  
      Dilutive shares from stock plans                                         -       1,892  
      Dilutive shares from convertible notes                                         -       28,490  
    Diluted                                         240,786       271,168  
       
       
       
     Nine Months Ended December 31, 2012  
     (Revised) Note 1  
       
    Gross Margin   Gross Margin Rate     Operating Expenses     Loss From Operations     Net Loss     Per Share Net Loss, Basic     Per Share Net Loss, Diluted  
GAAP   $ 182,998   40.9 %   $ 212,624     $ (29,626 )   $ (37,127 )   $ (0.16 )   $ (0.16 )
Non-GAAP Reconciling Items:                                                    
  Amortization of intangibles     3,407           (7,668 )     11,075       11,075                  
  Share-based compensation     1,839           (9,890 )     11,729       11,729                  
  Restructuring charges     -           (6,602 )     6,602       6,602                  
Non-GAAP   $ 188,244   42.1 %   $ 188,464     $ (220 )   $ (7,721 )   $ (0.03 )   $ (0.03 )
                                                     
  Computation of basic and diluted net loss per share:                                       GAAP     Non-GAAP  
    Net loss                                       $ (37,127 )   $ (7,721 )
                                                     
  Weighted average shares:                                                    
    Basic and diluted                                         239,099       239,099  
 
Note 1 is presented above, before the Condensed Consolidated Statements of Operations.
 
The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.
 
 
 
QUANTUM CORPORATION
FORECAST FOURTH QUARTER FISCAL 2014
GAAP TO NON-GAAP RECONCILIATION
(Dollars in millions)
 
 
         
         
    Percentage Range
Forecast fourth quarter gross margin rate on a GAAP basis   42.3% - 43.3%
Forecast amortization of intangibles   0.3%
Forecast share-based compensation   0.4%
Forecast fourth quarter gross margin rate on a non-GAAP basis   43.0% - 44.0%
         
         
    Dollar Range
Forecast fourth quarter operating expense on a GAAP basis*   $59.7 - $60.7
Forecast amortization of intangibles   1.9
Forecast share-based compensation   2.8
Forecast fourth quarter operating expense on a non-GAAP basis   $55.0 - $56.0
         
* Forecast fourth quarter GAAP operating expense does not reflect facility restructuring charges for remaining lease payments as a result of the outsourcing decision as described in our Form 8-K as filed with the SEC on July 3, 2013. These charges will be recognized when we fully vacate the various locations and may occur in the fourth quarter of fiscal 2014, the first quarter of fiscal 2015 or a portion in each period.
 
Estimates based on current (January 29, 2014) projections.
 
The projected GAAP and non-GAAP financial information set forth in this table represent forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. For risk factors that could impact these projections, see our Annual Report on Form 10-K as filed with the SEC on June 7, 2013. We disclaim any obligation to update information in any forward-looking statement.
         
The non-GAAP financial information set forth in this table is not prepared in accordance with generally accepted accounting principles and may be different from non-GAAP financial information used by other companies.
 

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