Seguridad Mania.com - España y América Latina

HAMILTON, BERMUDA -- (Marketwired) -- 10/10/13 -- Stratus Technologies Bermuda Holdings Ltd. (together with its consolidated subsidiaries, "Stratus" or the "Company"), the leading provider of high availability solutions, today announced financial results for the second quarter of fiscal year 2014 ended August 25, 2013.

• Q2 Revenue: $51.2 million
• Q2 Net Loss: $5.4 million
• Q2 Adjusted EBITDA: $15.0 million

Commenting on the quarter, Dave Laurello, Stratus CEO and president, said, "Despite continued currency headwinds, the second quarter of fiscal year 2014 was strong from an earnings perspective. This was due to a strong legacy quarter and our effective management of costs. From a market perspective, we continue to see sluggish x86 server sales worldwide which continues to negatively impact our business."

Looking toward the future, Laurello added, "We continued the forward progress on our transition to a provider of software and services which prevent downtime before it occurs. The mobile world we live in is further driving demand for always-on applications, and our strategy is to enable both enterprises and cloud providers to deliver the right level of availability for these applications."

Total revenue for the quarter-to-date period ended August 25, 2013 was $51.2 million as compared to $52.5 million in the quarter-to-date period ended August 26, 2012. This is a 3% decrease as reported, and a 4% increase at constant currency. Profit from operations was $10.5 million compared to $10.9 million for the same period last year. This is a 4% decrease as reported, and an 18% increase at constant currency. Profit from operations for the quarter-to-date period ended August 25, 2013 included restructuring charges of $1.2 million to further align spending with current business initiatives. Net loss was $5.4 million, compared to a net loss of $4.2 million in the second quarter of fiscal year 2013. This is a 29% increase as reported, and a 25% decrease at constant currency. Net loss for the quarter-to-date periods ended August 25, 2013 and August 26, 2012 include a net loss on change in fair value of embedded derivatives of $0.9 million and $0.5 million respectively. Net loss for the quarter-to-date periods ended August 25, 2013 and August 26, 2012 includes a net loss on extinguishment of debt of $0.8 million and $0.9 million, respectively.

The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $15.0 million, or 29% of revenue, compared to $13.1 million, or 25% of revenue, for the same period last year. This represents a gross increase of 14% compared to the prior year, or 31% at constant currency. Please refer to the reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles ("GAAP") financial measures in the attached, unaudited "Consolidated Statements of Operations."

Total revenue for the year-to-date period ended August 25, 2013 was $98.7 million as compared to $105.0 million in the year-to-date period ended August 26, 2012. This is a 6% decrease as reported, and is in line at constant currency. Profit from operations was $17.4 million compared to $21.7 million for the same period last year. This is a 20% decrease as reported, and a 1% increase at constant currency. Profit from operations for the year-to-date period ended August 25, 2013 included restructuring charges of $1.3 million to further align spending with current business initiatives. Net loss was $11.9 million, compared to a net loss of $7.1 million in the same period last year. This is a 66% increase as reported, and a 5% increase at constant currency. Net loss for the year-to-date periods ended August 25, 2013 and August 26, 2012 include a net loss on change in fair value of embedded derivatives of $1.0 million and $0.8 million respectively. Net loss for the year-to-date periods ended August 25, 2013 and August 26, 2012 includes a net loss on extinguishment of debt of $0.8 million and $0.9 million, respectively.

The Company reported Adjusted EBITDA, a non-GAAP financial measure, of $24.9 million, or 25% of revenue, compared to $26.4 million, or 25% of revenue, for the same period last year. This represents a gross decrease of 5% compared to the prior year, or an increase of 11% at constant currency. Please refer to the reconciliation of Adjusted EBITDA to Generally Accepted Accounting Principles ("GAAP") financial measures in the attached, unaudited "Consolidated Statements of Operations."

Second Quarter Results Conference Call
A conference call to review second quarter financial results will be held today, October 10, 2013, at 1:30 p.m. Eastern Time, and may be accessed by calling 1-877-941-9205 (U.S. only) or 1-480-629-9771 with a conference ID of 4643335. A recording of this conference call will be available later today at 1-800-406-7325 (U.S. only) or 1-303-590-3030 with a conference ID of 4643335 for 30 days.

About Stratus Technologies
Stratus Technologies is the leading provider of infrastructure based solutions that keep applications running continuously in today's always-on world. Stratus enables rapid deployment of always-on infrastructures, from enterprise servers to clouds, without any changes to applications. Stratus' flexible solutions - software, platform and services - prevent downtime before it occurs and ensure uninterrupted performance of essential business operations. www.stratus.com.

Forward-Looking Statements: This press release may contain forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended). You are cautioned that such forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties that could cause actual results to differ materially from those described in such forward-looking statements. Such risks and uncertainties include, but are not limited to: the continued acceptance of the Company's products by the market; the Company's ability to enter into new service agreements and to retain customers under existing service contracts; the Company's ability to source quality components and key technologies without interruption and at acceptable prices; the Company's ability to comply with certain covenants in the governing documents for the Company's credit facilities and other debt instruments; the Company's ability to refinance indebtedness when required; the Company's reliance on sole source manufacturers and suppliers; the presence of existing competitors and the emergence of new competitors; the Company's financial condition and liquidity and the Company's leverage and debt service obligations; economic conditions globally and in the Company's most important markets; developments in the fault-tolerant and high-availability server markets; claims by third parties that the Company infringes upon their intellectual property rights; the Company's success in adequately protecting its intellectual property rights; the Company's success in maintaining efficient manufacturing and logistics operations; the Company's ability to recruit, retain and develop appropriately skilled employees; exposure for systems and service failures; fluctuations in foreign currency exchange rates; fluctuations in interest rates; current risks of terrorist activity and acts of war; the impact of changing tax laws; the impact of changes in policies, laws, regulations or practices of foreign governments on the Company's international operations; and the impact of natural or man-made disasters. Any forward-looking statements in this press release are made as of the date hereof, and the Company undertakes no duty to further update such forward-looking statements.

© 2013 Stratus Technologies Bermuda Ltd. All rights reserved.

Stratus® is a trademark or registered trademark of ours. All other trade names, service marks and trademarks are the property of their respective holders. Our use or display of other parties' trade names, service marks or trademarks is not intended to and does not imply a relationship with, or endorsement or sponsorship of us by, the trade name, service mark or trademark owners.

                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
                  CONSOLIDATED BALANCE SHEETS (Unaudited)

                                                  August 25,   February 24,
                                                     2013          2013
                                                 ------------  ------------
                                                 (Dollars and share data in
                                                         thousands)

                     ASSETS

Current assets:
Cash and cash equivalents                        $     14,372  $     22,163
Accounts receivable, net of allowance for
 doubtful accounts of $208 and $281,
 respectively                                          33,676        38,330
Inventory                                               5,640         6,687
Deferred income taxes                                   1,624         1,667
Prepaid expenses and other current assets               3,689         3,989
                                                 ------------  ------------
Total current assets                                   59,001        72,836

Property and equipment, net                             9,310        10,443
Intangible assets, net                                  6,986         7,258
Goodwill                                               13,009        13,024
Deferred income taxes                                   9,448         9,687
Deferred financing fees                                 4,845         6,381
Other assets                                            1,632         1,795
                                                 ------------  ------------
Total assets                                     $    104,231  $    121,424
                                                 ============  ============

LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND REDEEMABLE ORDINARY
                      STOCK, AND STOCKHOLDERS' DEFICIT

Current liabilities:
Current portion of long-term debt                $      5,000  $      5,000
Accounts payable                                        7,370         7,763
Accrued expenses                                       10,805        15,661
Accrued interest payable                                9,117         9,238
Income taxes payable                                      275           500
Deferred revenue                                       33,782        37,740
                                                 ------------  ------------
Total current liabilities                              66,349        75,902

Long-term debt, net of discount                       278,232       273,393
Embedded derivatives                                   20,630        20,252
Long-term deferred income taxes                           424           424
Deferred revenue and other long-term liabilities       17,199        17,556
                                                 ------------  ------------
Total liabilities                                     382,834       387,527
                                                 ------------  ------------

Redeemable convertible preferred stock and redeemable
 ordinary stock:
Series A: 7,000 shares authorized; 6,561 shares
 issued and outstanding at August 25, 2013 and
 February 24, 2013                                    122,641       117,923
Series B: 20,524 shares authorized; 4,373 and
 3,532 shares issued and outstanding at August
 25, 2013 and February 24, 2013, respectively          81,733        63,479
Right to shares of Series B redeemable
 convertible preferred stock                            4,828         5,518
Ordinary shares subject to puts, 767 and 773
 shares issued and outstanding at August 25,
 2013 and February 24, 2013, respectively               1,151         1,160
                                                 ------------  ------------
Total redeemable convertible preferred stock and
 redeemable ordinary stock                            210,353       188,080
                                                 ------------  ------------

Stockholders' deficit:
Ordinary stock, $0.5801 par value, 181,003
 shares authorized; 28,045 and 28,039 shares
 issued and outstanding at August 25, 2013 and
 February 24, 2013, respectively                       16,269        16,265
Series A ordinary stock: $0.5801 par value,
 7,678 shares authorized; 0 shares issued and
 outstanding at August 25, 2013 and February 24,
 2013                                                       -             -
Series B ordinary stock: $0.5801 par value,
 90,115 shares authorized; 19,204 and 15,512
 shares issued and outstanding at August 25,
 2013 and February 24, 2013                            11,140         8,998
Additional paid-in-capital                                  -             -
Accumulated deficit                                  (515,097)     (478,778)
Accumulated other comprehensive loss                   (1,268)         (668)
                                                 ------------  ------------
Total stockholders' deficit                          (488,956)     (454,183)
                                                 ------------  ------------

Total liabilities, redeemable convertible
 preferred stock and redeemable ordinary stock,
 and stockholders' deficit                       $    104,231  $    121,424
                                                 ============  ============


                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
  For the fiscal three-month periods ended August 25, 2013 and August 26,
                                    2012

                                                  August 25,    August 26,
                                                     2013          2012
                                                 ------------  ------------
                                                   (Dollars in thousands)
REVENUE
Product                                          $     19,443  $     19,832
Service                                                31,750        32,701
                                                 ------------  ------------
Total revenue                                          51,193        52,533
                                                 ------------  ------------

COST OF REVENUE
Product                                                 8,364         8,454
Service                                                12,810        13,618
                                                 ------------  ------------
Total cost of revenue                                  21,174        22,072
                                                 ------------  ------------
Gross profit                                           30,019        30,461
                                                 ------------  ------------

OPERATING EXPENSES
Research and development                                5,658         6,217
Sales and marketing                                     7,351         7,859
General and administrative                              5,040         5,183
Restructuring charges                                   1,209            43
Management fees                                           300           300
                                                 ------------  ------------
Total operating expenses                               19,558        19,602
                                                 ------------  ------------

Profit from operations                                 10,461        10,859
Interest income                                             1             4
Interest expense                                      (12,893)      (12,399)
Loss on extinguishment of debt                           (829)         (939)
Loss on change in fair value of embedded
 derivatives                                             (939)         (534)
Other expense, net                                       (446)         (304)
                                                 ------------  ------------
Loss before income taxes                               (4,645)       (3,313)
Income taxes                                              803           898
                                                 ------------  ------------

Net loss                                         $      5,448  $      4,211
                                                 ============  ============

EBITDA TABLE:
Net loss                                         $      5,448  $      4,211
Add:
Interest expense, net                                  12,892        12,395
Income taxes                                              803           898
Depreciation and amortization                           1,580         1,703
                                                 ------------  ------------
EBITDA (1)                                       $      9,827  $     10,785
                                                 ------------  ------------

Add:
Restructuring (a)                                       1,209            43
Stock-based compensation expense (b)                       44            61
Management fees (c)                                       300           300
Reserves (d)                                              835           126
Loss on extinguishment of debt (e)                        829           939
Loss on change in fair value for embedded
 derivatives (f)                                          939           534
Other expense, net (g)                                    978           361
                                                 ------------  ------------
Total adjustments                                       5,134         2,364
                                                 ------------  ------------
Adjusted EBITDA (1)                              $     14,961  $     13,149
                                                 ============  ============


                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
 For the fiscal six-month periods ended August 25, 2013 and August 26, 2012

                                                  August 25,    August 26,
                                                     2013          2012
                                                 ------------  ------------
                                                   (Dollars in thousands)
REVENUE
Product                                          $     34,281  $     39,470
Service                                                64,408        65,558
                                                 ------------  ------------
Total revenue                                          98,689       105,028
                                                 ------------  ------------

COST OF REVENUE
Product                                                15,249        15,631
Service                                                26,048        27,853
                                                 ------------  ------------
Total cost of revenue                                  41,297        43,484
                                                 ------------  ------------
Gross profit                                           57,392        61,544
                                                 ============  ============

OPERATING EXPENSES
Research and development                               12,196        12,823
Sales and marketing                                    15,183        15,968
General and administrative                             10,731        10,416
Restructuring charges                                   1,274            77
Management fees                                           600           600
                                                 ------------  ------------
Total operating expenses                               39,984        39,884
                                                 ------------  ------------

Profit from operations                                 17,408        21,660
Interest income                                             3            10
Interest expense                                      (26,002)      (24,926)
Loss on extinguishment of debt                           (829)         (939)
Loss on change in fair value of embedded
 derivatives                                           (1,003)         (825)
Other expense, net                                       (332)         (355)
                                                 ------------  ------------
Loss before income taxes                              (10,755)       (5,375)
Income taxes                                            1,099         1,772
                                                 ------------  ------------

Net loss                                         $    (11,854) $     (7,147)
                                                 ============  ============

EBITDA TABLE:
Net loss                                         $    (11,854) $     (7,147)
Add:
Interest expense, net                                  25,999        24,916
Income taxes                                            1,099         1,772
Depreciation and amortization                           3,515         3,426
                                                 ------------  ------------
EBITDA (1)                                       $     18,759  $     22,967
                                                 ------------  ------------

Add:
Restructuring (a)                                       1,274            77
Stock-based compensation expense (b)                       98           102
Management fees (c)                                       600           600
Reserves (d)                                            1,006           195
Loss on extinguishment of debt (e)                        829           939
Loss on change in fair value for embedded
 derivatives (f)                                        1,003           825
Other expense, net (g)                                  1,352           664
                                                 ------------  ------------
Total adjustments                                       6,162         3,402
                                                 ------------  ------------
Adjusted EBITDA (1)                              $     24,921  $     26,369
                                                 ============  ============

1)   EBITDA represents income (loss) before interest, taxes, depreciation
     and amortization. We present EBITDA because we consider it an important
     supplemental measure of our performance and believe it is frequently
     used by securities analysts, investors and other interested parties in
     the evaluation of companies in our industry. In addition to other
     applications, EBITDA is used by us and others in our industry to
     evaluate and price potential acquisition candidates.

     Adjusted EBITDA represents EBITDA with certain additional adjustments,
     as calculated pursuant to the requirements of the interest maintenance
     covenant under our Revolving Credit Facility. We present Adjusted
     EBITDA because we believe that it allows investors to assess our
     ability to meet the interest maintenance covenant under our Revolving
     Credit Facility.

     Our management also uses Adjusted EBITDA internally as a basis upon
     which to assess our operating performance, and Adjusted EBITDA is also
     a factor in the evaluation of the performance of our management in
     determining compensation. In evaluating Adjusted EBITDA, you should be
     aware that in the future we may incur expenses similar to the
     adjustments in this presentation. Our presentation of Adjusted EBITDA
     should not be construed as an inference that our future results will be
     unaffected by unusual or non-recurring items.

     EBITDA and Adjusted EBITDA have limitations as analytical tools, and
     you should not consider them in isolation, or as a substitute for
     analysis of our results as reported under Generally Accepted Accounting
     Principles ("GAAP'). Some of these limitations are:

     -- EBITDA and Adjusted EBITDA do not reflect our cash expenditures, or
        future requirements for capital expenditures, or contractual
        commitments;
     -- EBITDA and Adjusted EBITDA do not reflect changes in, or cash
        requirements for, our working capital needs;
     -- EBITDA and Adjusted EBITDA do not reflect the significant interest
        expense, or the cash requirements necessary to service interest or
        principal payments, on our debts;
     -- although depreciation and amortization are non-cash charges, the
        assets being depreciated and amortized will often have to be
        replaced in the future, and EBITDA and Adjusted EBITDA do not
        reflect any cash requirements for such replacements;
     -- EBITDA and Adjusted EBITDA do not reflect the impact of earnings or
        charges resulting from matters we consider not to be indicative of
        our ongoing operations; and
     -- other companies in our industry may calculate EBITDA and Adjusted
        EBITDA differently than we do, limiting its usefulness as a
        comparative measure.

     Because of these limitations, EBITDA and Adjusted EBITDA should not be
     considered as measures of discretionary cash available to us to invest
     in the growth of our business. We compensate for these limitations by
     relying primarily on our GAAP results and using EBITDA and Adjusted
     EBITDA only supplementally, as described above. See the statements of
     cash flows.

a)   In order to better align expenses with anticipated revenues, we
     implemented restructuring programs in the quarter to date period ended
     August 25, 2013 as well as in prior years. These programs were designed
     to streamline our business model and centralize certain functions.

b)   In the quarter-to-date and year-to-date fiscal periods ended August 25,
     2013 and August 26, 2012, we recorded non-cash stock-based compensation
     expense charges related to share-based awards to employees.

c)   On April 30, 2010 we entered into a four year advisory and strategic
     planning agreement with an investment banking firm. The yearly fee is
     $0.5 million.

     On October 1, 2005, we entered into an Agreement for Management,
     Advisory, Strategic Planning and Consulting Services with Investcorp
     International, Inc., an affiliate of the Investcorp Group, and MidOcean
     US Advisor, LP, an affiliate of MidOcean, for an aggregate yearly fee
     of $0.7 million which renews on an annual basis. The payment of the
     yearly fee is restricted in the Senior Secured Notes and in the Second
     Lien Credit Facility until these credit facilities are paid in full.

     The long-term accrued liability related to this yearly fee totaled $4.1
     million and $3.8 million at August 25, 2013 and February 24, 2013,
     respectively.

d)   In the quarter-to-date and year-to-date fiscal periods ended August 25,
     2013 and August 26, 2012, we recorded non-cash inventory write-downs.

e)   In the quarter-to-date and year-to-date fiscal period ended August 25,
     2013 and August 26, 2012 we recorded a loss on extinguishment of debt
     related to the ECF payment in the fiscal second quarter 2014 and 2013,
     related to the Senior Secured Notes. The loss in each period is due to
     a premium, the write-off of a pro rata portion of deferred financing
     fees along with debt discount and related fees offset by the reduction
     in the value ascribed to the ECF embedded derivative liability.

f)   In the quarter-to-date and year-to-date fiscal periods ended August 25,
     2013 and August 26, 2012, we recorded a loss due to the net change in
     fair value of the embedded derivatives related to the Senior Secured
     Notes.

g)   In the quarter-to-date fiscal period ended August 25, 2013, we recorded
     other expense, net of $1.0 million, primarily consisting of $0.6
     million of miscellaneous and non-recurring charges, $0.3 million of net
     foreign currency loses and $0.1 million of bank fees.

     In the year-to-date fiscal period ended August 25, 2013, we recorded
     other expense, net of $1.4 million, primarily consisting of $1.1
     million of miscellaneous and non-recurring charges and $0.3 million of
     bank fees.

     In the quarter-to-date fiscal period ended August 26, 2012, we recorded
     other expense, net of $0.4 million, primarily consisting of $0.2
     million of miscellaneous and non-recurring charges, $0.1 of million
     bank fees and $0.1 million of net foreign currency losses.

     In the year-to-date fiscal period ended August 26, 2012, we recorded
     other expense, net of $0.7 million, primarily consisting of $0.4
     million of miscellaneous and non-recurring charges and $0.3 of million
     bank fees.



                 STRATUS TECHNOLOGIES BERMUDA HOLDINGS LTD.
             CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

                                                       26 weeks ended
                                                 --------------------------
                                                  August 25,    August 26,
                                                     2013          2012
                                                 ------------  ------------
                                                   (Dollars in thousands)
OPERATING ACTIVITIES
Cash flows provided by operating activities:
Net loss                                         $    (11,854) $     (7,147)
Adjustments to reconcile net loss to net cash
 provided by operating activities:
  Depreciation and amortization                         3,515         3,426
  Amortization of deferred financing costs and
   debt discount                                        6,455         5,747
  Stock-based compensation                                 98           102
  Provision for (recovery of) doubtful accounts          (274)           14
  Inventory provision                                   1,002           195
  Loss on extinguishment of debt                          829           939
  Premium on excess cash flow payment                  (1,001)         (999)
  Loss on change in fair value of embedded
   derivatives                                          1,003           825
  Loss on sale of asset                                     -            31
  Loss on retirement of property and equipment             38            31
  Interest payable-in-kind                              4,605         4,209
Changes in assets and liabilities
  Accounts receivable                                   4,727           263
  Inventory                                              (472)          270
  Prepaid expenses and other current assets               279          (499)
  Accounts payable                                       (309)          427
  Accrued expenses                                     (4,649)       (1,126)
  Accrued interest                                       (121)         (205)
  Income taxes payable                                    (17)          420
  Deferred revenue                                     (4,026)       (1,301)
  Other long-term assets and liabilities                  199           865
                                                 ------------  ------------
Net cash provided by operating activities                  27         6,487
                                                 ------------  ------------

INVESTING ACTIVITIES
Cash flows used in investing activities:
  Acquisition of property and equipment                (1,543)       (2,944)
  Capitalization of software development costs           (440)            -
  Acquisition of business                                   -        (1,175)
  Acquisition of other long-term assets                   (47)          (56)
                                                 ------------  ------------
Net cash used in investing activities                  (2,030)       (4,175)
                                                 ------------  ------------

FINANCING ACTIVITIES
Cash flows used in financing activities:
  Payments on long-term debt                           (5,005)       (4,995)
  Payment of equity issuance fees                        (144)            -
                                                 ------------  ------------
Net cash used in financing activities                  (5,149)       (4,995)
Effect of exchange rate changes on cash                  (639)         (402)
                                                 ------------  ------------
Net decrease in cash and cash equivalents              (7,791)       (3,085)
Cash and cash equivalents at beginning of period       22,163        27,510
                                                 ------------  ------------
Cash and cash equivalents at end of period       $     14,372  $     24,425
                                                 ============  ============