InFocus Corporation. Third Quarter 2007 Financial Results Conference Call. October 30, 2007
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1 InFocus Corporation Third Quarter 2007 Financial Results Conference Call October 30, 2007 Moderator Introduction Good morning and welcome to the InFocus third quarter 2007 financial results conference call. Leading the call today will be Mr. Bob O Malley, President and Chief Executive Officer, and Mr. Mark Perry, Interim Vice President and Chief Financial Officer. After I read the Safe Harbor provision, I will turn the call over to Mr. O Malley and Mr. Perry. Safe Harbor Introduction During this call, we will discuss InFocus business outlook and provide forwardlooking statements. These forward-looking statements include expectations regarding: factors impacting anticipated revenues, gross profits, expenses, earnings, inventory levels and new product introductions; the availability of components and projectors manufactured for the Company; the anticipated actions and charges associated with reducing our cost structure. 1
2 Investors are cautioned that all forward-looking statements involve risks and uncertainties and several factors could cause actual results to differ materially from those in the forward-looking statements. A more complete listing of the risk factors that could cause actual results to differ from these forward-looking statements can be found in the Company s periodic reports on Form 10-Q and 10-K. The forward-looking statements contained in this conference call speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statements to reflect events or circumstances after the date of this conference call. In addition, if during this call we use any non-gaap financial measure as defined by the SEC in Reg G, you will find on our website the required reconciliation to the most directly comparable GAAP financial measure. Thank you and I will now turn the call over to Mr. O Malley. Bob O Malley, InFocus Corporation Thank you. I joined InFocus on October 1 st and am excited to be part of a company with a rich tradition, long history of innovation and strong channel relationships. Prior coming to InFocus I was the Senior Vice President of Marketing at Tech Data. As many of you know, Tech Data is one of the largest 2
3 technology distribution services companies in the world, and is also one of InFocus largest customers. My experience at Tech Data has afforded me a familiarity with InFocus from a customer s perspective, and I have tremendous respect for the InFocus brand, its products and its employees. The Company announced my appointment on September 12 th. In that announcement, we also indicated that the Board of Directors had suspended the formal evaluation of Strategic Alternatives. There were many factors that led to that decision, one of which was the measurable improvement of the operating performance of the business that the Management team and employees have continued to deliver; I believe our third quarter results speak to this progress. Mark will walk you through the detailed financial results in a few minutes, but I would like to take a moment and highlight a few of the key areas. Revenues for the third quarter were $75.8 million; gross margin was 18.2 percent; operating expenses were $17.3 million resulting in an operating loss of $3.6 million. These results mark the third consecutive quarter of increased gross margins, reduced operating expenses and lowered operating losses. The sequential progress made throughout 2007 gives me confidence that the restructuring initiatives that were undertaken have established a foundation to return the Company to profitability. 3
4 There were a number of significant accomplishments that were achieved during the third quarter: We continued to refresh our portfolio, launching seven new products in Q3, and are ready to launch seven more in Q4. These introductions represent 80% of our overall product set, and will provide a robust portfolio as we enter During Q3 we enhanced each of our product segments: Our mobile portfolio was upgraded with the addition of the IN10 and IN12, two light and bright projectors for the mobile professional. The Meeting Room segment saw the addition of the IN38, a powerful, multipurpose projector that offers many features of an installation-category projector at a price point of a high-end conference room projector. We also launched the IN42+, an upgrade to our previous generation IN42 which provides a versatile solution to the Installation segment. The Home Theater line was expanded with our first 1080p, high definition, projectors, the IN81 and IN82, which received immediate acclaim for performance and quality of image. The IN82 was awarded Product of the Year for the projector category from What? Hi-Fi Sound and Vision, Europe s premier Home Theater publication, We have continued to focus our research and product development attention on making our products easier to use. The Liteshow II wireless 4
5 adaptor, which began shipping in Q3, is an excellent example of technology that allows projection to be more easily used. The Liteshow II device allows for the streaming of multimedia content from a computer to any projector with a VGA port, without the need for cables. From a market segment perspective, we made measurable progress in the Education sector. Earlier this year, we launched our Learn Big line of products, targeted specifically at the Education market and the needs of educators in the classroom. The Learn Big program has helped reestablish our presence in this segment, and produced sales growth in Q3 in the Americas, Europe and Asia. In terms of regional performance, Q3 marks the first time in nearly three years that each region has demonstrated sequential revenue growth. This accomplishment is the result of continued focus by our regional sales and marketing teams as well as our product design, operations and fulfillment, and infrastructure support teams. I am pleased with the team s performance to achieve this result and believe that we have established a foundation to continue progress in this area. 5
6 Mark will now provide a more detailed review of the third quarter s financial performance, after which I will have a few closing comments before taking your questions. Mark Perry, InFocus Corporation Thank you, Bob. Financial Summary... As Bob briefly mentioned, revenues for the third quarter were $75.8 million, gross margin was 18.2% of revenue and operating expenses were $17.3 million, resulting in an operating loss of $3.6 million. Total cash and marketable securities were $72.7 million as of September 30, 2007, an increase of $5.4 million from the June quarter. Detailed Third Quarter 2007 Financial Results... Now let s take a more detailed look at the P&L: Revenues for the quarter were $75.8 million, an increase of 3% from the second quarter, and a reduction 7% compared to the third quarter of Total projectors sold in the quarter were approximately 85,000 units, an increase of 13,000 units, or 18%, from our second quarter shipments. The increase in units during the quarter was predominantly driven by sales of entry-level meeting and 6
7 classroom products. The increased volume of entry level products compressed average selling prices by approximately 12% for the third quarter. Americas revenue increased 2% from the second quarter of 2007 and were down 17% compared to the third quarter of Unit sales in the Americas for the third quarter increased 18% and 4% compared to the second quarter of 2007 and third quarter of 2006, respectively. Channel inventory levels at the end of the third quarter in the Americas, our largest market, were about 4 weeks of inventory, unchanged from the end the second quarter, and down one week from Q306. Internationally, European revenue increased 3% from the second quarter and 22% compared to the third quarter of Revenue from Asia increased by 7% compared to the second quarter and 28% compared to the third quarter of Additional breakdowns of revenue and units for the third quarter of 2007 are as follows: The breakdown of revenue by projector product line in our commercial markets in the quarter was 70% meeting room, 20% mobile, and 10% integration and installation, compared to a 67% meeting room, 22% mobile, and 11% integration and installation in the second quarter. 7
8 Home projector revenue accounted for 11% of total projector revenue in the third quarter, up from 5% for the second quarter. The quarterly increase was due to the successful introduction of the IN81 and IN82 products, which are our first 1080p projectors and have been very favorably received in the marketplace. Our projector revenue channel fulfillment splits for the second quarter were 67% from distributors, 23% from value-added resellers, and 10% from retail. This compares to 74% from distributors, 18% from valueadded resellers and OEMs, and 8% from retail during the second quarter. The breakdown of revenue geographically in the third quarter remained unchanged from the second quarter performance. Revenue from the Americas represented 67% of total revenues, Europe contributed 22% of the total and Asia Pacific provided 11%. XGA projectors represented 56% of unit shipments, while SVGA accounted for 44%, compared to a 63%/37% split in the prior quarter, reflecting the mix shift described earlier. 8
9 We ended the third quarter with a Backlog of $7.0 million, a modest increase from last quarter. Typically, backlog is not necessarily indicative of total sales for any future period. Gross margin was 18.2% in the third quarter, up from 16.3% in the second quarter. The increase in gross margin was achieved through improved product mix and improved variable cost performance, most notably in area of warranty repair operations. Operating expenses were $17.3 million for the third quarter, a reduction of $2.8 million from the second quarter of 2007 and down $9.8 million from the third quarter of Operating expenses, excluding charges, were $17.1 million in the third quarter of 2007, compared to $18.1 million in the second quarter and $21.1 million in the third quarter of The reduction compared to the second quarter is the result of previously implemented cost reduction initiatives. Operating expenses for the third quarter reflect an increase in General and Administrative expense of $0.5 million compared to the prior quarter, resulting from costs incurred for various external advisors related to the evaluation of 9
10 strategic alternatives and incremental costs associated with annual internal controls certifications. We recorded Restructuring Charges of $0.2 million during the third quarter of 2007 for estimated employee severance costs. This compares to a restructuring charge of $2.1 million in the second quarter of 2007 and a charge of $0.9 million in the third quarter of Operating loss for the third quarter was $3.6 million, $8.2 million for the second quarter and $16.7 million for the third quarter of Proforma Operating Loss, exclusive of charges, was $3.3 million, $6.1 million for the second quarter and $10.8 million for the prior year quarter. Other Income was $0.8 million for the third quarter, primarily a result of net interest income during the quarter of $0.4 million and $0.4 million from our share of net income from Motif, our joint venture with Motorola. This compares to other income of $0.4 million in the second quarter of 2007 and other expense of $2.4 million in the third quarter of Now for a review of the balance sheet: 10
11 Cash and marketable securities at the end of the third quarter were $72.7 million, an increase of $5.4 million from the second quarter. The increase can be attributed to improved working capital performance, particularly in the area of inventory management. There were no borrowings outstanding under our line of credit with Wells Fargo Foothill at the end of the third quarter and during the quarter we extended the line of credit until February 28, Accounts receivable were $50.0 million at September 30, 2007, an increase of $3.6 million from end of the second quarter. Days Sales Outstanding for the third quarter were 59 days, an increase of two days compared to Q2. Total inventories decreased $4.7 million in the third quarter to $28.5 million. Finished goods inventories are primarily made up of new projectors in our logistics centers, new projectors in-transit from our contract manufacturers, and new projectors held by certain retailers on consignment until sold. Finished goods inventories decreased approximately $5.0 million during the second quarter and account for approximately 67% of total inventories. Service inventories are primarily made up of service parts held for warranty or customer repair activities, remanufactured projectors, replacement lamps, and other 11
12 accessories such as screens, remotes and ceiling mounts. Service inventories decreased approximately $1.6 million during the second quarter. Consignment inventories with various retailers at the end of September, included as part of finished goods inventories, were approximately $3.0 million, a reduction of $0.8 million from the end of the second quarter. Property, plant and equipment was $3.1 million at the end of the third quarter, a decrease of $0.6 million from the end of the first quarter. Capital expenditures during the quarter were $0.7 million and depreciation and amortization expense was $1.0 million. I will now turn the call over to Bob for his closing comments. Bob O Malley, InFocus Corporation Thank you, Mark. I am pleased with the progress that was demonstrated in our third quarter results. As I mentioned earlier, the progress that the management team and our employees have made show that we have stabilized our business, and 12
13 established a foundation upon which we can build. The Board of Directors has also played a very active role, particularly over the past four months, as the search for a CEO was in progress. I would like to thank the Board members for their commitment, leadership and guidance during this time. We have placed intense focus on reducing the cost structure over the past few quarters. To that end, excluding charges, we have reduced our cost structure by nearly 20% from the third quarter of While we will continue to rationalize all areas of our business to ensure our investments drive the highest return for our shareholders, we do not anticipate the level of cost reductions to continue at this accelerated rate. As our cost containment activities are fully implemented, these reductions will provide the opportunity to make further investments in Sales, Marketing and Product Development initiatives in order to drive revenue and margin growth. As we re-invest in the Company, we will do so in the areas of our core strengths. Sales resources and products will be targeted at the markets we know and serve best. Our traditional customer partnerships are valued and we will continue to foster these relationships to regain business that we have lost. InFocus remains the most recognized projector brand in the industry and I am confident that we 13
14 are undertaking the right actions to return the Company to a profitable, growing business. Thank you. I will now open the call to your questions. About InFocus Corporation InFocus Corporation (NASDAQ:INFS) is the industry pioneer and worldwide leader in the projection market today. Over twenty years of experience and engineering breakthroughs are at work here, constantly improving what you see in the marketplace, and delivering immersive audio visual impact in home entertainment, business and education environments. Being the inventor and leader is simply a great bonus of making the presentation of ideas, information, and entertainment a vivid, unforgettable experience, and we believe our product contributions set the standard for what a big picture experience should be like. InFocus Corporation's global headquarters are located in Wilsonville, Oregon, USA, with regional offices in Europe and Asia. For more information, visit the InFocus Corporation web site at or contact the Company toll-free at (U.S. and Canada) or worldwide. ### InFocus, IN, Proxima, LiteShow, LP, ASK, ScreenPlay, Play Big, Work Big, Learn Big and The Big Picture are either registered trademarks or trademarks of InFocus Corporation in the U.S. and abroad. DLP is a trademark of Texas Instruments. 14
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