EX-99.1 2 a2013q2pressrelease_ex991.htm EXHIBIT 2013 Q2 Press Release_EX 99.1

 
News Release
 
Media Contact:
Investor Contact:
Sharlene Myers
David G. McLennan
Manager, Global Public Relations
Chief Financial Officer
+1 (604) 232-1445
+1 (604) 231-1181
smyers@sierrawireless.com
investor@sierrawireless.com


Sierra Wireless Reports Second Quarter 2013 Results

Q2 highlights from continuing operations    
•
Record quarterly revenue of $109.6 million, up 14.9% year-over-year
•
Adjusted EBITDA of $4.9 million, compared to $2.4 million in Q2 2012
•
Non-GAAP earnings from operations of $1.5 million, compared to a loss of $0.4 million in Q2 2012
•
Non-GAAP diluted earnings per share of $0.03, compared to a loss per share of $0.11 in Q2 2012

VANCOUVER, BRITISH COLUMBIA - August 1, 2013 - Sierra Wireless, Inc. (NASDAQ: SWIR) (TSX: SW) today reported results for its second quarter ending June 30, 2013. All results are reported in U.S. dollars and are prepared in accordance with United States generally accepted accounting principles (GAAP), except as otherwise indicated below.

“In our first quarter as an M2M pure-play, we delivered record quarterly revenue with nearly 15% year-over-year growth,” said Jason Cohenour, President and Chief Executive Officer. “Our record revenue, combined with solid gross margin and good cost control, led to a significant improvement in Non-GAAP earnings, demonstrating the leverage in our operating model as we grow the business.”

On April 2, 2013, the company completed the sale of substantially all of the assets and operations related to its AirCard business. In accordance with U.S. GAAP, the results of operations and the gain on sale of the AirCard business have been recorded as discontinued operations in the consolidated statements of operations for the three and six months ended June 30, 2013.
Revenue for the second quarter of 2013 was $109.6 million, an increase of 14.9% compared to $95.4 million in the second quarter of 2012, and an increase of 8.1% compared to $101.4 million in the first quarter of 2013. Revenue from OEM Solutions was $95.1 million in the second quarter of 2013, up 14.1% compared to $83.3 million in the second quarter of 2012. Revenue from Enterprise Solutions was $14.5 million in the second quarter of 2013, up 20.0% from $12.1 million in the second quarter of 2012.

On a GAAP basis, gross margin was $36.5 million, or 33.3% of revenue, in the second quarter of 2013, compared to $30.1 million, or 31.5% of revenue, in the second quarter of 2012. Operating expenses were $40.4 million and loss from operations was $3.9 million in the second quarter of 2013, compared to operating expenses of $36.6 million and a loss from operations of $6.6 million in the second quarter of 2012. Net loss from continuing operations was



$6.7 million, or $0.22 per diluted share, in the second quarter of 2013, compared to net loss of $8.9 million, or $0.29 per diluted share, in the second quarter of 2012. Net earnings for continuing and discontinued operations was $61.4 million, or $2.00 per diluted share, compared to net earnings of $3.6 million, or $0.12 per diluted share, in the second quarter of 2012. The year-over-year increase in net earnings mainly reflects the gain on the sale of the AirCard business.

On a non-GAAP basis, gross margin was 33.4% in the second quarter of 2013, compared to 31.6% in the second quarter of 2012. Operating expenses were $35.1 million and earnings from operations were $1.5 million in the second quarter of 2013, compared to operating expenses of $30.5 million and loss from operations of $0.4 million in the second quarter of 2012. Adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") was $4.9 million in the second quarter of 2013, compared to $2.4 million in the second quarter of 2012. Net earnings from continuing operations were $1.0 million, or $0.03 per diluted share, in the second quarter of 2013, compared to a net loss of $3.4 million, or $0.11 per diluted share, in the second quarter of 2012.

Non-GAAP results exclude the impact of stock-based compensation expense, acquisition costs, the gain on sale of the AirCard business, restructuring costs, integration costs, disposition costs, acquisition amortization, impairment, foreign exchange gains or losses on translation of balance sheet accounts, and certain tax adjustments. We disclose non-GAAP amounts as we believe that these measures provide our shareholders with better information about actual operating results and assist in comparisons from one period to another.

Adjusted EBITDA as defined equates to earnings (loss) from operations plus stock-based compensation expense, acquisition costs, restructuring costs, integration costs, impairment, and amortization. The reconciliation between our GAAP and non-GAAP results is provided in the accompanying schedules.

Financial Guidance
The Company provides the following guidance for continuing operations for the third quarter of 2013:
In the third quarter of 2013, revenue is expected to increase sequentially and on a year-over-year basis. Gross margin and operating expenses are expected to remain similar to second quarter levels.  
Q3 2013 Guidance
Consolidated
Non-GAAP
 
 
Revenue
$111.0 to $115.0 million
Earnings from operations
$2.2 to $3.3 million
Net earnings
$1.5 to $2.3 million
Earnings per share
$0.05 to $0.07 per share

This non-GAAP guidance for the third quarter of 2013 reflects current business indicators and expectations. Inherent in this guidance are risk factors that are described in greater detail in our regulatory filings. Our actual results could differ materially from those presented above. All figures are approximations based on management's current beliefs and assumptions.
Conference call, webcast and instant replay details
Sierra Wireless President and CEO, Jason Cohenour, and CFO, David McLennan, will host a conference call and webcast with analysts and investors to review the results on Thursday, August 1, 2013, at 5:30 PM Eastern Time (2:30 PM PT). A live slide presentation will be available for viewing during the call from the link provided below.
To participate in this conference call, please dial the following number approximately ten minutes prior to the commencement of the call:
•
Toll-free (Canada and US): 1-877-201-0168



•
Alternate number: 1-647-788-4901
•
Conference ID: 71912330

For those unable to participate in the live call, a replay will be available until August 30, 2013. Dial 1-855-859-2056 or 1-800-585-8367 and enter the Conference ID number above to access the replay.
To access the webcast, please follow the link below:
Sierra Wireless Q2 Financial Results Webcast
If the above link does not work, please copy and paste the following URL into your browser:
http://www.snwebcastcenter.com/webcast/sierrawireless/2013q2/
The webcast will remain available at the above link for one year following the call.
We look forward to having you participate in our call.
Cautionary Note Regarding Forward-Looking Statements
Certain statements and information in this press release are not based on historical facts and constitute forward-looking statements or forward-looking information within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 and Canadian securities laws (“forward-looking statements”) including statements and information relating to our financial guidance for the third quarter of 2013 and our fiscal year 2013, our business outlook for the short and longer term and our strategy, plans and future operating performance. Forward-looking statements are provided to help you understand our views of our short and longer term prospects. We caution you that forward-looking statements may not be appropriate for other purposes. We will not update or revise our forward-looking statements unless we are required to do so by securities laws.
Forward-looking statements:
•
Typically include words and phrases about the future such as “outlook”, “may”, “estimates”, “intends”, “believes”, “plans”, “anticipates” and “expects”.
•
Are not promises or guarantees of future performance. They represent our current views and may change significantly.
•
Are based on a number of material assumptions, including those listed below, which could prove to be significantly incorrect:

▪
Our ability to develop, manufacture and sell new products and services that meet the needs of our customers and gain commercial acceptance;
▪
Our ability to continue to sell our products and services in the expected quantities at the expected prices and expected times;
▪
Expected cost of goods sold;
▪
Expected component supply situation;
▪
Our ability to “win” new business;
▪
Expected deployment of next generation networks by wireless network operators;
▪
Our operations are not adversely disrupted by component shortages or other development, operating or regulatory risks; and
▪
Expected tax rates relative mix of earnings amongst the tax jurisdictions in which we operate, along with foreign exchange rates.

•
Are subject to substantial known and unknown material risks and uncertainties. Many factors could cause our actual results, achievements and developments in our business to differ significantly from those expressed or implied by our forward-looking statements, including without limitation, the following factors. These risk factors and others are discussed in our Annual Information Form and Management's Discussion and Analysis of Financial Condition and Results of Operations, which may be found on SEDAR at www.sedar.com and on



EDGAR at www.sec.gov and in our other regulatory filings with the Securities and Exchange Commission in the United States and the Provincial Securities Commissions in Canada.

▪
We may experience higher than anticipated costs; disruption of, and demands on, our ongoing business; diversion of management's time and attention; adverse effects on existing business relationships with suppliers and customers and employee issues in connection with the divestiture of the AirCard assets and operations;
▪
Actual sales volumes or prices for our products and services may be lower than we expect for any reason including, without limitation, the continuing uncertain economic conditions, competition, different product mix, the loss of any of our significant customers;
▪
The cost of products sold may be higher than planned or necessary component supplies may not be available, are delayed or are not available on commercially reasonable terms;
▪
We may be unable to enforce our intellectual property rights or may be subject to claims and litigation that have an adverse outcome;
▪
The development and timing of the introduction of our new products may be later than we expect or may be indefinitely delayed;
▪
Transition periods associated with the migration to new technologies may be longer than we expect.

About Sierra Wireless
Sierra Wireless (NASDAQ: SWIR) (TSX: SW) offers industry-leading products and solutions for connected devices and machine-to-machine (M2M) communications over cellular networks. Wireless service providers, equipment manufacturers, enterprises and government organizations around the world depend on us for reliable wireless technology. We offer 2G, 3G and 4G wireless modems, routers and gateways as well as a comprehensive suite of software, tools, and services that ensure our customers can successfully bring wireless applications to market.  For more information about Sierra Wireless, visit www.sierrawireless.com.
"AirPrime," "AirLink," and "AirVantage" are trademarks of Sierra Wireless. Other product or service names mentioned herein may be the trademarks of their respective owners.





SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME
(In thousands of U.S. dollars, except where otherwise stated)
(unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
 
2013

 
2012

 
2013

 
2012

Revenue
$
109,589

 
$
95,398

 
$
210,990

 
$
187,733

Cost of goods sold
73,115

 
65,317

 
141,138

 
129,778

Gross margin
36,474

 
30,081

 
69,852

 
57,955

 
 
 
 
 
 
 
 
Expenses
 
 
 
 
 
 
 
Sales and marketing
10,681

 
8,998

 
21,037

 
18,319

Research and development
17,869

 
14,674

 
36,232

 
29,605

Administration
8,903

 
8,562

 
17,026

 
17,021

Restructuring
26

 
1,531

 
143

 
1,711

Integration
—

 
—

 
27

 
—

Acquisition
—

 
599

 
—

 
599

Amortization
2,927

 
2,275

 
6,203

 
4,662

 
40,406

 
36,639

 
80,668

 
71,917

Loss from operations
(3,932
)
 
(6,558
)
 
(10,816
)
 
(13,962
)
Foreign exchange gain (loss)
1,709

 
336

 
(661
)
 
542

Other income (expense)
34

 
10

 
(98
)
 
(161
)
Loss before income taxes
(2,189
)
 
(6,212
)
 
(11,575
)
 
(13,581
)
Income tax expense
4,553

 
2,656

 
3,105

 
2,532

Net loss from continuing operations
(6,742
)
 
(8,868
)
 
(14,680
)
 
(16,113
)
Net earnings from discontinued operations
68,152

 
12,449

 
70,015

 
20,039

Net earnings
$
61,410

 
$
3,581

 
$
55,335

 
$
3,926

Other comprehensive income (loss):
 
 
 
 
 
 
 
Foreign currency translation adjustments, net of taxes of $nil
636

 
(3,343
)
 
(268
)
 
(1,341
)
Comprehensive income
$
62,046

 
$
238

 
$
55,067

 
$
2,585

Basic and diluted net earnings (loss) per share attributable to the Company’s common shareholders (in dollars)
 
 
 
 
 
 
 
Continuing operations
$
(0.22
)
 
$
(0.29
)
 
$
(0.48
)
 
$
(0.52
)
Discontinued operations
2.22

 
0.41

 
2.28

 
0.65

 
$
2.00

 
$
0.12

 
$
2.28

 
$
0.13

Weighted average number of shares outstanding (in thousands)
 
 
 
 
 
 
 
Basic
30,768

 
30,817

 
30,732

 
30,996

Diluted
30,768

 
30,817

 
30,732

 
30,996






SIERRA WIRELESS, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands of U.S. dollars)
(unaudited)
 
June 30, 2013

 
December 31, 2012

Assets
 
 
 
Current assets
 
 
 
Cash and cash equivalents
$
166,573

 
$
63,646

Short-term investments
10,000

 
—

Accounts receivable, net of allowance for doubtful accounts of $2,038(December 31, 2012 - $2,435)
108,886

 
108,624

Inventories
6,170

 
12,675

Deferred income taxes
3,625

 
22,199

Prepaids and other
34,423

 
24,252

Assets held for sale
—

 
54,340

 
329,677

 
285,736

Property and equipment
20,936

 
20,039

Intangible assets
47,607

 
56,357

Goodwill
97,447

 
97,961

Deferred income taxes
4,490

 
3,880

Other assets
784

 
790

 
$
500,941

 
$
464,763

 
 
 
 
Liabilities
 
 
 
Current liabilities
 
 
 
Accounts payable and accrued liabilities
$
117,384

 
$
128,216

Deferred revenue and credits
2,303

 
1,312

Liabilities held for sale
—

 
10,353

 
119,687

 
139,881

Long-term obligations
25,481

 
26,526

Deferred income taxes
300

 
300

 
145,468

 
166,707

Equity
 
 
 
Shareholders’ equity
 
 
 
Common stock: no par value; unlimited shares authorized; issued and
outstanding 30,618,427 shares (December 31, 2012 - 30,592,423 shares)
323,211

 
322,770

Preferred stock: no par value; unlimited shares authorized;
issued and outstanding: nil shares
—

 
—

Treasury stock: at cost 270,457 shares (December 31, 2012 – 716,313 shares)
(1,983
)
 
(5,172
)
Additional paid-in capital
22,311

 
23,203

Retained earnings (deficit)
19,664

 
(35,283
)
Accumulated other comprehensive loss
(7,730
)
 
(7,462
)
 
355,473

 
298,056

 
$
500,941

 
$
464,763








SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF EQUITY
(in thousands of U.S. dollars)
(unaudited)
 
 
 
 
 
Common Stock
 
Treasury Shares
 
 
 
 
 
 
 
 
 
# of shares

 
$
 
# of shares

 
$
 
Additional paid-in capital

 
Retained earnings (deficit)

 
Accumulated other comprehensive income (loss)

 
Total

Balance as at December 31, 2011
31,306,692

 
$
328,440

 
877,559

 
$
(6,141
)
 
$
20,087

 
$
(62,482
)
 
$
(8,000
)
 
$
271,904

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common share cancellation
(800,000
)
 
(6,312
)
 
—

 
—

 
—

 
—

 
—

 
(6,312
)
Stock option tax benefit for U.S. employees
—

 
—

 
—

 
—

 
71

 
—

 
—

 
71

Stock option exercises
85,051

 
637

 
—

 
—

 
(201
)
 
—

 
—

 
436

Stock-based compensation
—

 
—

 
—

 
—

 
6,713

 
—

 
—

 
6,713

Purchase of treasury shares for RSU distribution
—

 
—

 
336,638

 
(2,489
)
 
—

 
—

 
—

 
(2,489
)
Distribution of vested RSUs
680

 
5

 
(497,884
)
 
3,458

 
(3,467
)
 
—

 
—

 
(4
)
Net earnings
—

 
—

 
—

 
—

 
—

 
27,199

 
—

 
27,199

Foreign currency translation adjustments, net of tax
—

 
—

 
—

 
—

 
—

 
—

 
538

 
538

Balance as at December 31, 2012
30,592,423

 
$
322,770

 
716,313

 
$
(5,172
)
 
$
23,203

 
$
(35,283
)
 
$
(7,462
)
 
$
298,056

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Common share cancellation
(510,439
)
 
(5,384
)
 
—

 
—

 
—

 
(388
)
 
—

 
(5,772
)
Stock option exercises
494,054

 
5,495

 
—

 
—

 
(1,734
)
 
—

 
—

 
3,761

Stock-based compensation
—

 
—

 
—

 
—

 
4,689

 
—

 
—

 
4,689

Distribution of vested RSUs
42,389

 
330

 
(445,856
)
 
3,189

 
(3,847
)
 
—

 
—

 
(328
)
Net earnings
—

 
—

 
—

 
—

 
—

 
55,335

 
—

 
55,335

Foreign currency translation adjustments, net of tax
—

 
—

 
—

 
—

 
—

 
—

 
(268
)
 
(268
)
Balance as at June 30, 2013
30,618,427

 
$
323,211

 
270,457

 
$
(1,983
)
 
$
22,311

 
$
19,664

 
$
(7,730
)
 
$
355,473






SIERRA WIRELESS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands of U.S. dollars)
(unaudited)
 
Three months ended June 30,
 
Six months ended June 30,
 
2013

 
2012

 
2013

 
2012

Cash flows provided (used) by:
 
 
 
 
 
 
 
Operating activities
 
 
 
 
 
 
 
Net earnings
$
61,410

 
$
3,581

 
$
55,335

 
$
3,926

Items not requiring (providing) cash
 
 
 
 
 
 
 
Amortization
6,766

 
6,731

 
14,277

 
13,713

Stock-based compensation
2,761

 
1,636

 
4,689

 
3,315

Gain on sale of AirCard business
(94,095
)
 
—

 
(94,095
)
 
—

Deferred income taxes
17,995

 
(843
)
 
17,964

 
(1,873
)
Loss (gain) on disposal of property, equipment, and intangibles
(20
)
 
(33
)
 
(20
)
 
126

Impairment of assets related to discontinued operations
8

 
—

 
1,012

 
—

Other
(1,237
)
 
—

 
513

 
—

Taxes paid related to net settlement of equity awards
(78
)
 
—

 
(328
)
 
—

Changes in non-cash working capital
 
 
 
 
 
 
 
Accounts receivable
19,628

 
(5,027
)
 
12,985

 
(4,414
)
Inventories
5,199

 
(2,307
)
 
12,553

 
917

Prepaid expenses and other
(59
)
 
(3,677
)
 
(9,103
)
 
(2,961
)
Accounts payable and accrued liabilities
(11,176
)
 
28,557

 
(14,255
)
 
21,472

Deferred revenue and credits
969

 
(178
)
 
997

 
(658
)
Cash flows provided by operating activities
8,071

 
28,440

 
2,524

 
33,563

Investing activities
 
 
 
 
 
 
 
Additions to property and equipment
(3,696
)
 
(4,957
)
 
(5,895
)
 
(8,560
)
Proceeds from sale of property, equipment, and intangibles
21

 
3

 
32

 
64

Increase in intangible assets
(455
)
 
(567
)
 
(1,114
)
 
(1,338
)
Net proceeds from sale of AirCard business
119,995

 
—

 
119,995

 
—

Net change in short-term investments
(10,000
)
 
(2,151
)
 
(10,000
)
 
7,194

Cash flows provided (used) by investing activities
105,865

 
(7,672
)
 
103,018

 
(2,640
)
Financing activities
 
 
 
 
 
 
 
Issuance of common shares
1,657

 
255

 
3,761

 
269

Repurchase of common shares for cancellation
(4,395
)
 
(3,275
)
 
(5,772
)
 
(6,312
)
Purchase of treasury shares for RSU distribution
—

 
(1,502
)
 
—

 
(2,489
)
Decrease in other long-term obligations
(92
)
 
(13
)
 
(719
)
 
(655
)
Cash flows used by financing activities
(2,830
)
 
(4,535
)
 
(2,730
)
 
(9,187
)
Effect of foreign exchange rate changes on cash and cash equivalents
(456
)
 
153

 
115

 
48

Cash and cash equivalents, increase in the period
110,650

 
16,386

 
102,927

 
21,784

Cash and cash equivalents, beginning of period
55,923

 
106,773

 
63,646

 
101,375

Cash and cash equivalents, end of period
$
166,573

 
$
123,159

 
$
166,573

 
$
123,159






SIERRA WIRELESS, INC. 
RECONCILIATION OF GAAP AND NON-GAAP RESULTS 
(Unaudited)
(in thousands of U.S. dollars, except where otherwise stated)
 
 
2013
 
 
2012 (1)
 
 
 
Q2
Q1
 
 
Total
Q4
Q3
Q2
Q1
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross margin - GAAP
 
$
36,474

$
33,378

 
 
$
125,274

$
36,233

$
31,086

$
30,081

$
27,874

 
Stock-based compensation
 
95

75

 
 
304

61

82

78

83

 
Gross margin - Non-GAAP
 
$
36,569

$
33,453

 
 
$
125,578

$
36,294

$
31,168

$
30,159

$
27,957

 
 
 
 
 
 
 
 
 
 
 
 
 
Loss from operations - GAAP
 
$
(3,932
)
$
(6,884
)
 
 
$
(22,206
)
$
(1,516
)
$
(6,728
)
$
(6,558
)
$
(7,404
)
 
Stock-based compensation
 
2,013

1,655

 
 
5,781

1,470

1,462

1,403

1,446

 
Acquisition
 
—

—

 
 
3,182

387

2,196

599

—

 
Restructuring
 
26

117

 
 
2,251

42

498

1,531

180

 
Integration
 
—

27

 
 
—

—

—

—

—

 
Impairment of an asset in R&D
 
—

280

 
 
—

—

—

—

—

 
Acquisition related amortization
 
3,363

3,393

 
 
11,890

3,338

2,906

2,665

2,981

 
Earnings (loss) from operations - Non-GAAP
 
$
1,470

$
(1,412
)
 
 
$
898

$
3,721

$
334

$
(360
)
$
(2,797
)
 
Amortization (excluding acquisition related amortization)
 
3,403

3,212

 
 
11,747

3,293

2,904

2,717

2,833

 
Adjusted EBITDA
 
$
4,873

$
1,800

 
 
$
12,645

$
7,014

$
3,238

$
2,357

$
36

 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) from continuing operations - GAAP
 
$
(6,742
)
$
(7,938
)
 
 
$
(4,202
)
$
15,523

$
(3,612
)
$
(8,868
)
$
(7,245
)
 
Stock-based compensation, restructuring and other, integration, and acquisition related amortization, net of tax
 
5,393

5,355

 
 
22,241

5,162

6,885

5,658

4,536

 
Unrealized foreign exchange loss (gain)
 
(1,359
)
1,874

 
 
(3,139
)
(1,655
)
(1,218
)
(165
)
(101
)
 
Income tax adjustments
 
3,754

—

 
 
(15,344
)
(14,540
)
(804
)
—

—

 
Net earnings (loss) from continuing operations - Non-GAAP
 
$
1,046

$
(709
)
 
 
$
(444
)
$
4,490

$
1,251

$
(3,375
)
$
(2,810
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings from discontinued operations - GAAP
 
$
68,152

$
1,863

 
 
$
31,401

$
4,083

$
7,279

$
12,449

$
7,590

 
Stock-based compensation and disposition costs
 
876

1,733

 
 
2,395

1,696

233

233

233

 
Gain on sale of AirCard business
 
(69,077
)
—

 
 
—

—

—

—

—

 
Net earnings (loss) from discontinued operations - Non-GAAP
 
$
(49
)
$
3,596

 
 
$
33,796

$
5,779

$
7,512

$
12,682

$
7,823

 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) - GAAP
 
$
61,410

$
(6,075
)
 
 
$
27,199

$
19,606

$
3,667

$
3,581

$
345

 
Net earnings (loss) - Non-GAAP
 
997

2,887

 
 
33,352

10,269

8,763

9,307

5,013

 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted earnings (loss) from continuing operations per share
 
 
 
 
 
 
 
 
 
 
 
GAAP - (in dollars)
 
$
(0.22
)
$
(0.26
)
 
 
$
(0.14
)
$
0.50

$
(0.12
)
$
(0.29
)
$
(0.23
)
 
Non-GAAP - (in dollars)
 
$
0.03

$
(0.02
)
 
 
$
(0.01
)
$
0.15

$
0.04

$
(0.11
)
$
(0.09
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Net earnings (loss) per share - diluted
 
 
 
 
 
 
 
 
 
 
 
GAAP - (in dollars)
 
$
2.00

$
(0.20
)
 
 
$
0.88

$
0.64

$
0.12

$
0.12

$
0.01

 
Non-GAAP - (in dollars)
 
$
0.03

$
0.09

 
 
$
1.08

$
0.33

$
0.29

$
0.30

$
0.16

 
(1) Financial information has been retrospectively adjusted to reflect the presentation of the AirCard business as discontinued operations.




SIERRA WIRELESS, INC. 

REVENUE BY PRODUCT LINES
 
(In thousands of U.S. dollars)
 
(Unaudited)

 
 
 
 
 
 
 
 
 
 
 
 
 
Three months ended June 30,
 
 
Six months ended June 30,
 
 
 
2013
 
2012(1)
 
 
2013
 
2012(1)
 
 
 
 
 
 
 
 
 
 
 
 
OEM Solutions
 
$
95,076

 
$
83,299

 
 
$
184,308

 
$
163,399

 
Enterprise Solutions
 
14,513

 
12,099

 
 
26,682

 
24,334

 
 
 
$
109,589

 
$
95,398

 
 
$
210,990

 
$
187,733

 
 
 
 
 
 
 
 
 
 
 
 
(1) Comparative information has been reclassified to conform to current period presentation.