Harmonic (HLIT) FY2013 results: revenue $462 million, down 3.1% on the year
Harmonic Inc. (HLIT) reported revenue of $462 million for fiscal 2013, the year ended 31 December 2013, down 3.1% on the year before. Net income was $37 million, and diluted earnings per share $0.34. The figures are the company's own, from the 10-K it filed with the SEC on 28 February 2014.
Revenue
$462 million
-3.1% on the year
FY2008FY2013
Operating margin
-5.0%
-3.8% a year earlier
FY2008FY2013
Net income
$37 million
FY2008FY2013
Diluted EPS
$0.34
FY2008FY2013
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Revenue
462
477
491
-3.1%
Cost of revenue
241
256
254
-5.8%
Gross profit
220
221
237
-0.0%
Gross margin
47.7%
46.2%
48.2%
Research and development
99.9
103
99.3
-2.6%
Selling, general and administrative
134
127
127
+5.4%
Operating income
-23.0
-17.9
1.5
Operating margin
-5.0%
-3.8%
0.3%
Pre-tax income
-23.2
-17.7
1.4
Income tax
-44.7
-1.5
-0.7
Effective tax rate
n/a
n/a
-47.6%
Net income
37.0
-10.9
8.8
Net margin
8.0%
-2.3%
1.8%
Diluted EPS
$0.34
-$0.09
$0.08
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Operating cash flow
53.8
70.8
45.2
-24.1%
Capital expenditure
14.6
12.6
17.3
+15.6%
Free cash flow
39.2
58.2
27.9
-32.7%
Free cash flow margin
8.5%
12.2%
5.7%
Cash from investing
51.1
-47.5
-65.3
Cash from financing
-111
-17.7
14.7
Depreciation and amortisation
44.0
15.2
13.9
+189.3%
Share-based compensation
16.1
18.9
20.9
-15.0%
Buybacks
117
22.6
0.0
+414.7%
Diluted shares, weighted
108m
116m
116m
-7.4%
Shares outstanding at period end
99m
114m
116m
-12.9%
Balance sheet
$ million
FY2013
FY2012
FY2011
On the year
Last 8 years
Shareholders' equity
494
553
564
-10.7%
Debt
0.0
0.0
0.0
Other liabilities
112
164
170
-31.8%
Total liabilities and equity
606
718
734
-15.5%
Fixed assets
34.9
38.1
40.5
-8.3%
Goodwill
198
213
212
-6.8%
Intangible assets
31.1
58.4
87.7
-46.8%
Investments
n/a
n/a
70.9
Securities held for sale or to maturity
80.3
105
n/a
-23.2%
Cash and equivalents
90.3
96.7
91.0
-6.6%
Receivables
75.1
85.9
110
-12.6%
Inventory
36.9
64.3
70.6
-42.5%
Other assets
59.4
57.1
51.3
+4.1%
Total assets
606
718
734
-15.5%
10-K for the year ended 31 December 2013, filed 28 February 2014: the filing.