Arris Posts Higher Than Expected Gains
SUWANEE, Ga. -- ARRIS Group, Inc. (NASDAQ: ARRS) today announced preliminary and unaudited financial results for the fourth quarter and full year 2013.
On April 17, 2013, the Company closed the acquisition of Motorola Home. As a result, comparisons to prior periods may not be meaningful.
"We had a great fourth quarter and made remarkable progress in 2013. As a result of our successful acquisition and integration of Motorola Home, we are a larger, stronger and much more relevant supplier to a growing worldwide customer community. Moreover, 2014 is looking to be our best year ever." said Bob Stanzione, ARRIS Chairman and CEO. "Our fourth quarter results were strong. Our revenues were up 12% from the third quarter, largely as a result of new product introductions, and we had strong cash generation. Also, in the quarter, we retired our remaining convertible notes for $232 millionand repaid $141 million of our term loan debt, including a $125 million optional prepayment," said David Potts, ARRIS EVP & CFO. "With respect to the first quarter 2014, we now project that revenues for the Company will be in the range of $1,170 to $1,210 million, with adjusted net income per diluted share in the range of $0.42 to $0.47 and GAAP net income per diluted share in the range of $0.05 to $0.10."
Revenues in the fourth quarter 2013 were $1,199.1 million as compared to fourth quarter 2012 revenues of $344.0 million. Third quarter 2013 revenues were $1,067.8 million.
For the full year 2013 and 2012, revenues were $3,620.9 million and $1,353.7 million, respectively. 2013 revenues include the revenues of Motorola Home following the closing of the acquisition on April 17, 2013.
Adjusted net income (a non-GAAP measure) in the fourth quarter 2013 was $0.54 per diluted share, compared to $0.28 per diluted share for the fourth quarter 2012. Adjusted net income (a non-GAAP measure) for the third quarter 2013 was $0.39 per diluted share.
Year to date, adjusted net income was $1.66 per diluted share for 2013 as compared to $0.93 per diluted share in 2012. 2013 excludes the adjusted net income of Motorola Home prior to April 17, 2013. A reconciliation of adjusted net income to GAAP net income per diluted share is attached to this release and also can be found on the Company's website (www.arrisi.com).
GAAP net loss in the fourth quarter 2013 was $(0.02) per diluted share, as compared to fourth quarter 2012 GAAP net income of $0.13 per diluted share and third quarter 2013 GAAP net income of $0.12 per diluted share. Year to date, GAAP net loss was$(0.37) per diluted share in 2013 as compared to GAAP net income of $0.46 per diluted share in 2012. 2013 includes the net income of Motorola Home following the closing of the acquisition on April 17, 2013.
Arris Group Inc. (Nasdaq: ARRS)