(NASDAQ:SYMM)* Revenue of $56.4 million, up 9.5% from the third quarter of fiscal 2008 * Non-GAAP net income of $6.3 million, up $4.1 million, and Non-GAAP EPS of$0.14, up $0.09 per share from the third quarter of fiscal 2008 * Net loss of $46.7 million, driven by $54.0 million of goodwill impairment andrestructuring charges * Net loss of $1.08 per share, compared to $0.02 per share in the third quarterof fiscal 2008 * Free Cash Flow of $6.6 millionSymmetricom, Inc. (NASDAQ:SYMM), a worldwide leader in precise time andfrequency technologies that accelerate the deployment and enable the managementof next generation networks, today reported preliminary financial results forits third fiscal quarter ended March 29, 2009. Revenue for the third quarter of fiscal 2009 was $56.4 million, an increase of9.5% from $51.5 million in the third quarter of fiscal 2008. Symmetricomreported a preliminary net loss of $46.7 million, or $1.08 per share, comparedwith a net loss of $0.9 million, or $0.02 per share, in the third quarter offiscal 2008. Non-GAAP net income in the third quarter was $6.3 million, or $0.14 per share ona fully diluted basis, compared with $2.2 million, or $0.05 per share on a fullydiluted basis, in the same period of the prior year.
The preliminary net loss for the third fiscal quarter of 2009 includes anon-cash goodwill impairment charge of $48.1 million, restructuring charges of$5.9 million, and $1.0 million of CEO post-employment compensation. Due to adecline in market capitalization and a moderated business outlook, we performedan evaluation of our goodwill assets and determined that goodwill was impaired.The analyses of the conditions driving the impairment are not complete and theimpairment related estimate may change when the analyses are completed. Thegoodwill impairment is non-cash in nature and does not affect liquidity or cashflows from operations. The restructuring costs reflect charges for severancebenefits, recognition of facility lease commitments without future benefit andaccelerated depreciation on equipment reflecting shorter expected useful livesof these assets. Approximately $2.0 million of cash expenditures were made inthe third quarter of fiscal 2009 associated with these restructuring charges. Cash, cash equivalents and short-term investments totaled $107.1 million as ofMarch 29, 2009, an increase of $5.2 million from $101.9 million as of December28, 2008.
Net cash provided by operating activities in the third quarter was$7.4 million and property, plant and equipment purchases were $0.8 million,resulting in free cash flow of $6.6 million. The Company used $1.1 million tobuy back approximately 368,000 shares of common stock in the third quarter of2009. Division ResultsTelecom Solutions Division revenue in the quarter was $33.6 million, an increaseof 4.3% from $32.2 million in the same period of the prior year, due toincreased sales of new cable products as well as synchronization equipment intonew international markets. Timing, Test & Measurement Division revenue was $22.7million, up 17.6% from $19.3 million in the same period of the prior year,driven by a broad mix of products, including strong sales of securecommunications products for military applications.