GoPro (halted) misses by $0.11, rev in-line with warning; guides Q1 revs well below consensus; guides FY16 revs below consensus; names Brian McGee CFO
* Reports Q4 (Dec) adj. loss of $0.08 per share, $0.11 worse than the Capital IQ Consensus of $0.03; revenues fell 31.1% year/year to $436.6 mln ($448.56 mln Capital IQ Consensus); gross margin 29.6%.
* Warned on Jan 13: Lowered Q4 rev to $435 mln from $500-550 mln; non-GAAP GM to 34.5-35.5% from 45.5-46.5%.
Non-GAAP gross margin was impacted by a charge of ~$57 mln to cost of revenue for excess purchase order commitments, excess inventory and obsolete tooling resulting from the Company's decision to discontinue production of the HERO cameras. This charge is greater than the $30-35 mln that co warned about in January.
* Co issues downside guidance for Q1, sees Q1 revs of $160-180 mln vs. $300.67 mln Capital IQ Consensus; non-GAAP gross margin 35-37%.
* Co issues downside guidance for FY16, sees FY16 revs of $1.35-1.50 bln vs. $1.63 bln Capital IQ Consensus Estimate.
* Brian McGee, a 30-year finance veteran who has served as CFO of two publicly-traded companies and who joined GoPro in 2015 from Qualcomm will succeed CFO Jack Lazar effective March 11.
* Commencing in the fourth quarter of 2015, GoPro has acquired ~1.5 million shares of its Class A capital stock at an average price per share of approximately $23.05.