The following discussion and analysis of our financial condition and results of operations should be read together with our consolidated financial statements and related notes included elsewhere in this Form 10-K.
Symmetricom, a worldwide leader in precision time and frequency technologies, sets the world's standard for time. We generate, distribute and apply precise time for the communications, aerospace/defense, IT infrastructure and metrology industries. Symmetricom'scustomers, from communications service providers and network equipment manufacturers to governments and their suppliers worldwide, are able to build more reliable networks and systems by using our advanced timing technologies, atomic clocks, services and solutions. Our products support today's precise timing standards, including GPS-based timing, IEEE 1588 (PTP), Network Time Protocol (NTP), Synchronous Ethernet, Building Integrated Timing Supply(BITS) and Data Over Cable Service Interface Specifications (DOCSIS(R)) timing. Dollar amounts in the tables in this "Management's Discussion and Analysis of Financial Condition and Results of Operations" are in thousands. Our fiscal year is the 52 or 53 weeks ending on the Sunday closest to June 30. Fiscal years 2013 and 2012 were 52-week fiscal years, and 2011 was a 53-week fiscal year.
Fiscal Year 2013 Summary
During fiscal 2013,
Symmetricomremained focused on driving new opportunities for growth in key areas such as PackeTime, Quantum Chip Scale Atomic Clock (CSAC) and Government Programs. We enhanced our solution portfolio for service providers transitioning to packet-based networks, LTE and LTE-Advanced wireless technologies with the launch of our PackeTime Edgemaster product. Our Quantum CSAC revenue increased in fiscal 2013 on higher order volumes and production levels. CSAC's significant size, weight, and power advantages over existing technologies continue to drive demand. With a strong backlog in place at the end of the fiscal year and increasing production volumes, we are well positioned for CSAC revenue growth in fiscal 2014. And, our Government Programs portfolio performed well despite the challenging government spending environment. We believe our technology and expertise are well aligned with the new defense priorities, and we plan continued investment in this area as we pursue long-term growth. However, revenue in other, more mature product areas was adversely impacted by the government spending weakness and broad-based economic weakness, leading to a decline in total company revenue from fiscal 2012. Despite the challenging year, we continued to generate cash, with over $19 millionin cash flow from operations and added nearly $9 millionto its cash and short-term investment balances. In April 2013, we announced that Elizabeth A. Fetter, a member of our Board of Directors, had been appointed as our new Chief Executive Officer, replacing David G. CÔtÉ. In May 2013, we announced a reorganization of our management structure, in which several other members of our management team left the company. In June 2013, we announced a restructuring plan pursuant to which we plan to reduce our workforce by approximately 12% by December 2013. The restructuring plan we announced in June 2013is intended to reduce costs while maximizing resources to support our growth initiatives and has helped right-size our organization to current revenue levels.