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23.07.2009 20:06:00
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Silicon Image Reports Second Quarter 2009 Financial Results
Silicon Image, Inc. (NASDAQ:SIMG), a leader in semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition content, today reported financial results for its second quarter ended June 30, 2009.
Revenue for the second quarter of 2009 was $37.3 million, compared to $40.5 million for the first quarter of 2009 and $70.1 million for the second quarter of 2008.
GAAP net loss for the second quarter of 2009 was $13.3 million, or $0.18 per diluted share, compared to a net loss of $33.3 million, or $0.45 per diluted share, for the first quarter of 2009 and net loss of $0.5 million, or $0.01 per diluted share, for the second quarter of 2008. GAAP net loss for the second quarter of 2009 includes pre-tax restructuring expenses of $7.1 million. GAAP net loss for the first quarter of 2009 includes a goodwill impairment charge of $19.2 million.
Non-GAAP net loss for the second quarter of 2009 was $4.3 million, or $0.06 per diluted share, compared to net loss of $3.6 million, or $0.05 per diluted share, for the first quarter of 2009 and net income of $5.0 million, or $0.07 per diluted share, for the second quarter of 2008. Non-GAAP net income excludes stock-based compensation expense, amortization of intangible assets, restructuring charges, and goodwill impairment.
A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.
"As we enter the second half of 2009, we are excited about our new products that will be shipping and the progress we are making in the formation of new technology standards consortiums," said Steve Tirado, president and chief executive officer of Silicon Image. "With our design win momentum, our goal is to achieve double digit revenue growth in the second half of 2009 when compared to the first six months. We also expect to start to experience growing adoption of the MHL standard," continued Tirado.
The following are Silicon Image’s financial performance estimates for the third quarter of 2009:
Revenue: $44 million - $46 million
Gross margin: approximately 54%
GAAP
operating expenses: approximately $32 million
Non-GAAP operating
expenses: approximately $26 million
Interest income: $0.7 million -
$0.8 million
Diluted shares outstanding: approximately 75 million
Cash
usage of approximately $5 million
Use of Non-GAAP Financial Information
Silicon Image presents and discusses gross margin, operating expenses, net income and basic and diluted net income per share in accordance with Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis for informational purposes only. Silicon Image believes that non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses non-GAAP reporting to supplement its GAAP reporting and internally in evaluating operations, managing and monitoring performance, and determining bonus compensation. Further, Silicon Image uses non-GAAP information as certain non-cash charges such as amortization of intangibles, stock based compensation and goodwill impairment do not reflect the cash operating results of the business. Silicon Image has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of its operating results and to illustrate the results of operations giving effect to such non-GAAP adjustments. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Conference Call
The company will host an investor conference call today to discuss its second quarter 2009 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 877-397-0235 or 719-325-4851 and enter pass code 5797497. The webcast will be accessible on Silicon Image's investor relations Web site at http://www.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call through July 28, 2009. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 5797497.
About Silicon Image, Inc.
Silicon Image, Inc. is a leading provider of semiconductor and intellectual property products for the secure distribution, presentation and storage of high-definition content. With a rich history of technology innovation that includes creating industry standards such as DVI and HDMI, the company’s solutions facilitate the use of digital content amongst consumer electronics, personal computer (PC) and storage devices, with the goal to securely deliver digital content anytime, anywhere and on any device. Founded in 1995, the company is headquartered in Sunnyvale, California, with regional engineering and sales offices in China, Germany, Japan, Korea, Taiwan and the United Kingdom. For more information, please visit www.siliconimage.com.
NOTE: Silicon Image and the Silicon Image logo are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and/or other countries. HDMI, the HDMI logo, and High-Definition Multimedia Interface are trademarks or registered trademarks of HDMI Licensing, LLC in the United States and/or other countries. All other trademarks and registered trademarks are the property of their respective owners in the Unites States and/or other countries.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's future operating results, including revenue, gross margin, operating expenses, interest income and use of cash, Silicon Image’s progress in forming new technology standards consortiums, design wins and adoption of the MHL standard. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, the Company's ability to deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K and 10-Q filed by Silicon Image with the U.S. Securities and Exchange Commission. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.
| SILICON IMAGE, INC. | |||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||
| (unaudited) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| June 30, 2009 | March 31, 2009 | June 30, 2008 | June 30, 2009 | June 30, 2008 | |||||||||||
| Revenue: | |||||||||||||||
| Product | $ | 29,436 | $ | 34,595 | $ | 61,836 | $ | 64,031 | $ | 119,023 | |||||
| Licensing | 7,900 | 5,917 | 8,247 | 13,817 | 18,173 | ||||||||||
| Total revenue | 37,336 | 40,512 | 70,083 | 77,848 | 137,196 | ||||||||||
| Cost of revenue and operating expenses: | |||||||||||||||
| Cost of product revenue (1) | 17,264 | 18,219 | 28,615 | 35,483 | 56,403 | ||||||||||
| Cost of license revenue | 274 | 196 | 492 | 470 | 841 | ||||||||||
| Research and development (2) | 17,619 | 17,734 | 22,298 | 35,353 | 43,840 | ||||||||||
| Selling, general and administrative (3) | 12,678 | 13,715 | 19,067 | 26,393 | 37,385 | ||||||||||
| Restructuring expense | 7,098 | 759 | - | 7,857 | - | ||||||||||
| Amortization of intangible assets | 1,473 | 1,473 | 1,587 | 2,946 | 3,174 | ||||||||||
| Goodwill impairment | - | 19,210 | - | 19,210 | - | ||||||||||
| Total cost of revenue and operating expenses | 56,406 | 71,306 | 72,059 | 127,712 | 141,643 | ||||||||||
| Loss from operations | (19,070) | (30,794) | (1,976) | (49,864) | (4,447) | ||||||||||
| Interest income and other, net | 598 | 939 | 1,380 | 1,537 | 3,296 | ||||||||||
| Loss before provision for income taxes | (18,472) | (29,855) | (596) | (48,327) | (1,151) | ||||||||||
| Income tax expense (benefit) | (5,143) | 3,474 | (134) | (1,669) | (127) | ||||||||||
| Net loss | $ | (13,329) | $ | (33,329) | $ | (462) | $ | (46,658) | $ | (1,024) | |||||
| Net loss per share – basic and diluted | $ | (0.18) | $ | (0.45) | $ | (0.01) | $ | (0.63) | $ | (0.01) | |||||
| Weighted average shares – basic and diluted | 74,806 | 74,421 | 73,399 | 74,618 | 77,257 | ||||||||||
| ______________________ | |||||||||||||||
| (1) Includes stock-based compensation expense | $ | 244 | $ | 199 | $ | 431 | $ | 443 | $ | 781 | |||||
| (2) Includes stock-based compensation expense | 1,617 | 1,374 | 2,213 | 2,991 | 3,447 | ||||||||||
| (3) Includes stock-based compensation expense | 2,352 | 1,992 | 3,614 | 4,344 | 6,053 | ||||||||||
| SILICON IMAGE, INC. | ||||||||||||||||||||
| GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME (LOSS) RECONCILIATION | ||||||||||||||||||||
| (In thousands, except per share amounts) | Three Months Ended | Six Months Ended | ||||||||||||||||||
| (unaudited) | June 30, 2009 | March 31, 2009 | June 30, 2008 | June 30, 2009 | June 30, 2008 | |||||||||||||||
| GAAP net loss | $ | (13,329 | ) | $ | (33,329 | ) | $ | (462 | ) | $ | (46,658 | ) | $ | (1,024 | ) | |||||
| Non-GAAP adjustments: | ||||||||||||||||||||
| Stock-based compensation expense (1) | 4,213 | 3,565 | 6,258 | 7,778 | 10,281 | |||||||||||||||
| Amortization of intangible assets (2) | 1,473 | 1,473 | 1,587 | 2,946 | 3,174 | |||||||||||||||
| Restructuring expense | 7,098 | 759 | - | 7,857 | - | |||||||||||||||
| Goodwill impairment (3) | - | 19,210 | - | 19,210 | - | |||||||||||||||
| Non-GAAP net income (loss) before tax adjustments | (545 | ) | (8,322 | ) | 7,383 | (8,867 | ) | 12,431 | ||||||||||||
| Income tax effects on above adjustments | (3,721 | ) | 4,686 | (2,354 | ) | 965 | (4,037 | ) | ||||||||||||
| Non-GAAP net income (loss) | $ | (4,266 | ) | $ | (3,636 | ) | $ | 5,029 | $ | (7,902 | ) | $ | 8,394 | |||||||
| Non-GAAP net income (loss) per share — basic and diluted | $ | (0.06 | ) | $ | (0.05 | ) | $ | 0.07 | $ | (0.11 | ) | $ | 0.11 | |||||||
| Weighted average shares — basic |
74,806 |
74,421 | 73,399 | 74,618 | 77,257 | |||||||||||||||
| Weighted average shares — diluted | 74,806 | 74,421 | 74,815 | 74,618 | 78,226 | |||||||||||||||
|
(1) For the three months and six months ended June 30, 2009 and 2008, and for the three months ended March 31, 2009, these adjustments represent the non-cash amortization of stock-based compensation associated with SFAS No. 123 (R) Share-based Payment. |
||||||||||||||||||||
| Cost of Revenue | $ | 244 | $ | 199 | $ | 431 | $ | 443 | $ | 781 | ||||||||||
| Research and Development | 1,617 | 1,374 | 2,213 | 2,991 | 3,447 | |||||||||||||||
| Selling, General and Administrative | 2,352 | 1,992 | 3,614 | 4,344 | 6,053 | |||||||||||||||
| Total | $ | 4,213 | $ | 3,565 | $ | 6,258 | $ | 7,778 | $ | 10,281 | ||||||||||
|
(2) These adjustments represent expenses for the amortization of intangible assets recorded in connection with our acquisitions. These on-going expenses pertain to intangible assets that are not expected to be replaced when fully amortized, as might a depreciable tangible asset. |
||||||||||||||||||||
| (3) This adjustment represents the impairment recorded on goodwill for the three months ended March 31, 2009. | ||||||||||||||||||||
| SILICON IMAGE, INC. | ||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||
| (In thousands) | ||||||
| Unaudited | ||||||
| June 30, 2009 | December 31, 2008 | |||||
| Assets | ||||||
| Current Assets: | ||||||
| Cash and cash equivalents | $ | 18,583 | $ | 95,414 | ||
| Short-term investments | 144,370 | 89,591 | ||||
| Accounts receivable, net | 19,059 | 5,922 | ||||
| Inventories | 9,169 | 12,775 | ||||
| Prepaid expenses and other current assets | 19,096 | 15,275 | ||||
| Deferred income taxes | 6,445 | 6,665 | ||||
| Total current assets | 216,722 | 225,642 | ||||
| Property and equipment, net | 16,696 | 19,394 | ||||
| Goodwill | - | 19,210 | ||||
| Intangible assets, net | 29,975 | 32,921 | ||||
| Deferred income taxes, non-current | 21,101 | 28,193 | ||||
| Other assets | 794 | 1,181 | ||||
| Total assets | $ | 285,288 | $ | 326,541 | ||
| Liabilities and Stockholders’ Equity | ||||||
| Current Liabilities: | ||||||
| Accounts payable | $ | 10,351 | $ | 7,278 | ||
| Accrued and other liabilities | 20,882 | 23,023 | ||||
| Deferred license revenue | 2,400 | 2,348 | ||||
| Deferred margin on sales to distributors | 1,884 | 6,881 | ||||
| Total current liabilities | 35,517 | 39,530 | ||||
| Other long-term liabilities | 8,831 | 8,064 | ||||
| Total liabilities | 44,348 | 47,594 | ||||
| Stockholders’ Equity: | ||||||
| Total stockholders’ equity | 240,940 | 278,947 | ||||
| Total liabilities and stockholders’ equity | $ | 285,288 | $ | 326,541 | ||
| SILICON IMAGE, INC. | ||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASHFLOWS | ||||||
| (In thousands) | ||||||
| Unaudited | Six Months Ended | |||||
| June 30, 2009 | June 30, 2008 | |||||
| Cash flows from operating activities: | ||||||
| Net loss | $ | (46,658) | $ | (1,024) | ||
| Adjustments to reconcile net loss to cash provided by (used in) operating activities: | ||||||
| Impairment of goodwill | 19,210 | - | ||||
| Stock-based compensation expense | 7,778 | 10,281 | ||||
| Deferred income taxes | 7,312 | (2,723) | ||||
| Depreciation | 4,592 | 5,257 | ||||
| Amortization of intangible assets | 2,946 | 3,174 | ||||
| Amortization of investment premium | 1,683 | 378 | ||||
|
Non-cash restructuring expenses |
200 | - | ||||
| Loss on disposal and retirement of property and equipment | 180 | 402 | ||||
| Provision for doubtful accounts | 154 | 534 | ||||
| Realized loss/(gain) on sale of short-term investments | 15 | (52) | ||||
| Tax deficiency from employee based compensation plans | (781) | (501) | ||||
| Excess tax benefits from employee stock transactions | (13) | (304) | ||||
| Changes in assets and liabilities: | ||||||
| Accounts receivable | (13,256) | (7,781) | ||||
| Inventories | 3,606 | 2,512 | ||||
| Prepaid expenses and other current assets | (3,404) | 1,508 | ||||
| Accounts payable | 2,722 | (1,745) | ||||
| Accrued and other liabilities | (978) | (361) | ||||
| Deferred license revenue | 52 | 435 | ||||
| Deferred margin on sales to distributors | (4,997) | 1,543 | ||||
| Cash provided by (used in) operating activities | (19,637) | 11,533 | ||||
| Cash flows from investing activities: | ||||||
| Purchases of short-term investments | (128,350) | (111,937) | ||||
| Proceeds from sales of short-term investments | 71,952 | 144,681 | ||||
| Purchases of property and equipment | (1,840) | (4,622) | ||||
| Proceeds from sale of property and equipment | 120 | - | ||||
| Cash provided by (used in) investing activities | (58,118) | 28,122 | ||||
| Cash flows from financing activities: | ||||||
| Proceeds from issuances of common stock, net | 1,718 | 3,084 | ||||
| Excess tax benefits from employee stock transactions | 13 | 304 | ||||
| Payments for vendor financed software and intangibles purchased | (625) | (6,153) | ||||
| Repurchase of restricted stock units for income tax withholding | (241) | - | ||||
| Repurchase of common stock | - | (68,180) | ||||
| Cash provided by (used in) financing activities | 865 | (70,945) | ||||
| Effect of exchange rate changes on cash and cash equivalents | 59 | 13 | ||||
| Net decrease in cash and cash equivalents | (76,831) | (31,277) | ||||
| Cash and cash equivalents — beginning of period | 95,414 | 137,822 | ||||
| Cash and cash equivalents — end of period | $ | 18,583 | 106,545 | |||
| Supplemental cash flow information: | ||||||
| Restricted stock units vested | $ | 667 | $ | - | ||
| Net cash payment (refund) for income taxes | $ | (5,574) | $ | 1,215 | ||
| Unrealized net gain (loss) on short-term investments | $ | 79 | $ | (30) | ||
| Property and equipment purchased but not paid for | $ | 577 | $ | 636 | ||
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