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Share Name | Share Symbol | Market | Type |
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(MM) | NASDAQ:SIMG | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 7.30 | 0 | 01:00:00 |
SILICON IMAGE, INC.
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(Exact name of Registrant as Specified in its Charter)
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Delaware
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(State or Other Jurisdiction of Incorporation)
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000-26887
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77-0396307
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(Commission File Number)
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(IRS Employer Identification No.)
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1140 East Arques Ave., Sunnyvale, CA
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94085
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(Address of Principal Executive Offices)
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(Zip Code)
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(408) 616-4000
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(Registrant’s Telephone Number, Including Area Code)
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Not Applicable
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(Former Name or Former Address, if Changed Since Last Report)
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¨
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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¨
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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¨
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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¨
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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ITEM 2.02.
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RESULTS OF OPERATIONS AND FINANCIAL CONDITION
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ITEM 9.01.
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FINANCIAL STATEMENTS AND EXHIBITS.
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(d) Exhibits
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Press release dated October 30, 2014 announcing the Registrant’s financial results for the quarter ended September 30, 2014.
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Date: October 30, 2014
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SILICON IMAGE, INC.
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By:
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/s/ Raymond Cook
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Raymond Cook
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Chief Financial Officer
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Exhibit Number
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Description
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Press release dated October 30, 2014 announcing the Registrant’s financial results for the quarter ended September 30, 2014.
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Revenue:
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$61 million to $66 million
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Gross Margin:
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approximately 64%
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Non-GAAP Operating Expenses:
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approximately $35 million
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Non-GAAP EPS:
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$0.05 to $0.08
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Diluted Shares Outstanding:
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approximately 79.2 million
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SILICON IMAGE, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(In thousands, except per share amounts)
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Unaudited
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Three Months Ended
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Nine Months Ended
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September 30, 2014
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June 30, 2014
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September 30, 2013
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September 30, 2014
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September 30, 2013
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Revenue:
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||||||||||||||||||||
Product
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$ | 56,003 | $ | 50,938 | $ | 66,337 | $ | 153,707 | $ | 180,359 | ||||||||||
Licensing
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14,325 | 8,598 | 12,974 | 37,718 | 34,670 | |||||||||||||||
Total revenue
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70,328 | 59,536 | 79,311 | 191,425 | 215,029 | |||||||||||||||
Cost of revenue and operating expenses:
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||||||||||||||||||||
Cost of product revenue (1)(2)
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27,760 | 24,814 | 33,222 | 77,369 | 90,043 | |||||||||||||||
Cost of licensing revenue
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10 | - | 185 | 30 | 614 | |||||||||||||||
Research and development (3)
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17,772 | 17,416 | 18,424 | 52,145 | 57,207 | |||||||||||||||
Selling, general and administrative (4)
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15,101 | 15,166 | 16,191 | 47,132 | 48,690 | |||||||||||||||
Amortization and impairment of acquisition-related intangible assets
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1,168 | 510 | 405 | 1,886 | 886 | |||||||||||||||
Restructuring expense (recoveries) (5)
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(463 | ) | 113 | 483 | (221 | ) | 476 | |||||||||||||
Total cost of revenue and operating expenses
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61,348 | 58,019 | 68,910 | 178,341 | 197,916 | |||||||||||||||
Income from operations
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8,980 | 1,517 | 10,401 | 13,084 | 17,113 | |||||||||||||||
Gain from sale of a privately held company investment
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4,071 | - | - | 4,071 | - | |||||||||||||||
Proceeds from a legal settlement
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- | - | - | - | 1,275 | |||||||||||||||
Other than temporary impairment of a privately held company investment
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- | - | - | - | (1,500 | ) | ||||||||||||||
Interest income and other, net
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260 | 1,043 | 168 | 1,321 | 1,059 | |||||||||||||||
Income before provision for income taxes and equity in net loss of an unconsolidated affiliate
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13,311 | 2,560 | 10,569 | 18,476 | 17,947 | |||||||||||||||
Income tax expense
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3,013 | 1,487 | 1,488 | 7,054 | 5,118 | |||||||||||||||
Equity in net loss of an unconsolidated affiliate
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- | - | 116 | 150 | 375 | |||||||||||||||
Net income
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$ | 10,298 | $ | 1,073 | $ | 8,965 | $ | 11,272 | $ | 12,454 | ||||||||||
Net income per share – basic
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$ | 0.13 | $ | 0.01 | $ | 0.12 | $ | 0.14 | $ | 0.16 | ||||||||||
Net income per share – diluted
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$ | 0.13 | $ | 0.01 | $ | 0.11 | $ | 0.14 | $ | 0.16 | ||||||||||
Weighted average shares – basic
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78,297 | 78,150 | 77,530 | 78,103 | 77,399 | |||||||||||||||
Weighted average shares – diluted
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79,670 | 79,988 | 78,995 | 79,996 | 78,783 | |||||||||||||||
(1) Includes amortization of acquisition-related intangible assets
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$ | 225 | $ | 225 | $ | 250 | $ | 675 | $ | 500 | ||||||||||
(2) Includes stock-based compensation expense
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$ | 154 | $ | 148 | $ | 163 | $ | 475 | $ | 451 | ||||||||||
(3) Includes stock-based compensation expense
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$ | 845 | $ | 792 | $ | 879 | $ | 2,550 | $ | 2,724 | ||||||||||
(4) Includes stock-based compensation expense
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$ | 1,355 | $ | 1,344 | $ | 1,440 | $ | 4,650 | $ | 4,649 | ||||||||||
(5) Includes stock-based compensation expense
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$ | 52 | $ | 44 | $ | - | $ | 126 | $ | - |
SILICON IMAGE, INC.
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GAAP NET INCOME TO NON-GAAP NET INCOME RECONCILIATION
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(In thousands, except per share amounts)
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Unaudited
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||||||||||||||||||||
Three Months Ended
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Nine Months Ended
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|||||||||||||||||||
September 30, 2014
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June 30, 2014
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September 30, 2013
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September 30, 2014
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September 30, 2013
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GAAP net income
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$ | 10,298 | $ | 1,073 | $ | 8,965 | $ | 11,272 | $ | 12,454 | ||||||||||
Non-GAAP adjustments:
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||||||||||||||||||||
Stock-based compensation expense (1)
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2,406 | 2,328 | 2,482 | 7,801 | 7,824 | |||||||||||||||
Amortization of intangible assets (2)
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917 | 735 | 480 | 2,085 | 1,461 | |||||||||||||||
Amortization of intangible assets of an unconsolidated affiliate (2)
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- | - | 52 | 40 | 128 | |||||||||||||||
Strategic initiative and acquisition related expenses (2)
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- | 138 | - | 138 | - | |||||||||||||||
Gain from business acquisition (2)
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- | (361 | ) | - | (361 | ) | - | |||||||||||||
Gain from sale of a privately held company investment (2)
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(4,071 | ) | - | - | (4,071 | ) | - | |||||||||||||
Other than temporary impairment of a privately held company investment (3)
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- | - | - | - | 1,500 | |||||||||||||||
Other income from prepaid royalty settlement (3)
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- | (639 | ) | - | (639 | ) | - | |||||||||||||
Proceeds from a legal settlement (3)
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- | - | - | - | (1,275 | ) | ||||||||||||||
Recovery related to previously written-down inventory (3)
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- | - | (960 | ) | - | (960 | ) | |||||||||||||
Restructuring expense (recoveries) (3)
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(515 | ) | 69 | 483 | (347 | ) | 476 | |||||||||||||
Impairment of intangible assets (3)
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476 | - | 175 | 476 | 175 | |||||||||||||||
Non-GAAP net income before tax adjustments
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9,511 | 3,343 | 11,677 | 16,394 | 21,783 | |||||||||||||||
Tax adjustments (4)
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(744 | ) | 38 | (2,462 | ) | 20 | (2,953 | ) | ||||||||||||
Non-GAAP net income
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$ | 8,767 | $ | 3,381 | $ | 9,215 | $ | 16,414 | $ | 18,830 | ||||||||||
Non-GAAP net income per share — basic
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$ | 0.11 | $ | 0.04 | $ | 0.12 | $ | 0.21 | $ | 0.24 | ||||||||||
Non-GAAP net income per share — diluted
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$ | 0.11 | $ | 0.04 | $ | 0.12 | $ | 0.21 | $ | 0.24 | ||||||||||
Weighted average shares — basic
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78,297 | 78,150 | 77,530 | 78,103 | 77,399 | |||||||||||||||
Weighted average shares — diluted
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79,670 | 79,988 | 78,995 | 79,996 | 78,783 | |||||||||||||||
Stock-based compensation expense is composed of the following:
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Cost of revenue
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$ | 154 | $ | 148 | $ | 163 | $ | 475 | $ | 451 | ||||||||||
Research and development
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845 | 792 | 879 | 2,550 | 2,724 | |||||||||||||||
Selling, general and administrative
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1,355 | 1,344 | 1,440 | 4,650 | 4,649 | |||||||||||||||
Restructuring expense
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52 | 44 | - | 126 | - | |||||||||||||||
Total
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$ | 2,406 | $ | 2,328 | $ | 2,482 | $ | 7,801 | $ | 7,824 |
(1)
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Stock-Based Compensation Related Items: Stock-based compensation expense relates primarily to equity awards, such as stock options and restricted stock units. Stock-based compensation is a non-cash expense that varies in amount from period to period and is dependent on market forces that are often beyond our control. As such, management excludes this item from our internal operating forecasts and models. Management believes that non-GAAP measures adjusted for stock-based compensation expense provide investors with a basis to measure our core performance against the performance of other companies without the variability created by stock-based compensation expense as a result of the variety of equity awards used by companies and the varying methodologies and subjective assumptions used in determining such non-cash expense.
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(2)
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Strategic Initiative and Acquisition Related Items: We exclude certain expense items resulting from our strategic initiative and acquisitions including the following, when applicable: (i) amortization of purchased intangible assets associated with our acquisitions; or relating to our unconsolidated affiliate, (ii) strategic initiative and acquisition-related charges, (iii) gain from business acquisition and (iv) gain from sale of a privately held company investment. The amortization of purchased intangible assets associated with our acquisitions results in our recording expenses in our GAAP financial statements that were already expensed by the acquired company before the acquisition and for which we have not expended cash. Moreover, had we internally developed the products acquired, the amortization of intangible assets, and the expenses of uncompleted research and development would have been expensed in prior periods. Accordingly, we analyze the performance of our operations in each period without regard to such expenses. In addition, our strategic initiatives and acquisitions result in non-continuing operating expenses, which would not otherwise have been incurred by us in the normal course of our business operations. In the second quarter of fiscal 2014, we finalized the acquisition of the remaining ownership interest in UpdateLogic, Inc., resulting in acquisition-related charges and gain from business acquisition. In the third quarter of fiscal 2014, we finalized the sale of our minority interest in a privately held company to another entity resulting in a gain.
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(3)
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Other Items: We exclude certain other items that are the result of either unique or unplanned events including the following, when applicable: (i) other than temporary impairment of a privately held company investment, (ii) other income from prepaid royalty settlement, (iii) proceeds from a legal settlement, (iv) recovery related to previously written-down inventory, (v) restructuring and related costs and (vi) impairment of intangible assets. It is difficult to estimate the amount or timing of these items in advance. Other than temporary impairment of a privately held company investment was recorded due to the conclusion that the possibility is remote that we will exercise our warrants to purchase the entity’s preferred stock or that we will realize any other value from these investments. Other income from prepaid royalty settlement relates to the termination of an HDMI rebate agreement with one of the HDMI adopters. Proceeds from a legal settlement relates to our acquisition of SiBEAM, Inc. on May 16, 2011. We do not expect other income or proceeds of similar nature to be recognized or received in our normal course of business and consider it infrequent and non-recurring. We entered into a settlement with a vendor and received a recovery related to previously written-down inventory. Restructuring charges result from events which arise from unforeseen circumstances, which often occur outside of the ordinary course of continuing operations. We recognized impairment of an intangible asset because the sum of its estimated future undiscounted cash flows used to test for recoverability is less than its carrying value. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods. As such, we believe that these expenses do not accurately reflect the underlying performance of our continuing operations for the period in which they are incurred. We assess our operating performance both with these amounts included and excluded, and by providing this information, we believe the users of our financial statements are better able to understand the financial results of what we consider our continuing operations.
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(4)
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Tax adjustments: For the three and nine months ended September 30, 2014 and September 30, 2013 and the three months ended June 30, 2014, our non-GAAP tax rate was approximately 30% of non-GAAP pre-tax income. Non-GAAP tax rate is primarily based on net expected cash flow for income taxes.
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CONDENSED CONSOLIDATED BALANCE SHEETS
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(In thousands)
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Unaudited
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September 30, 2014
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December 31, 2013
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ASSETS
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Current Assets:
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Cash and cash equivalents
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$ | 102,542 | $ | 82,220 | ||||
Short-term investments
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45,938 | 56,003 | ||||||
Accounts receivable, net
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34,016 | 34,729 | ||||||
Inventories
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18,912 | 11,727 | ||||||
Prepaid expenses and other current assets
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4,703 | 7,733 | ||||||
Deferred income taxes
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459 | 191 | ||||||
Total current assets
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206,570 | 192,603 | ||||||
Property and equipment, net
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15,257 | 14,676 | ||||||
Deferred income taxes, non-current
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- | 4,368 | ||||||
Intangible assets, net
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16,543 | 10,348 | ||||||
Goodwill
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30,333 | 21,646 | ||||||
Other assets
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3,026 | 8,498 | ||||||
Total assets
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$ | 271,729 | $ | 252,139 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
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Current Liabilities:
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Accounts payable
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$ | 9,282 | $ | 12,894 | ||||
Accrued and other current liabilities
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27,823 | 20,622 | ||||||
Deferred margin on sales to distributors
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10,099 | 9,634 | ||||||
Deferred license revenue
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2,716 | 2,742 | ||||||
Total current liabilities
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49,920 | 45,892 | ||||||
Other long-term liabilities
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14,740 | 16,522 | ||||||
Total liabilities
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64,660 | 62,414 | ||||||
Stockholders’ equity
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207,069 | 189,725 | ||||||
Total liabilities and stockholders’ equity
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$ | 271,729 | $ | 252,139 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
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(In thousands)
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Unaudited
|
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Nine Months Ended September 30,
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2014
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2013
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Cash flows from operating activities:
|
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Net income
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$ | 11,272 | $ | 12,454 | ||||
Adjustments to reconcile net income to cash provided by operating activities:
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Depreciation
|
4,592 | 4,699 | ||||||
Stock-based compensation expense
|
7,801 | 7,824 | ||||||
Amortization of investment premium
|
678 | 805 | ||||||
Tax benefits from employee stock-based transactions
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148 | 345 | ||||||
Other than temporary impairment of a privately held company investment
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- | 1,500 | ||||||
Amortization and impairment of intangible assets
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3,506 | 2,354 | ||||||
Non-operating proceeds from a legal settlement
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- | (1,275 | ) | |||||
Gain from business acquisition
|
(361 | ) | - | |||||
Deferred income taxes
|
(268 | ) | - | |||||
Excess tax benefits from employee stock-based transactions
|
(148 | ) | (345 | ) | ||||
Realized gain on sale of short-term investments
|
- | (144 | ) | |||||
Equity in net loss of unconsolidated affiliate
|
150 | 375 | ||||||
Others
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115 | 553 | ||||||
Changes in assets and liabilities, net of effect of an acquisition:
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Accounts receivable
|
1,025 | (4,126 | ) | |||||
Inventories
|
(7,185 | ) | (2,733 | ) | ||||
Prepaid expenses and other assets
|
(964 | ) | (189 | ) | ||||
Accounts payable
|
(3,292 | ) | 8,168 | |||||
Accrued and other liabilities
|
7,708 | 853 | ||||||
Deferred margin on sales to distributors
|
465 | 436 | ||||||
Deferred license revenue
|
(1,006 | ) | (95 | ) | ||||
Cash provided by operating activities
|
24,236 | 31,459 | ||||||
Cash flows from investing activities:
|
||||||||
Proceeds from sales of short-term investments
|
20,767 | 56,829 | ||||||
Purchases of short-term investments
|
(11,420 | ) | (33,770 | ) | ||||
Cash used in business acquisition, net of cash acquired
|
(13,464 | ) | - | |||||
Purchases of property and equipment
|
(5,564 | ) | (4,075 | ) | ||||
Proceeds from sale of a privately held company investment
|
7,571 | - | ||||||
Proceeds from a legal settlement
|
- | 1,275 | ||||||
Investment in a privately held company
|
- | (1,500 | ) | |||||
Cash paid for assets purchased from a privately held company
|
- | (300 | ) | |||||
Purchase of intellectual properties
|
(115 | ) | (1,891 | ) | ||||
Other
|
- | 103 | ||||||
Cash provided by (used in) investing activities
|
(2,225 | ) | 16,671 | |||||
Cash flows from financing activities:
|
||||||||
Proceeds from employee stock program
|
5,546 | 5,375 | ||||||
Excess tax benefits from employee stock-based transactions
|
148 | 345 | ||||||
Repurchase of restricted stock units for income tax withholding
|
(1,568 | ) | (1,905 | ) | ||||
Payment to acquire treasure shares
|
(5,793 | ) | (1,383 | ) | ||||
Cash paid to settle contingent consideration liabilities
|
(27 | ) | (81 | ) | ||||
Cash provided by (used in) financing activities
|
(1,694 | ) | 2,351 | |||||
Effect of exchange rate changes on cash and cash equivalents
|
5 | (267 | ) | |||||
Net increase in cash and cash equivalents
|
20,322 | 50,214 | ||||||
Cash and cash equivalents — beginning of period
|
82,220 | 29,069 | ||||||
Cash and cash equivalents — end of period
|
$ | 102,542 | $ | 79,283 | ||||
Supplemental cash flow information:
|
||||||||
Cash payment for income taxes
|
$ | (5,105 | ) | $ | (4,681 | ) | ||
Restricted stock units vested
|
$ | 4,563 | $ | 5,401 | ||||
Property and equipment and other assets purchased but not paid for
|
$ | 478 | $ | 416 | ||||
Unrealized loss on short-term investments
|
$ | (4 | ) | $ | (413 | ) |
1 Year (MM) Chart |
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