Silicon Image (NASDAQ:SIMGE)
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Silicon Image Announces Resignation of Independent Registered
Public Accounting Firm
SUNNYVALE, Calif., June 10 /PRNewswire-FirstCall/ -- Silicon Image, Inc.
(NASDAQ:SIMG), a leader in multi-gigabit semiconductor solutions for the secure
transmission and storage of rich digital media, announced today that it has
filed a Form 8-K with the Securities and Exchange Commission that includes the
information set forth below.
On June 7, 2005, PricewaterhouseCoopers LLP ("PwC"), the independent registered
public accounting firm for Silicon Image, Inc. (the "Company"), notified the
Company and the chairman of the Audit Committee of the Company's Board of
Directors (the "Audit Committee") that PwC was resigning as the Company's
independent registered public accounting firm, effective immediately.
For the years ended December 31, 2003 and 2004, PwC's reports contained no
adverse opinions or any disclaimers of opinion, nor were they qualified or
modified as to uncertainty, audit scope or accounting principle.
During the years ended December 31, 2003 and 2004, and through June 7, 2005,
there have been no disagreements (as described under Item 304(a)(1)(iv) of
Regulation S-K) with PwC on any matter of accounting principles or practices,
financial statement disclosure or auditing scope or procedure, which
disagreements, if not resolved to PwC's satisfaction, would have caused PwC to
make reference thereto in their reports on the financial statements of the
Company for such years.
Except for the material weakness in internal controls described in this
paragraph, during the years ended December 31, 2003 and 2004, and through June
7, 2005, there were no "reportable events" (as such term is defined in Item
304(a)(1)(v) of Regulation S-K). As of March 31, 2005, management of the
Company concluded that a material weakness in internal controls over financial
reporting existed due to the fact that the oversight of the Company's control
over financial reporting by the Company's Audit Committee was ineffective due
to the resignations on April 24, 2005 of four of the five independent members
of the Company's Board of Directors, which at that time left the Audit
Committee of the Board of Directors with only one member. In addition, the sole
remaining member of the Audit Committee was not a "financial expert," as that
term is defined by the rules of the Securities and Exchange Commission.
The Company has also begun a search to select a new independent registered
public accounting firm.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image designs, develops and markets
multi-gigabit semiconductor and system solutions for a variety of
communications applications demanding high-bandwidth capability. With its
proprietary Multi-layer Serial Link (MSL(TM)) architecture, Silicon Image is
well positioned for leadership in multiple mass markets including PCs, consumer
electronics and storage. Currently, Silicon Image leads the global PC/display
arena with its innovative digital interconnect technology, and has emerged as a
leading player in the consumer electronics and storage markets by offering
robust, high-bandwidth semiconductors. For more information on Silicon Image,
visit http://www.siliconimage.com/.
NOTE: Silicon Image, MSL and http://www.siliconimage.com/ are trademarks,
registered trademarks or service marks of Silicon Image, Inc. in the United
States and other countries.
DATASOURCE: Silicon Image, Inc.
CONTACT: Darrel Slack, Chief Financial Officer, of Silicon Image, Inc.,
+1-408-616-1550, or fax, +1-408-830-9531, or
Web site: http://www.siliconimage.com/