Silicon Image (NASDAQ:SIMGE)
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Silicon Image Reports Fourth Quarter 2003 Revenue Grew 25.4 Percent Over Prior
Quarter
Selected Q4 Highlights:
SUNNYVALE, Calif., Feb. 17 /PRNewswire-FirstCall/ -- Silicon Image, Inc. , a
leader in multi-gigabit semiconductor solutions for the securetransmission and
storage of rich digital media, today reported financial results for its fourth
quarter ended December 31, 2003.
Revenue of $30.3 million was achieved for the fourth quarter. This was an
increase of 25.4 percent from revenue of $24.2 million achieved in the third
quarter of 2003, and was an increase of 27.5 percent from revenue of $23.8
million in the fourth quarter of 2002. Year-to-date revenue totaled $103.5
million, an increase of 27.0 percent from revenue of $81.5 million for the year
2002.
Net loss under Generally Accepted Accounting Principles (GAAP), which includes
stock compensation expense, amortization and impairment of goodwill and
intangible assets, patent defense costs, acquisition integration costs,
restructuring costs, in-process research and development expense, and a gain on
escrow settlement, was $5.3 million, or $0.07 per basic and diluted share, for
the quarter ended December 31, 2003. This compares to a net loss of $2.1
million, or $0.03 per basic and diluted share, for the previous quarter, and a
net loss of $8.1 million, or $0.12 per basic and diluted share, for the fourth
quarter of 2002.
On a year-to-date basis, the GAAP net loss was $12.8 million, or $0.18 per basic
and diluted share, and comparesto a net loss of $40.1 million, or $0.62 per
basic and diluted share, for the year 2002. Fourth quarter pro-forma net
income, calculated excluding a non-cash charge for stock compensation ($7.0
million), a non-cash expense for the amortization of intangible assets ($0.4
million) and cash legal expenses associated with the patent litigation lawsuit
against Genesis Microchip ($0.2 million), was $2.3 million, or $0.03 per diluted
share. This compares to a pro-forma net loss of $0.5 million, or $0.01 per
basic and diluted share, for the third quarter of 2003, and a pro-forma net
profit of $0.6 million, or $0.01 per diluted share, for the fourth quarter of
2002.
Commenting on the results, David Lee, Silicon Image's chairman and chief
executive officer, said, "We achieved record financial results -- both on the
top line as well as the pro-forma bottom line. We saw revenues expand more than
25% sequentially and interest in our IP, particularly in the HDMI arena, remains
strong. In fact, the successand momentum of our HDMI products was readily
apparent at the Consumer Electronics Show in January. Our business momentum
entering 2004 continues to be robust and we look forward to more record
quarters."
"Our overall strategy aimed at the distribution, storage and display of rich
digital content in a secure environment is clearly paying benefits for us as we
enter 2004. Our improved visibility and gross margins are clear evidence that
we are focused and executing to plan," added Silicon Image's president Steve
Tirado.
The company will host a conference call at 2:00 p.m. PST today to discuss its
fourth quarter 2003 results and business outlook. The call will be broadcast
over the Internet and can be accessed on the investor relations site located at
http://www.siliconimage.com/. A replay of the conference call will be
available on this site until 12:00 p.m. PST on March 1, 2004.
* Pro-forma net income or loss represents net income or net loss, exclusive of
stock compensation expense, amortization and impairment of goodwill and
intangible assets, patent defense costs, acquisition integration costs,
restructuring costs, in-process research & development expense, and gains on
escrow settlement.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. 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. Silicon Image is a leader in the global PC/display
arena with its innovative digital interconnect technology and is now emerging as
a leading player in the fields of storage and consumer electronics by offering
robust, high-bandwidth semiconductors. For more information on Silicon Image,
visit http://www.siliconimage.com/
Safe Harbor Statement
This news release contains forward-looking information within the meaning of
federal securities regulations. These forward-looking statements include
statements related to future financial results, product introductions and
standards adoption rates. These forward-looking statements involve risks and
uncertainties that could cause actual results to differ materially from those
anticipated by these forward-looking statements. In particular, future demand
in PC, display, consumer electronics and storage markets may differ from current
expectations, adversely affecting expected future results for the company, new
product introductions may not be timely or successful, and standards may not be
adopted at the rates anticipated. In addition, see "Management's Discussion and
Analysis of Financial Condition and Results of Operations - Factors Affecting
Future Results" in the most recent Quarterly Report on Form 10-Q and Annual
Report on Form 10-K filed by Silicon Image with the SEC. Silicon Image assumes
no obligation to update this forward-looking information.
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (GAAP BASIS)
Three Months Ended Twelve Months Ended
(unaudited) (unaudited)
(In thousands, except
per share amounts) Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
2003 2003 2002 2003 2002
Revenue:
Product $27,421 $22,447 $20,202 $89,335 $74,884
Development, licensing
and royalties 2,906 1,743 3,593 14,190 6,655
Total revenue 30,327 24,190 23,795 103,525 81,539
Cost and operating expenses:
Cost of
productrevenue 13,267 11,501 10,739 46,609 38,110
Research and
development 9,264 9,054 8,646 36,523 32,809
Selling, general
and administrative 5,607 4,131 3,962 18,401 17,454
Stock compensation
expense 6,991 1,106 3,521 9,988 11,107
Amortization of
goodwill and
intangible assets 357 373 857 1,103 3,482
Patent defense and
acquisition
integration costs 196 160 2,870 2,152 7,034
Restructuring -- -- 1,500 986 7,193
In-process research
and development -- -- -- 5,482 --
Impairment of goodwill
and intangible assets -- -- -- -- 5,200
Total cost and
operating expenses 35,682 26,325 32,095 121,244 122,389
Net loss from operations (5,355) (2,135) (8,300) (17,719) (40,850)
Gainon escrow settlement -- -- -- 4,618 --
Interest income
and other, net 75 40 161 291 758
Net loss $(5,280) $(2,095) $(8,139) $(12,810) $(40,092)
Net loss per share
- basic $(0.07) $(0.03) $(0.12) $(0.18) $(0.62)
Net loss per share
- diluted $(0.07) $(0.03) $(0.12) $(0.18) $(0.62)
Weighted average
shares - basic 70,638 69,803 66,198 69,412 64,283
Weighted average
shares - diluted 70,638 69,803 66,198 69,412 64,283
SILICON IMAGE, INC.
RECONCILIATION OF GAAP TO PRO-FORMA FINANCIAL INFORMATION
Three Months Ended Twelve Months Ended
(unaudited) (unaudited)
Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
(in thousands) 2003 2003 2002 2003 2002
GAAP net loss $(5,280) $(2,095) $(8,139) $(12,810) $(40,092)
Pro-forma adjustments:
Stock compensation
expense (A) 6,991 1,106 3,521 9,988 11,107
Amortization of goodwill
and intangible assets (B) 357 373 857 1,103 3,482
Patent defense and
acquisition integration
costs (C) 196 160 2,870 2,152 7,034
Restructuring (D) -- -- 1,500 986 7,193
In-process research
and development (E) -- -- -- 5,482 --
Impairment of goodwill
and intangible assets (F) -- -- -- -- 5,200
Gain on escrow
settlement (G) -- -- -- (4,618) --
Pro-forma
net income (loss) $2,264 $(456) $609 $2,283 $(6,076)
(A) Non-cash expenses associated with stock option modifications
(including repricings) and certain stock options issued to employees
in our Initial Public Offering, to employees of acquired companies,
and to non-employees in exchange for services.
(B) Non-cash expenses for the amortization of goodwill and intangible
assets recorded in connection with our acquisitions.
(C) Costs incurred to defend our intellectual property and to integrate
the operations of companies we have acquired. These expenses have
been excluded because they are expected to be incurred over a
limited period of time and are not directly attributable to our
ongoing operations.
(D) Severance and other costs resulting from our involuntary workforce
reductions and consolidation of facilities. These expenses have been
excluded since they are not directly attributable to our ongoing
operations.
(E) A non-cash expense for the value assigned to an acquired company's
existing research and development projects that have not reached
technological feasibility and that have no alternative use as of the
acquisition date.
(F) A non-cash expense to reduce the carrying values of intangible
assets to their estimated fair values.
(G) A non-cash gain from recovery of shares held in escrow as
indemnification for certain damages incurred as a result of a prior
acquisition.
SILICON IMAGE, INC.
PRO FORMA (NON-GAAP BASIS) CONDENSED CONSOLIDATED STATEMENTS
OF OPERATIONS
Three Months Ended Twelve Months Ended
(unaudited) (unaudited)
(In thousands, except
per share amounts) Dec. 31, Sept. 30, Dec. 31, Dec. 31, Dec. 31,
2003 2003 2002 2003 2002
Revenue:
Product $27,421 $22,447 $20,202 $89,335 $74,884
Development, licensing
and royalties 2,906 1,743 3,593 14,190 6,655
Total revenue 30,327 24,190 23,795 103,525 81,539
Pro-forma cost and operating expenses:
Cost of
product revenue 13,267 11,501 10,739 46,609 38,110
Research and
development 9,264 9,054 8,646 36,523 32,809
Selling, general
and administrative 5,607 4,131 3,962 18,401 17,454
Total pro-forma
cost and operating
expenses 28,138 24,686 23,347 101,533 88,373
Pro-forma net income
(loss) from operations 2,189 (496) 448 1,992 (6,834)
Interest income
and other, net 75 40 161 291 758
Pro-forma
net income (loss) $2,264 $(456) $609 $2,283 $(6,076)
Pro-forma net income
(loss) per share $0.03 $(0.01) $0.01 $0.03 $(0.09)
Weighted
average shares * 78,564 69,803 73,195 76,555 64,283
The above pro-forma financial information is presented for informational
purposes only. Our presentation of pro-forma financial information excludes
non-cash expenses resulting from acquisitions or the issuance of stock options,
as well as unusual or infrequent income and expenses that are not directly
attributable to our ongoing operations and are expected to be non-recurring or
to be incurred over a limited period of time. Because of these exclusions, our
presentation is not in accordance with Generally Accepted Accounting Principles
(GAAP). Additionally, our presentation of pro-forma financial information may
not be consistent with that of other companies.
We do not evaluate items such as amortization of goodwill and intangible assets,
stock-based compensation, impairment charges, in process research and
development charges, and other non-cash or infrequent or unusual items when
assessing the performance of our ongoing operations or when allocating
resources. We believe that the exclusion of intangible non-cash charges may help
the investor better understand our liquidity position and the use of tangible
resources in our operations and the exclusion of unusual or infrequent items
provides an alternative measure which may help the investor evaluate our
underlying operating performance. Pro-forma information is not, and should not
be considered, a substitute for financial information prepared in accordance
with GAAP.
* For periods in which there is pro-forma net income, weighted average shares
includes weighted average shares outstanding during the period, as well as the
dilutive effect of outstanding stock options as if they had been converted to
shares during the period.
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS - UNAUDITED
(In thousands) Dec. 31, Dec. 31,
2003 2002
Assets
Current assets:
Cash and short-term investments $37,254 $35,833
Accounts receivable, net 12,754 11,589
Inventories, net 10,312 7,301
Prepaid expenses and other current assets 2,703 2,510
Total current assets 63,023 57,233
Property and equipment, net 7,411 6,653
Goodwill and intangible assets, net 16,049 13,021
Other assets 1,259 709
Total assets $87,742 $77,616
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable, debt
and other current liabilities $18,075 $25,313
Deferred margin on sales to distributors 7,274 4,133
Total current liabilities 25,349 29,446
Stockholders' equity 62,393 48,170
Total liabilities and stockholders' equity $87,742 $77,616
DATASOURCE: Silicon Image, Inc.
CONTACT: Robert G. Gargus, Chief Financial Officer, +1-408-616-4114, or
Liz Casolari, Investor Relations, +1-408-616-1543, both of Silicon Image,
Inc., fax, +1-408-830-9531
Web site: http://www.siliconimage.com/