Silicon Image Announces Second Quarter Fiscal 2014 Earnings

SUNNYVALE, Calif. — (BUSINESS WIRE) — July 30, 2014Silicon Image, Inc. (NASDAQ: SIMG), a leading provider of multimedia connectivity solutions and services, today reported financial results for its second quarter ended June 30, 2014.

Revenue for the second quarter of 2014 was $59.5 million, compared with $61.6 million in the first quarter of 2014 and $73.7 million in the second quarter of 2013. As previously disclosed, revenue for the second quarter excludes HDMI royalties, the recognition of which have been deferred.

“We saw additional growth in our CE business with first half 2014 performance up 38 percent over the same period last year,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “Strength in our CE business partially offset the headwinds in our mobile business. We are also pleased with the increased momentum and market acceptance of the worldwide standards in which we participate. In particular, this quarter, the MHL ecosystem showed continued growth with tier one manufacturers shipping MHL 3.0-enabled TVs and the addition of another 4K Ultra HD MHL 3.0 phone.”

GAAP net income for the second quarter of 2014 was $1.1 million, or $0.01 per diluted share, compared with a GAAP net loss of $0.1 million, or $0.00 per share, for the first quarter of 2014 and a GAAP net income of $4.2 million, or $0.05 per diluted share, for the second quarter of 2013.

Non-GAAP net income for the second quarter of 2014 was $3.4 million, or $0.04 per diluted share, compared with a non-GAAP net income of $4.3 million, or $0.05 per diluted share, for the first quarter of 2014, and a non-GAAP net income of $6.5 million, or $0.08 per diluted share, for the second quarter of 2013. Non-GAAP net income for these periods excludes stock-based compensation expense, amortization of intangible assets, business acquisition related expenses, gain from business acquisition, other than temporary impairment of a privately held company investment, other income from prepaid royalty settlement, proceeds from legal settlement and restructuring charges.

A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.

The following are Silicon Image’s financial performance estimates for the third quarter of 2014, which exclude deferred HDMI royalties for the three quarters ended September 30, 2014:

     

Revenue:

$70 million to $75 million
Gross Margin: approximately 58%
GAAP operating expenses: approximately $38 million
Non-GAAP operating expenses: approximately $34 million
Diluted shares outstanding: approximately 80.9 million
Non-GAAP tax rate: approximately 30% of non-GAAP pre-tax income
 

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