Silicon Image Announces Fourth Quarter and Full Year Fiscal 2014 Earnings Results

SUNNYVALE, Calif. — (BUSINESS WIRE) — February 5, 2015Silicon Image, Inc. (NASDAQ: SIMG), a leading provider of multimedia connectivity solutions and services, today reported financial results for its fourth quarter and full year 2014.

Revenue for the fourth quarter of 2014, ended December 31, 2014, was $66.6 million, compared with $70.3 million in the third quarter of 2014 and $61.4 million in the fourth quarter of 2013. Full year 2014 revenue was $258.1 million compared to $276.4 million for full year 2013.

GAAP net income for the fourth quarter of 2014 was $30.8 million, or $0.39 per diluted share, compared with a GAAP net income of $10.3 million, or $0.13 per diluted share, for the third quarter of 2014 and a GAAP net loss of $1.0 million, or ($0.01) per diluted share, for the fourth quarter of 2013. Full year 2014 GAAP net income was $42.1 million or $0.53 per diluted share compared to $11.5 million or $0.15 per diluted share for full year 2013.

During the fourth quarter of 2014, we concluded that the valuation allowance for certain of our U.S. federal and state deferred tax assets, with the exception of the deferred tax assets related to R&D credits and foreign tax credits, as well as our California deferred tax assets, is no longer required. Accordingly, we recognized a non-recurring, non-cash tax benefit of $30.1 million related to the valuation allowance reversal.

Non-GAAP net income for the fourth quarter of 2014 was $6.9 million, or $0.09 per diluted share, compared with a non-GAAP net income of $8.8 million, or $0.11 per diluted share, for the third quarter of 2014, and a non-GAAP net income of $4.1 million, or $0.05 per diluted share, for the fourth quarter of 2013. Full year 2014 non-GAAP net income was $23.3 million or $0.29 per diluted share compared to $22.9 million or $0.29 per diluted share for full year 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, gain from sale of a privately held company investment, restructuring expense, other than temporary impairment of a privately-held company investment, impairment of intangible assets, recovery related to previously written-down inventory, proceeds from a legal settlement, other income from prepaid royalty settlement and non-cash tax benefit related to the valuation allowance reversal.

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

Lattice Semiconductor Tender Offer

On January 26, 2015, we signed a definitive agreement, pursuant to which Lattice Semiconductor Corporation (NASDAQ: LSCC) will acquire Silicon Image in an all-cash tender offer of $7.30 per share. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close by the end of March 2015. Closing of the tender offer is subject to customary closing conditions, including the expiration or termination of the applicable waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and there being validly tendered and not withdrawn a number of shares of Silicon Image common stock equal to at least a majority of the total outstanding shares of Silicon Image common stock.

First Quarter 2015 Outlook and Conference Call

Due to the pending acquisition of Silicon Image by Lattice Semiconductor Corporation, Silicon Image will not provide guidance for the first quarter 2015 and has canceled its customary earnings conference call.

Use of Non-GAAP Financial Information

Silicon Image presents and discusses gross margin, operating expenses, net income (loss) and basic and diluted net income (loss) 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 stock-based compensation expense, amortization of intangible assets, business acquisition related expenses, gain from business acquisition, gain from sale of a privately held company investment, restructuring expense, other than temporary impairment of a privately held company investment, impairment of intangible assets, recovery related to previously written-down inventory, proceeds from a legal settlement, other income from prepaid royalty settlement and non-cash tax benefit related to the valuation allowance reversal which do not reflect the cash operating results of the business. Silicon Image also excludes certain items that are unusual and one-time events such as business acquisition related expenses, gain from sale of a privately held company investment and proceeds from a legal settlement. 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.

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