GigOptix Reports Strong First Quarter Fiscal 2012 Financial Results – Tenth Consecutive Quarter of Product Revenue Growth

About GigOptix, Inc.

GigOptix is a leading fabless supplier of semiconductor and optical components that enable high-speed end-to-end information streaming over the network and address emerging high-growth opportunities in the communications, industrial, defense and avionics industries. The Company offers a unique broad portfolio of Drivers, TIAs and TFPSTM optical modulators for 40G and 100G fiber-optic telecommunications and data-communications networks, and high performance MMIC solutions that enable next generation wireless microwave systems up to 90GHz and drivers. GigOptix also offers a wide range of digital and mixed-signal ASIC solutions and enables product lifetime extension through its GigOptix Sunset Rescue Program.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including the bringing of products to market with full documentation. Such statements contain words such as "will," and "expect," or the negative thereof or comparable terminology, and include (without limitation) statements regarding growth, opportunities, continued traction, contracts, and improvement and our statements under the heading "Business Outlook." Forward-looking statements involve certain risks and uncertainties, and actual results may differ materially from those discussed in any such statement. These risks include, but are not limited to: the ability to extend product offerings into new areas or products, unexpected occurrences that deter the full documentation and "bring to market" plan for products that were developed this year and last year, trends and fluctuations in the industry, changes in demand and purchasing volume of customers, unpredictability of suppliers, our ability to attract and retain qualified personnel, the ability to move product sales to production levels, the ability to compete for client design-in opportunities, the ability to cross-sell to new clients and to diversify, the success of product sales in new markets or of recently produced product offerings, including bundled product solutions, the amount of cost savings, the ability to improve productivity, the ability to pursue and attract other M&A opportunities, our ability to enforce intellectual property rights, and the ability to maintain and continue relationships with government agencies. Additional factors that could cause actual results to differ are discussed under the heading "Risk Factors" and in other sections of the company's filings with the SEC, and in the company's other current and periodic reports filed or furnished from time to time with the SEC. All forward-looking statements in this press release are made as of the date hereof, based on information available to the company as of the date hereof, and the company assumes no obligation to update any forward-looking statement.

GIGOPTIX, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
           
Three months ended
April 1,

 

April 3,

 

Revenue   2012  

%

  2011  

%

Product $ 9,151 100 % $ 7,052 92 %
Government contract   -   0 %   610   8 %
Total revenue 9,151 100 % 7,662 100 %
Cost of revenue
Product 4,178 46 % 3,651 48 %
Government contract   -   0 %   180   2 %
Total cost of revenue   4,178   46 %   3,831   50 %
Gross profit   4,973   54 %   3,831   50 %
Research and development expense 3,383 37 % 2,390 31 %
Selling, general and administrative expense 2,807 31 % 2,623 34 %
Restructuring expense 207 2 % - 0 %
Merger-related expense - 0 % 1,107 14 %
Special litigation-related expense 141 2 % - 0 %
Shareholder settlement expense   -   0 %   1,064   14 %
Total operating expenses   6,538   71 %   7,184   94 %
Loss from operations   (1,565 ) -17 %   (3,353 ) -44 %
Interest expense (152 ) -2 % (96 ) -1 %
Other income (expense), net   (15 ) 0 %   12   0 %
Loss before provision for income taxes (1,732 ) -19 % (3,437 ) -45 %
Provision for income taxes   (16 ) 0 %   (5 ) 0 %
Net loss   (1,748 ) -19 %   (3,442 ) -45 %
 
Net loss per share - basic and diluted $ (0.08 ) $ (0.28 )
Weighted average number of shares used in per share
calculations - basic and diluted   21,555     12,255  
GIGOPTIX, INC.
CONSOLIDATED BALANCE SHEETS
(In thousands)
         
April 1, December 31, Net Change
  2012     2011     $   %  
ASSETS
Current assets:
Cash and cash equivalents $ 15,797 $ 15,788 $ 9 0 %
Short-term investments - 400 (400 ) (100 %)
Accounts receivable, net 7,050 5,625 1,425 25 %
Inventories 2,546 2,220 326 15 %
Prepaid and other current assets   432     298     134   45 %
Total current assets 25,825 24,331 1,494 6 %
Property and equipment, net 4,534 4,488 46 1 %
Intangible assets, net 5,028 5,281 (253 ) (5 %)
Goodwill 9,860 9,860 - 0 %
Restricted cash 258 255 3 1 %
Other assets   304     309     (5 ) (2 %)
Total assets $ 45,809   $ 44,524   $ 1,285   3 %
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 3,590 $ 3,183 $ 407 13 %
Accrued compensation 1,506 832 674 81 %
Line of credit 4,710 3,000 1,710 57 %
Other current liabilities   4,370     4,945     (575 ) (12 %)
Total current liabilities 14,176 11,960 2,216 19 %
Pension liabilities 137 65 72 111 %
Other long-term liabilities   959     1,185     (226 ) (19 %)
Total liabilities 15,272 13,210 2,062 16 %
 
Stockholders' Equity
Common stock, $0.001 par value; 50,000,000 shares authorized as of April 1, 2012;
21,587,332 and 21,545,713 issued and outstanding as of April 1, 2012 and
December 31, 2011, respectively.
Common stock, $0.001 par value 22 22 - 0 %
Additional paid-in capital 119,313 118,362 951 1 %
Accumulated deficit (89,241 ) (87,493 ) (1,748 ) 2 %
Accumulated other comprehensive income   443     423     20   5 %
Total stockholders' equity   30,537     31,314     (777 ) (2 %)
Total liabilities and stockholders' equity $ 45,809   $ 44,524   $ 1,285   3 %
 
- -
GIGOPTIX, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL INFORMATION
(In thousands)
(Unaudited)
       
Three months ended,
April 1, April 3,
  2012     2011  
GAAP Total cost of revenue $ 4,178 $ 3,831
Stock based compensation (15 ) (14 )
Amortization of intangible assets   (122 )   (65 )
Non-GAAP Total cost of revenue $ 4,041   $ 3,752  
 
GAAP Gross profit $ 4,973 $ 3,831
Stock based compensation 15 14
Amortization of intangible assets   122     65  
Non-GAAP Gross profit $ 5,110   $ 3,910  
 
 
GAAP - Operating expenses $ 6,538 $ 7,184
Stock based compensation (723 ) (662 )
Amortization of intangible assets (131 ) (98 )
Restructuring expense (207 ) -
Merger-related expense - (1,107 )
Shareholder settlement expense - (1,064 )
Special litigation-related expense   (141 )   -  
Non-GAAP Operating expenses $ 5,336   $ 4,253  
 
GAAP Loss from operations $ (1,565 ) $ (3,353 )
Stock based compensation 738 676
Amortization of intangible assets 253 163
Restructuring expense 207 -
Shareholder settlement expense - 1,064
Merger-related expense - 1,107
Special litigation-related expense   141     -  
Non-GAAP Loss from operations $ (226 ) $ (343 )
 
GAAP - Net loss $ (1,748 ) $ (3,442 )
Stock based compensation 738 676
Amortization of intangible assets 253 163
Restructuring expense 207 -
Shareholder settlement expense - 1,064
Merger-related expense - 1,107
Special litigation-related expense   141     -  
Non-GAAP Net loss $ (409 ) $ (432 )
 
 
Adjusted EBITDA reconciliation:
Loss from operations $ (1,565 ) $ (3,353 )
Restructuring expense 207 -
Shareholder settlement expense - 1,064
Merger-related expense - 1,107
Depreciation and amortization 994 544
Stock based compensation 738 676
Special litigation-related expense   141     -  
Adjusted EBITDA $ 515   $ 38  
 
Weighted average shares outstanding 21,555 12,255
Per share amounts
Non-GAAP $ (0.02 ) $ (0.04 )
Adjusted EBITDA $ 0.02 $ 0.00




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