Pixelworks Reports Third Quarter 2013 Financial Results

* Adjusted EBITDA differs from GAAP net income (loss) due to the exclusion of stock-based compensation expense, additional amortization of a non-cancelable prepaid royalty, interest expense and other, net, income tax provision (benefit) and depreciation and amortization. Pixelworks' management believes the presentation of adjusted EBITDA provides useful information to investors regarding Pixelworks' results of operations by allowing investors to better evaluate underlying cash flow dynamics and core operating results and are used by Pixelworks' management for these purposes. Pixelworks, however, cautions investors to consider these non-GAAP financial measures in addition to, and not as a substitute for, our GAAP financial measures.



(In thousands)
      September 30,


    December 31,


Current assets:
Cash and cash equivalents $ 21,477 $ 13,404
Accounts receivable, net 2,470 3,772
Inventories 2,269 2,702
Prepaid expenses and other current assets   1,270   1,727
Total current assets 27,486 21,605
Property and equipment, net 4,592 6,283
Other assets, net   3,067   1,653
Total assets $ 35,145 $ 29,541
Current liabilities:
Accounts payable $ 2,499 $ 2,224
Accrued liabilities and current portion of long-term liabilities 11,525 8,666
Current portion of income taxes payable   147   207
Total current liabilities 14,171 11,097
Long-term liabilities, net of current portion 1,170 1,445
Income taxes payable, net of current portion   2,152   2,331
Total liabilities 17,493 14,873
Shareholders’ equity   17,652   14,668
Total liabilities and shareholders’ equity $ 35,145 $ 29,541

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