Pixelworks Reports Fourth 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.

 
 
PIXELWORKS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
 
    December 31,

2013

    December 31,

2012

ASSETS
Current assets:
Cash and cash equivalents $ 20,805 $ 13,404
Accounts receivable, net 4,761 3,772
Inventories 1,663 2,702
Prepaid expenses and other current assets   2,858   1,727
Total current assets 30,087 21,605
Property and equipment, net 4,084 6,283
Other assets, net   2,573   1,653
Total assets $ 36,744 $ 29,541
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable $ 1,327 $ 2,224
Accrued liabilities and current portion of long-term liabilities 10,505 8,666
Current portion of income taxes payable 92 207
Short-term line of credit   3,000  
Total current liabilities 14,924 11,097
Long-term liabilities, net of current portion 677 1,445
Income taxes payable, net of current portion   2,201   2,331
Total liabilities 17,802 14,873
Shareholders’ equity   18,942   14,668
Total liabilities and shareholders’ equity $ 36,744 $ 29,541

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