Silicon Labs Announces First Quarter 2014 Results

Forward-Looking Statements

This press release contains forward-looking statements based on Silicon Labs' current expectations. The words "believe," "estimate," "expect," "intend," "anticipate," "plan," "project," "will" and similar phrases as they relate to Silicon Labs are intended to identify such forward-looking statements. These forward-looking statements reflect the current views and assumptions of Silicon Labs and are subject to various risks and uncertainties that could cause actual results to differ materially from expectations. Among the factors that could cause actual results to differ materially from those in the forward-looking statements are the following: risks that Silicon Labs may not be able to maintain its historical growth; quarterly fluctuations in revenues and operating results; difficulties developing new products that achieve market acceptance; dependence on a limited number of products and customers; intellectual property litigation risks; risks associated with acquisitions and divestitures; product liability risks; difficulties managing our distributors, manufacturers and subcontractors; inventory-related risks; difficulties managing international activities; risks that Silicon Labs may not be able to manage strains associated with its growth; credit risks associated with our accounts receivable; dependence on key personnel; stock price volatility; geographic concentration of manufacturers, assemblers, test service providers and customers in Asia that subjects Silicon Labs' business and results of operations to risks of natural disasters, epidemics, war and political unrest; debt-related risks; capital-raising risks; the competitive and cyclical nature of the semiconductor industry; average selling prices of products may decrease significantly and rapidly; information technology risks; conflict mineral risks and other factors that are detailed in the SEC filings of Silicon Laboratories Inc. Silicon Labs disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. References in this press release to Silicon Labs shall mean Silicon Laboratories Inc.

Note to editors: Silicon Laboratories, Silicon Labs, the Silicon Labs logo, Simplicity Studio and Ember are trademarks of Silicon Laboratories Inc. All other product names noted herein may be trademarks of their respective holders.

   
 
Silicon Laboratories Inc.
Condensed Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
 
Three Months Ended

March 29,
2014

 

March 30,
2013

Revenues $ 145,691 $ 145,375
Cost of revenues   58,586     58,003  
Gross margin 87,105 87,372
Operating expenses:
Research and development 42,485 37,582
Selling, general and administrative   34,611     29,153  
Operating expenses   77,096     66,735  
Operating income 10,009 20,637
Other income (expense):
Interest income 302 335
Interest expense (798 ) (842 )
Other income (expense), net   67     (52 )
Income before income taxes 9,580 20,078
Provision for income taxes   1,470     44  
 

Net income

$ 8,110   $ 20,034  
 
Earnings per share:
Basic $ 0.19 $ 0.47
Diluted $ 0.18 $ 0.46
 
Weighted-average common shares outstanding:
Basic 43,081 42,186
Diluted 44,056 43,110
 
 
Unaudited Reconciliation of GAAP to Non-GAAP Financial Measures
(In thousands, except per share data)
   

Non-GAAP Income
Statement Items

Three Months Ended
March 29, 2014

GAAP
Measure

 

GAAP
Percent of
Revenue

 

Stock
Compensation
Expense

 

Intangible
Asset
Amortization

 

Termination
Costs

 

Acquisition
Related
Items

 

Non-GAAP
Measure

 

Non-
GAAP
Percent of
Revenue

Revenues $ 145,691
 
Gross margin 87,105 59.8 % $ 195 $ 390 $ -- $ -- $ 87,690 60.2 %
 
Research and

development

42,485 29.2 % 4,241 3,247 -- --

34,997

24.0 %
 
Selling, general and

administrative

34,611

23.7

%

4,841 729 (267 )

816

28,492

19.6 %
 
Operating income 10,009 6.9 % 9,277 4,366 (267 ) 816 24,201 16.6 %
 
                               
Non-GAAP Diluted

Earnings Per Share

Three Months Ended
March 29, 2014

GAAP
Measure

Stock
Compensation
Expense

Intangible
Asset
Amortization

Termination
Costs

Acquisition
Related
Items

Release of
Unrecognized
Tax Benefits

Non-
GAAP
Measure

Net income $ 8,110 $ 7,966 $ 3,019 $ (199 ) $ 816 $ (1,292 ) $ 18,420

 

 

 

Diluted shares outstanding

 

44,056 -- -- -- -- -- 44,056
 
Diluted earnings per share $ 0.18 $ 0.42
 
 

Unaudited Forward-Looking Statements Regarding Business Outlook

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