Silicon Image Announces Second Quarter Fiscal 2014 Earnings

This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's future operating results, including revenue, gross margin, operating expenses, tax rates, company growth, progress and stock repurchases. These forward-looking statements involve risks and uncertainties, including the risks of uncertain economic conditions, competition in our markets, Silicon Image's ability to deliver financial performance in-line with its stated goals and other risks and uncertainties described from time to time in Silicon Image's filings with the U.S. Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K and 10-Q filed by Silicon Image with the SEC. These forward-looking statements are made on the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.

                             
SILICON IMAGE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Unaudited
 
 
Three Months Ended Six Months Ended

June 30,
2014

     

March 31,
2014

     

June 30,
2013

 

 

June 30,
2014

     

June 30,
2013

Revenue:
Product $ 50,938 $ 46,766 $ 63,681 $ 97,704 $ 114,022
Licensing   8,598         14,795           9,998     23,393         21,696  
Total revenue   59,536      

 

61,561           73,679     121,097         135,718  
Cost of revenue and operating expenses:
Cost of product revenue (1)(2) 24,814 24,795 31,023 49,609 56,821
Cost of licensing revenue - 20 162 20 429
Research and development (3) 17,416 16,957 20,225 34,373 38,783
Selling, general and administrative (4) 15,166 16,865 16,097 32,031 32,499
Amortization of acquisition-related intangible assets 510 208 230 718 481

Restructuring expense (recoveries) (5)

  113         129           -     242         (7 )
Total cost of revenue and operating expenses   58,019         58,974           67,737     116,993         129,006  
Income from operations 1,517 2,587 5,942 4,104 6,712
Proceeds from legal settlement - - 1,275 - 1,275
Other than temporary impairment of a privately held company investment - - (1,500 ) - (1,500 )
Interest income and other, net   1,043         18           500     1,061         891  
Income before provision for income taxes and equity in net loss of an unconsolidated affiliate 2,560 2,605 6,217 5,165 7,378
Income tax expense 1,487 2,554 1,888 4,041 3,630
Equity in net loss of an unconsolidated affiliate   -         150           136     150         259  
Net income (loss) $ 1,073       $ (99 )       $ 4,193   $ 974       $ 3,489  
 
Net income (loss) per share – basic $ 0.01 $ (0.00 ) $ 0.05 $ 0.01 $ 0.05
Net income (loss) per share – diluted $ 0.01 $ (0.00 ) $ 0.05 $ 0.01 $ 0.04
Weighted average shares – basic 78,150 77,858 77,245 78,261 76,934
Weighted average shares – diluted 79,988 77,858 78,713 80,367 78,353
 
(1) Includes amortization of acquisition-related intangible assets $ 225 $ 225 $ 250 $ 450 $ 500
(2) Includes stock-based compensation expense $ 148 $ 173 $ 153 $ 321 $ 288
(3) Includes stock-based compensation expense $ 792 $ 913 $ 827 $ 1,705 $ 1,845
(4) Includes stock-based compensation expense $ 1,344 $ 1,951 $ 1,438 $ 3,295 $ 3,209
(5) Includes stock-based compensation expense $ 44 $ 30 $ - $ 74 $ -
 
                         
SILICON IMAGE, INC.
GAAP NET INCOME (LOSS) TO NON-GAAP NET INCOME RECONCILIATION
(In thousands, except per share amounts)
Unaudited
 
 
Three Months Ended Six Months Ended

June 30,
2014

   

March 31,
2014

   

June 30,
2013

 

June 30,
2014

   

June 30,
2013

GAAP net income (loss) $ 1,073 $ (99 ) $ 4,193 $ 974 $ 3,489
Non-GAAP adjustments:
Stock-based compensation expense (1) 2,328 3,067 2,418 5,395 5,342
Amortization of intangible assets (2) 735 433 480 1,168 981
Amortization of intangible assets of an unconsolidated affiliate (2) - 40 41 40 76
Strategic initiative and acquisition related expenses (2) 138 - - 138 -
Gain from business acquisition (2) (361 ) - - (361 ) -

Restructuring expense (recoveries) (3)

69 99 - 168 (7 )
Other than temporary impairment of a privately held company investment (3) - - 1,500 - 1,500
Other income from prepaid royalty settlement (3) (639 ) - - (639 ) -
Proceeds from legal settlement (3)   -         -         (1,275 )   -         (1,275 )
Non-GAAP net income before tax adjustments 3,343 3,540 7,357 6,883 10,106
Tax adjustments (4)   38         726         (886 )   764         (491 )
Non-GAAP net income $ 3,381       $ 4,266       $ 6,472   $ 7,647       $ 9,615  
 
Non-GAAP net income per share — basic $ 0.04 $ 0.05 $ 0.08 $ 0.10 $ 0.12
Non-GAAP net income per share — diluted $ 0.04 $ 0.05 $ 0.08 $ 0.10 $ 0.12
Weighted average shares — basic 78,150 77,858 77,245 78,261 76,934
Weighted average shares — diluted 79,988 80,100 78,713 80,367 78,353
 
Stock-based compensation expense is composed of the following:
Cost of revenue $ 148 $ 173 $ 153 $ 321 $ 288
Research and development 792 913 827 1,705 1,845
Selling, general and administrative 1,344 1,951 1,438 3,295 3,209
Restructuring expense   44         30         -       74         -  
Total $ 2,328       $ 3,067       $ 2,418   $ 5,395       $ 5,342  
 

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