Silicon Image Announces Third Quarter Fiscal 2014 Earnings

Conference Call

Silicon Image will host an investor conference call today to discuss its third quarter of 2014 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 888-428-9490 or 719-325-2455 and enter pass code 8005803. The webcast and replay will be accessible on Silicon Image's investor relations website at http://www.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call through November 13, 2014. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 8005803.

About Silicon Image, Inc.

Silicon Image (NASDAQ: SIMG) is a leading provider of multimedia connectivity solutions and services for mobile, consumer electronics and PC markets. Silicon Image’s semiconductor and intellectual property products feature wireless and wired technologies that deliver connectivity across a wide array of devices in the home, office and on the go. Silicon Image has driven the creation of the industry standards HDMI®, DVI™, MHL® and WirelessHD®, and offers manufacturers comprehensive standards interoperability and compliance testing services via its wholly-owned subsidiary, Simplay Labs. For more information, visit http://www.siliconimage.com/.

Silicon Image and the Silicon Image logo are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and/or other countries. All other trademarks and registered trademarks are the property of their respective owners in the United States and/or other countries.

Forward-Looking Statements

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   Nine Months Ended

September 30,

  June 30,   September 30,

September 30,

  September 30,

2014

  2014   2013

2014

  2013
Revenue:
Product $ 56,003 $ 50,938 $ 66,337 $ 153,707 $ 180,359
Licensing   14,325       8,598     12,974   37,718       34,670  

Total revenue

  70,328       59,536     79,311   191,425       215,029  
Cost of revenue and operating expenses:
Cost of product revenue (1)(2) 27,760 24,814 33,222 77,369 90,043
Cost of licensing revenue 10 - 185 30 614
Research and development (3) 17,772 17,416 18,424 52,145 57,207
Selling, general and administrative (4) 15,101 15,166 16,191 47,132 48,690
Amortization and impairment of acquisition-related intangible assets 1,168 510 405 1,886 886
Restructuring expense (recoveries) (5)   (463 )     113     483   (221 )     476  

Total cost of revenue and operating expenses

  61,348       58,019     68,910   178,341       197,916  
Income from operations 8,980 1,517 10,401 13,084 17,113
Gain from sale of a privately held company investment 4,071 - - 4,071 -
Proceeds from a legal settlement - - - - 1,275
Other than temporary impairment of a privately held company investment - - - - (1,500 )
Interest income and other, net   260       1,043     168   1,321       1,059  
Income before provision for income taxes and equity in net loss of an unconsolidated affiliate 13,311 2,560 10,569 18,476 17,947
Income tax expense 3,013 1,487 1,488 7,054 5,118
Equity in net loss of an unconsolidated affiliate   -     -   116   150     375  
Net income $ 10,298     $ 1,073   $ 8,965 $ 11,272     $ 12,454  
 
Net income per share – basic $ 0.13 $ 0.01 $ 0.12 $ 0.14 $ 0.16
Net income per share – diluted $ 0.13 $ 0.01 $ 0.11 $ 0.14 $ 0.16
Weighted average shares – basic 78,297 78,150 77,530 78,103 77,399
Weighted average shares – diluted 79,670 79,988 78,995 79,996 78,783
 
(1) Includes amortization of acquisition-related intangible assets $ 225 $ 225 $ 250 $ 675 $ 500
(2) Includes stock-based compensation expense $ 154 $ 148 $ 163 $ 475 $ 451
(3) Includes stock-based compensation expense $ 845 $ 792 $ 879 $ 2,550 $ 2,724
(4) Includes stock-based compensation expense $ 1,355 $ 1,344 $ 1,440 $ 4,650 $ 4,649
(5) Includes stock-based compensation expense $ 52 $ 44 $ - $ 126 $ -
 
 
SILICON IMAGE, INC.
GAAP NET INCOME TO NON-GAAP NET INCOME RECONCILIATION
(In thousands, except per share amounts)
Unaudited
 
 
  Three Months Ended   Nine Months Ended
September 30,   June 30,   September 30, September 30,   September 30,
2014   2014   2013 2014   2013
GAAP net income $ 10,298 $ 1,073 $ 8,965 $ 11,272 $ 12,454
Non-GAAP adjustments:
Stock-based compensation expense (1) 2,406 2,328 2,482 7,801 7,824
Amortization of intangible assets (2) 917 735 480 2,085 1,461
Amortization of intangible assets of an unconsolidated affiliate (2) - - 52 40 128
Strategic initiative and acquisition related expenses (2) - 138 - 138 -
Gain from business acquisition (2) - (361 ) - (361 ) -
Gain from sale of a privately held company investment (2) (4,071 ) - - (4,071 ) -
Other than temporary impairment of a privately held company investment (3) - - - - 1,500
Other income from prepaid royalty settlement (3) - (639 ) - (639 ) -
Proceeds from a legal settlement (3) - - - - (1,275 )
Recovery related to previously written-down inventory (3) - - (960 ) - (960 )
Restructuring expense (recoveries) (3) (515 ) 69 483 (347 ) 476
Impairment of intangible assets (3)   476       -       175     476       175  
Non-GAAP net income before tax adjustments 9,511 3,343 11,677 16,394 21,783
Tax adjustments (4)   (744 )     38       (2,462 )   20       (2,953 )
Non-GAAP net income $ 8,767     $ 3,381     $ 9,215   $ 16,414     $ 18,830  
 
Non-GAAP net income per share — basic $ 0.11 $ 0.04 $ 0.12 $ 0.21 $ 0.24
Non-GAAP net income per share — diluted $ 0.11 $ 0.04 $ 0.12 $ 0.21 $ 0.24
Weighted average shares — basic 78,297 78,150 77,530 78,103 77,399
Weighted average shares — diluted 79,670 79,988 78,995 79,996 78,783
 
Stock-based compensation expense is composed of the following:
Cost of revenue $ 154 $ 148 $ 163 $ 475 $ 451
Research and development 845 792 879 2,550 2,724
Selling, general and administrative 1,355 1,344 1,440 4,650 4,649
Restructuring expense   52       44       -     126       -  

Total

$ 2,406     $ 2,328     $ 2,482   $ 7,801     $ 7,824  
 

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