Sigma Designs, Inc. Reports Financial Results for the Fourth Quarter and Fiscal Year 2015

About Sigma Designs, Inc.

Sigma Designs, Inc. (NASDAQ: SIGM) is a world leader in enabling smart home convergence. The company designs and builds the essential semiconductor technologies that serve as the foundation for the world's leading IPTV set-top boxes, Smart TV, connected media players, Internet of Things (IoT) for smart home devices and residential gateways and whole home media connectivity. For more information about Sigma Designs, please visit www.sigmadesigns.com.

                                                                            
                             SIGMA DESIGNS, INC.                            
               UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS              
                                   (GAAP)                                   
                                                                            
                               (In thousands)                               
                                                                            
                                                    January 31,  February 1,
                                                        2015         2014   
                                                    -----------  -----------
Assets                                                                      
                                                                            
Current Assets:                                                             
    Cash and cash equivalents                       $    83,502  $    64,326
    Short-term marketable securities                      6,347        7,791
    Restricted cash                                         400        1,775
    Accounts receivable, net                             26,415       27,647
    Inventory                                            20,445       20,403
    Deferred tax assets                                   3,319        4,144
    Prepaid expenses and other current assets             8,805        8,069
                                                    -----------  -----------
      Total current assets                              149,233      134,155
                                                                            
Long-term marketable securities                           4,249       15,505
Software, equipment and leasehold improvements,                             
 net                                                                                          21,594              27,089
Intangible  assets,  net                                                                      24,642              29,780
Deferred  tax  assets,  net  of  current  portion                                  687                    439
Long-term  investments  and  notes  receivable,  net  of                                                    
  current  portion                                                                                    3,267                3,873
Other  non-current  assets                                                                    1,661                4,934
                                                                                                        -----------    -----------
                                                                                                                                                        
            Total  assets                                                                    $      205,333    $      215,775
                                                                                                        ===========    ===========
                                                                                                                                                        
Liabilities  and  Shareholders'  Equity                                                                                
                                                                                                                                                        
Current  Liabilities:                                                                                                                
    Accounts  payable                                                                    $        21,207    $        16,184
    Accrued  compensation  and  related  benefits                              6,806                6,288
    Accrued  liabilities                                                                        22,894              19,813
                                                                                                        -----------    -----------
        Total  current  liabilities                                                        50,907              42,285
                                                                                                                                                        
    Other  long-term  liabilities                                                        11,136              15,099
                                                                                                        -----------    -----------
        Total  liabilities                                                                        62,043              57,384
                                                                                                                                                        
Shareholders'  equity                                                                        143,290            158,391
                                                                                                        -----------    -----------
                                                                                                                                                        
            Total  liabilities  and  shareholders'  equity        $      205,333    $      215,775
                                                                                                        ===========    ===========
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                        SIGMA  DESIGNS,  INC.                                                          
                  UNAUDITED  CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS                    
                                                                      (GAAP)                                                                      
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                          Three  months  ended                    Fiscal  Year  Ended    
                                            -------------------------------    --------------------  
                                              January        November      February      January        February  
                                              31,  2015      1,  2014        1,  2014        31,  2015      1,  2014    
                                            ---------    ---------    ---------    ---------    ---------  
                                                                                                                                                        
Net  revenue                      $    54,846    $    53,784    $    38,497    $  188,313    $  199,193  
Cost  of  revenue                    28,126          27,272          16,451          92,967          91,052  
                                            ---------    ---------    ---------    ---------    ---------  
Gross  profit                          26,720          26,512          22,046          95,346        108,141  
Gross  margin  percent              48.7%            49.3%            57.3%            50.6%            54.3%
                                                                                                                                                        
Operating  expenses:                                                                                                                  
    Research  and                                                                                                                            
      development                      17,324          16,603          16,634          67,482          73,162  
    Sales  and  marketing          5,806            5,559            4,820          22,290          21,637  
    General  and                                                                                                                              
      administrative                  5,247            4,808            4,729          19,641          19,640  
    Restructuring                                                                                                                          
      charges                                      (3)              (18)              267                999            2,261  
    Impairment  of  IP,                                                                                                                  
      mask  sets  and                                                                                                                        
      design  tools                          689                856                675            2,811            1,013  
                                            ---------    ---------    ---------    ---------    ---------  
        Total  operating                                                                                                                  
          expenses                        29,063          27,808          27,125        113,223        117,713  
                                                                                                                                                        
Loss  from  operations          (2,343)        (1,296)        (5,079)      (17,877)        (9,572)
Gain  on  sale  of                                                                                                                          
  development  project                    -                    -                    -                    -            1,079  
Interest  and  other                                                                                                                    
  income  (expense),                                                                                                                    
  net                                                661                188              (164)          1,169                394  
                                            ---------    ---------    ---------    ---------    ---------  
                                                                                                                                                        
Loss  before  income                                                                                                                    
  taxes                                      (1,682)        (1,108)        (5,243)      (16,708)        (8,099)
Provision  for                                                                                                                              
  (benefit  from)                                                                                                                          
  income  taxes                          1,928              (551)        (6,496)          4,993            2,950  
                                            ---------    ---------    ---------    ---------    ---------  
                                                                                                                                                        
Net  income  (loss)          $    (3,610)  $        (557)  $      1,253    $  (21,701)  $  (11,049)
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Net  income  (loss)  per                                                                                                              
  share:                                                                                                                                          
    Basic                              $      (0.10)  $      (0.02)  $        0.04    $      (0.63)  $      (0.32)
    Diluted                          $      (0.10)  $      (0.02)  $        0.04    $      (0.63)  $      (0.32)
Shares  used  in                                                                                                                            
  computing  net  income                                                                                                              
  (loss)  per  share:                                                                                                                    
    Basic                                    35,036          34,790          34,421          34,693          34,206  
    Diluted                                35,036          34,790          34,502          34,693          34,206  
                                                                                                                                                        
                                                                                                                                                        
                                                                                                                                                        
                                                        SIGMA  DESIGNS,  INC.                                                          
      RECONCILIATION  OF  GAAP  NET  INCOME  (LOSS)  TO  NON-GAAP  NET  INCOME  (LOSS)      
                                                                (Unaudited)                                                                  
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                          Three  months  ended                    Fiscal  year  ended    
                                            -------------------------------    --------------------  
                                              January        November      February      January        February  
                                              31,  2015      1,  2014        1,  2014        31,  2015      1,  2014    
                                            ---------    ---------    ---------    ---------    ---------  
                                                                                                                                                        
Net  Revenue                      $    54,846    $    53,784    $    38,497    $  188,313    $  199,193  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
GAAP  net  income                                                                                                                          
  (loss)                              $    (3,610)  $        (557)  $      1,253    $  (21,701)  $  (11,049)
                                                                                                                                                        
GAAP  Gross  Profit          $    26,720    $    26,512    $    22,046    $    95,346    $  108,141  
                                                                                                                                                        
Items  reconciling                                                                                                                      
  GAAP  Gross  Profit  to                                                                                                              
  Non-GAAP  Gross                                                                                                                          
  Profit:                                                                                                                                        
COST  OF  REVENUE                                                                                                                          
        Stock  based                                                                                                                          
          compensation                                                                                                                      
          expense                                (39)              (49)              (53)            (189)            (266)
        Amortization  of                                                                                                                  
          acquired                                                                                                                              
          intangibles                  (1,062)        (1,062)        (1,403)        (4,281)        (5,644)
        Restructuring                                                                                                                      
          charges                                (15)                  -                (12)              (66)              (45)
        Mark-up  on                                                                                                                            
          inventory                                                                                                                            
          acquired  in                                                                                                                        
          business                                                                                                                              
          combinations                                                                                                                      
          sold  during  the                                                                                                                
          period                                      -                    -                    -                    -              (436)
                                            ---------    ---------    ---------    ---------    ---------  
        Non-GAAP  Gross                                                                                                                    
          Profit                            27,836          27,623          23,514          99,882        114,532  
        Non-GAAP  Gross                                                                                                                    
          Margin  %                            50.8%            51.4%            61.1%            53.0%            57.5%
                                                                                                                                                        
OPERATING  EXPENSES                                                                                                                    
Items  reconciling                                                                                                                      
  GAAP  Operating  Exp                                                                                                                  
  to  Non-GAAP                                                                                                                                
  Operating  Exp:                                                                                                                          
        Stock  based                                                                                                                          
          compensation                                                                                                                      
          expense                          (1,662)        (1,654)        (1,374)        (6,089)        (6,548)
        Amortization  of                                                                                                                  
          acquired                                                                                                                              
          intangibles                      (346)            (345)            (369)        (1,383)        (1,508)
        Impairment  of  IP,                                                                                                              
          mask  sets  and                                                                                                                    
          design  tools                    (689)            (856)            (675)        (2,811)        (1,424)
        Settlement                                                                                                                            
          expenses                                  -                    -                    -              (107)            (100)
        Facility  exit                                                                                                                      
          legal  expense                  (258)            (133)              (91)            (614)            (387)
        Restructuring                                                                                                                      
          charges                                    3                  18              (267)            (999)        (2,261)
        Gain  on  sale  of                                                                                                                  
          development                                                                                                                        
          project                                    -                    -                    -                    -            1,079  
        Gain  on  sales                                                                                                                      
          (impairment)  of                                                                                                                
          privately  held                                                                                                                  
          instruments,  net                (4)                  3              (270)            (602)            (433)
        Income  tax                                                                                                                            
          adjustments                  (1,016)          2,055          10,292              (495)          5,826  
                                            ---------    ---------    ---------    ---------    ---------  
Total  GAAP  to  Non-                                                                                                                    
  GAAP  Adjustments                (3,972)            (912)          7,246        (13,100)        (5,756)
                                                                                                                                                        
Non-GAAP  net  income                                                                                                                  
  (loss)                              $      1,478    $      1,466    $    (4,525)  $    (4,065)  $      1,098  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Diluted  Non-GAAP  net                                                                                                                
  income  (loss)  per                                                                                                                    
  share                                $        0.04    $        0.04    $      (0.13)  $      (0.12)  $        0.03  
                                            =========    =========    =========    =========    =========  
                                                                                                                                                        
Shares  used  in                                                                                                                            
  calculating  diluted                                                                                                                
  Non-GAAP  net  income                                                                                                                
  (loss)  per  share:              35,036          34,790          34,502          34,693          34,206  
                                                                                                                                                        
                                                                                                                                                        
 




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