Pixelworks Reports First Quarter 2015 Financial Results

Safe Harbor Statement

This release contains forward-looking statements, including, without limitation, the statements in Bruce Walicek's quote with respect to the Company’s growth opportunities, product shipments, product demand, customer engagements, new product introductions and the Company’s potential and position for the future, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by use of terms such as “begin,” “continue,” “will,” “believe,” and similar terms or the negative of such terms. All statements other than statements of historical fact are forward-looking statements for purposes of this release, including any projections of revenue or other financial items or any statements regarding the plans and objectives of management for future operations. Such statements are based on management's current expectations, estimates and projections about the Company's business. These statements are not guarantees of future performance and involve numerous risks, uncertainties and assumptions that are difficult to predict. Actual results could vary materially from those contained in forward looking statements due to many factors, including, without limitation: our ability to deliver new products in a timely fashion; our new product yield rates; changes in estimated product costs; product mix; supply of products from third-party foundries; failure or difficulty in achieving design wins; timely customer transition to new product designs; competitive factors, such as rival chip architectures, introduction or traction by competing designs, or pricing pressures; risks related to licensing our intellectual property; the success of our products in expanded markets; current global economic challenges; levels of inventory at distributors and customers; changes in the digital display and projection markets; changes in customer ordering patterns or lead times; seasonality in the consumer electronics market; our efforts to achieve profitability from operations; insufficient, excess or obsolete inventory and variations in inventory valuation; the outcome of any litigation related to our intellectual property rights; our limited financial resources and our ability to attract and retain key personnel. More information regarding potential factors that could affect the Company's financial results and could cause actual results to differ materially is included from time to time in the Company's Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2014 as well as subsequent SEC filings.

The forward-looking statements contained in this release speak as of the date of this release, and we do not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.

 
 
PIXELWORKS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share data)
(Unaudited)
 
    Three Months Ended
March 31,     December 31,     March 31,
  2015     2014     2014  
Revenue, net $ 14,392 $ 15,105 $ 13,541
Cost of revenue (1)   7,425     7,546     5,546  
Gross profit 6,967 7,559 7,995
Operating expenses:
Research and development (2) 6,318 6,390 6,385
Selling, general and administrative (3)   3,887     3,776     4,049  
Total operating expenses   10,205     10,166     10,434  
Loss from operations (3,238 ) (2,607 ) (2,439 )
Interest expense and other, net   (107 )   (118 )   (122 )
Loss before income taxes (3,345 ) (2,725 ) (2,561 )
Provision (benefit) for income taxes   19     46     (54 )
Net loss $ (3,364 ) $ (2,771 ) $ (2,507 )
Net loss per share - basic and diluted $ (0.14 ) $ (0.12 ) $ (0.11 )
Weighted average shares outstanding - basic and diluted   23,328     23,175     22,204  

——————

(1) Includes:
Stock-based compensation $ 53 $ 71 $ 89
Additional amortization of non-cancelable prepaid royalty (30 ) 56
(2) Includes stock-based compensation 489 640 826
(3) Includes stock-based compensation 536 690 788
 
 
PIXELWORKS, INC.
RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *
(In thousands, except per share data)
(Unaudited)
 
  Three Months Ended
March 31,     December 31,     March 31,
  2015     2014     2014  
Reconciliation of GAAP and non-GAAP gross profit
GAAP gross profit $ 6,967 $ 7,559 $ 7,995
Stock-based compensation 53 71 89
Additional amortization of non-cancelable prepaid royalty       (30 )   56  
Total reconciling items included in cost of revenue   53     41     145  
Non-GAAP gross profit $ 7,020   $ 7,600   $ 8,140  
Non-GAAP gross profit margin   48.8 %   50.3 %   60.1 %
 
Reconciliation of GAAP and non-GAAP operating expenses
GAAP operating expenses $ 10,205 $ 10,166 $ 10,434
Reconciling item included in research and development:
Stock-based compensation 489 640 826
Reconciling item included in selling, general and administrative:
Stock-based compensation   536     690     788  
Total reconciling items included in operating expenses   1,025     1,330     1,614  
Non-GAAP operating expenses $ 9,180   $ 8,836   $ 8,820  
 
Reconciliation of GAAP and non-GAAP net loss
GAAP net loss $ (3,364 ) $ (2,771 ) $ (2,507 )
Reconciling items included in cost of revenue 53 41 145
Reconciling items included in operating expenses 1,025 1,330 1,614
Tax effect of non-GAAP adjustments   (20 )   (6 )   (38 )
Non-GAAP net loss $ (2,306 ) $ (1,406 ) $ (786 )
Non-GAAP net loss per share - basic and diluted $ (0.10 ) $ (0.06 ) $ (0.04 )
Non-GAAP weighted average shares outstanding - basic and diluted   23,328     23,175     22,204  

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