Sigma Designs, Inc. Reports First Quarter Fiscal Year 2017 Financial Results

Sigma Designs is a registered trademark of Sigma Designs, Inc. in the United States and other countries.

About Sigma Designs, Inc.

Sigma Designs, Inc. (NASDAQ: SIGM) designs and builds the essential semiconductor technologies that serve as the foundation for the world's leading Connected Smart TV platforms and the IoT Devices. For more information about Sigma Designs, please visit www.sigmadesigns.com.

                                                                            
                            SIGMA DESIGNS, INC.                             
              UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS               
                                   (GAAP)                                   
                               (In thousands)                               
                                                  April 30,     January 30, 
                                                     2016          2016     
                                                 ------------  -------------
Assets                                                                      
                                                                            
Current Assets:                                                             
  Cash and cash equivalents                      $     56,328  $      63,790
  Short-term marketable securities                      6,840          4,805
  Restricted cash                                         823            900
  Accounts receivable, net                             38,205         30,362
  Inventory                                            24,308         26,709
  Prepaid expenses and other current assets            15,608         14,085
                                                 ------------  -------------
    Total current assets                              142,112        140,651
                                                                            
Long-term marketable securities                         1,502          3,527
Software, equipment and leasehold improvements,                             
 net                                                   11,520         14,086
Goodwill                                               11,068         11,068
Intangible assets, net                                 34,754         37,050
Deferred tax assets                                       902            911
Long-term investments, net of current portion           2,586                 2,884
Other  non-current  assets                                                                6,524                    6,492
                                                                                                  ------------    -------------
                                                                                                                                                        
        Total  assets                                                                  $        210,968    $          216,669
                                                                                                  ============    =============
                                                                                                                                                        
Liabilities  and  Shareholders'  Equity                                                                                
                                                                                                                                                        
Current  Liabilities:                                                                                                                
    Accounts  payable                                                              $          23,552    $            26,181
    Accrued  compensation  and  related  benefits                          8,648                    7,360
    Accrued  liabilities                                                                    15,558                  14,632
                                                                                                  ------------    -------------
        Total  current  liabilities                                                    47,758                  48,173
                                                                                                                                                        
    Other  long-term  liabilities                                                    16,138                  15,691
                                                                                                  ------------    -------------
        Total  liabilities                                                                    63,896                  63,864
                                                                                                                                                        
Shareholders'  equity                                                                    147,072                152,805
                                                                                                  ------------    -------------
                                                                                                                                                        
        Total  liabilities  and  shareholders'  equity      $        210,968    $          216,669
                                                                                                  ============    =============
 
 
                                                                                                                                                        
                                                                                                                                                        
                                                        SIGMA  DESIGNS,  INC.                                                          
                  UNAUDITED  CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS                    
                                                                    (GAAP)                                                                        
                                      (In  thousands,  except  per  share  data)                                        
                                                                                                                                                        
                                                                                              Three  months  ended                      
                                                                            --------------------------------------
                                                                              April  30,      January  30,                            
                                                                                  2016                  2016            May  2,  2015  
                                                                            ------------  ------------  ------------
Net  revenue                                                      $        53,775    $        51,450    $        55,912  
Cost  of  revenue                                                        29,774              26,949              26,564  
                                                                            ------------  ------------  ------------
Gross  profit                                                              24,001              24,501              29,348  
Gross  margin  percent                                                  44.6%                47.6%                52.5%
                                                                                                                                                        
Operating  expenses:                                                                                                                  
    Research  and  development                                  19,155              19,030              16,313  
    Sales  and  marketing                                              5,723                5,937                5,811  
    General  and  administrative                                5,138                4,771                5,772  
    Restructuring  costs                                                      -                        -                        9  
    Impairment  of  IP,  mask  sets  and                                                                                      
      design  tools                                                                  -                        -                      33  
                                                                            ------------  ------------  ------------
        Total  operating  expenses                              30,016              29,738              27,938  
                                                                                                                                                        
Income  (loss)  from  operations                            (6,015)            (5,237)              1,410  
Interest  and  other  income  (expenses),                                                                              
  net                                                                                  (751)                  132                    671  
                                                                            ------------  ------------  ------------
                                                                                                                                                        
Income  (loss)  before  income  taxes                    (6,766)            (5,105)              2,081  
Provision  for  income  taxes                                    1,332                1,086                2,463  
                                                                            ------------  ------------  ------------
                                                                                                                                                        
Net  loss                                                            $        (8,098)  $        (6,191)  $            (382)
                                                                            ============  ============  ============
                                                                                                                                                        
Net  loss  per  share:                                                                                                                  
    Basic                                                              $          (0.22)  $          (0.17)  $          (0.01)
    Diluted                                                          $          (0.22)  $          (0.17)  $          (0.01)
Shares  used  in  computing  net  income                                                                                  
  (loss)  per  share:                                                                                                                    
    Basic                                                                        36,872              36,568              35,395  
    Diluted                                                                    36,872              36,568              35,395  
                                                                            $              580    $          4,687    $          1,478  
                                                                            ============  ============  ============
 
 
                                                                                                                                                        
                                                                                                                                                        
                                                        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                      
                                                                            --------------------------------------
                                                                              April  30,      January  30,        May  2,        
                                                                                  2016                  2016                  2015          
                                                                            ------------  ------------  ------------
GAAP  Net  Revenue                                            $        53,775    $        51,450    $        55,912  
Items  reconciling  GAAP  Revenue  to                                                                                      
  Non-GAAP:                                                                                                                                    
    Reversal  of  rebate                                                        -                        -                  (806)
                                                                            ------------  ------------  ------------
    GAAP  to  Non-GAAP  adjustments                                    -                        -                  (806)
    Non-GAAP  Net  Revenue                                $        53,775    $        51,450    $        55,106  
                                                                                                                                                        
GAAP  Cost  of  Revenue                                    $        29,774    $        26,949    $        26,564  
Items  reconciling  GAAP  Cost  of                                                                                            
  Revenue  to  Non-GAAP:                                                                                                              
    Stock  based  compensation  expense                      (104)                  (69)                  (36)
    Amortization  of  acquired                                                                                                    
      intangibles                                                              (949)                (965)            (1,062)
                                                                            ------------  ------------  ------------
    GAAP  to  Non-GAAP  adjustments                          (1,053)            (1,034)            (1,098)
    Non-GAAP  Cost  of  Revenue                        $        28,721    $        25,915    $        25,466  
                                                                                                                                                        
    GAAP  Gross  Profit                                      $        24,001    $        24,501    $        29,348  
    GAAP  Gross  Margin  %                                                44.6%                47.6%                52.5%
    Non-GAAP  Gross  Profit                              $        25,054    $        25,535    $        29,640  
    Non-GAAP  Gross  Margin  %                                        46.6%                49.6%                53.8%
                                                                                                                                                        
GAAP  Operating  Expenses                              $        30,016    $        29,738    $        27,938  
Items  reconciling  GAAP  Operating                                                                                        
  Expense  to  Non-GAAP:                                                                                                              
    Stock  based  compensation  expense                  (1,788)            (1,610)            (1,698)
    Amortization  of  acquired                                                                                                    
      intangibles                                                              (699)                (648)                (345)
    Impairment  of  IP,  mask  sets  and                                                                                      
      design  tools                                                                  -                        -                    (33)
    One  time  legal  fee  expenses                                  (11)                  (85)                (498)
    Restructuring  costs                                                      -                        -                      (9)
                                                                            ------------  ------------  ------------
    GAAP  to  Non-GAAP  adjustments                          (2,498)            (2,343)            (2,583)
    Non-GAAP  Operating  Expenses                  $        27,518    $        27,395    $        25,355  
                                                                                                                                                        
GAAP  Other  Income  (Expense)  and  Tax      $        (2,083)  $            (954)  $        (1,792)
Items  reconciling  GAAP  Other  Income                                                                                  
  (Expense)  and  Tax  to  Non-GAAP:                                                                                          
    Impairment  (gain  on  sale)  of                                                                                            
      privately  held  instruments,  net                        300                    251                  (518)
    Income  tax  adjustments                                                -                3,463                1,182  
                                                                            ------------  ------------  ------------
    GAAP  to  Non-GAAP  adjustments                                300                3,714                    664  
    Non-GAAP  Other  Income  (Expense)  and                                                                              
      Tax                                                                $        (1,783)  $          2,760    $        (1,128)
                                                                                                                                                        
Non-GAAP  Net  Income  (Loss)                        $        (4,247)  $              900    $          3,157  
                                                                            ============  ============  ============
                                                                                                                                                        
Non-GAAP  Net  Income  (Loss)  per  share:                                                                              
    Basic                                                              $          (0.12)  $            0.02    $            0.09  
    Diluted                                                          $          (0.12)  $            0.02    $            0.09  
Shares  used  in  computing  Non-GAAP  net                                                                              
  income  (loss)  per  share:                                                                                                      
    Basic                                                                        36,872              36,568              35,395  
    Diluted                                                                    36,872              36,995              36,291  
                                                                                                                                                        
 




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