Leadis Technology Reports Third Quarter 2008 Results (Revenue down 52%)

 

                          LEADIS TECHNOLOGY, INC.
              CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                (Unaudited)
                 (In thousands, except per share amounts)


                           Three Months Ended           Nine Months Ended
                     -------------------------------  --------------------
                     Sep. 30,   June 30,   Sep. 30,   Sep. 30,   Sep. 30,
                       2008       2008       2007       2008       2007
                     ---------  ---------  ---------  ---------  ---------
Product revenue      $   4,645  $   5,606  $   9,943  $  15,802  $  33,349
NRE  revenue                74        307          -        437          -
                     ---------  ---------  ---------  ---------  ---------
Total revenue            4,719      5,913      9,943     16,239     33,349

Product cost of
 sales                   4,307      5,483      8,857     15,367     29,834
NRE cost of sales          144        453          -        629          -
                     ---------  ---------  ---------  ---------  ---------
Total cost of sales      4,451      5,936      8,857     15,996     29,834
   Gross profit            268        (23)     1,086        243      3,515
Research and
 development
 expenses                5,434      5,485      5,391     16,252     13,230
Selling, general and
 administrative
 expenses                3,744      4,306      4,318     12,749     11,150
Amortization of
 purchased
 intangible assets          27        848        627      1,723      1,463
Impairment of
 goodwill and
 intangible assets           -      9,445          -      9,445          -
In process research
 and development             -          -        500          -      1,820
                     ---------  ---------  ---------  ---------  ---------
   Total operating
    expenses             9,205     20,084     10,836     40,169     27,663
                     ---------  ---------  ---------  ---------  ---------
Operating loss          (8,937)   (20,107)    (9,750)   (39,926)   (24,148)
Interest and other
 income, net               581        340        997      1,718      3,319
                     ---------  ---------  ---------  ---------  ---------
Loss before benefit
 from income taxes      (8,356)   (19,767)    (8,753)   (38,208)   (20,829)
Benefit from income
 taxes                    (665)      (221)      (394)      (896)      (946)
                     ---------  ---------  ---------  ---------  ---------
   Net loss          $  (7,691) $ (19,546) $  (8,359) $ (37,312) $ (19,883)
                     =========  =========  =========  =========  =========

Basic and diluted
 net loss per share  $   (0.26) $   (0.67) $   (0.29) $   (1.28) $   (0.68)
                     =========  =========  =========  =========  =========

Shares used in
 computing basic and
 diluted per share
 amounts                29,379     29,221     28,973     29,205     29,225
                     =========  =========  =========  =========  =========


 

                          LEADIS TECHNOLOGY, INC.
         SUPPLEMENTAL RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
                                (Unaudited)
                 (In thousands, except per share amounts)


                           Three Months Ended           Nine Months Ended
                          -------------------------------    --------------------
                                          Sep.  30,      June  30,      Sep.  30,      Sep.  30,      Sep.  30,
                                              2008              2008              2007              2008              2007
                                          ---------    ---------    ---------    ---------    ---------

A.  GAAP  net  loss          $    (7,691)  $  (19,546)  $    (8,359)  $  (37,312)  $  (19,883)
      Adjustment  for
        stock-based
        compensation
        within:
            Cost  of  sales                  44                  53                  47                116                109
            Research  and
              development
              expenses                        250                329                291                712                742
            Selling,
              general  and
              administrative
              expenses                          99                229                634                900            1,551
            Provision  for
              income  taxes                    -                    -              (213)            (218)            (439)
      Adjustment  for
        acquisition  of
        business  within:
            Research  and
              development
              expenses                        154                164                408                516                938
            Selling,
              general  and
              administrative
              expenses                        242                242                217                738                520
            Amortization
              of  purchased
              intangible
              assets                              27                848                627            1,723            1,463
            In-process
              research  and
              development                      -                    -                500                    -            1,820
            Provision  for
              income  taxes                    -                    -                (25)                  -                (61)
      Adjustment  for
        impairment  of
        goodwill  and
        intangible
        assets                                      -            9,445                    -            9,445                    -
                                          ---------    ---------    ---------    ---------    ---------
  Non-GAAP  net  loss      $    (6,875)  $    (8,236)  $    (5,873)  $  (23,380)  $  (13,240)

B.  GAAP  basic  and
  diluted  net  loss
  per  share                      $      (0.26)  $      (0.67)  $      (0.29)  $      (1.28)  $      (0.68)
      Adjustment  for
        stock-based
        compensation                    0.01              0.02              0.03              0.05              0.07
      Adjustment  for
        acquisition  of
        business                            0.02              0.04              0.06              0.10              0.16
      Adjustment  for
        impairment  of
        goodwill  and
        intangible
        assets                                      -              0.33                    -              0.32                    -
                                          ---------    ---------    ---------    ---------    ---------
  Non-GAAP  basic  and
    diluted  net  loss
    per  share                    $      (0.23)  $      (0.28)  $      (0.20)  $      (0.81)  $      (0.45)

C.  GAAP  Gross  Margin              5.7%            -0.4%            10.9%              1.5%            10.5%
      Adjustment  for
        stock-based
        compensation                      0.9%              0.9%              0.5%              0.7%              0.3%
                                          ---------    ---------    ---------    ---------    ---------
  Non-GAAP  Gross
    Margin                                      6.6%              0.5%            11.4%              2.2%            10.9%

D.  GAAP  operating
  expenses                        $      9,205    $    20,084    $    10,836    $    40,169    $    27,663
      Adjustment  for
        stock-based
        compensation
        within:
            Research  and
              development
              expenses                      (250)            (329)            (291)            (711)            (742)
            Selling,
              general  and
              administrative
              expenses                        (99)            (229)            (634)            (900)        (1,551)
      Adjustment  for
        acquisition  of
        business  within:
            Research  and
              development
              expenses                      (154)            (164)            (408)            (516)            (938)
            Selling,
              general  and
              administrative
              expenses                      (242)            (242)            (217)            (738)            (520)
            Amortization
              of  purchased
              intangible
              assets                            (27)            (848)            (627)        (1,723)        (1,463)
            In-process
              research  and
              development                      -                    -              (500)                  -          (1,820)
      Adjustment  for
        impairment  of
        goodwill  and
        intangible
        assets                                      -          (9,445)                  -          (9,445)                  -
                                          ---------    ---------    ---------    ---------    ---------
  Non-GAAP  Operating
    expenses                      $      8,433    $      8,827    $      8,159    $    26,136    $    20,629


 

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