Sigma Designs, Inc. Reports Third Quarter Fiscal 2011 Results

About Sigma Designs, Inc.

Sigma Designs is a leading fabless semiconductor provider of highly integrated system-on-chip (SoC) solutions that are used to deliver multimedia entertainment throughout the home. SoC solutions include media processing, wired and wireless networking, video image processing, and home control along with system software to form the critical components of consumer electronic products that include internet protocol TV (IPTV) set-top boxes, gateways, Blu-ray players and media communication devices. Headquartered in Milpitas, Calif., Sigma Designs has direct sales representatives in the United States, Brazil, China, Europe (Denmark), Israel, Japan, Singapore, Taiwan and a third-party distributor in Korea. For more information, please visit Sigma Designs' web site at www.sigmadesigns.com.


                            SIGMA DESIGNS, INC.
        PRELIMINARY UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
                                  (GAAP)
                              (In thousands)

                                                    October 30, January 30,
                                                       2010        2010
                                                    ----------- -----------
Assets

Current Assets:
  Cash and cash equivalents                         $    81,999 $    81,947
  Short-term marketable securities                       46,683      51,176
  Restricted cash                                         1,583       1,500
  Accounts receivable, net                               38,216      36,127
  Inventories                                            31,991      18,187
  Deferred tax assets                                     2,739       2,235
  Prepaid expenses and other current assets               7,393       8,925
                                                    ----------- -----------
     Total current assets                               210,604     200,097

Long-term marketable securities                          45,126      13,257
Software, equipment and leasehold improvements, net      26,538      23,810
Goodwill                                                 44,910      44,910
Intangible assets, net                                  111,819     125,568
Deferred tax assets, net of current portion              11,143      11,575
Long-term investments                                     3,000       4,000
Other non-current assets                                    611         680
                                                    ----------- -----------

     Total assets                                   $   453,751 $   423,897
                                                    =========== ===========

Liabilities and Shareholders' Equity

Current Liabilities:
  Accounts payable                                  $    18,755 $    10,943
  Accrued liabilities and other                          25,679      23,164
                                                    ----------- -----------
     Total current liabilities                           44,434      34,107

  Other long-term liabilities                            20,874      20,968
                                                    ----------- -----------
     Total liabilities                                               65,308            55,075

Shareholders'  equity                                                                        388,443          368,822
                                                                                                        -----------  -----------

          Total  liabilities  and  shareholders'  equity          $      453,751  $      423,897
                                                                                                        ===========  ===========




                                                      SIGMA  DESIGNS,  INC.
PRELIMINARY  UNAUDITED  CONDENSED  CONSOLIDATED  STATEMENTS  OF  OPERATIONS
                                                                (GAAP)
                                    (In  thousands,  except  per  share  data)

                                                      Three  months  ended                      Nine  months  ended
                                          -------------------------------    --------------------
                                            October          July            October        October        October
                                          30,  2010      31,  2010      31,  2009      30,  2010      31,  2009
                                          ---------    ---------    ---------    ---------    ---------
Net  revenue                    $    77,805    $    73,326    $    35,464    $  216,310    $  137,990

Cost  of  revenue                  39,192          38,343          19,396        110,563          74,285
                                          ---------    ---------    ---------    ---------    ---------
Gross  profit                        38,613          34,983          16,068        105,747          63,705
Gross  margin  percent            49.6%            47.7%            45.3%            48.9%            46.2%


Operating  expenses:
    Research  and
      development                    20,484          17,823          11,727          57,065          34,961
    Sales  and  marketing        8,357            7,344            3,488          23,023          10,181
    General  and
      administrative                4,781            4,317            5,467          14,033          12,220
                                          ---------    ---------    ---------    ---------    ---------
          Total  operating
            expenses                    33,622          29,484          20,682          94,121          57,362

Income  (loss)  from
  operations                            4,991            5,499          (4,614)        11,626            6,343
Interest  and  other
  income  (expense),
  net                                              425          (4,749)              564          (3,600)          1,610
                                          ---------    ---------    ---------    ---------    ---------

Income  (loss)  before
  income  taxes                        5,416                750          (4,050)          8,026            7,953
Provision  for
  (benefit  from)
  income  taxes                            351                254          (1,752)          1,351            2,708
                                          ---------    ---------    ---------    ---------    ---------

Net  income  (loss)        $      5,065    $          496    $    (2,298)  $      6,675    $      5,245
                                          =========    =========    =========    =========    =========

Net  income  (loss)
  per  share:
    Basic                            $        0.16    $        0.02    $      (0.09)  $        0.21    $        0.20
    Diluted                        $        0.16    $        0.02    $      (0.09)  $        0.21    $        0.19

Shares  used  in
  computing  net
  income  (loss)  per
  share:
    Basic                                  31,327          31,180          26,782          31,167          26,681
    Diluted                              31,646          31,598          26,782          31,610          27,354




                                                        SIGMA  DESIGNS,  INC.
RECONCILIATION  OF  PRELIMINARY  GAAP  NET  INCOME  (LOSS)  TO  NON-GAAP  NET  INCOME
                                                                (Unaudited)
                                    (In  thousands,  except  per  share  data)

                                                              Three  months  ended              Nine  months  ended
                                                    ----------------------------    ------------------
                                                    October          July        October      October      October
                                                    30,  2010    31,  2010    31,  2009    30,  2010    31,  2009
                                                    --------    --------    --------    --------    --------
GAAP  net  income  (loss)        $    5,065    $        496    $  (2,298)  $    6,675    $    5,245

Items  reconciling  GAAP  net  income  (loss)  to  non-GAAP  net  income:

    Included  in  cost  of
      revenue:
        Amortization  of
          acquired  developed
          technologies                      (2,586)      (2,587)          (712)      (7,763)      (2,148)
        Mark-up  on  purchased
          inventory  sold
          during  the  period                  (52)            (96)          (335)          (538)          (765)
        Share-based
          compensation                          (159)          (141)            (89)          (431)          (254)
                                                    --------    --------    --------    --------    --------
              Total  related  to
                cost  of  revenue          (2,797)      (2,824)      (1,136)      (8,732)      (3,167)

    Included  in  operating
      expenses:
        Research  and
          development:
            Amortization  of
              acquired  intangibles        ---              ---              ---              ---              (19)
            Share-based
              compensation                  (1,806)      (1,682)      (1,178)      (5,188)      (3,633)
        Sales  and  marketing:
            Share-based
              compensation                      (541)          (532)          (384)      (1,525)      (1,102)
            Amortization  of
              acquired  Intangibles  (1,996)      (1,995)            (85)      (5,986)          (258)
        General  and
          administrative:
            Share-based
              compensation                      (824)          (717)          (560)      (2,382)          (563)
            Acquisition  expenses          ---              ---        (1,755)            ---        (1,755)
                                                    --------    --------    --------    --------    --------
                Total  related
                  to  operating
                  expenses                      (5,167)      (4,926)      (3,962)    (15,081)      (7,330)
                                                    --------    --------    --------    --------    --------

        Write-off  of  deferred
          tax  asset                                  ---              ---              ---              ---        (3,540)
                                                    --------    --------    --------    --------    --------

        Net  effect  of  non-GAAP
          adjustments                        (7,964)      (7,750)      (5,098)    (23,813)    (14,037)
                                                    --------    --------    --------    --------    --------

Non-GAAP  net  income              $  13,029    $    8,246    $    2,800    $  30,488    $  19,282
                                                    ========    ========    ========    ========    ========

Non-GAAP  net  income  per
  diluted  share                        $      0.41    $      0.26    $      0.10    $      0.96    $      0.70
 




« Previous Page 1 | 2             



Review Article Be the first to review this article

EMA:

Featured Video
Editorial
Peggy AycinenaWhat Would Joe Do?
by Peggy Aycinena
Retail Therapy: Jump starting Black Friday
Peggy AycinenaIP Showcase
by Peggy Aycinena
REUSE 2016: Addressing the Four Freedoms
More Editorial  
Jobs
Development Engineer-WEB SKILLS +++ for EDA Careers at North Valley, CA
AE-APPS SUPPORT/TMM for EDA Careers at San Jose-SOCAL-AZ, CA
Manager, Field Applications Engineering for Real Intent at Sunnyvale, CA
ACCOUNT MANAGER MUNICH GERMANY EU for EDA Careers at MUNICH, Germany
FAE FIELD APPLICATIONS SAN DIEGO for EDA Careers at San Diego, CA
Upcoming Events
Zuken Innovation World 2017, April 24 - 26, 2017, Hilton Head Marriott Resort & Spa in Hilton Head Island, SC at Hilton Head Marriott Resort & Spa Hilton Head Island NC - Apr 24 - 26, 2017
CST Webinar Series



Internet Business Systems © 2016 Internet Business Systems, Inc.
595 Millich Dr., Suite 216, Campbell, CA 95008
+1 (408)-337-6870 — Contact Us, or visit our other sites:
AECCafe - Architectural Design and Engineering TechJobsCafe - Technical Jobs and Resumes GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy Policy