SUNNYVALE, Calif., Feb 04, 2010 -- Silicon Image, Inc. (NASDAQ:SIMG), a leader in semiconductors and intellectual property for the secure distribution, presentation and storage of high-definition content, today reported financial results for its fourth quarter and fiscal year ended December 31, 2009.
Revenue for the fourth quarter of 2009 was $35.6 million, compared to $37.2 million for the third quarter of 2009 and $59.4 million for the fourth quarter of 2008. Revenue for 2009 totaled $150.6 million, compared with $274.4 million for 2008.
GAAP net loss for the fourth quarter of 2009 was $64.6 million, or $0.85 per diluted share, compared to a net loss of $15.5 million, or $0.21 per diluted share, for the third quarter of 2009 and net income of $5.0 million, or $0.07 per diluted share, for the fourth quarter of 2008. GAAP net loss for the fourth quarter of 2009 includes a $28.3 million intangible asset impairment charge, a $14.7 million restructuring charge, and a tax provision of $14.6 million. GAAP net loss for 2009 was $126.8 million, or $1.69 per diluted share, compared to net income of $10.1 million, or $0.13 per diluted share for 2008. GAAP net loss for 2009 includes a $19.2 million goodwill impairment charge, a $28.3 million intangible asset impairment charge, a tax provision of $12.5 million, and $22.9 million in restructuring charges.
Non-GAAP net loss for the fourth quarter of 2009 was $5.0 million, or $0.07 per diluted share, compared to a non-GAAP net loss of $3.4 million, or $0.04 per diluted share, for the third quarter of 2009 and non-GAAP net income of $15.7 million, or $0.21 per diluted share, for the fourth quarter of 2008. Non-GAAP net loss for 2009 was $16.3 million, or $0.22 per diluted share, compared to net income of $41.7 million, or $0.54 per diluted share, for 2008. Non-GAAP net income (loss) for these periods exclude stock-based compensation expense, amortization of intangible assets, impairment of goodwill and intangible assets, and restructuring charges.
A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.
"With our major restructuring programs complete and a lower breakeven point we are committed to returning to profitability," said Camillo Martino, chief executive officer of Silicon Image, Inc. "The company is poised today to leverage the recently updated HDMI Specification Version 1.4 with first-to-market products ready for volume production, as we begin to take advantage of a new product introduction cycle and pursue year on year revenue growth," concluded Martino.
The following are Silicon Image's financial performance estimates for the first quarter of 2010:
- Revenue: $30 million - $32 million
- Gross margin: 54% - 55%
- GAAP operating expenses: approximately $26 million
- Non-GAAP operating expenses: approximately $23 million
- Interest income: approximately $0.7 million
- Diluted shares outstanding: approximately 75 million
To read financial tables, click here
The company will host an investor conference call today to discuss its fourth quarter and fiscal year 2009 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 877-856-1964 or 719-325-4810 and enter pass code 4747728. The webcast will be accessible on Silicon Image's investor relations Web site at http://www.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call through February 9, 2010. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 4747728.
About Silicon Image, Inc.
Silicon Image, Inc. is a leading provider of semiconductor and intellectual property products for the secure distribution, presentation and storage of high-definition content. With a rich history of technology innovation that includes creating industry standards such as DVI and HDMI, the company's solutions facilitate the use of digital content amongst consumer electronics, personal computer (PC) and storage devices, with the goal to securely deliver digital content anytime, anywhere and on any device. Founded in 1995, the company is headquartered in Sunnyvale, California, with regional engineering and sales offices in China, Japan, Korea and Taiwan. For more information, please visit www.siliconimage.com.