SUNNYVALE, Calif., Apr 27, 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 first quarter ended March 31, 2010.
Revenue for the first quarter of 2010 was $34.3 million, compared to $35.6 million for the fourth quarter of 2009 and $40.5 million for the first quarter of 2009.
GAAP net loss for the first quarter of 2010 was $7.2 million, or $0.10 per diluted share, compared to a net loss of $66.9 million, or $0.89 per diluted share, for the fourth quarter of 2009 and net loss of $33.3 million, or $0.45 per diluted share, for the first quarter of 2009. 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 $16.9 million. GAAP net loss for the first quarter of 2009 includes a goodwill impairment charge of $19.2 million.
Non-GAAP net loss for the first quarter of 2010 was $3.6 million, or $0.05 per diluted share, compared to a non-GAAP net loss of $5.0 million, or $0.07 per diluted share, for the fourth quarter of 2009 and non-GAAP net loss of $3.6 million, or $0.05 per diluted share, for the first quarter of 2009. Non-GAAP net loss for these periods exclude stock-based compensation expense, amortization of intangible assets, impairment of goodwill and intangible assets, restructuring charges and net tax adjustments. A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.
"Increases in our consumer electronics business drove revenue higher than we anticipated," said Camillo Martino, chief executive officer of Silicon Image, Inc. "We have experienced an increase in customer activity and its favorable impact to our IP license revenue. We also saw continued demand for our InstaPort(TM)-enabled HDMI(R) port processors. We are excited about emerging opportunities in the mobile market in conjunction with the recent announcement of the MHL(TM) Consortium."
The following are Silicon Image's financial performance estimates for the second quarter of 2010:
- Revenue: $37 million - $39 million
- Gross margin: 54% - 55%
- GAAP operating expenses: $25 million - $26 million
- Non-GAAP operating expenses: approximately $23 million
- Interest income: approximately $0.6 million
- Diluted shares outstanding: approximately 76.5 million
- Non-GAAP tax rate: approximately 2% of revenue
- Cash and investment balance of approximately $153 million at the end of the quarter
To read financial tables, click here
Silicon Image will host an investor conference call today to discuss its first quarter 2010 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 877-545-1403 or 719-325-4753 and enter pass code 8457942. The webcast will be accessible on Silicon Image's investor relations Web site at http://ir.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call through May 2, 2010. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 8457942.
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 http://www.SiliconImage.com.