SUNNYVALE, Calif.-- April 26, 2011 -- Silicon Image, Inc. (NASDAQ:SIMG), a leader in advanced, interoperable HD connectivity solutions for consumer electronics, today reported financial results for its first quarter ended March 31, 2011.
Revenue for the first quarter of 2011 was $49.0 million, compared to $52.0 million for the fourth quarter of 2010 and $34.3 million for the first quarter of 2010. GAAP net loss for the first quarter of 2011 was $0.8 million or $0.01 per share, compared to net income of $4.2 million, or $0.05 per diluted share, for the fourth quarter of 2010 and a net loss of $7.2 million, or $0.10 per share, for the first quarter of 2010.
Non-GAAP net income for the first quarter of 2011 was $2.4 million or $0.03 per diluted share, compared to $5.3 million, or $0.07 per diluted share, for the fourth quarter of 2010 and a non-GAAP net loss of $3.6 million, or $0.05 per share, for the first quarter of 2010. Non-GAAP net income (loss) for these periods exclude stock-based compensation expense, amortization of intangible assets, restructuring charges and business acquisition related expenses. A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.
"Silicon Image's strong performance was driven by CE product sales and an increasingly successful mobile product portfolio, as mobile device manufacturers are integrating MHL-based products into their smart phones and tablets," said Camillo Martino, chief executive officer of Silicon Image, Inc. "We pursued our long-term strategic growth initiatives, as evidenced by the acquisition of home theater solutions from Anchor Bay Technologies and the definitive agreement to acquire wireless technology company SiBEAM, and we will continue to drive new product development for both wireless and wired HD connectivity solutions."
The following are Silicon Image's financial performance estimates for the second quarter of 2011:
- Revenue: $51 million - $53 million
- Gross margin: approximately 56%
- GAAP operating expenses: approximately $28 million
- Non-GAAP operating expenses: approximately $25 million - $26 million
- Interest income: approximately $0.5 million
- Diluted shares outstanding: approximately 83 million
- Non-GAAP tax rate: approximately 18%
To read financial tables, click here
Silicon Image will host an investor conference call today to discuss its first quarter 2011 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 800-954-1052 or 212-231-2918. The webcast will be accessible on Silicon Image's investor relations website 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 Sunday, May 1, 2011. To access the replay, please dial 800-633-8284 or 402-977-9140 and enter pass code 21519825.
About Silicon Image, Inc.
Silicon Image is a leading provider of advanced, interoperable connectivity solutions that enable the reliable distribution and presentation of high-definition (HD) content for consumer electronics, mobile, and PC markets. The company delivers its technology via semiconductor and intellectual property (IP) products that are compliant with global industry standards and also feature industry leading Silicon Image innovations such as InstaPort™. Silicon Image's products are deployed by the world's leading electronics manufacturers in devices such as desktop and notebook PCs, DTVs, Blu-Ray Disc™ players, audio-video receivers, as well as mobile phones, tablets and digital cameras. Silicon Image has driven the creation of the highly successful HDMI® and DVI™ industry standards, as well as the latest standards for mobile devices - SPMT™ (Serial Port Memory Technology) and MHL™ (Mobile High-Definition Link). Via its wholly-owned subsidiary, Simplay Labs, Silicon Image offers manufacturers comprehensive standards interoperability and compliance testing services. For more information, visit us at http://www.siliconimage.com/.