SUNNYVALE, Calif.-- August 2, 2011-- Silicon Image, Inc. (NASDAQ:SIMG), a leading provider of wireless and wired HD connectivity solutions, today reported financial results for its second quarter ended June 30, 2011.
Revenue for the second quarter was $53.6 million, compared to $49.0 million for the first quarter of 2011 and $44.6 million for the second quarter of 2010, a 20.2% increase year over year. GAAP net loss for the second quarter of 2011 was $1.3 million or $0.02 per diluted share, compared to a net loss of $0.8 million, or $0.01 per diluted share, for the first quarter of 2011 and net income of $1.8 million, or $0.02 diluted per share, for the second quarter of 2010.
Non-GAAP net income for the second quarter of 2011 was $4.2 million, or $0.05 per diluted share, compared to $2.4 million, or $0.03 per diluted share, for the first quarter of 2011. Year over year, our non-GAAP net income increased 110% from $2.0 million or $0.03 per diluted share for the second quarter of 2010. Non-GAAP net income for these periods excludes 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.
"Our positive second quarter results were driven by the acceleration in mobile revenue from our MHL enabled products and better than expected revenue contributions from our IP business," said Camillo Martino, chief executive officer. "Mobile products now make up a significant part of our revenue stream as we continue to reposition the company to have a more diversified product portfolio."
The following are Silicon Image's financial performance estimates for the third quarter of 2011:
- Revenue: $60 million - $62 million
- Gross Margin: approximately 56% - 57%
- GAAP operating expenses: approximately $32 million - $33 million
- Non-GAAP operating expenses: approximately $29 million - $30 million
- Interest income: approximately $0.5 million
- Diluted shares outstanding: approximately 84 million
- Non-GAAP tax rate: approximately 18% of non-GAAP pre-tax income
The foregoing estimates include the dilutive impact of the SiBeam acquisition of approximately $0.04 per share on a non-GAAP basis.
To read financial tables, click here
Silicon Image will host an investor conference call today to discuss its second quarter of 2011 results at 2:00 p.m. Pacific Time and will webcast the event. To access the conference call, dial 800-897-6274 or 212-231-2900 and enter pass code 21529025. 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, August 7, 2011. To access the replay, please dial 800-633-8284 or 402-977-9140 and enter pass code 21529025.
About Silicon Image, Inc.
Silicon Image is a leading provider of wireless and wired connectivity solutions that enable the reliable distribution and presentation of high-definition 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, the latest standards for mobile devices - SPMT™ (Serial Port Memory Technology) and MHL™ (Mobile High-Definition Link), and the standard for 60GHz wireless HD video — WirelessHD™ (WiHD). 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/.