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SUNNYVALE, Calif., Oct 23, 2008 (BUSINESS WIRE) -- 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 third quarter ended September 30, 2008.
Revenue for the third quarter of 2008 was $77.8 million, compared to $70.1 million for the second quarter of 2008 and $86.3 million for the third quarter of 2007.
GAAP net income for the third quarter of 2008 was $6.1 million, or $0.08 per diluted share, compared to a GAAP net loss of $0.5 million, or $0.01 per diluted share, for the second quarter of 2008 and GAAP net income of $4.1 million, or $0.05 per diluted share, for the third quarter of 2007.
Non-GAAP net income for the third quarter of 2008 was $17.7 million, or $0.23 per diluted share, compared to $5.0 million, or $0.07 per diluted share, for the second quarter of 2008 and $8.3 million, or $0.10 per diluted share, for the third quarter of 2007. Non-GAAP net income for the third quarter of 2008 consisted of $9.7 million, or $0.13 per diluted share, from operations and $8.0 million, or $0.10 per diluted share, attributable to income tax benefits. Non-GAAP net income excludes stock-based compensation expense, amortization of intangible assets and restructuring charges.
A reconciliation of GAAP and non-GAAP items is provided in a table immediately following the Condensed Consolidated Statements of Operations.
"During Q3 we sequentially increased revenue and operating profit in line with our plan and generated $15 million in cash," said Steve Tirado, Silicon Image's president and chief executive officer. "As of September 30, 2008 we had $200 million in cash and investments and no debt. We've experienced a number of design wins during the quarter and expect to win additional slots as we progress through the 2008/2009 customer design win season in accordance with our new product initiatives roadmap."
Third Quarter Highlights
-- Samsung Electronics implements InstaPort (TM) technology in next
generation DTVs in order to improve the HDTV entertainment
experience for their consumers.
-- Instaport reduces HDMI device switching time to sub-second speeds
vs competitive solutions at 4-7 seconds.
-- New PEN (Personal Entertainment Network) digital connectivity
technology voted "Best New Product Idea" at CableLabs (R) Summer
Conference 2008.
-- PEN "Echocast technology" solves remote user interface
distribution with a "pixel accurate protocol" that provides a highly
responsive consumer experience to any display on a wired or wireless
home network.
-- Introduction of SiI9206 - a new ultra-low-power dual-mode HDMI/MHL
interface solution targeting the mobile phone handset.
-- VastLane HDMI and DVI Transmitters now available for next-generation
AMD processor-based mobile, thin-client, point-of-sale and gaming
systems.
The following is Silicon Image's current financial outlook for the fourth quarter of 2008:
Revenue: $68 million - $69 million Gross margin: 57% - 58% GAAP operating expenses: $40 million - $41 million Non-GAAP operating expenses: $34 million - $35 million Interest Income: $0.9 million - $1.0 million Effective tax rate: 0% Diluted shares outstanding: approximately 76 million
Use of Non-GAAP Financial Information
Silicon Image presents and discusses gross margin, operating expenses, net income and basic and diluted net income (loss) per share in accordance with Generally Accepted Accounting Principles (GAAP) and on a non-GAAP basis for informational purposes only. Silicon Image believes that non-GAAP reporting, giving effect to the adjustments shown in the attached reconciliation, provides meaningful information and therefore uses non-GAAP reporting to supplement its GAAP reporting and internally in evaluating operations, managing and monitoring performance, and determining bonus compensation. Further, Silicon Image uses non-GAAP information as certain non-cash charges such as amortization of intangibles and stock based compensation do not reflect the cash operating results of the business. Silicon Image has chosen to provide this supplemental information to investors, analysts and other interested parties to enable them to perform additional analyses of its operating results and to illustrate the results of operations giving effect to such non-GAAP adjustments. The non-GAAP financial information presented herein should be considered supplemental to, and not as a substitute for, or superior to, financial measures calculated in accordance with GAAP.
Conference Call
The company will host an investor conference call today to discuss its third quarter results at 2:00 p.m. Pacific Time and will web cast that event. To access the conference call, dial 719-325-4746 and enter pass code 4946309. The webcast will be accessible on Silicon Image's investor relations website at http://www.SiliconImage.com. A replay of the conference call will be available within two hours of the conclusion of the conference call though November 6, 2008. To access the replay, please dial 888-203-1112 or 719-457-0820 and enter pass code 4946309.
About Silicon Image, Inc.
Silicon Image, Inc. is a global leader in driving the architecture and semiconductor implementation for the secure distribution, presentation and storage of high-definition content in the consumer electronics, personal computing, and mobile device markets. With a rich history of technology innovation that includes creating industry standards such as SATA, DVI and HDMI, Silicon Image partners with the world's leading entertainment creators and electronics manufacturers to deliver digital HD content to consumers anytime, anywhere, on any device. Silicon Image is also a leading provider of semiconductor intellectual property solutions for high-definition multimedia and data storage applications. Additionally, Simplay Labs, LLC, a wholly-owned subsidiary of Silicon Image, offers robust testing tools, technologies, support services, consulting and product certification to electronics manufacturers to maximize performance, interoperability and ensure the highest-quality HD experience to consumers. With engineering, sales and customer support facilities located throughout North America, Asia and Europe, Silicon Image (NASDAQ:SIMG) is globally headquartered in Sunnyvale, California. For more information, please visit www.siliconimage.com.
NOTE: Silicon Image and Simplay HD are trademarks, registered trademarks or service marks of Silicon Image, Inc. in the United States and other countries. HDMI and High-Definition Multimedia Interface are trademarks or registered trademarks of HDMI Licensing, LLC in the United States and other countries, and are used under license from HDMI Licensing, LLC. All other trademarks and registered trademarks are the property of their respective owners.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of federal securities laws and regulations. These forward-looking statements include, but are not limited to, statements related to Silicon Image's future operating results, including design wins in the 2008/2009 customer design win season, revenue, gross margin, operating expenses, interest income, tax rates and shares outstanding in the fourth quarter of 2008, the company's ability to deliver financial performance in line with its stated goals and new products and technologies to market, and the performance and customer benefits of Silicon Image's products. These forward-looking statements involve risks and uncertainties, including the company's ability to secure additional design wins in 2008 and 2009 and to deliver financial performance in-line with its stated goals and new products and technologies to market and other risks and uncertainties described from time to time in Silicon Image's filings with the Securities and Exchange Commission (SEC). These risks and uncertainties could cause the actual results to differ materially from those anticipated by these forward-looking statements. In addition, see the Risk Factors section of the most recent Form 10-K filed by Silicon Image with the U.S. Securities and Exchange Commission. These forward-looking statements are made of the date of this press release, and Silicon Image assumes no obligation to update any such forward-looking information.
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