Silicon Image Announces Revenue of $10.5 Million for the First Quarter of Fiscal 2001
Apr 18, 2001, 01:00 ET from Silicon Image, Inc.
SUNNYVALE, Calif., April 18 /PRNewswire/ --
Silicon Image, Inc. (Nasdaq: SIMG), a price/performance leader in
high-bandwidth semiconductor solutions for mass markets, today reported
financial results for its first quarter ended March 31, 2001. Revenue for the
first quarter of 2001 was $10.5 million, a 3 percent increase from
$10.1 million for the comparable quarter in 2000, and a 20 percent decrease
from $13.1 million for the previous quarter.
Pro-forma net loss* for the first quarter of 2001 was $1.6 million, or
$0.03 per basic and diluted share. This compares to pro-forma net income of
$642,000, or $0.01 per diluted share, for the comparable quarter in 2000 and
pro-forma net income of $245,000, or $0.00 per diluted share, for the previous
quarter.
Net loss, which includes amortization of goodwill and intangible assets,
and stock compensation and warrant expense, for the quarter ended
March 31, 2001, was $6.5 million, or $0.13 per share. This compares to a net
loss of $1.8 million, or $0.04 per share, for the comparable quarter in 2000,
and a net loss of $5.4 million, or $0.11 per share, in the previous quarter.
"In light of the overall market climate in the semiconductor industry, we
are pleased with the visibility that we had into our customers' demand and our
ability to meet the revenue projections made in our January conference call,"
said David Lee, CEO and president of Silicon Image. "We remain comfortable
with our previously announced revenue projections made in that conference call
for the first half of fiscal 2001 and, although market uncertainty reduces our
visibility beyond that point, we currently expect to see revenue growth in the
2nd half of this year. Despite the current unpredictability of PC market
forecasts, recent research points to digital adoption in the PC market being
on track to double in 2001 -- providing opportunity for our DVI-compliant
PanelLink(TM) solutions -- while overall PC sales may be flat to slightly down
from 2000 levels. Additionally, the consumer electronics market continues to
show strong interest in our new DVI/HDCP solutions with products incorporating
this digital interface scheduled for introduction in early 2002. And finally,
we are on schedule to provide early samples of the industry's first 2Gb/s CMOS
fibre channel silicon solution to strategic customers this quarter."
The company will host a conference call at 2:00 p.m. Pacific Time today to
discuss its first quarter 2001 fiscal results, and future outlook. The call
will be broadcast over the Internet and can be accessed at
www.streetfusion.com or on the investor relation's site located at
www.siimage.com.
*Pro-forma net loss represents net income, exclusive of amortization of
goodwill and intangible assets, and stock compensation and warrant expense.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. designs, develops
and markets high-speed semiconductor solutions for a variety of communications
applications that require cost-effective, high-bandwidth capabilities.
Leveraging Silicon Image's circuit innovation at the physical layer, the
company's proprietary, reduced overhead Multi-layer Serial Link (MSL(TM))
architecture is well suited to address a number of mass markets with
aggressive bandwidth price/performance requirements-including the display,
storage and networking sectors. Evidencing its success, Silicon Image has
shipped more than 15 million high-bandwidth, low-cost semiconductor solutions
to the PC market alone. For more information on Silicon Image and its proven
multi-layered, high-speed interconnect technology, visit www.siimage.com
Safe Harbor Statement
This news release contains forward-looking information within the meaning
of federal securities regulations. These forward-looking statements include
statements related to future sales and results, new design wins, technology
advancements, expected DVI adoption rates, expected PC sales, Silicon Image's
ability to enter the consumer electronics market and the benefits of its
technology for that market, the planned appearance of new products supporting
the DVI/HDCP interface, and the planned introduction of fibre channel
products. These forward-looking statements involve risks and uncertainties,
including those described in Silicon Image's most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission, that could cause the
actual results to differ materially from those anticipated by these
forward-looking statements. In particular, design wins may not continue or
yield either revenue or profits, competition may increase in Silicon Image's
markets and competitors may offer products that are preferred by customers,
there is no certainty that DVI specification adoption will continue nor the
market increase, the industry may not adopt Silicon Image's technology for the
consumer electronics market, and new fibre channel products and products
supporting the DVI/HDCP interface may not appear, or may not appear when
predicted. Silicon Image assumes no obligation to update this forward-looking
information.
NOTE: PanelLink, Silicon Image, SiI, MSL and PanelLink are trademarks or
registered trademarks of Silicon Image, Inc. in the United States and other
countries.
SILICON IMAGE, INC.
PRO-FORMA CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended
(unaudited)
March 31, Dec 31, March 31,
(In thousands, except per share amounts) 2001 2000 2000
Product revenue $10,451 $13,059 $10,104
Pro-forma cost and operating expenses:
Cost of product revenue 4,372 5,123 3,689
Research and development 4,408 3,933 2,754
Selling, general and administrative 4,167 4,742 3,890
Stock compensation and warrant expense 2,719 3,489 2,455
Amortization of goodwill and
intangible assets 2,221 2,199 --
Total cost and operating expenses 17,887 19,486 12,788
Net loss from operations (7,436) (6,427) (2,684)
Interest income and other, net 897 1,011 942
Net loss before income taxes (6,539) (5,416) (1,742)
Provision for income taxes -- 27 71
Net income/(loss) $(6,539) $(5,443) $(1,813)
Net loss per share:
Basic and diluted $(0.13) $(0.11) $(0.04)
Weighted average shares 51,965 51,503 48,020
Pro-forma net income (loss) * $(1,599) $245 $642
Pro-forma net income (loss) per share -
basic $(0.03) $0.00 $0.01
Weighted average shares 51,965 51,503 48,020
Pro-forma net income (loss) per share -
diluted $(0.03) $0.00 $0.01
Weighted average shares and equivalents 51,965 56,340 53,470
* Excludes stock compensation and warrant expense and amortization of
goodwill and intangible assets.
SILICON IMAGE, INC.
CONDENSED BALANCE SHEETS
March 31, Dec 31,
(In thousands) 2001 2000
Assets
Current assets:
Cash and short-term investments $57,533 $60,189
Accounts receivable, net 4,198 7,088
Inventories 3,269 3,064
Prepaids and other current assets 1,714 1,644
Total current assets 66,714 71,985
Property and equipment, net 4,486 4,371
Goodwill and intangible assets, net 19,132 21,353
Other assets 2,154 1,790
Total assets $92,486 $99,499
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other current liabilities $8,178 $10,483
Deferred margin on sales to distributors 3,199 4,789
Total current liabilities 11,377 15,272
Capital lease obligations, long-term 805 1,030
Total liabilities 12,182 16,302
Stockholders' equity 80,304 83,197
Total liabilities and stockholders' equity $92,486 $99,499
SOURCE Silicon Image, Inc.
SUNNYVALE, Calif., April 18 /PRNewswire/ --
Silicon Image, Inc. (Nasdaq: SIMG), a price/performance leader in
high-bandwidth semiconductor solutions for mass markets, today reported
financial results for its first quarter ended March 31, 2001. Revenue for the
first quarter of 2001 was $10.5 million, a 3 percent increase from
$10.1 million for the comparable quarter in 2000, and a 20 percent decrease
from $13.1 million for the previous quarter.
Pro-forma net loss* for the first quarter of 2001 was $1.6 million, or
$0.03 per basic and diluted share. This compares to pro-forma net income of
$642,000, or $0.01 per diluted share, for the comparable quarter in 2000 and
pro-forma net income of $245,000, or $0.00 per diluted share, for the previous
quarter.
Net loss, which includes amortization of goodwill and intangible assets,
and stock compensation and warrant expense, for the quarter ended
March 31, 2001, was $6.5 million, or $0.13 per share. This compares to a net
loss of $1.8 million, or $0.04 per share, for the comparable quarter in 2000,
and a net loss of $5.4 million, or $0.11 per share, in the previous quarter.
"In light of the overall market climate in the semiconductor industry, we
are pleased with the visibility that we had into our customers' demand and our
ability to meet the revenue projections made in our January conference call,"
said David Lee, CEO and president of Silicon Image. "We remain comfortable
with our previously announced revenue projections made in that conference call
for the first half of fiscal 2001 and, although market uncertainty reduces our
visibility beyond that point, we currently expect to see revenue growth in the
2nd half of this year. Despite the current unpredictability of PC market
forecasts, recent research points to digital adoption in the PC market being
on track to double in 2001 -- providing opportunity for our DVI-compliant
PanelLink(TM) solutions -- while overall PC sales may be flat to slightly down
from 2000 levels. Additionally, the consumer electronics market continues to
show strong interest in our new DVI/HDCP solutions with products incorporating
this digital interface scheduled for introduction in early 2002. And finally,
we are on schedule to provide early samples of the industry's first 2Gb/s CMOS
fibre channel silicon solution to strategic customers this quarter."
The company will host a conference call at 2:00 p.m. Pacific Time today to
discuss its first quarter 2001 fiscal results, and future outlook. The call
will be broadcast over the Internet and can be accessed at
www.streetfusion.com or on the investor relation's site located at
www.siimage.com.
*Pro-forma net loss represents net income, exclusive of amortization of
goodwill and intangible assets, and stock compensation and warrant expense.
About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. designs, develops
and markets high-speed semiconductor solutions for a variety of communications
applications that require cost-effective, high-bandwidth capabilities.
Leveraging Silicon Image's circuit innovation at the physical layer, the
company's proprietary, reduced overhead Multi-layer Serial Link (MSL(TM))
architecture is well suited to address a number of mass markets with
aggressive bandwidth price/performance requirements-including the display,
storage and networking sectors. Evidencing its success, Silicon Image has
shipped more than 15 million high-bandwidth, low-cost semiconductor solutions
to the PC market alone. For more information on Silicon Image and its proven
multi-layered, high-speed interconnect technology, visit www.siimage.com
Safe Harbor Statement
This news release contains forward-looking information within the meaning
of federal securities regulations. These forward-looking statements include
statements related to future sales and results, new design wins, technology
advancements, expected DVI adoption rates, expected PC sales, Silicon Image's
ability to enter the consumer electronics market and the benefits of its
technology for that market, the planned appearance of new products supporting
the DVI/HDCP interface, and the planned introduction of fibre channel
products. These forward-looking statements involve risks and uncertainties,
including those described in Silicon Image's most recent Annual Report on Form
10-K filed with the Securities and Exchange Commission, that could cause the
actual results to differ materially from those anticipated by these
forward-looking statements. In particular, design wins may not continue or
yield either revenue or profits, competition may increase in Silicon Image's
markets and competitors may offer products that are preferred by customers,
there is no certainty that DVI specification adoption will continue nor the
market increase, the industry may not adopt Silicon Image's technology for the
consumer electronics market, and new fibre channel products and products
supporting the DVI/HDCP interface may not appear, or may not appear when
predicted. Silicon Image assumes no obligation to update this forward-looking
information.
NOTE: PanelLink, Silicon Image, SiI, MSL and PanelLink are trademarks or
registered trademarks of Silicon Image, Inc. in the United States and other
countries.
SILICON IMAGE, INC.
PRO-FORMA CONDENSED STATEMENTS OF OPERATIONS
Three Months Ended
(unaudited)
March 31, Dec 31, March 31,
(In thousands, except per share amounts) 2001 2000 2000
Product revenue $10,451 $13,059 $10,104
Pro-forma cost and operating expenses:
Cost of product revenue 4,372 5,123 3,689
Research and development 4,408 3,933 2,754
Selling, general and administrative 4,167 4,742 3,890
Stock compensation and warrant expense 2,719 3,489 2,455
Amortization of goodwill and
intangible assets 2,221 2,199 --
Total cost and operating expenses 17,887 19,486 12,788
Net loss from operations (7,436) (6,427) (2,684)
Interest income and other, net 897 1,011 942
Net loss before income taxes (6,539) (5,416) (1,742)
Provision for income taxes -- 27 71
Net income/(loss) $(6,539) $(5,443) $(1,813)
Net loss per share:
Basic and diluted $(0.13) $(0.11) $(0.04)
Weighted average shares 51,965 51,503 48,020
Pro-forma net income (loss) * $(1,599) $245 $642
Pro-forma net income (loss) per share -
basic $(0.03) $0.00 $0.01
Weighted average shares 51,965 51,503 48,020
Pro-forma net income (loss) per share -
diluted $(0.03) $0.00 $0.01
Weighted average shares and equivalents 51,965 56,340 53,470
* Excludes stock compensation and warrant expense and amortization of
goodwill and intangible assets.
SILICON IMAGE, INC.
CONDENSED BALANCE SHEETS
March 31, Dec 31,
(In thousands) 2001 2000
Assets
Current assets:
Cash and short-term investments $57,533 $60,189
Accounts receivable, net 4,198 7,088
Inventories 3,269 3,064
Prepaids and other current assets 1,714 1,644
Total current assets 66,714 71,985
Property and equipment, net 4,486 4,371
Goodwill and intangible assets, net 19,132 21,353
Other assets 2,154 1,790
Total assets $92,486 $99,499
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable and other current liabilities $8,178 $10,483
Deferred margin on sales to distributors 3,199 4,789
Total current liabilities 11,377 15,272
Capital lease obligations, long-term 805 1,030
Total liabilities 12,182 16,302
Stockholders' equity 80,304 83,197
Total liabilities and stockholders' equity $92,486 $99,499
SOURCE Silicon Image, Inc.
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