Silicon Image Reports Third Quarter 2002 Revenues Grew 52.2% Over Year Ago Quarter
Selected Q3 Highlights:; - Record revenues of $21.4 million for the quarter, an 11.0 percent sequential growth and a 52.2 percent increase over prior year - GAAP net loss was $4.6 million or $0.07 per basic and diluted share - Pro-forma net loss* improved by $1.6 million from the second quarter to a $0.8 million loss, or $0.01 per basic and diluted share - Four new products were released during the third quarter - DVI revenues, licensing revenues and consumer electronics revenues grew sequentially 9, 46 and 42 percent, respectively - Remain on target to release HDMI 1.0 specification by end of year - Added an unused $7.5 million line of credit in October 2002
Tuesday October 15, 4:05 pm ET
SUNNYVALE, Calif., Oct. 15 /PRNewswire-FirstCall/ -- Silicon Image, Inc. (Nasdaq: SIMG - News), a leader in high-bandwidth semiconductor and system solutions for mass markets, today reported financial results for its third quarter ended September 30, 2002.
Record revenues of $21.4 million were achieved for the third quarter. This is an 11.0 percent increase over the $19.3 million achieved in the second quarter of 2002 and is a 52.2 percent increase over the $14.1 million recorded for the third quarter of 2001. Year-to-date revenues totaled $57.7 million, a 58.2 percent increase over the $36.5 million recorded in the first nine months of 2001.
Our net loss calculated under Generally Accepted Accounting Principles (GAAP), which includes amortization and impairment of goodwill and intangible assets, stock compensation and warrant expense, patent defense costs, restructuring costs and acquisition integration costs, for the quarter ended September 30, 2002, was $4.6 million, or $0.07 per basic and diluted share. This compares to a GAAP net loss of $9.6 million, or $0.15 per basic and diluted share, for the previous quarter, and a GAAP net loss of $30.9 million, or $0.51 per basic and diluted share, for the third quarter of 2001.
GAAP net loss for the first nine months of 2002 was $32.0 million, or $0.50 per basic and diluted share. This compares to a GAAP net loss of $47.4 million, or $0.85 per basic and diluted share, for the first nine months of 2001.
Pro-forma net loss* for the third quarter of 2002, was $0.8 million, or $0.01 per basic and diluted share. This compares to a pro-forma net loss of $2.4 million, or $0.04 per basic and diluted share, for the previous quarter, and a pro-forma net loss of $6.3 million, or $0.10 per basic and diluted share, for the third quarter of 2001. Year to date pro-forma net loss was $6.7 million, or $0.10 per basic and diluted share. This compares to a pro-forma net loss of $10.5 million, or $0.19 per share for the first nine months of 2001.
Commenting on the results, David Lee, president and chief executive officer, said, "Silicon Image continues to differentiate itself by executing despite difficult market conditions. Our third quarter revenues represent the fourth straight quarter of both record revenues and double-digit sequential revenue growth. Furthermore, this is the third straight quarter we have seen gross margins improve as a percentage of revenue. Our diversification strategy and digital media expertise continue to help us excel in the high-growth consumer electronics and storage markets. Our backlog visibility remains good with over half of our fourth quarter revenue plan visible in backlog. Given the projected fourth quarter revenue growth, we are on track to achieve quarterly pro-forma profitability in the fourth quarter."
Steve Tirado, chief operating officer, added, "The third quarter was an excellent quarter and clearly demonstrates our focus on execution. We are especially pleased with the revenue growth experienced from our DVI and consumer electronics IC product lines and from our licensing business. In a challenging PC and flat panel market, we saw our combined DVI transmitter and receiver business grow 9 percent sequentially. We achieved this strength in our DVI business despite some weakness in our display product line. Expense control and profitability remain on target."
The company will host a conference call at 2:00 p.m. PDT today to discuss its third quarter 2002 results and business outlook. The call will be broadcast over the Internet and can be accessed on the investor relations' site located at www.siliconimage.com. A replay of the conference call will be available on this site until 12:00 p.m. PDT on October 24, 2002.
Pro-forma net loss represents net loss, exclusive of amortization and impairment of goodwill and intangible assets, stock compensation and warrant expense, patent defense costs, restructuring costs and acquisition integration costs. |
