SIMG---Silicon Image Reports 13th Consecutive Quarter of Record Revenues and First Quarter of Pro-Forma Income From Operations
Business Wire - July 17, 2000 07:27
SUNNYVALE, Calif.--(BUSINESS WIRE)--July 17, 2000--
DVI adoption and PanelLink leadership drive record revenues
and third sequential quarter of pro-forma net income
Silicon Image, Inc. (Nasdaq:SIMG), a leading provider of high-bandwidth semiconductor solutions, today reported financial results for the second fiscal quarter ended June 30, 2000. Revenue for the second quarter of 2000 was $12.4 million, a 23% increase over the $10.1 million reported in the previous quarter and a 194% increase over the $4.2 million reported for the comparable period the prior year.
Pro-forma net income, excluding stock compensation and warrant expense, for the second quarter of 2000 was $1.3 million, or $0.05 per diluted share. This compares to a pro-forma net income of $642,000, or $0.02 per diluted share, for the previous quarter and a pro-forma net loss of $772,000, or $0.13 per basic and diluted share, for the comparable quarter in 1999. This is the third sequential quarter of pro-forma net income and the first quarter of pro-forma income from operations.
Net loss for the second quarter of 2000 was $1.6 million, or $0.06 per basic and diluted share. This compared to a net loss of $1.8 million, or $0.08 per basic and diluted share, in the previous quarter and a loss of $2.3 million, or $0.38 per basic and diluted share, for the comparable quarter in 1999.
"We are pleased to report another strong quarter of record revenues with pro-forma net income from operations," noted Silicon Image CEO and President Dr. David Lee. "The Digital Visual Interface (DVI) market we pioneered, and continue to lead, gained momentum. Silicon Image benefited with a number of key design wins on both the host and display sides of the market."
During the quarter, PanelLink solutions were shipped to nine of the top ten PC OEMs. PanelLink continues to be the digital technology of choice for the market's new all-in-one computers, as evidenced by Silicon Image's most recent design win for IBM's NetVista. In addition, Silicon Image now ships to all of its target display markets. On the digital CRT front, ViewSonic is now shipping the world's first system, which is powered by PanelLink. Sony also announced its digital CRT roadmap -- further validating this market.
Lee added that Silicon Image also achieved several important milestones with regard to the company's penetration into the consumer electronics market. "First, we announced our High-bandwidth Digital Content Protection (HDCP) chips, which pave the way for the Motion Picture Association to release high-definition content without fear of unauthorized duplication." Four Hollywood studios now support HDCP for DVI as a means of ensuring content protection for their high-definition video. Consumer electronics manufacturers are following suit, with JVC the first to announce that it is moving forward with HDCP-enabled devices -- in this case a digital VHS player.
Just after the end of the quarter, Silicon Image finalized the previously announced acquisition of DVDO, a provider of digital video processing technology for the consumer electronics market. The addition of DVDO's technology, intellectual property and engineering talent will position Silicon Image to capitalize on the demand for secure, high-bandwidth, integrated, all-digital semiconductor solutions for consumer electronics products. In the second quarter, Silicon Image acquired Zillion Technologies, a developer of high-speed transmission technology for data storage applications. This acquisition signifies Silicon Image's intent to enter the high-speed interface segment of the storage market, another mass-market opportunity that can benefit from high-bandwidth solutions at a low cost.
Silicon Image also announced today that its Board of Directors has approved a two-for-one stock split, to be effected in the form of a stock dividend. The record date for the stock split will be July 28, and thereafter, on or about August 18, the transfer agent will mail certificates representing one additional share for each share held on this record date. Based on shares outstanding as of July 10, 2000, the stock split will increase the number of shares outstanding from approximately 26.7 million to 53.4 million shares.
About Silicon Image
Silicon Image, Inc. designs, develops and markets semiconductor solutions for applications that require cost-effective, high-bandwidth, integrated solutions for high-speed data communications. The Company's PanelLink(R) technology provides scalable, end-to-end, all-digital connectivity between computers, controllers, or other sources of video and digital video display devices such as flat-panel monitors or digital CRTs. Silicon Image's products have been incorporated in host systems and displays sold by leading manufacturers such as Apple, ATI, Compaq, Fujitsu, Gateway, Hitachi, IBM, LG, Matrox, NEC, Princeton Graphics, Samsung, Sharp, Sony, Toshiba and ViewSonic. The PanelLink protocol has been adopted by the Digital Display Working Group (DDWG) in the now established Digital Visual Interface (DVI) specification. Silicon Image is based in Sunnyvale, Calif. For more information on Silicon Image and its solutions, visit www.siimage.com or call 877/SIMGINC. |
