Pixelworks Reports Second Quarter 2013 Financial Results

The forward-looking statements contained in this release speak as of the date of this release, and we do not undertake any obligation to update any such statements, whether as a result of new information, future events or otherwise.

 
 
PIXELWORKS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share data)

(Unaudited)

   
Three Months Ended Six Months Ended
June 30,   March 31,   June 30, June 30,   June 30,
2013 2013 2012 2013 2012
Revenue, net $ 9,554 $ 8,271 $ 15,524 $ 17,825 $ 29,854
Cost of revenue (1)   4,932     4,294     7,865     9,226     14,386  
Gross profit 4,622 3,977 7,659 8,599 15,468
Operating expenses:
Research and development (2) 6,010 5,884 4,715 11,894 9,808
Selling, general and administrative (3)   3,274     3,598     3,792     6,872     7,811  
Total operating expenses   9,284     9,482     8,507     18,766     17,619  
Loss from operations (4,662 ) (5,505 ) (848 ) (10,167 ) (2,151 )
Interest expense and other, net   (97 )   (98 )   (101 )   (195 )   (199 )
Loss before income taxes (4,759 ) (5,603 ) (949 ) (10,362 ) (2,350 )
Provision (benefit) for income taxes   165     (198 )   150     (33 )   (613 )
Net loss $ (4,924 ) $ (5,405 ) $ (1,099 ) $ (10,329 ) $ (1,737 )
 
Net loss per share - basic and diluted $ (0.26 ) $ (0.29 ) $ (0.06 ) $ (0.56 ) $ (0.10 )
 
Weighted average shares outstanding - basic and diluted   18,652     18,456     18,238     18,554     18,133  

——————

(1) Includes:
Additional amortization of non-cancelable prepaid royalty $ 98 $ 91 $ 156 $ 189 $ 288
Stock-based compensation 31 40 37 71 76
(2) Includes stock-based compensation 215 258 183 473 405
(3) Includes stock-based compensation 354 386 256 740 497
 
 
PIXELWORKS, INC.

RECONCILIATION OF GAAP AND NON-GAAP FINANCIAL INFORMATION *

(In thousands, except per share data)

(Unaudited)

 
Three Months Ended Six Months Ended
June 30,   March 31,   June 30, June 30,   June 30,
2013 2013 2012 2013 2012
Reconciliation of GAAP and non-GAAP gross profit
GAAP gross profit $ 4,622 $ 3,977 $ 7,659 $ 8,599 $ 15,468
Additional amortization of non-cancelable prepaid royalty 98 91 156 189 288
Stock-based compensation   31     40     37     71     76  
Total reconciling items included in cost of revenue   129     131     193     260     364  
Non-GAAP gross profit $ 4,751   $ 4,108   $ 7,852   $ 8,859   $ 15,832  
Non-GAAP gross profit margin   49.7 %   49.7 %   50.6 %   49.7 %   53.0 %
 
Reconciliation of GAAP and non-GAAP operating expenses
GAAP operating expenses $ 9,284 $ 9,482 $ 8,507 $ 18,766 $ 17,619
Reconciling item included in research and development:
Stock-based compensation 215 258 183 473 405
Reconciling item included in selling, general and administrative:
Stock-based compensation   354     386     256     740     497  
Total reconciling items included in operating expenses   569     644     439     1,213     902  
Non-GAAP operating expenses $ 8,715   $ 8,838   $ 8,068   $ 17,553   $ 16,717  
 
Reconciliation of GAAP and non-GAAP net loss
GAAP net loss $ (4,924 ) $ (5,405 ) $ (1,099 ) $ (10,329 ) $ (1,737 )
Reconciling items included in cost of revenue 129 131 193 260 364
Reconciling items included in operating expenses 569 644 439 1,213 902
Tax effect of non-GAAP adjustments   18     (43 )   136     (25 )   (8 )
Non-GAAP net loss $ (4,208 ) $ (4,673 ) $ (331 ) $ (8,881 ) $ (479 )
 
Non-GAAP net loss per share - basic and diluted $ (0.23 ) $ (0.25 ) $ (0.02 ) $ (0.48 ) $ (0.03 )
 
Non-GAAP weighted average shares outstanding - basic and diluted   18,652     18,456     18,238     18,554     18,133  
 

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