Pixelworks Reports Second Quarter 2018 Financial Results

This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements may be identified by use of terms such as “begin,” “continue,” “will,” “expect”, “believe,” “anticipate” and similar terms or the negative of such terms, and include, without limitation, statements about the Company’s digital projection, mobile and OTA businesses, including market movement and demand, customer engagements, mobile wins and the timing thereof, growth in the mobile and video delivery markets, synergies and additional guidance. All statements other than statements of historical fact are forward-looking statements for purposes of this release, including any projections of revenue or other financial items or any statements regarding the plans and objectives of management for future operations. Such statements are based on management's current expectations, estimates and projections about the Company's business. These statements are not guarantees of future performance and involve numerous risks, uncertainties and assumptions that are difficult to predict. Actual results could vary materially from those contained in forward looking statements due to many factors, including, without limitation: whether the Company will be able to implement the restructuring program as planned, whether the expected amount of the costs associated with the restructuring program will differ from or exceed the Company's estimates and whether the Company will be able to realize the full amount of estimated savings from the restructuring program or within the timeframe expected; our ability to execute on our strategy, including the integration of ViXS; competitive factors, such as rival chip architectures, introduction or traction by competing designs, or pricing pressures; the success of our products in expanded markets; current global economic challenges; changes in the digital display and projection markets; seasonality in the consumer electronics market; our efforts to achieve profitability from operations; our limited financial resources and our ability to attract and retain key personnel. More information regarding potential factors that could affect the Company's financial results and could cause actual results to differ materially from those discussed in the forward-looking statements is included from time to time in the Company's Securities and Exchange Commission filings, including our Annual Report on Form 10-K for the year ended December 31, 2017 as well as subsequent SEC filings.

The forward-looking statements contained in this release speak as of the date of this release, and the Company does 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,
   2018    2018    2017    2018    2017 
Revenue, net $  19,251  $  15,292  $  20,721  $  34,543  $  43,431 
Cost of revenue (1)   9,717    7,490    9,520    17,207    19,838 
Gross profit   9,534    7,802    11,201    17,336    23,593 
Operating expenses:          
Research and development (2)   6,423    4,463    4,501    10,886    9,407 
Selling, general and administrative (3)    4,959        4,614        4,660        9,573        8,799  
Restructuring      602        19        —        621        —  
Total operating expenses      11,984        9,096        9,161        21,080        18,206  
Income (loss) from operations      (2,450 )      (1,294 )      2,040        (3,744 )      5,387  
Interest income (expense) and other, net (4)      (131 )      972        (107 )      841        (200 )
Income (loss) before income taxes      (2,581 )      (322 )      1,933        (2,903 )      5,187  
Provision for income taxes      32        276        669        308        1,102  
Net income (loss)   $   (2,613 )   $   (598 )   $   1,264     $   (3,211 )   $   4,085  
Net income (loss) per share:                    
Basic   $   (0.07 )   $   (0.02 )   $   0.04        (0.09 )      0.14  
Diluted   $   (0.07 )   $   (0.02 )   $   0.04        (0.09 )      0.13  
Weighted average shares outstanding:                    
Basic      35,704        35,183        29,766        35,445        29,526  
Diluted      35,704        35,183        31,974        35,445        31,601  
——————                    
(1) Includes:                    
Amortization of acquired intangible assets      298        298        —        596        —  
Inventory step-up and backlog amortization      239        122        —        361        —  
Stock-based compensation      78        66        69        144        122  
(2) Includes stock-based compensation      627        595        362        1,222        676  
(3) Includes:                    
Stock-based compensation      682        539        519        1,221        941  
Amortization of acquired intangible assets      101        101        —        202        —  
Acquisition and integration      —        —        730        —        894  
(4) Includes:  
Gain on debt extinguishment      —        (1,272 )      —        (1,272 )      —  
Discount accretion on convertible debt fair value      —        69        —        69        —  
 

« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise