Silicon Image Announces First Quarter Fiscal 2014 Earnings

SUNNYVALE, Calif. — (BUSINESS WIRE) — April 29, 2014Silicon Image, Inc. (NASDAQ: SIMG), a leading provider of HD connectivity solutions, today reported financial results for its first quarter ended March 31, 2014.

Revenue for the first quarter of 2014 was $61.6 million, compared with $61.4 million in the fourth quarter of 2013 and $62.0 million in the first quarter of 2013.

“Silicon Image continues to improve profitability as we execute on our key initiatives, which include expanding the MHL ecosystem and driving the success of our 60GHz wireless business,” said Camillo Martino, chief executive officer of Silicon Image, Inc. “At Mobile World Congress in February we showcased the latest MHL product implementations as well as 60GHz wireless technology. Also, the MHL Consortium announced that over one half billion MHL-enabled devices have shipped to date. In addition, we are pleased with the strong initial demand we have seen for our HDMI 2.0 and MHL 3.0 ICs during the quarter - particularly in our CE business.”

GAAP net loss for the first quarter of 2014 was $0.1 million, or $0.00 per share, compared with a GAAP net loss of $1.0 million, or $0.01 per share, for the fourth quarter of 2013 and a GAAP net loss of $0.7 million, or $0.01 per share, for the first quarter of 2013.

Non-GAAP net income for the first quarter of 2014 was $4.3 million, or $0.05 per diluted share, compared with a non-GAAP net income of $4.1 million, or $0.05 per diluted share, for the fourth quarter of 2013, and a non-GAAP net income of $3.1 million, or $0.04 per diluted share, for the first quarter of 2013. Non-GAAP net income for these periods excludes stock-based compensation expense, amortization of intangible assets, strategic initiative and acquisition related expenses, restructuring charges and recovery of certain unsalable inventory.

A reconciliation of GAAP and non-GAAP items is provided in a table following the Condensed Consolidated Statements of Operations.

The following are Silicon Image’s financial performance estimates for the second quarter of 2014:

      Revenue:       $71 million to $76 million
Gross Margin:

approximately 56.5%

GAAP operating expenses: approximately $36 million
Non-GAAP operating expenses: approximately $32.5 million
Diluted shares outstanding: approximately 80.5 million
Non-GAAP tax rate: approximately 30% of non-GAAP pre-tax income
 

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