Pixelworks Reports Second Quarter 2019 Financial Results

Safe Harbor Statement

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 video delivery businesses, including market movement and demand, customer engagements, mobile wins and the timing thereof, growth in the mobile and video delivery markets, strategy, seasonality, and additional guidance, particularly as to revenue for the third quarter of 2019. 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: our ability to execute on our strategy, 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 its Annual Report on Form 10-K for the year ended December 31, 2018 as well as subsequent SEC filings.

The forward-looking statements contained in this release are 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.

[Financial Tables Follow]

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,
  2019
  2019
  2018
  2019
  2018
Revenue, net $18,027  $16,648  $19,251  $34,675  $34,543 
Cost of revenue (1)  8,651   8,176     9,717       16,827       17,207  
Gross profit     9,376       8,472       9,534       17,848       17,336  
Operating expenses:                    
Research and development (2)     6,364       6,472       6,423       12,836       10,886  
Selling, general and administrative (3)     4,935       5,460       4,959       10,395       9,573  
Restructuring     398             602       398       621  
Total operating expenses     11,697       11,932       11,984       23,629       21,080  
Loss from operations     (2,321 )     (3,460 )     (2,450 )     (5,781 )     (3,744 )
Interest income and other, net (4)     104       96       40       200       1,177  
Gain on sale of patents           3,905             3,905        
Total other income, net     104       4,001       40       4,105       1,177  
Income (loss) before income taxes     (2,217 )     541       (2,410 )     (1,676 )     (2,567 )
Provision for income taxes     231       408       32       639       308  
Net income (loss)   $ (2,448 )   $ 133     $ (2,442 )   $ (2,315 )   $ (2,875 )
Net income (loss) per share:                    
Basic   $ (0.06 )   $ 0.00     $ (0.07 )     (0.06 )     (0.08 )
Diluted   $ (0.06 )   $ 0.00     $ (0.07 )     (0.06 )     (0.08 )
Weighted average shares outstanding:                    
Basic     37,688       37,247       35,704       37,469       35,445  
Diluted     37,688       38,692       35,704       37,469       35,445  
——————                    
(1) Includes:                    
Amortization of acquired intangible assets     298       298       298       596       596  
Stock-based compensation     83       95       78       178       144  
Inventory step-up and backlog amortization           12       239       12       361  
(2) Includes stock-based compensation     703       661       627       1,364       1,222  
(3) Includes:                    
Stock-based compensation     879       933       682       1,812       1,221  
Amortization of acquired intangible assets     76       84       101       160       202  
(4) Includes:  
Gain on debt extinguishment                             (1,272 )
Discount accretion on convertible debt fair value                             69  
 

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