English
inSilicon Corporation Reports Fourth Quarter and Annual Results
inSilicon Corporation Reports Fourth Quarter and Annual Results
SAN JOSE, Calif., Oct. 17 /PRNewswire/ -- inSilicon Corporation (Nasdaq: INSN) -- a leading provider of communications technology for complex systems-on-chip (SOC) -- today reported net revenue of $3.9 million for its fiscal fourth quarter ended September 30, 2001, a 48% decrease from its fourth quarter of 2000 net revenue of $7.5 million, and a 35% decrease sequentially. Pro forma net loss for the fourth quarter of 2001 was $1.7 million, or ($0.11) per diluted share, as compared to pro forma net income of $1.1 million, or $0.07 per diluted share, in the fourth quarter of the prior year.
For the year ended September 30, 2001, net revenue was $21.2 million, a 17% decrease from net revenue for fiscal 2000. For fiscal 2001, pro forma net loss was $3.0 million, or ($0.21) per diluted share, as compared to a pro forma net income of $2.1 million or $0.16 per pro forma diluted share, in fiscal 2000.
Pro forma net loss excludes certain non-cash and other charges related to the amortization of purchased intangible assets, stock-related compensation and impairment charges. Including these charges, net loss was $14.4 million, or ($0.96 ) per diluted share, in the fourth quarter of fiscal 2001 as compared to net income of $0.4 million, or $0.02 per diluted share, in the fourth quarter of fiscal 2000. Net loss for the year ended September 30, 2001 was $19.2 million, or ($1.30) per diluted share, as compared to a net loss of $1.3 million, or ($0.10) per diluted share, in the comparable period of 2000.
In the fourth quarter of fiscal 2001 the Company recorded a charge of $9.4 million related to the impairment of goodwill and other intangible assets, as well as charges totaling $0.8 million related to the impairment of equity investments.
``The poorly performing semiconductor and systems markets and events of late continue to impact our business,'' said Wayne Cantwell, President and Chief Executive Officer. ``In particular, during the last month of the quarter our sales activity was down significantly.''
``I am obviously disappointed with our revenue results, but inSilicon is financially strong, and market activity for our new products, particularly USB 2.0 and Ethernet, gives us confidence that we are well positioned to benefit from any improvement in market conditions,'' added Cantwell. ``We intend to continue our spending control measures as we work to bring inSilicon back to revenue growth and profitability.''
About inSilicon
inSilicon Corporation is a leading provider of communications semiconductor intellectual property used by semiconductor and systems companies to design complex systems-on-chip (SOC) technologies that are critical components of innovative wired and wireless products. inSilicon's technology provides customers faster time-to-market and reduced risk and development costs. The Company's broad portfolio of analog and mixed-signal products and enabling communications technologies, including the JVX(TM) and JVXtreme(TM) Accelerators, Bluetooth, Ethernet, USB, PCI, and IEEE-1394, are used in a wide variety of markets encompassing communications, consumer, computing, and office automation. inSilicon is a subsidiary of Phoenix Technologies Ltd. (Nasdaq: PTEC).
Conference Call Webcast
The Company will hold its quarterly conference call with the investment community today, October 17, 2001, at 1:30 p.m. Pacific time. This call will be webcast live and a replay of the call will be available for a 90-day period at http://www.insilicon.com or http://www.broadcast.com .
NOTE: inSilicon and JVX are trademarks of inSilicon Corporation. All other trademarks are the property of their respective owners.
``Safe Harbor'' Statement under the Private Securities Litigation Reform Act of 1995:
The statements contained in this press release that are not purely historical are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on management's beliefs as well as on a number of assumptions concerning future events made by and information currently available to management. Readers are cautioned not to put undue reliance on such forward-looking statements, which are not a guarantee of performance and are subject to a number of uncertainties and other factors, many of which are outside inSilicon's control, that could cause actual results to differ materially from such statements. For a more detailed description of the factors that could cause such a difference, please see inSilicon's filings with the Securities and Exchange Commission including its Annual Report on Form 10-K. inSilicon disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. This information is presented solely to provide additional information to further understand the results of inSilicon.
inSilicon Corporation
Pro Forma Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenue:
License fees $2,361 $6,256 $15,151 $20,411
Services 1,553 1,266 6,078 5,017
Total revenue 3,914 7,522 21,229 25,428
Cost of revenue:
License fees 442 147 1,544 1,613
Services 59 197 333 1,001
Total cost of revenue 501 344 1,877 2,614
Gross margin 3,413 7,178 19,352 22,814
Operating expenses:
Research and development 2,774 1,955 11,128 7,753
Sales and marketing 2,238 3,103 9,342 9,510
General and administrative 1,168 937 4,951 3,336
Total operating expenses 6,180 5,995 25,421 20,599
Income (loss) from
operations (2,767) 1,183 (6,069) 2,215
Interest and other
income, net 165 556 1,591 1,225
Income (loss) before
income taxes (2,602) 1,739 (4,478) 3,440
Provision (benefit)
for income taxes (911) 661 (1,430) 1,307
Net income (loss) $(1,691) $1,078 $(3,048) $2,133
Net income (loss)
per share (A):
Basic $(0.11) $0.08 $(0.21) $0.17
Diluted $(0.11) $0.07 $(0.21) $0.16
Shares used in per
share calculation (A):
Basic 15,020 14,089 14,772 12,338
Diluted 15,020 15,194 14,772 13,017
(A) Shares are stated on a pro forma basis for the twelve months ended
September 30, 2000.
inSilicon Corporation
Pro Forma Consolidated Statements of Operations - continued
(in thousands, except per share amounts)
(Unaudited)
The above pro forma statements have been adjusted to eliminate the following
non-cash and other charges:
Three Months Ended Twelve Months Ended
September 30, September 30,
2001 2000 2001 2000
Amortization of purchased
technology $322 $314 $1,280 $1,256
Amortization of
goodwill 1,099 555 3,867 2,220
Stock-related
compensation 317 163 978 642
Loss on write-down of
investments 802 -- 1,302 --
Impairment of goodwill
and other intangible
assets 9,393 -- 9,393 --
Non-cash and other
charges before income
taxes 11,933 1,032 16,820 4,118
Provision (benefit) for
income taxes 730 (321) (623) (720)
Net non-cash and other
charges $12,663 $711 $16,197 $3,398
inSilicon Corporation
Consolidated Statements of Operations
(in thousands, except per share amounts)
(Unaudited)
Three Months Ended Twelve Months Ended
September 30, September 30,
2001 2000 2001 2000
Revenue:
License fees $2,361 $6,256 $15,151 $20,411
Services 1,553 1,266 6,078 5,017
Total revenue (A) 3,914 7,522 21,229 25,428
Cost of revenue:
License fees 442 147 1,544 1,613
Services 59 197 333 1,001
Amortization of
purchased technology 322 314 1,280 1,256
Total cost of revenue 823 658 3,157 3,870
Gross margin 3,091 6,864 18,072 21,558
Operating expenses:
Research and
development 2,774 1,955 11,128 7,753
Sales and
marketing 2,238 3,103 9,342 9,510
General and
administrative 1,168 937 4,951 3,336
Amortization of
goodwill 1,099 555 3,867 2,220
Stock-related
compensation 317 163 978 642
Impairment of goodwill
and other intangible
assets 9,393 -- 9,393 --
Total operating
expenses 16,989 6,713 39,659 23,461
Income (loss)
from operations (13,898) 151 (21,587) (1,903)
Interest and other
income, net 165 556 1,591 1,225
Loss on write-down
of investments (802) -- (1,302) --
Income (loss)
before income taxes (14,535) 707 (21,298) (678)
Provision (benefit)
for income taxes (181) 340 (2,053) 587
Net income (loss) $(14,354) $367 $(19,245) $(1,265)
Net income (loss)
per share (B):
Basic $(0.96) $0.03 $(1.30) $(0.10)
Diluted $(0.96) $0.02 $(1.30) $(0.10)
Shares used in
per share
calculation (B):
Basic 15,020 14,089 14,772 12,338
Diluted 15,020 15,194 14,772 12,338
(A) Revenue from
Phoenix
Technologies Ltd. $219 $60 $2,150 $752
(B) Shares are stated on a pro forma basis for the
twelve months ended September 30, 2000.
inSilicon Corporation
Condensed Consolidated Balance Sheets
(in thousands)
September 30,
Assets 2001 2000
(Unaudited)
Current Assets:
Cash and short-term investments $32,040 $38,181
Accounts receivable, net 2,606 6,699
Receivable from Phoenix Technologies Ltd. -- 1,054
Other current assets 2,367 1,992
Total current assets 37,013 47,926
Property and equipment, net 1,405 1,231
Computer software costs, net 6,912 5,385
Goodwill and other intangible assets, net 6,879 8,000
Other assets 1,929 1,168
Total assets $54,138 $63,710
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $658 $1,243
Payroll and related liabilities 1,791 2,307
Payable to Phoenix Technologies Ltd. 1,143 --
Deferred revenue 3,124 2,692
Purchase consideration payable 1,226 756
Other accrued liabilities 1,764 1,630
Total current liabilities 9,706 8,628
Deferred tax liabilities 2,374 2,955
Stockholders' equity 42,058 52,127
Total liabilities and stockholders' equity $54,138 $63,710
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