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Silicon Image Report Record Second Quarter 2004 Revenues
- Revenue of $43.4 million for the quarter, a sequential increase of 21 percent and a 78 percent increase over the year ago quarter
- GAAP net loss was $0.3 million, or $0.00 per basic and diluted share, and compares to a net loss of $8.7 million or $0.13 per basic and diluted share for the year ago quarter. The GAAP net loss includes a gain on a derivative investment security of $1.0 million
- Pro-forma* net income was $8.4 million or $0.10 per diluted share, a year-to-year improvement of $8.4 million
- Product growth was led by CE with 73 percent sequential growth and PC with 8 percent sequential growth
- SATA business grew 22 percent sequentially despite an overall sequential drop of 17 percent in the storage business
- Added 25 new High-Definition Multimedia Interface™ (HDMI™) licensees; licensees now total approximately 113
Revenue of $43.4 million was achieved for the second quarter. This was an increase of 21 percent from revenue of $35.9 million achieved in the first quarter of 2004, and was an increase of 78 percent from revenue of $24.3 million in the second quarter of 2003. Year-to-date revenue totaled $79.2 million, an increase of 62 percent from revenue of $49.0 million for the first six months of 2003.
Net loss under Generally Accepted Accounting Principles (GAAP), which includes stock compensation expense, gain on a derivative investment security, amortization of intangible assets and patent defense costs was $0.3 million, or $0.00 per basic and diluted share, for the quarter ended June 30, 2004. This compares to a net loss of $7.9 million, or $0.11 per basic and diluted share, for the previous quarter, and a net loss of $8.7 million, or $0.13 per basic and diluted share, for the second quarter of 2003. On a year-to-date basis, the GAAP net loss was $8.1 million, or $0.11 per basic and diluted share, and compares to a net loss of $5.4 million, or $0.08 per basic and diluted share, for the first six months of 2003.
Second quarter pro-forma net income, calculated excluding $8.7 million of charges for: a non-cash charge for stock compensation; a gain on a derivative investment security net of taxes; a non-cash expense for the amortization of intangible assets; and cash legal expenses associated with patent litigation lawsuit was $8.4 million, or $0.10 per diluted share. This compares to pro-forma net income of $4.7 million, or $0.06 per diluted share, for the first quarter of 2004, and a pro-forma net profit of $0.0 million, or $0.00 per diluted share, for the second quarter of 2003.
Commenting on the results, David Lee, Silicon Image's chairman and chief executive officer, said, "We had another great quarter with increased pro-forma profitability. Our CE business is growing rapidly and the adoption of HDMI is readily apparent by the number of HDMI products now available in retail and the number of adopters having exceeded 110. Fueled by increased DVI adoption, our PC business grew for the fourth consecutive quarter. DisplaySearch reports that DVI host adoption has now reached 37 percent. In general, our business outlook remains strong and we enter the third quarter with strong visibility."
"While our storage business weakened due to a slowdown in demand for fibre channel solutions and the absence of new storage IP licensing contracts, our SATA IC revenues grew sequentially by 22 percent," noted Silicon Image's chief financial officer, Robert Gargus. "Later this year we plan to unveil a new SATA storage architecture and product offering that we expect will add to our storage growth projections. Overall we posted excellent financial results with pro-forma profitability exceeding 19 percent of revenue. Based on our backlog visibility entering the quarter, we are projecting third quarter revenues to improve 5-10 percent over second quarter results."
The company will host a conference call at 2:00 p.m. PDT today to discuss its second quarter 2004 results and business outlook. The call will be broadcast over the Internet and can be accessed on the investor relations site located at www.siliconimage.com. A replay of the conference call will be available on this site until 12:00 p.m. PDT on August 1, 2004.
* Pro-forma net income or loss represents net income or net loss, exclusive of stock compensation expense, amortization of intangible assets, patent defense costs, acquisition integration costs, restructuring costs, gain on derivative securities and gains on escrow settlement.
Financial Tables
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About Silicon Image
Headquartered in Sunnyvale, Calif., Silicon Image, Inc. designs, develops and markets multi-gigabit semiconductor and system solutions for a variety of communications applications demanding high-bandwidth capability. With its proprietary Multi-layer Serial Link (MSL™) architecture, Silicon Image is well positioned for leadership in multiple mass markets including PCs, consumer electronics, and storage. Silicon Image is a leader in the global PC/display arena with its innovative digital interconnect technology and is now emerging as a leading player in the fields of storage and consumer electronics by offering robust, high-bandwidth semiconductors. For more information on Silicon Image, visit www.siliconimage.com
Safe Harbor Statement
This news release contains forward-looking information within the meaning of federal securities regulations. These forward-looking statements include statements related to future financial results, and business outlook and future product introductions. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by these forward-looking statements. In particular, future demand in PC, display, consumer electronics and storage markets may differ from current expectations, adversely affecting expected future results for the company, new product introductions may not be timely or successful, and standards may not be adopted at the rates anticipated. In addition, see "Management's Discussion and Analysis of Financial Condition and Results of Operations - Factors Affecting Future Results" in the most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K filed by Silicon Image with the SEC. Silicon Image assumes no obligation to update this forward-looking information.
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